2013-10-04T01:21:49-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 590642953 STATE CHARTERED CREDIT UNIONS IN FLORIDA FIRST COAST COMMUNITY CREDIT UNION STAT 3863285555 306 S PALM AVENUE PALATKA FL 32177 Gretchen Lunsford 2013-10-04 true DOUGLAS ORTH 3052328272 2013-10-04 2012 2016-02-24 21:20:13Z FIRST COAST COMMUNITY CREDIT UNION GRETCHEN LUNSFORD 306 S PALM AVENUE PALATKA FL 32177 5026661 false 2106 X WWW.FIRSTCOASTCCU.COM X CREDIT UNION 1948 FL DELIVERING DREAMS THROUGH SIMPLIFIED FINANCIAL SERVICES. 7 7 43 8 14217 -38405 0 5048033 4574068 443664 336624 3969 5491697 4914661 0 0 1943683 1836386 0 0 3245349 2686485 5189032 4522871 302665 391790 96523996 99327783 85466993 87878466 11057003 11449317 DELIVERING DREAMS THROUGH SIMPLIFIED FINANCIAL SERVICES. false false INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 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 2392 0 true 43 true true true false false false false false X 7 7 false false false false true true false true true false false true true true true true true true true false X GRETCHEN LUNSFORD 3863285555 306 SOUTH PALM AVENUE PALATKA FL 32177 JAMES NORWOOD 001.00 001.00 X 0 0 0 RANDALL DAMPIER 001.00 001.00 X 0 0 0 CANDY RIGDON 001.00 001.00 X 0 0 0 CATHERINE MERRITT 001.00 001.00 X 0 0 0 MARTHA SINGLETON 001.00 001.00 X 0 0 0 BETTY POTEET 001.00 001.00 X 0 0 0 RUDY HOWARD 001.00 001.00 X 0 0 0 LINDA OSBORNE 001.00 001.00 X 0 0 0 GRETCHEN LUNSFORD 040.00 040.00 X 165230 0 9002 SANDRA PREVATT 040.00 040.00 X 134023 0 7980 299253 16982 2 false true false WESCOM 123 S MARENGO AVE PASADENA CA 91101 DATA PROCESSING 168545 INLAND DIVERSIFIED 15961 COLLECTIONS CENTER DR CHICAGO IL 60693 PALM COAST OFFICE LEASE 105190 JACK HENRY PO BOX 503328 ST LOUIS MO 63150 SOFTWARE SUPPORT AND DATA PROCESSING 264703 3 INCOME FROM LOANS 522100 2933317 2933317 FEES/CHARGES/OTHER 522100 1626534 1626534 UNRELATED BUSINESS INCOME 900099 14217 14217 4574068 366462 366462 82162 112000 -29838 -29838 -29838 OTHER OPERATING INCOME 522100 3969 3969 3969 4914661 4900444 14217 0 0 0 0 316235 316235 0 1111970 1111970 85502 85502 216005 216005 106674 106674 0 23102 23102 287254 287254 0 0 55 55 54329 54329 369611 369611 380971 380971 0 -29201 -29201 60010 60010 0 0 421967 421967 0 290858 290858 74952 74952 SEE ATTACHED SCHEDULE 752577 752577 0 4522871 4522871 2055619 2087871 29743898 34111686 201146 344683 40041107 40749308 110796 130767 6656801 3113237 3667155 3543564 508219 16922501 13713500 2197690 2155586 1584084 1982599 96523996 99327783 1044884 743366 84422109 87135100 85466993 87878466 X 11057003 11449317 11057003 11449317 96523996 99327783 391790 524 X false true X true false false 391629 391629 4151879 1253288 2898591 2113293 1859949 253344 3543564 Financial derivatives and other financial products Closely-held equity interests CERTIFICATES OF DEPOSIT COST 13713500 F 13713500 Federal income taxes MEMBER DEPOSITS - SHARES 36755581 MEMBER DEPOSITS - CHECKING 13784801 MEMBER DEPOSITS - MONEY MARKET 6541328 MEMBER DEPOSITS - IRA 4290300 MEMBER DEPOSITS - CERTIFICATE OF DEPOSIT 17747373 MEMBER DEPOSITS - IRA CERTIFICATES 6219654 MEMBER DEPOSITS - OTHER 1796063 87135100 X 4940530 4940530 -25869 -25869 4914661 4548740 25869 25869 4522871 4522871 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, 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2011, 2010, AND 2009 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. XI 4b LOSS ON SALE OF OREO IN THE AMOUNT OF 29,838 AND 3,969 IN OTHER OPERATING GAINS NOT ASSOCIATED WITH SALES OF ASSETS . XII 2d LOSS ON SALE OF OREO IN THE AMOUNT OF 29,838 AND 3,969 IN OTHER OPERATING GAINS NOT ASSOCIATED WITH SALES OF ASSETS. X true true X X X X false true false GRETCHEN LUNSFORD 148730 16500 6006 2996 174232 I 4b GRETCHEN LUNSFORD PARTICIPATES IN A 457F PLAN. THERE WERE NO CONTRIBUTIONS TO THE PLAN DURING 2012. THIS PLAN WAS DISOLVED IN APRIL 2012. Form 990 Part VI Section A Line 6 THE CREDIT UNION 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 11B INITIAL REVIEW OF THE FORM 990 IS DONE BY SANDRA PREVATT, EVP OPERATIONS. IT IS THEN SUBMITTED TO THE CEO, GRETCHEN LUNSFORD, FOR FINAL REVIEW AND APPROVAL. Form 990 Part VI Section B Line 12C THE EXECUTIVE VP OF OPERATIONS, UNDER THE DIRECTION OF THE PRESIDENT/CEO MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY FOR FIRST COAST COMMUNITY CREDIT UNION. THIS INCLUDES VENDOR MANAGEMENT, EMPLOYEE TRAINING AND MONITORING OF EMPLOYEE TRANSACTIONS. ALL NEW EMPLOYEES ARE GIVEN A CONFLICT OF INTEREST POLICY AS PART OF THE CODE OF CONDUCT. Form 990 Part VI Section B Line 15 THE COMPENSATION OF THE CEO IS SUBJECT TO A BOARD REVIEW ANNUALLY AND IS BASED ON AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY. THE SALARIES OF OTHER OFFICERS AND KEY EMPLOYEES ARE DETERMINED BY UTILIZING THE CUNA MUTUAL GROUP SALARY SURVEY BASED ON CREDIT UNION ASSET SIZE. Form 990 Part VI Section C Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE MADE AVAILABLE ON THE NCUAS WEBSITE VIA THE 5300 FILING.