2012-08-01T12:29:12-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 561295697 FIRST CAROLINA CORPORATE CREDIT UNION FIRS 3362174992 4160 PIEDMONT PARKWAY Room No 200 GREENSBORO NC 27410 DAVID BREHMER 8005854317 2012-07-24 true DOUGLAS ORTH 3052328272 2012-08-01 2011 2016-02-24 21:20:13Z DAVID BREHMER 4160 PIEDMONT PARKWAY STE 200 GREENSBORO NC 27410 91016806 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 27 18 0 0 3848967 3564761 14167339 13259364 0 18016306 16824125 0 0 1826473 1929314 0 0 12984213 9546378 14810686 11475692 3205620 5348433 1917670925 1450098602 1929115582 1385038678 -11444657 65059924 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 false true 0 0 true 27 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 3362174992 4160 PIEDMONT PARKWAY GREENSBORO NC 27410 SCOTT WOODS 003.00 X 0 0 0 ROBERT BRUNS 002.00 X 0 0 0 RANDY CRAWFORD 002.00 X 0 0 0 STEVE HARKINS 002.00 X 0 0 0 JACK BRAWSWELL 002.00 X 0 0 0 LUCILE BECKWITH 002.00 X 0 0 0 JAMES MCDANIEL 002.00 X 0 0 0 SCOTT WEAVER 002.00 X 0 0 0 DAVID BREHMER 040.00 X 195157 0 19276 MARK BROWN 040.00 X 113336 0 22000 FRED EISEL 040.00 X 123310 0 23000 STEVE SMITH 002.00 X 0 0 0 431803 64276 3 false true false NORTH CAROLINA CREDIT UNION LEAGUE 323 W JONES STREET RALEIGH NC 27609 PAYROLL SERVICES 1929258 FEDERAL RESERVE BANK 701 E BYRD ST RICHMOND VA 23219 SETTLEMENT AND WIRES 402288 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONETT MO 65708 DATA PROCESSING 265483 US CENTRAL FCU 9701 RENNER BLVD STE 100 LENEXA KS 66219 SETTLEMENT, SAFEKEEPING, AND WIRES 211456 ZM FINANCIAL SYSTEMS 501 EASTOWNE DR STE 130 CHAPEL HILL NC 27514 BUILDING RENT 137389 8 INCOME ON LOANS 522100 865613 865613 FEES/CHARGES/OTHER 522100 2699148 2699148 3564761 12912364 12912364 74539681 74192681 347000 347000 347000 16824125 16824125 0 0 0 0 496079 496079 0 1074490 1074490 60646 60646 169123 169123 128976 128976 0 56000 56000 93600 93600 0 0 155801 155801 45743 45743 1410507 1410507 640730 640730 0 154720 154720 119053 119053 0 24179 24179 6244767 6244767 47881 47881 40170 40170 101848 101848 SEE ATTACHED SCHEDULE 411379 411379 0 11475692 11475692 433654 946675 1370920383 650723984 3256960 4972701 30497914 6446333 116813 78472 726866 627351 117102 99515 464706747 749277537 47178700 37122326 442652 431059 1917670925 1450098602 1546452 1102005 51997304 47354107 1875571826 1336582566 1929115582 1385038678 X -11444657 65059924 -11444657 65059924 1917670925 1450098602 X 5348433 71156148 X false true true X false false 19529 12000 7529 624726 535847 88879 82611 79504 3107 99515 NON-MS DAILY SHARE ACCOUNTS 481064 DAILY SHARE ACCOUNTS 1076124184 VR-30 SHARE ACCOUNTS 10490249 VR-90 SHARE ACCOUNTS 158470204 HOLIDAY ACCUMULATION ACCOUNT 19443000 UNCOLLECTED DEPOSITS-CASH LETTER 16109 CIF CERTIFICATES 2950000 CERTIFICATES 58006000 MEMBERSHIP CAPITAL SHARES 10601756 1336582566 16824125 11475692 5348433 3117666 68038482 71156148 76504581 16824125 16824125 16824125 11475692 11475692 11475692 X 2 FASB ASC 740-10-25 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. AS A RESULT OF ADOPTING ASC 740-10-25, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND X 2 continued... ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY AND DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION 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 2010, 2009, AND 2008 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. X 2 continued... 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 8 PERPETUAL CONTRIBUTED CAPITAL OF 68,188,539 LESS DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL OF 150,057. X X X false false false DAVID BREHMER 155830 39327 19276 214433 Form 990 Part VI 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. Form 990 Part VI 7A THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN ELECTION OF OFFICIALS. Form 990 Part VI 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 12C AT EACH BOARD OF DIRECTORS MEETING THEY ARE ASKED IF ANY CONFLICTS EXIST AND RECUSALS NECESSARY TO TRANSACT BUSINESS. Form 990 Part VI 15B OUTSIDE CONSULTANT REVIEWS POSITIONS BI-ANNUALLY AND PARTICIPATE IN CORPORATE CREDIT UNION SALARY SURVEY ANNUALLY. Form 990 Part VI 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. Form 990 Part XI 5 UNREALIZED HOLDING GAINS ON AVAILABLE-FOR-SALE SECURITIES OF 3,117,666 PLUS PERPETUAL CONTRIBUTED CAPITAL OF 68,188,539 LESS DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL OF 150,057. 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 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 5 UNREALIZED HOLDING GAINS ON AVAILABLE-FOR-SALE SECURITIES OF 3,117,666 PLUS PERPETUAL CONTRIBUTED CAPITAL OF 68,188,539 LESS DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL OF 150,057.