2012-08-09T16:01:54-05:00 2011-12-31 411944416 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2011-01-01 880067875 IBEW PLUS CREDIT UNION IBEW 7022575944 1900 SOUTH JONES BLVD LAS VEGAS NV 89146 ROY HOLMSTROM 7022575944 2012-08-03 1 GERALD B KISSELL P00092658 6123324300 2011 2016-02-24 21:20:13Z PLUS CREDIT UNION CAROL SCHUMACHER 1900 SOUTH JONES BLVD LAS VEGAS NV 89146 6953070 0 X WWW.PLUSCU.ORG X 1983 NV TO PROVIDE LOST COST/HIGH YIELDING FINANCIAL SERVICES TO OUR MEMBERS. 9 9 34 13 14743 -3645 0 0 5529930 4467568 910329 866474 0 0 6440259 5334042 0 0 570972 327983 2380584 2103219 0 0 0 6941380 4000109 9892936 6431311 -3452677 -1097269 95335331 86060860 87167062 78819146 8168269 7241714 X OUR MISSION IS TO ASSIST OUR MEMBERS IN ACHIEVING THEIR FINANCIAL GOALS BY PROVIDING INNOVATIVE AND ADAPTIVE SERVICES THROUGH A HIGHLY QUALIFIED STAFF AND FINANCIALLY SOLID CREDIT UNION. 1 0 THE LAS VEGAS ELECTRICAL FEDERAL CREDIT UNION WAS FORMED IN 1952, IN LAS VEGAS, NEVADA WITH 100 MEMBERS OF I.B.E.W. LOCAL #357 AS THE CHARTER MEMBERS OF THE CREDIT UNION. IBEW PLUS CREDIT UNION WAS THE FIRST UNION-REPRESENTED CREDIT UNION IN NEVADA. OVER THE YEARS, WE HAVE BEVOME A FULL-SERVICE FINANCIAL INSTITUTION OFFERING OUR MEMBERS THE HIGHEST LEVEL OF SERVICE, RESPECT, AND SECURITY. OUR LENDING PROGRAM ENCOMPASSES ALL LENDING AREAS UNDER WHICH OUR MEMBERS MAY NEED CONSUMER CREDIT DURING THEIR MEMBERSHIP WITH IBEW PLUS CREDIT UNION, SUCH AS AUTO LOANS, HOME LOANS, AND HOME EQUITY LOANS, CONVERSELY, WHERE OUR MEMBERS NEED A SAVINGS VESSEL THAT GIVES THE SAFETY AND SECURITY OF BANKING DEPOSIT PRODUCTS. IBEW PLUS CREDIT UNION OFFERS A WIDE VARIETY OF INTEREST BEARING CONSUMER DEPOSIT ACCOUNTS FROM CHECKING ACCOUNTS THROUGH IRA TIME DEPOSITS AND ALL THINGS IN BETWEEN. OUR DRIVING PRINCIPLE IS TO BE AVAILABLE FOR OUR MEMBERS/OWNER'S FINANCIAL NEEDS WHILE PROVIDING AN ENVIRONMENT WHERE OUR MEMBER/OWNER'S FINANCIAL NEEDS COMPLIMENT AND ASSIST OTHER MEMBER/OWNER'S NEEDS AND REQUIREMENTS IN A PURELY COOPERATIVE ENVIRONMENT. ACCESSIBILITY TO THEIR FUNDS IS HIGH ON OUR MEMBERS WANT LIST. WITH OUR SERVICES, THEY CAN ACCESS THEIR FUNDS THROUGH THE AUTOMATED CLEARING HOUSE, BY CHECK, BY ATM/DEBIT CARDS, PHONE, HOME BANKING, MOBILE ACCESS, ETC. THE CREDIT UNION STRIVES TO KEEP ITS DIVIDEND RATES WITHIN THE HIGHER END OF THE MARKET TO HELP MEMBERS WEALTH. DIFFERENT SAVINGS PRODUCTS ARE AVAILABLE FOR DIFFERENT LEVELS OF SAVINGS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2606 0 1 34 1 1 1 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 1 1 1 0 0 1 1 1 0 X CAROL SCHUMACHER 7022575944 1900 SOUTH JONES BLVD LAS VEGAS NV 89146 ROBERT CANNON 1.00 X X 0 0 0 SAM HORNBECK 1.00 X X 0 0 0 PHIL ALLEN 1.00 X X 0 0 0 WENDI SIEDLECKI 