2013-10-03T13:28:49-05:00 2012-12-31 410746749 CLIFTONLARSONALLEN LLP 4250 N FAIRFAX DRIVE SUITE 1020 ARLINGTON VA 22203 990 2012-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL J KIRK 6072578500 2013-09-10 1 KENNETH WELCH P01329104 5712279500 2012 2016-02-24 21:20:13Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 68420984 0 X WWW.MYCFCU.COM X CU 1953 NY WE ARE A FULL SERVICE FINANCIAL INSTITUTION PROVIDING FINANCIAL AND BANKING SERVICES TO OUR MEMBERS. THE CREDIT UNION OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS AS WELL AS 1ST & 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS. 9 8 199 13 158634 6700 0 0 26259529 29555212 2598805 3369055 0 0 28858334 32924267 0 0 7984197 4504768 8628829 8947550 0 0 0 9628700 10018331 26241726 23470649 2616608 9453618 800713350 834846948 707719871 732425478 92993479 102421470 X TO PROVIDE THE HIGHEST LEVEL OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE THRIFT, SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCIAL WELL-BEING; TO PROVIDE SOUND FINANCIAL MANAGEMENT IN ORDER TO MAINTAIN EARNINGS FOR OUR CONTINUED GROWTH AND TO PROVIDE OUR EMPLOYEES WITH A CHALLENGING AND REWARDING CAREER. 0 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO 57,695 MEMBERS AND OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS. THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST & 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 21,517 LOANS OUTSTANDING AS OF DECEMBER 31, 2012. THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, OUR CALL CENTER AND ATM'S. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 17299 0 1 199 1 1 1 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 X PAUL KIRK 6072578500 1030 CRAFT ROAD ITHACA NY 14850 JAMES PLACE 2.00 X X 0 0 0 TONY CAUDELL 1.00 X X 0 0 0 JOSEPH H DURING JR 1.00 X X 0 0 0 ROBERT CREE 1.00 X X 0 0 0 AMY WOOD GONZALEZ 1.00 X 0 0 0 JAMES G HENION 1.00 X 0 0 0 SUSAN T SCHATTSCHNEIDER 1.00 X 0 0 0 BRIAN MITTEER 1.00 X 0 0 0 LISA WHITAKER 50.00 X X 413603 0 35598 PAUL J KIRK 50.00 X 176144 0 28889 WILLIAM CRANE 50.00 X 154582 0 26680 EILEEN COVEY 50.00 X 136077 0 19000 BETH PUTNAM 50.00 X 132205 0 18018 CATHERINE BENSON 50.00 X 125243 0 23692 MARTHA PRESTON 50.00 X 140797 0 18881 ROBERT WITTY 0.00 X 250928 0 26013 1529579 0 196771 8 1 1 0 UNITED SOLUTIONS 1585 SUMMIT LAKE DRIVE TALLAHASSEE FL 32317 CORE PROCESSOR 1291879 FISERV INC 75 REMITTANCE DRIVE SUITE 6974 CHICAGO IL 60675 EFT & BILL PAY 810083 SEIBOLD SECURITY INC 37 RICHMOND STREET ROCHESTER NY 14607 ATM SALES AND SERVICE 455816 FRED RIGER ADVERTISING PO BOX 1623 BINGHAMTON NY 139021623 MARKETING FIRM 393594 IMMEDIATE MAILING SERVICE 245 COMMERCE BLVD LIVERPOOL NY 13088 MAIL SERVICE PROVIDER 329581 9 LOAN INTEREST 522100 20832887 20832887 FEE INCOME 522100 7308370 7149736 158634 OTHER INCOME 900099 1413955 1413955 29555212 2486425 2486425 36379347 35496717 882630 882630 882630 32924267 29396578 158634 3369055 4504768 654234 6517454 454652 795214 525996 8775 1147699 4373421 829775 33479 528658 639548 LOAN SERVICING EXPENSE 823566 EDUCATIONAL AND PROMOTI 721043 PROVISION FOR LOAN LOSS 515170 MISCELLANEOUS EXPENSES 334197 63000 23470649 199446723 172608848 599000 0 295773 364243 404215092 482433124 376442 373978 15662415 7904662 7723267 7757753 178612769 161493440 9444284 9815562 800713350 834846948 4298456 4450498 7591784 8510271 695829631 719464709 707719871 732425478 X 0 0 15582928 15582928 77410551 86838542 92993479 102421470 800713350 834846948 9453618 -25627 0 X X 0 1 X 1 0 0 1 X 2330595 2330595 7803455 4192421 3611034 1911143 1234734 676409 3557451 2477507 1079944 59771 59771 7757753 SECURITIES - AFS 159549840 F FHLB CAPITAL STOCK 1943600 C 161493440 MEMBER SHARE ACCOUNTS 719464709 719464709 X 32924267 0 32924267 0 32924267 23470649 0 23470649 0 23470649 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROW ACCOUNTS FOR MORTGAGE LOANS ON THEIR BALANCE SHEET. THESE ACCOUNTS ARE PAID DIVIDENDS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC CREDIT UNION'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2012 AND 2011. THE CREDIT UNION'S 2009 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 LISA WHITAKER 311488 0 90000 0 12115 0 25000 0 10598 0 449201 0 0 0 PAUL J KIRK 159788 0 10000 0 6356 0 18268 0 10621 0 205033 0 0 0 WILLIAM CRANE 141797 0 10000 0 2785 0 16067 0 10613 0 181262 0 0 0 EILEEN COVEY 118800 0 15000 0 2277 0 13902 0 5098 0 155077 0 0 0 BETH PUTNAM 117652 0 10000 0 4553 0 13336 0 4682 0 150223 0 0 0 MARTHA PRESTON 139451 0 0 0 1346 0 14196 0 4685 0 159678 0 0 0 ROBERT WITTY 250928 0 0 0 0 0 25000 0 1013 0 276941 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. MEMBERSHIP IN THE CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF ALL RESIDENTS LIVING, WORKING OR ATTENDING SCHOOL IN TOMPKINS AND CORTLAND COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION A LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION A LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. MEMBERS ARE ENTITLED TO VOTE ON DISSOLVING THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY THE CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS SET ANNUALLY BY THE BOARD OF DIRECTORS. THEY UTILIZE A COMPENSATION SURVEY AND A SALARY RANGE PROVIDED BY A THIRD PARTY VENDOR AS TOOLS TO DETERMINE THE SALARY. THE COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE CEO AS PART OF THE ANNUAL REVIEW PROCESS. THE CEO USES SALARY RANGES PROVIDED BY A THIRD PARTY TO DETERMINE THESE SALARIES. THE SALARIES ARE APPROVED BY THE BOARD AS PART OF THE ANNUAL BUDGETING PROCESS. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2012. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BALANCE SHEET IS POSTED MONTHLY IN THE LOBBY OF EACH BRANCH LOCATION. THE MINUTES TO OUR BOARD OF DIRECTORS MEETINGS AND BYLAWS ARE AVAILABLE FOR REVIEW UPON REQUEST IN OUR MAIN OFFICE (THE DOCUMENTS MUST BE REVIEWED ON-SITE). WE ALSO FILE A QUARTERLY CALL REPORT WITH NCUA WITH DETAILED FINANCIAL AND MISCELLANEOUS INFORMATION WHICH IS AVAILABLE TO THE GENERAL PUBLIC AT WWW.NCUA.GOV. AUDIT OVERSIGHT/SELECTION OF INDEPENDENT AUDITOR PROCESS FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESSES HAVE NOT CHANGED SINCE THE PRIOR YEAR. CFCU FINANCIAL SERVICES INC 1030 CRAFT ROAD ITHACA NY 14850 161485702 AUTO LEASING NY CFCU COMMUNITY CREDIT UNION C 23617 293454 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0