2014-11-14T02:12:35-00:00 2013-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2013-01-01 231357086 TRUMARK FINANCIAL CREDIT UNION TRUM 2159535300 1000 NORTHBROOK DRIVE TREVOSE PA 19053 VINCENT J MARKET EVPCFO 2014-11-13 true DOUGLAS ORTH 3052328272 2014-11-13 2013 2015-11-30 17:44:51Z RICHARD F STIPA 1000 NORTHBROOK DRIVE TREVOSE PA 19053 140500219 false X WWW.TRUMARKONLINE.ORG X 1939 PA SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT. 9 9 425 12 96324 5162 0 48832604 59776201 6956784 7798594 13928620 22315 69718008 67597110 14828 6836 0 20716354 20419130 0 0 34480617 32530131 55211799 52956097 14506209 14641013 1395550646 1455600773 1248351228 1295722174 147199418 159878599 X SEE SCHEDULE O FOR COMPLETE MISSION STATEMENT. false false CREDIT UNIONS ARE COOPERATIVE SAVINGS AND CREDIT ASSOCIATIONS INCORPORATED FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR SUCH MEMBERS AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. false false false false false false false true false true false false false true true false true false false false false false false false false false true false true false false false false false false false false false false true false false false true X 97774 0 true 425 true true true false false false false false X 9 9 false false false false true true true true true false true true true true true true true true true true false X VINCENT MARKET 2159535300 1000 NORTHBROOK DRIVE TREVOSE PA 19053 HUGH T BRAY PRESIDENT 005.00 X 39144 0 0 DAVID A RUFIBACH VICE PRESIDENT 005.00 X 38417 0 0 JOSEPH J BILY TREASURER 005.00 X 43555 0 0 R TERRANCE BRUNT SECRETARY 005.00 X 33562 0 0 RICHARD V LAWN DIRECTOR 005.00 X 28500 0 0 WILLIAM A TOLLOK DIRECTOR 005.00 X 27424 0 0 WAYNE J GOODWIN DIRECTOR 005.00 X 30727 0 0 LEONARD V DOUGHTY III DIRECTOR 005.00 X 27628 0 0 DANIEL DILLARD DIRECTOR 005.00 X 46528 0 0 RICHARD F STIPA CEO 040.00 X 703062 0 37072 VINCENT J MARKET EVP/CFO 040.00 X 279695 0 34796 DAVID D OBAROWSKI EVP/COO 040.00 X 262419 0 34255 T CHRISTIAN ROACH SVP 040.00 X 215075 0 31091 JOANN MCCAUSLAND SVP 040.00 X 210071 0 8535 LISA ALBANY SVP 040.00 X 161925 0 17032 PATRICK O'HALLORAN SVP 040.00 X 149903 0 26294 IVAN ORREGO VP 040.00 X 129451 0 24832 GERARD A DEVITA SVP 040.00 X 138294 0 7244 MATTHEW ROEDELL VP 040.00 X 129055 0 17836 ANTHONY REALI FINANCIAL CONSULTANT 040.00 X 523374 0 27777 GREGORY JACKSON FINANCIAL CONSULTANT 040.00 X 126452 0 6810 3344261 273574 12 false true false PSCU FINANCIAL SERVICES 560 CARILLON PKWY ST PETERSBURG FL 33716 CREDIT CARD NETWORK 814939 STAR SYSTEMS 1100 CARR RD WILMINGTON DE 19809 ATM NETWORK PROVIDER 888594 FIRST DATA RESOURCES 11950 JOLLYVILLE RD AUSTIN TX 78759 ONLINE BANKING SOFTWARE 776121 JACK HENRY & ASSOCIATES 663 W HIGHWAY 60 MONETT MO 65708 SOFTWARE PROVIDER 512676 TARGET MEDIA 4750 LINDLE RD HARRISBURG PA 17111 ADVERTISING AGENCY 486650 30 INCOME ON LOANS 522100 40829765 40829765 FEES AND CHARGES 522100 18850112 18850112 UNRELATED BUSINESS INCOME 900099 96324 96324 59776201 6140134 6140134 74561569 72903109 1658460 1658460 1658460 OTHER NON OPERATING 522100 15479 15479 CHARITIBLE CONTRIBUTIONS COLLECTED 900099 6836 6836 22315 67597110 67500786 96324 6836 6836 0 0 0 2486710 2486710 0 13729692 13729692 604155 604155 2386060 2386060 1212513 1212513 0 73286 73286 78752 78752 0 0 664123 664123 2127983 2127983 1606058 1606058 1834714 1834714 0 2521147 2521147 1176597 1176597 0 0 7727721 7727721 105204 105204 1985391 1985391 240317 240317 SEE ATTACHED SCHEDULE 12388838 12388838 0 52956097 52956097 7872436 7904640 128957901 81609922 3509045 4085864 909084155 980360783 926928 1300984 35740824 19763995 15906797 15976829 287001497 323239352 8310176 5190600 33981711 35931799 1395550646 1455600773 8064758 8536074 7440953 7519746 63250000 1232845517 1216416354 1248351228 1295722174 X 147199418 159878599 147199418 159878599 1395550646 1455600773 14641013 -1961832 X false true X true false false true X 2398011 2398011 11201796 6119607 5082189 9954634 3965059 5989575 12186383 9679329 2507054 15976829 Financial derivatives and other financial products Closely-held equity interests Federal income taxes SHARE DRAFT 151954900 SHARES 364310219 MONEY MARKET ACCOUNTS 283350743 IRA SHARES 29784494 CERTIFICATES 387015998 1216416354 X 67716935 67716935 -119825 -119825 67597110 53075922 53075922 -119825 -119825 52956097 X 2 THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE TAX LAWS. THE INCOME TAXES TOPIC OF THE FASB ASC CLARIFIES ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES REPORTED IN THE CONSOLIDATED 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, IRC 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 TECHNNICAL 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 RECOGNITON OR DISCLOSURE IN THE CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED 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. IV 1B THE CREDIT UNION HOLDS FUNDS IN ECROW FOR LOAN ACCOUNTS THAT ARE SERVICED BY THE CREDIT UNION. IV 2B THE CREDIT UNION RECEIVES PRINCIPAL PAYMENTS, INTEREST PAYMENTS, TAX PAYMENTS AND INSURANCE PAYMENTS, IN ITS ROLE AS LOAN SERVICER, AND THEN REMITS THESE FUNDS TO THE APPLICABLE THIRD PARTIES. XI 4B 6,836 CHARITABLE CONTRIBUTIONS COLLECTED AND DIRECTLY REMITTED TO THE PHILADELPHIA FOUNDATION TO PROMOTE FINANCIAL LITERACY IN THE FIVE COUNTY PHILADELPHIA AREA NOT REPORTED ON THE ORGANIZATIONS FINANCIAL STATEMENTS 142,140 LOSS ON SALE OF OREO, REPOSSESSED VEHICLES AND OTHER ASSETS REPORTED AS EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS 15,479 GAIN ON FIXED ASSETS REPORTED AS A REDUCTION OF LOSSES WITHIN THE EXPENSES REPORTED IN THE AUDITED FINANCIAL STATEMENTS. XII 4B 6,836 CHARITABLE CONTRIBUTIONS COLLECTED AND DIRECTLY REMITTED TO THE PHILADELPHIA FOUNDATION TO PROMOTE FINANCIAL LITERACY IN THE FIVE COUNTY PHILADELPHIA AREA NOT REPORTED ON THE ORGANIZATIONS FINANCIAL STATEMENTS 142,140 LOSS ON SALE OF OREO, REPOSSESSED VEHICLES AND OTHER ASSETS REPORTED AS EXPENSES WITHIN THE AUDITED FINANCIAL STATEMENTS 15,479 GAIN ON FIXED ASSETS REPORTED AS A REDUCTION OF LOSSES WITHIN THE EXPENSES REPORTED IN THE AUDITED FINANCIAL STATEMENTS. true THE PHILADELPHIA FOUNDATION 1234 MARKET ST SUITE 1800 PHILADELPHIA PA 19107 231581832 501C3 6836 TO PROMOTE FINANCIAL LITERACY EDUCATION IN THE FIVE COUNTY PHILADELPHIA AREA. 1 Part I Line 2 TRUMARK RAISES FUNDS THROUGHOUT THE YEAR IN ORDER TO PROMOTE FINANCIAL LITERACY EDUCATION FOR K-12 SCHOOLS IN THE PHILADELPHIA FIVE-COUNTY AREA. X X true true X X X false false false RICHARD F STIPA CEO 511068 180322 11672 12750 24322 740134 VINCENT J MARKET EVP/CFO 238442 41253 10515 24281 314491 DAVID D OBAROWSKI EVP/COO 225610 36809 10009 24246 296674 T CHRISTIAN ROACH SVP 180935 34140 7776 23315 246166 JOANN MCCAUSLAND SVP 177332 32739 7537 998 218606 LISA ALBANY SVP 122396 39529 5073 11959 178957 PATRICK O'HALLORAN SVP 136202 13701 7368 18926 176197 IVAN ORREGO VP 108991 20460 6850 17982 154283 ANTHONY REALI FINANCIAL CONSULTANT 523374 10773 17004 551151 Form 990, Part I, Line 1 TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 97,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNIONS CHARTER AND BYLAWS. Form 990, Part III, Line 1 TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. THE CREDIT UNION SERVES APPROXIMATELY 97,000 MEMBERS WITHIN ITS FIELD OF MEMBERSHIP AS DEFINED BY THE CREDIT UNIONS CHARTER AND BYLAWS. Form 990, Part V, Line 1C THE ORGANIZATION DID NOT HAVE ANY INSTANCES WHERE BACKUP WITHHOLDINGS WAS REQUIRED, HOWEVER IF THE SITUATION WOULD ARISE, THE ORGANIZATION IS AWARE OF THE REPORTING REQUIREMENTS AND WOULD HANDLE THAT ACCORDINGLY. Form 990, Part VI, Section A, Line 6 TRUMARK FINANCIAL CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE OWNED BY ITS MEMBERS IN ACCORDANCE WITH THE PROVISIONS OF TITLE 17, CREDIT UNION CODE UNDER THE GUIDELINES OF THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING FOR THE PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT AT REASONABLE RATES OF INTEREST AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. Form 990, Part VI, Section A, Line 7A THE CREDIT UNIONS GOVERNING BODY IS COMPRISED OF NINE MEMBERS WHO ARE ELECTED BY THE GENERAL MEMBERSHIP TO TERMS OF THREE YEARS. Form 990, Part VI, Section A, Line 7B ANY MAJOR CHARTER RELATED DECISIONS MERGERS, CONVERSIONS, ETC WOULD REQUIRE APPROVAL FROM THE GENERAL MEMBERSHIP. ADDITIONALLY, THE MEMBERS OF THE GOVERNING