2013-03-07T10:57:43-06:00 2010-12-31 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2010-01-01 746054885 CAPITOL CREDIT UNION CAPI 5124779465 PO BOX 141069 AUSTIN TX 787141069 JANAMARIE N GOTZEV 5124779465 2013-03-01 1 SHERRI WESSELS 5074347000 2013-03-01 2010 2016-02-25 16:41:14Z X JANAMARIE N GOTZEV PO BOX 141069 AUSTIN TX 787141069 7642295 0 2742 X WWW.CCUTX.ORG X 1954 TX CAPITOL CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS AND IS OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND PROVIDING CREDIT AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 11 11 47 5 18074 -50283 0 0 5487267 5250651 1360384 990719 722888 153285 7570539 6394655 4250 3500 1084452 752074 2107352 2102456 0 0 0 4461117 3734490 7657171 6592520 -86632 -197865 108307013 110606788 101064668 103684657 7242345 6922131 X COOPERATIVE PROVIDER OF CREDIT UNION FINANCIAL SERVICES 0 0 CONSUMER LOANS - CAPITOL CREDIT UNION PROVIDES A WIDE RANGE OF SECURED AND UNSECURED LOANS TO ITS MEMBERS FOR CONSUMABLE ITEMS, SUCH AS AUTOS, BOATS, MOTORCYCLES, RECREATIONAL VEHICLES, HOME EQUITY LOANS AND LINE-OF-CREDITS, SIGNATURE LOANS AND LINE-OF-CREDITS, AND SHARE OR SHARE CERTIFICATE SECURED LOANS. ADDITIONALLY, CREDIT LIFE AND DISABILITY ARE AVAILABLE ON THESE LOAN TYPES, GAP (GUARANTEED ASSET PROTECTION) AND MBI (MECHANICAL BREAKDOWN INSURANCE) ARE SOME PRODUCTS THAT ARE OFFERED ON SOME OF OUR SECURED LOANS. CERTIFICATE OF DEPOSIT - CAPITOL CREDIT UNION OFFERS CERTIFICATES OF DEPOSIT TO ITS MEMBERS WITH VARYING TERMS AND RATES. THESE INSTRUMENTS ALLOW OUR MEMBERS A SAVINGS ALTERNATIVE THAT PAYS HIGHER DIVIDENDS THAN A TYPICAL SAVINGS OR DEMAND ACCOUNT, BUT WITH NO MARKET RISK EXPOSURE. MONEY MARKET ACCOUNTS - CAPITOL CREDIT UNION OFFERS MONEY MARKET ACCOUNTS TO ITS MEMBERS. IT PAYS A HIGHER DIVIDEND THAN A TYPICAL SAVINGS OR DEMAND ACCOUNT IF THE MINIMUM AVERAGE MONTHLY BALANCE REQUIREMENT IS MET, BUT WITH THE CAPABILITY OF WRITING A LIMITED NUMBER OF CHECKS. REGULAR SHARE ACCOUNTS - CAPITOL CREDIT UNION PROVIDES SHARE ACCOUNTS TO ALL OF ITS MEMBER ACCOUNTS. REGULAR SHARES GET PAID A QUARTERLY DIVIDEND AT A RATE DECLARED BY THE BOARD OF DIRECTORS, AS LONG AS THE MINIMUM BALANCE REQUIREMENTS ARE MET. THESE ACCOUNTS CAN BE ACCESSED THROUGH ANY OF OUR 4 LOCAL AREA RETAIL BRANCHES OR THROUGH ONE OF 4,294 SHARED SERVICE CENTERS NATIONWIDE. ADDITIONAL ACCESS CAN BE ACHIEVED THROUGH INTERNET BANKING OR TELEPHONE. WITHDRAWALS CAN BE DONE THROUGH THE ATM NETWORK, OF WHICH OUR MEMBERS HAVE ACCESS TO OVER 250 SURCHARGE FREE ATM MACHINES. 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3258 0 1 47 1 1 1 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 1 1 1 0 0 0 1 1 0 X MARC BRODDRICK CFO 5124779465 PO BOX 141069 AUSTIN TX 787141069 MICHAEL JONES 1.00 X X 0 0 0 DANNY SACHNOWITZ 1.00 X X 0 0 0 JESUS RAMOS 1.00 X X 0 0 0 STEFANIE MEDACK 1.00 X X 0 0 0 JOEL BENNETT 1.00 X 0 0 0 KEVIN COOPER 1.00 X 0 0 0 NANCY HRIN 1.00 X 0 0 0 DARRELL KETCHUM 1.00 X 0 0 0 JAIME LYNN 1.00 X 0 0 0 LEWIS ROLAND 1.00 X 0 0 0 BETH TYNER 1.00 X 0 0 0 ANNE BOATRIGHT 40.00 X 128316 0 9418 MARCK BRODDRICK 40.00 X 88100 0 8012 216416 0 17430 1 0 0 0 GROUNDS CONSTRUCTION 6623 SHRLEY AUSTIN TX 78752 GENERAL CONTRACTOR 358838 FISERV EFT SOLUTIONS PO BOX 60000 SAN FRANCISCO CA 94160 ATM/DEBIT SERVICES 223891 FISERV USERS INC 75 REMITTANCE DR STE 6962 CHICAGO IL 60675 SOFTWARE SUPPORT 209649 AT&T PO BOX 5019 CAROL STREAM IL 60197 COMMUNICATIONS 154093 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM SALES/MAINTENANCE 127442 5 INTEREST ON LOANS 522100 3559447 3559447 MEMBER FEES 522100 1647219 1629681 17538 LOAN FEE INCOME 522100 43985 43985 5250651 929402 929402 19950 19950 19950 19950 1308957 