2013-08-01T10:56:22-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 561295697 FIRST CAROLINA CORPORATE CREDIT UNION FIRS 3362174992 7900 TRIAD CENTER DRIVE Room 410 GREENSBORO NC 27409 DAVID BREHMER 2013-08-01 true DOUGLAS ORTH 3052328272 2013-08-01 2012 2016-02-24 21:20:13Z DAVID BREHMER 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 16754409 false 2032 X WWW.FIRSTCAROLINA.ORG X CREDIT UNION 1980 NC FIRST CAROLINA IS THE CREDIT UNIONS CREDIT UNION OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS. 9 9 28 16 0 0 3564761 3296899 13259364 10352454 589399 16824125 14238752 0 0 1929314 2316549 0 0 9546378 7320465 11475692 9637014 5348433 4601738 1450098602 1382776073 1385038678 1303605599 65059924 79170474 MAXIMIZE THE VALUE OF MEMBER OWNERSHIP THROUGH SUPERIOR SERVICE AND PERSONALIZED PRODUCTS. false false SETTLEMENT AND PAYMENT SERVICES MANAGEMENT OF SHORT TERM FUNDS FOR THE MEMBERSHIP PROVIDING LIQUIDITY SERVICES. INCOME FROM PROVIDING SERVICES TO CREDIT UNION MEMBERS AND MANAGING THEIR SHORT-TERM DEPOSITS PROVIDE THE FOUNDATION FOR THE ORGANIZATIONS OPERATIONAL STABILITY AND ABILITY TO PROVIDE VALUE-ADDED LOW COST SERVICES TO ITS RESTRICTED MEMBERSHIP. false false false false false false false false true false 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 0 0 true 28 true false false false false false false X 9 9 false false false false true true false true true false false false true true true true true true true false X DAVID BREHMER 3362174900 7900 TRIAD CENTER DRIVE GREENSBORO NC 27409 SCOTT WOODS 003.00 003.00 X 0 0 0 ROBERT BRUNS 002.00 002.00 X 0 0 0 RANDY CRAWFORD 002.00 002.00 X 0 0 0 STEVE HARKINS 002.00 002.00 X 0 0 0 JACK BRAWSWELL 002.00 002.00 X 0 0 0 LUCILE BECKWITH 002.00 002.00 X 0 0 0 JAMES MCDANIEL 002.00 002.00 X 0 0 0 SCOTT WEAVER 002.00 002.00 X 0 0 0 STEVE SMITH 002.00 002.00 X 0 0 0 DAVID BREHMER 040.00 040.00 X 258769 0 30222 MARK BROWN 040.00 040.00 X 136143 0 23862 FRED EISEL 040.00 040.00 X 145709 0 23505 540621 77589 3 false true false NORTH CAROLINA CREDIT UNION LEAGUE 323 W JONES STREET RALEIGH NC 27609 PAYROLL SERVICES 2309574 FEDERAL RESERVE BANK 701 E BYRD ST RICHMOND VA 23219 SETTLEMENT AND WIRES 298124 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 276917 MY CU SERVICES LLC 1201 FULLING MILL ROAD MIDDLETOWN PA 17057 ACH SERVICES 164960 ZM FINANCIAL SYSTEMS 501 EASTOWNE DR STE 130 CHAPEL HILL NC 27514 BUILDING RENT 197442 5 INCOME ON LOANS 522100 148471 148471 FEES/CHARGES/OTHER 522100 3148428 3148428 3296899 10333279 10333279 2534832 2515657 19175 19175 19175 FRB EBA PROGRAM FEE 522100 263553 263553 PAYMENTS FROM AMBAC 522100 325846 325846 589399 14238752 14238752 0 0 0 0 618210 618210 0 1296551 1296551 83394 83394 174071 174071 144323 144323 0 35500 35500 95000 95000 0 0 205449 205449 27024 27024 1789595 1789595 594405 594405 0 105179 105179 54374 54374 0 39220 39220 3817079 3817079 53889 53889 114773 114773 103848 103848 SEE ATTACHED SCHEDULE 285130 285130 0 9637014 9637014 946675 858475 650723984 521310084 4972701 4929682 6446333 4327583 78472 262442 922075 452008 99515 470067 749277537 821006185 37122326 29187596 431059 423959 1450098602 1382776073 1102005 990892 47354107 42929420 1336582566 1259685287 1385038678 1303605599 X 65059924 79170474 65059924 79170474 1450098602 1382776073 X 4601738 9816799 -307987 X false true X true false false 82642 10457 72185 669702 352877 316825 169731 88674 81057 470067 Financial derivatives and other financial products Closely-held equity interests Federal income taxes NON-MS DAILY SHARE ACCOUNTS 269593 DAILY SHARE ACCOUNTS 908358674 PSA-30 SHARE ACCOUNTS 17356249 PSA-90 SHARE ACCOUNTS 301173204 HOLIDAY ACCUMULATION ACCOUNT 6536000 UNCOLLECTED DEPOSITS-CASH LETTER 4857 CIF CERTIFICATES 200000 CERTIFICATES 15426000 MEMBERSHIP CAPITAL SHARES 10360710 1259685287 X 14238752 14238752 14238752 9637014 9637014 9637014 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 50414. 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 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. MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO INCOME DERIVED FROM NON-EXEMPT SOURCES. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. THEREFORE, NO LIABILITY EXISTS FROM THE FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE. AS SUCH, THE CREDIT UNION HAS NOT FILED TAX RETURNS FOR REPORTING UBIT-RELATED INCOME FOR TAX YEARS PRIOR TO DECEMBER 31, 2012. X X X false false false DAVID BREHMER 214167 44602 11831 18391 288991 MARK BROWN 132127 4016 7304 16558 160005 FRED EISEL 122292 20695 2722 6726 16779 169214 Form 990 Part VI Section A Line 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. 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 SVP/CFO ARE RESPONSIBLE FOR THE PREPARATION OF THE RETURN. THE RETURN IS REVIEWED BY THE CREDIT UNIONS PRESIDENT/CEO. ONCE THIS REVIEW IS COMPLETED AND ANY NECESSARY CORRECTIONS ARE MADE, THE RETURN IS FILED. Form 990 Part VI Section B Line 12C AT EACH BOARD OF DIRECTORS MEETING THEY ARE ASKED IF ANY CONFLICTS EXIST AND RECUSALS NECESSARY TO TRANSACT BUSINESS. Form 990 Part VI Section B Line 15B OUTSIDE CONSULTANT REVIEWS POSITIONS BI-ANNUALLY AND PARTICIPATE IN CORPORATE CREDIT UNION SALARY SURVEY ANNUALLY. Form 990 Part VI Section C Line 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. Form 990 Part XI Line 9 PERPETUAL CONTRIBUTED CAPITAL RECEIVED IN THE AMOUNT OF 145,269 LESS RECLASSIFICATION ADJUSTMENT FOR NET GAINS INCLUDED IN NET INCOME OF 196,231 LESS DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL IN THE AMOUNT OF 257,025.