BODY ARE ELECTED BY THE GENERAL MEMBERSHIP. Form 990, Part VI, Section B, Line 11 THE CREDIT UNIONS CONTROLLER WORKS WITH A CPA FIRM TO COMPLETE THE FORM 990. THE CREDIT UNIONS CFO REVIEWS THE FORM 990 FOR ACCURACY. THE RETURN IS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO FILING. Form 990, Part VI, Section B, Line 12C THE CODE OF ETHICS/CONFLICTS OF INTEREST POLICY IS REVIEWED ANNUALLY BY HUMAN RESOURCES, SENIOR MANAGEMENT AND LEGAL COUNSEL. APPROPRIATE CHANGES/UPDATES ARE MADE AS NEEDED. THE POLICY IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND APPROVAL ANNUALLY AND A COPY IS GIVEN TO ALL MANAGERS/SUPERVISORS FOR REVIEW WITH THE EMPLOYEES AT THEIR MONTHLY DEPARTMENT/BRANCH MEETING. THE EMPLOYEE HANDBOOK IS POSTED ON THE CREDIT UNIONS INTRANET. ALSO, EMPLOYEES ARE REQUIRED TO SIGN AN ANNUAL EMPLOYEE ACKNOWLEDGEMENT FORM ACKNOWLEDGING THEY HAVE ON-LINE ACCESS TO THIS HANDBOOK AND UNDERSTAND THEIR RESPONSIBILITY TO READ AND COMPLY WITH THE POLICIES CONTAINED IN THE HANDBOOK AND ANY REVISIONS MADE TO IT. Form 990, Part VI, Section B, Line 15 THE CREDIT UNION ENGAGED D HILTON ASSOCIATES, INC WHO PROVIDES THE BOARD OF DIRECTORS WITH AN ANNUAL EXECUTIVE COMPENSATION UPDATE THAT ALLOWS THE BOARD TO MONITOR COMPENSATION TRENDS IN THE CREDIT UNION INDUSTRY AND TO ENSURE THAT THE CURRENT CEO COMPENSATION PROGRAM REMAINS FAITHFUL TO THE ORGANIZATIONS STATED EXECUTIVE COMPENSATION PHILOSOPHY. THIS ANNUAL REVIEW ENSURES THAT ITS CEOS SALARY, TARGET INCENTIVE PAY, AND BENEFITS REMAIN IN AN APPROPRIATE RELATIONSHIP TO THE MARKET. IN ADDITIONA, THE CEOS SUPPLEMENTAL RETIREMENT ACCOUNT IS REVIEWED WITH THE BOARD TO EVALUATE INVESTMENT PERFORMANCE AND TO CONSIDER ANY PROGRAM ADJUSTMENTS THAT NEED TO BE MADE TO ENSURE THE PROGRAM REMAINS ON TRACK. AN EXECUTIVE EMPLOYMENT AGREEMENT FOR THE CEO IS REVIEWED BY THE BOARD OF DIRECTORS ANNUALLY, ANY RECOMMENDED CHANGES ARE REVIEWED AND IMPLEMENTED WITH LEGAL COUNSEL. THE CREDIT UNION ENGAGES D. HILTON ASSOCIATES, INC TO CONDUCT SALARY ADMINISTRATION UPDATE OF ALL STAFF POSITIONS EVERY THREE YEARS AND PROVIDES ONGOING SUPPORT BY THE MARKET PRICING RESULTS TO COMPARE THE COMPETITIVENESS OF THE CREDIT UNIONS SALARY STRUCTURE AND AVERAGE SALARIES TO THE MARKET. D HILTON ANNUALLY PROVIDES RECOMMENDED SALARY RANGE STRUCTURE CHANGES, MERIT INCREASE MATRIX AND MARKET PRICES NEW POSITIONS. Form 990, Part VI, Section C, Line 19 THE CREDIT UNION POSTS MONTHLY INTERNAL FINANCIAL STATEMENTS IN EACH LOCATION FOR REVIEW BY THE PUBLIC. IN ADDITION, AN ANNUAL REPORT WITH AUDITED FINANCIAL STATEMENTS IS PREPARED AND DISTRIBUTED AT THE CREDIT UNIONS ANNUAL MEETING IN MARCH. INSURANCE SERVICES AT TRUMARK FINANCIAL LLC 1000 NORTHBROOK DRIVE TREVOSE PA 19053 202371311 INSURANCE SALES PA 359078 1417166 TRUMARK FINANCIAL CREDIT UNION