2013-07-30T02:05:23-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 591009534 CENTRAL CREDIT UNION OF FLORIDA CENT 8504740970 PO BOX 17048 PENSACOLA FL 32522 CAROLYN DWELLE 8504740970 2013-07-30 true DOUGLAS ORTH 3052328272 2013-07-30 2012 2016-02-24 21:20:13Z CAROLYN DWELLE 6200 NORTH W STREET PENSACOLA FL 32505 7667723 false 2106 X www.ccufl.org X CREDIT UNION 1962 FL WE WILL SERVE THE NEEDS OF OUR MEMBERS BEYOND THEIR EXPECTATIONS. WE STRIVE TO ASSIST OUR MEMBERS WITH ALL OF THEIR FINANCIAL NEEDS AND PROVIDE SERVICE BEYOND THEIR EXPECTATIONS. 5 5 72 7 70639 -35440 0 7211290 7243569 381860 288204 0 7593150 7531773 0 0 2801321 2979971 0 0 3753472 3547482 6554793 6527453 1038357 1004320 114704923 124462017 101431460 110201684 13273463 14260333 WE WILL SERVE THE NEEDS OF OUR MEMBERS BEYOND THEIR EXPECTATIONS. WE STRIVE TO ASSIST OUR MEMBERS WITH ALL OF THEIR FINANCIAL NEEDS AND PROVIDE SERVICE BEYOND THEIR EXPECTATIONS. false false INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION 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 false false false false false false false false false false false false false false false true 6258 0 true 72 true true true false false false false false X 5 5 false false false false true true false true true false false false true true true false true true true false X CENTRAL CREDIT UNION OF FLORIDA 8504740970 6200 NORTH W STREET PENSACOLA FL 325051918 JOHN SCOTT 010.00 010.00 X 0 0 0 JOHN KEITH 010.00 010.00 X 0 0 0 ANDREA FARAGE 010.00 010.00 X 0 0 0 JAMES DOUGLAS 010.00 010.00 X 0 0 0 JUANITA ASHLEY 010.00 010.00 X 0 0 0 CAROLYN DWELLE 040.00 040.00 X 127172 0 10672 KATHY BOSWELL 040.00 040.00 X 93392 0 10364 220564 21036 2 false false false FISERV 250 JOHNSON AVENUE MORRIS PLAINS IL 07950 NETWORK PROCESSOR 218978 JACK HENRY AND ASSOCIATES PO BOX 91101 SEATTLE WA 98111 SYSTEM SOFTWARE 228462 HEWES & CO LLC 390 SELINA ST PENSACOLA FL 32503 GENERAL CONTRACTOR 155141 JHA PPS 1100 OLIVE WAY SUITE 320 SEATTLE WA 98101 CARD PROCESSOR 100139 4 INTEREST ON LOANS 522100 4053058 4053058 FEES/OTHER 522100 3119872 3119872 UNRELATED BUSINESS INCOME 900099 70639 70639 7243569 312154 312154 112000 135950 -23950 -23950 -23950 7531773 7461134 70639 0 0 0 0 241600 241600 0 2119497 2119497 111655 111655 286236 286236 220983 220983 0 109964 109964 127111 127111 0 0 255878 255878 207087 207087 1170377 1170377 111569 111569 0 325571 325571 44173 44173 0 16958 16958 536149 536149 0 140180 140180 56795 56795 SEE ATTACHED SCHEDULE 445670 445670 0 6527453 6527453 2118732 1994688 35762255 37809755 235319 212599 60110133 62525621 245510 203542 6626494 3163961 2903320 3462533 7277005 7400345 4888000 9733000 1164649 1119934 114704923 124462017 984558 2398616 100446902 107803068 101431460 110201684 X 13273463 14260333 13273463 14260333 114704923 124462017 1004320 -17450 X false true X true false false 1586199 1586199 2639639 1168790 1470849 28708 28704 4 2371948 1966467 405481 3462533 Financial derivatives and other financial products Closely-held equity interests CERTIFICATES OF DEPOSIT - LONG TERM 6533000 F CORPORATE ONE - PERMANENT CAPITAL 900000 F CORPORATE ONE - NON PERPETUAL CAPITAL 2300000 F 9733000 Federal income taxes SHARE ACCOUNTS 33229934 SHARE DRAFT ACCOUNTS 12644453 PIONEER CLUB ACCOUNTS 19087843 IRA SHARE ACCOUNTS 1338593 IRA CERTIFICATE ACCOUNTS 8011795 SHARE CERTIFICATE ACCOUNTS 23974602 MONEY MARKET ACCOUNTS 9515848 107803068 X 7555723 7555723 -23950 -23950 7531773 6551403 23950 23950 6527453 6527453 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 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 THAT WAS REPORTED AS EXPENSE IN THE AUDITED INCOME STATEMENT. HOWEVER, FOR PURPOSES OF THIS RETURN, ALL LOSSES ASSOCIATED WITH THE SALE OF ASSETS IS REPORTED ON PART VIII OF THE FORM 990. XII 2d LOSS ON SALE OF OREO THAT WAS REPORTED AS EXPENSE IN THE AUDITED INCOME STATEMENT. HOWEVER, FOR PURPOSES OF THIS RETURN, ALL LOSSES ASSOCIATED WITH THE SALE OF ASSETS IS REPORTED ON PART VIII OF THE FORM 990. Form 990 Part VI Section A Line 6 THE ORGANIZATION 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 A Line 11 THE PRESIDENT/CEO, VICE-PRESIDENT OF FINANCE, VICE-PRESIDENT OF COMPLIANCE AND VICE-PRESIDENT OF ADMINISTRATION WILL REVIEW AND APPROVE THE DRAFT FORM 990 BEFORE FINAL SUBMISSION. Form 990 Part VI Section B Line 12C THE VICE-PRESIDENT OF COMPLIANCE, UNDER DIRECTION OF THE PRESIDENT/CEO, MONITORS THE CONFLICT OF INTEREST POLICY FOR CENTRAL CREDIT UNION OF FLORIDA. 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 REVIEW OF THE CEOS COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEOS COMPENSATION. FOR ALL OTHER EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. Form 990 Part VI Section C Line 19 THE CREDIT UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING.