2014-10-31T11:59:55-00:00 2013-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2013-01-01 590747276 STATE CHARTERED CREDIT UNION IN FLORIDA (UNIVERSITY CREDIT UNION) STAT 7864255000 13241 SW 136 STREET MIAMI FL 331865822 BARBARA THOMAS EVPCOO 2014-10-24 true DOUGLAS ORTH 3052328272 2014-10-31 2013 2015-11-30 17:44:51Z UNIVERSITY CREDIT UNION MICHAEL J WELCH SR 13241 SW 136TH STREET MIAMI FL 331865822 7582942 false 2106 X WWW.MYUNICU.COOP X CREDIT UNION 1947 FL THE MISSION OF UNIVERSITY CREDIT UNION IS TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS. 9 9 86 12 75032 -32172 0 7181748 6669321 924374 913621 226036 0 8332158 7582942 0 0 3563073 3532430 0 0 4768795 4515453 8331868 8047883 290 -464941 188947776 190386922 169844585 171777442 19103191 18609480 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. false false INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. false false false false false false false false false true true false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 2893 0 true 86 true true true false false false false false X 9 9 true false false false true true true true true false false false false false false true true true true false X BARBARA THOMAS 7864255024 13241 SW 136 STREET MIAMI FL 33186 NICHOLAS DICIACCO CHAIRMAN 010.00 X 0 0 0 SCOTT INGOLD VICE CHAIRMAN 005.00 X 0 0 0 ROBERT J DUBORD DIRECTOR 005.00 X 0 0 0 LYNDA K RAHEEM TREASURER 005.00 X 0 0 0 MARY S NATIELLO BOARD MEMBER 005.00 X 0 0 0 BOB BURNS BOARD MEMBER 005.00 X 0 0 0 C DELANO GRAY BOARD MEMBER 005.00 X 0 0 0 STEWART SERUYA BOARD MEMBER 005.00 X 0 0 0 REMBERTO SANCHEZ SECRETARY 005.00 X 0 0 0 MICHAEL J WELCH SR PRESIDENT/CEO 060.00 X 256000 0 402735 BARBARA THOMAS EVP/COO 060.00 X 144157 0 115923 ERIC HOSKINS SVP/CIO 050.00 X 97232 0 52473 PETER VALERIOTI SVP SR LOAN OFFICER 050.00 X 97643 0 8521 595032 579652 4 false true false FISERV PO BOX 60000 SAN FRANCISCO CA 94160 DATA PROCESSING 458653 FISERV EFT PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT AND ATM PROCESSING 341124 FIS 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 162183 MIAMI DADE TAX COLLECTOR 140 SW FLAGLER STREET MIAMI FL 33130 TANGIBLE PROP/RE TAXES 133319 AT&T PO BOX 536216 ATLANTA GA 30353 TELEPHONE/COMMUNICATIONS 134077 6 INCOME ON LOANS 522100 3297577 3297577 FEES AND CHARGES 522100 3296712 3296712 UNRELATED BUSINESS INCOME 900099 75032 75032 6669321 913621 913621 7582942 7507910 75032 0 0 0 0 918815 918815 0 1945072 1945072 66460 66460 359989 359989 242094 242094 0 15879 15879 66125 66125 0 0 212267 212267 110975 110975 340309 340309 484691 484691 0 485727 485727 22934 22934 0 0 227720 227720 0 458519 458519 100846 100846 SEE ATTACHED SCHEDULE 1989461 1989461 0 8047883 8047883 1697835 1445373 66896756 54394740 974599 808850 53867704 58320616 131768 161265 16552102 5245896 11665866 11306206 2803412 7312043 45578965 50727683 4332 3833 5326539 5906313 188947776 190386922 1861330 2763128 167983255 169014314 169844585 171777442 X 19103191 18609480 19103191 18609480 188947776 190386922 -464941 -28770 X false true X true false false 3001502 3001502 8205482 1193385 7012097 501151 278739 222412 4843967 3773772 1070195 11306206 Financial derivatives and other financial products Closely-held equity interests NIFCUS F CERTIFICATES OF DEPOSITS - LONG TERM 50727683 F 50727683 Federal income taxes SHARE DRAFTS 43157285 SHARES AND CLUBS 55929347 MONEY MARKET 43583608 IRA SHARES 4962553 SHARE AND IRA CERTIFICATES 21381521 169014314 X 7582942 7582942 7582942 8047883 8047883 8047883 X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE FINANCIAL STATEMENTS. THE INTERPRETATION PROVIDES CRITERIA FOR ASSESSMENT OF INDIVIDUAL TAX POSITIONS AND A PROCESS FOR RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS. TAX POSITIONS ARE EVALUATED ON WHETHER THEY MEET THE MORE LIKELY THAN NOT STANDARD FOR SUSTAINABILITY UPON EXAMINATION BY TAX AUTHORITIES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN THE INTERNAL REVENUE CODE IRC SECTION 501C14. AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRS SECTION 511 IMPOSES A TAX ON UNRELATED BUSINESS INCOME UBI DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE IRS RELEASED TECHNICAL ADVICE MEMORANDUMS TAMs TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX UBIT. UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. MANAGEMENT HAS ASSESSED THE CREDIT UNIONS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2012, 2011, AND 2010 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X X X false true false MICHAEL J WELCH SR PRESIDENT/CEO 246314 9686 40500 18505 315005 BARBARA THOMAS EVP/COO 142861 4887 24700 6900 179348 Part I Line 4B THREE EMPLOYEES PARTICIPATE IN A 457F PLAN. MICHAEL J. WELCH SR.S BALANCE AS OF 12/31/13 WAS 2,648,856 BARBARA THOMASS BENEFIT BALANCE AS OF 12/31/13 WAS 655,747 ERIC HOSKINS BALANCE AS OF 12/31/13 WAS 326,242. Form 990, Part VI, Section A, Line 6 THE ORGANIZATION HAS MEMBERS. Form 990, Part VI, Section A, Line 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. Form 990, Part VI, Section B, Line 11 THE FORM 990 WILL BE REVIEWED BY THE EXECUTIVE VICE PRESIDENT. ALL THE DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS OF THE EXTERNAL AUDITORS. Form 990, Part VI, Section B, Line 15A THE REVIEW OF THE CEOS COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEOS COMPENSATION. Form 990, Part VI, Section B, Line 15B FOR ALL EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. Form 990, Part VI, Section C, Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. Form 990, Part VI, Section A, Line 2 FAMILY RELATIONSHIP - BOD MEMBER REMBERTO SANCHEZ IS THE SON-IN-LAW OF BOD VICE CHAIRMAN SCOTT INGOLD. Form 990, Part VI, Section A, Line 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODYS ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR.