2013-07-01T09:31:59-05:00 2012-12-31 461498870 BARFIELD MURPHY SHANK & SMITH LLC 1121 RIVERCHASE OFFICE RD BIRMINGHAM AL 35244 990 2012-01-01 640344965 STATE CHARTERED CREDIT UNIONS IN MS MEMBERS EXCHANGE CREDIT UNION STAT 6019234324 PO BOX 31049 JACKSON MS 392861049 MITZI TATE 6019223350 2013-06-03 1 CYNTHIA HUDSON CPA P00029332 2059825500 2012 2016-02-24 21:20:13Z MEMBERS EXCHANGE CREDIT UNION MITZI TATE PO BOX 31049 JACKSON MS 392861049 7801325 0 X WWW.MECUANYWHERE.COM X 1954 MS TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS 7 7 47 10 51777 -1580 0 0 4372788 4466242 158245 181797 2638859 3152888 7169892 7800927 0 0 0 0 2035826 2214877 0 0 0 3447956 3631086 5483782 5845963 1686110 1954964 70176800 79234771 60219900 67322907 9956900 11911864 TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS 0 0 15,737 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1743 0 1 47 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X SUSAN BOSHART SENIOR VICE PRESIDENT 6019234324 107 MARKETRIDGE DRIVE RIDGELAND MS 39157 KENNETH ALLISON 1.00 X 0 0 0 ERNIE J HOPKINS 1.00 X 0 0 0 BARBARA MANGUM 1.00 X 0 0 0 OSCAR POPE 1.00 X 0 0 0 MARY WASHINGTON-GARNER 1.00 X 0 0 0 DOCK E GRAVES 1.00 X 0 0 0 LORI MOAK 1.00 X 0 0 0 MITZI TATE 40.00 X 152712 0 9463 KAREN ROOT 40.00 X 108144 0 7189 SUSAN BOSHART 40.00 X 112309 0 7433 LADONNA JACOBS 40.00 X 83045 0 6495 MALEIGH HALFORD 40.00 X 75365 0 2561 531575 0 33141 3 0 1 0 MEMBER DRIVEN TECHNOLOGIES 7415 CHICAGO RD WARREN MI 48092 DATA PROCESSING 258834 FISERV 255 FISERV DR BROOKFIELD WI 53045 ATM PROCESSING 129187 STRUNK & ASSOCIATES 14614 FALLING CREEK DR STE 110 HOUSTON TX 770682942 CONSULTING 103892 3 LOAN INTEREST INCOME 522130 4466242 4466242 4466242 182195 182195 19119 19119 398 -398 -398 -398 ACCOUNT SERVICE AND CH 522130 1764974 1764974 ACH FEE INCOME 522130 498554 498554 DEBIT AND CREDIT CARD 522130 355580 355580 514661 462884 51777 3133769 7800927 7548234 51777 200916 564716 1252082 30300 215563 152216 126181 3735 69694 40423 190210 378604 37339 261305 61701 4003 621099 239312 90123 BAD DEBTS 473773 OUTSIDE SERVICES 269320 DATA PROCESSING 210505 CHARGE OFF SHARE FEES 190265 363494 5845963 1963809 2804171 22074339 26451075 1057712 1268632 39994040 42624036 291094 324543 6547164 2634402 3924235 3912762 13226 871571 1836326 70176800 79234771 1319692 1415184 58900208 65907723 60219900 67322907 X 0 0 0 0 9956900 11911864 9956900 11911864 70176800 79234771 1954964 0 X X 0 1 X 1 0 596575 596575 4135941 1117136 3018805 1814648 1517266 297382 3912762 MEMBER DEPOSITS 65907723 65907723 X 7610662 0 7610662 190265 190265 7800927 5655698 0 5655698 190265 190265 5845963 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL INCOME TAXES EXCEPT FOR CERTAIN PRODUCTS AND SERVICES FOR WHICH THE NET TAXABLE INCOME IS SUBJECT TO INCOME TAXES UNDER THE UNRELATED BUSINESS INCOME TAX (UBIT) REGULATIONS. TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. THE CREDIT UNION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN ON ITS TAX RETURNS AND THAT ITS ACCRUALS FOR TAX LIABILITIES ARE ADEQUATE FOR ALL OPEN TAX YEARS (AFTER 2008 FOR FEDERAL) BASED ON ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. AS OF DECEMBER 31, 2012, THE CREDIT UNION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS BASED ON AN ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS. X 1 1 X X X 0 0 0 MITZI TATE 111251 0 40952 0 509 0 863 0 8600 0 162175 0 0 0 PART I, LINE 1A THE CREDIT UNION REIMBURSES UP TO $300 FOR A TRAVEL COMPANION'S AIRLINE TICKET AND $150 FOR A TRAVEL COMPANION'S BAGGAGE. THE FOLLOWING BOARD MEMBERS RECEIVED REIMBURSEMENT FOR A TRAVEL COMPANION'S TICKET AND BAGGAGE AS DESCRIBED ABOVE: LORI MOAK $450 DOCK E. GRAVES $450 OSCAR POPE $450 MARY WASHINGTON-GARNER, $240 BARBARA MANGUM $450 THESE PAYMENTS DID NOT MEET THE 1099-MISC FILING REQUIREMENT. MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 MITZI TATE OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 72000 72000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 KAREN ROOT OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 75000 75000 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 24000 24000 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 23598 23598 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 23598 23598 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 23598 23598 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 23598 23598 0 1 1 SUSAN BOSHART OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 23598 23598 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 26000 26000 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 26000 26000 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 26000 26000 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 26000 26000 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 25321 25321 0 1 1 MALEIGH HALFORD OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 25321 25321 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 LADONNA JACOBS OFFICER COLLATERAL ASSIGNMENT SPLIT DOLLAR INSURANCE X 15000 15000 0 1 1 1268632 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS EXCHANGE CREDIT UNION IS A NON-PROFIT FINANCIAL INSTITUTION THAT IS OWNED AND OPERATED BY ITS MEMBERS. MEMBERSHIP IS OPEN TO PERSONS WHO LIVE, WORK, WORSHIP, VOLUNTEER OR ATTEND SCHOOL IN, COPIAH, HINDS, MADISON, RANKIN, OR SIMPSON COUNTIES IN MISSISSIPPI. IMMEDIATE FAMILY OF THE CREDIT UNION'S MEMBERS AND THE BUSINESSES AND OTHER LEGAL ENTITIES OF MEMBERS ARE ALSO ELIGIBLE TO BECOME MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION WILL CALL FOR NOMINEES FROM THE MEMBERSHIP IN THE CREDIT UNION'S 4TH QUARTER NEWSLETTER PRIOR TO THE FOLLOWING YEAR'S ANNUAL MEETING. ANYONE INTERESTED IN SERVING WILL SUBMIT A BRIEF BIOGRAPHY DETAILING WHY HE/SHE WOULD LIKE TO SERVE ON THE BOARD. APPROXIMATELY NINETY DAYS PRIOR TO EACH ANNUAL MEETING, THE CHAIRMAN OF THE BOARD OF DIRECTORS APPOINTS A NOMINATING COMMITTEE OF THREE OR MORE MEMBERS. IT IS THE DUTY OF THE NOMINATING COMMITTEE TO REVIEW THE SUBMISSIONS AND DETERIMINE ELIGIBILITY. THEY WILL THEN NOMINATE AT LEAST ONE MEMBER FOR EACH BOARD VACANCY, INCLUDING ANY UNEXPIRED TERM VACANCY, FOR WHICH THE ELECTIONS ARE BEING HELD. THE NOMINATING COMMITTEE WILL THEN PUBLISH THE NOMINEES IN THE 1ST QUARTER NEWSLETTER, AND IN FEBRUARY, BALLOTS LISTING THE NOMINEES WILL BE MAILED TO THE MEMBERS. ONCE RETURNED, ALL VOTES WILL BE DETERMINED BY PLURALITY VOTE, AND SHALL BE BY BALLOT EXCEPT WHERE THERE IS ONLY ONE NOMINEE FOR THE OFFICE. ELECTIONS MAY BE BY SEPARATE BALLOTS FOLLOWING THE SAME ORDER AS THE ABOVE NOMINATIONS OR, IF PREFERRED, MAY BE ONE BALLOT FOR ALL OFFICES. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS TAKE PART IN THE VOTING PROCESS FOR DIRECTORS SERVING ON THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 UPON COMPLETION OF MEMBERS EXCHANGE CREDIT UNION'S FORM 990, THE RETURN IS PRESENTED TO THE BOARD AT A BOARD OF DIRECTORS MEETING. AT THE MEETING, THE BOARD MEMBERS REVIEW THE TAX RETURN AND ARE FREE TO ASK ANY QUESTIONS OR ENGAGE IN DISCUSSION REGARDING ANY TOPIC COVERED IN THE RETURN. ONCE THE GOVERNING BODY HAS REVIEWED AND APPROVED THE FORM 990, THE RETURN IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE STAFF AND BOARD AT MEMBERS EXCHANGE CREDIT UNION REVIEW AND SIGN A CONFLICT OF INTEREST FORM ON A YEARLY BASIS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS, EMPLOYEES AND TOP MANAGEMENT OFFICIALS IS DETERMINED ON A YEARLY BASIS. MEMBERS EXCHANGE CREDIT UNION CONTRACTS WITH A COMPENSATION AND PERFORMANCE CONSULTING FIRM AS PART OF THE PROCESS FOR DETERMINING COMPENSATION. THE CONSULTING FIRM PROVIDES THE CREDIT UNION WITH PERFORMANCE AND COMPENSATION SOFTWARE WHICH IS USED TO OBTAIN INFORMATION REGARDING SALARY RANGES FOR VARIOUS POSITIONS. THE SOFTWARE CONTAINS SALARY RANGE DATA OF SIMILAR INSTITUTIONS OF SIMILAR SIZE AND LOCATION. FROM THIS DATA, THE CREDIT UNION'S SALARY RANGES ARE UPDATED FOR THE CURRENT YEAR. ONCE UPDATED, THE RANGES ARE SUBMITTED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS PERFORMS THE PRESIDENT/CEO'S PERFORMANCE EVALUATION ANNUALLY. THEY REPORT TO THE ENTIRE BOARD OF DIRECTORS, WHO THEN VOTE ON A MERIT INCREASE PERCENTAGE. THE PRESIDENT/CEO IS THEN RESPONSIBLE FOR OVERSEEING ALL OTHER EMPLOYEE EVALUATIONS AND ANNUAL MERIT INCREASES. FORM 990, PART VI, SECTION C, LINE 19 MEMBERS EXCHANGE CREDIT UNION MAKES AVAILABLE ITS FINANCIAL STATEMENTS VIA THE NCUA WEBSITE WHICH CAN BE FOUND AT WWW.NCUA.GOV. OTHER DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2: THE CREDIT UNION HAD AUDITED FINANCIAL STATEMENTS PREPARED AS OF 12/31/12.