1247640 61317 61317 61317 OTHER INCOME 522100 133335 132799 536 133335 6394655 5365912 18074 1010669 3500 752074 233846 1451963 35530 159894 221223 2745 15000 93534 89747 1238846 129543 249746 24104 11929 66613 365186 WRITE DOWN CAPITAL SHAR 546808 BAD DEBT 428106 NCUA ASSESSMENT/FEES 239056 LOAN SERVICING 177031 DUES 26796 29700 6592520 1392286 1251935 37515 49293 58356869 54471517 176973 211526 7386240 3280240 3871172 4106000 41850797 48444555 2621401 2071962 108307013 110606788 2941369 1655932 98123299 102028725 101064668 103684657 X 0 0 0 0 7242345 6922131 7242345 6922131 108307013 110606788 X -197865 -122349 X 0 0 0 1508160 1508160 3312560 1062070 2250490 171228 171228 0 2394292 2046942 347350 4106000 AVAILABLE FOR SALE SECURITIES 30045264 F DEPOSITS IN CORPORATE CREDIT UNIONS 12628247 C DEPOSITS IN OTHER FIN. INSTITUTIONS 5771044 C 48444555 MEMBER DEPOSITS 102028725 102028725 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: A FIN 48 ANALYSIS HAS NOT BEEN COMPLETED FOR TAX YEAR ENDED 12/31/10. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THEY ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S 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. FORM 990, PART VI, SECTION B, LINE 11 EACH MEMBER OF THE BOARD OF DIRECTORS OF CAPITOL CREDIT UNION WAS GIVEN A COPY OF FORM 990 FOR THEIR REVIEW. QUESTIONS AND/OR COMMENTS WERE SUBMITTED TO THE CFO FOR DISCUSSION AND/OR REVIEW. FORM 990 WILL BE REVIEWED BY AN OUTSIDE THIRD PARTY FOR COMPLETENESS. ACCURACY IS ASSUMED CORRECT UPON SIGNING AND SUBMITTING OF SAID FORM BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 15 A COMMITTEE FORMED BY THE BOARD OF DIRECTORS REVIEWS THE CEO'S SALARY ON AN ANNUAL BASIS THROUGH THE USE OF COMPENSATION SURVEYS AND SOFTWARE. SALARY CHANGES ARE RECOMMENDED BY THE CEO REVIEW COMMITTEE AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 CAPITOL CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN EACH RETAIL LOCATION LOBBY. ADDITIONALLY, THEY ARE POSTED ON THE CREDIT UNION'S WEB SITE OR AVAILABLE BY WRITTEN REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: THE CHANGE IN THE FUND BALANCE IS DIRECTLY ATTRIBUTED TO THE CHANGE IN OUR UNREALIZED GAIN/LOSS ON AVAILABLE FOR SALE INVESTMENT SECURITIES. FORM 990, PART I, LINES 7A AND 7B: AMENDED RETURN BEING FILED TO CORRECTLY REPORT TOTAL GROSS UNRELATED BUSINESS REVENUE FROM PART VIII, LINE 12, AND NET UNRELATED BUSINESS TAXABLE INCOME FROM FORM 990-T, LINE 34 AS REPORTED ON AMENDED FORM 990-T. SEE EXPLANATION FOR FORM 990, PART VIII, LINE 11A FOR FULL EXPLANATION FOR AMENDED FILING OF FORM 990-T. FORM 990, PART VIII, LINE 11A: AMENDED RETURN BEING FILED TO CORRECTLY REPORT UNRELATED BUSINESS REVENUE AS REPORTED ON AMENDED FORM 990-T. FORM 990-T IS BEING AMENDED TO OBTAIN A REFUND OF UNRELATED BUSINESS INCOME TAX (UBIT) PAID ON SALES OF INSURANCE PRODUCTS AND FINANCIAL PRODUCTS TO CREDIT UNION MEMBERS. TAXPAYER'S ORIGINAL FILING WAS BASED ON A SERIES OF TECHNICAL ADVICE MEMORANDA (E.G., TAM XXX-XX-XXXX, ETC) ISSUED BY THE IRS DEALING WITH CREDIT UNION UBIT ISSUES AND RULING THAT THAT INCOME FROM SUCH SALES WAS NOT SUBSTANTIALLY RELATED TO THE CREDIT UNION'S EXEMPT PURPOSE. HOWEVER, TWO FEDERAL COURTS HAVE SINCE DETERMINED THAT INCOME FROM SALES OF INSURANCE AND FINANCIAL PRODUCTS BY STATE-CHARTERED CREDIT UNIONS TO THEIR MEMBERS IS SUBSTANTIALLY RELATED TO THE ORGANIZATIONS' THRIFT FUNCTION AND THUS QUALIFIES AS BEING EXEMPT FROM UBIT. SEE COMMUNITY FIRST CREDIT UNION V. U.S., 104 AFTR2D 2009-5346 (E.D. WI 2009), AND BELLCO CREDIT UNION V. U.S., 105 AFTR 2D 2010-1778 (D. COLO. 2010). ACCORDINGLY, TAXPAYER RELIES UPON THESE RECENT DECISIONS IN SEEKING A REFUND OF THE UBIT PREVIOUSLY PAID.