1.00 X X 0 0 0 MICHAEL FRITCHLEY 1.00 X 0 0 0 RICHARD OSOSKI 1.00 X 0 0 0 DONNA BRADLEY 1.00 X 0 0 0 CHRISTOPHER NOLAN 1.00 X 0 0 0 ROBERT DUKE CANNON 1.00 X 0 0 0 CAROL SCHUMACHER 40.00 X 175552 0 15883 175552 0 15883 1 0 1 0 HEALTH PLAN OF NEVADA 2724 N TENAYA WAY LAS VEGAS NV 89128 MEDICAL INSURANCE 232899 ASI 5656 FRANTZ RD DUBLIN OH 43017 SHARE INSURANCE 124629 JACK HENRY PO BOX 503328 ST LOUIS MO 63150 HOST SYSTEM SUPPORT 114895 NIBAN PROPERTIES PO BOX 80356 LAS VEGAS NV 89180 BRANCH RENT & CAMS 100456 4 INTEREST FROM LOANS TO 522100 3161217 3161217 SERVICE FEE INCOME 522100 669544 654801 14743 VISA INTERCHANGE INCOM 522100 370219 370219 OTHER NON-INTEREST INC 522100 266588 266588 4467568 767895 767895 1607409 110198 1486986 132042 120423 -21844 98579 98579 5334042 4452825 14743 866474 327983 191435 1519496 19271 229317 143700 14506 67347 401225 2892 436576 178499 159009 4310 217 556407 216219 PROVISION FOR LOAN LOSS 1731465 MISCELLANEOUS 194639 DUES AND SUBSCRIPTIONS 36798 6431311 7010809 11124068 54377053 48449282 206732 158054 6483036 2616222 4272136 3866814 18409474 11204398 9452248 9201747 1606879 2056497 95335331 86060860 1172592 1184364 21093212 85994470 56541570 87167062 78819146 X 0 0 0 0 8168269 7241714 8168269 7241714 95335331 86060860 X -1097269 170714 X X 0 1 1 X 0 0 1 258131 258131 3870141 814187 3055954 593927 395794 198133 1051346 876677 174669 709491 529564 179927 3866814 CERTIFICATES OF DEPOSIT IN BANKS AND SAVINGS INSTITUTIONS 8928019 F OTHER STOCK 273728 F 9201747 MEMBER DEPOSITS 56541570 56541570 5334042 6431311 -1097269 170714 170714 -926555 5334042 0 5334042 0 5334042 6431311 0 6431311 0 6431311 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY TAXES AND INSURANCE ON BEHALF OF ITS MORTGAGE LOAN CUSTOMERS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN NET UNREALIZED GAINS ON AFS 170,714. X X X 0 0 0 CAROL SCHUMACHER 175552 0 0 0 0 0 2737 0 13146 0 191435 0 0 0 NEW PROGRAM SERVICES FORM 990, PART III, LINE 2 COURTESY PAY PROGRAM (PAYS NSF ITEMS MEETING CERTAIN CRITERIA VS RETURNING THE ITEM) FORM 990, PART VI, SECTION A, LINE 2 ROBERT CANNON AND ROBERT "DUKE" CANNON - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS OR EXCESS DUES IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 THE OFFICERS REVIEW THE INFORMATION AND COMPARE IT TO THE INFORMATION PRESENTED, ANY NARRATIVES ARE READ FOR ACCURACY. A COPY OF THE 990 WILL ALSO BE PROVIDED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12 THE CREDIT UNION DOES NOT HAVE A FORMAL WRITTEN CONFLICT OF INTEREST POLICY. OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE A CONFLICT OF INTEREST WHEN IT ARISES. FORM 990, PART VI, SECTION B, LINE 15 OFFICERS ARE VOLUNTEERS. KEY EMPLOYEE COMPENSATION IS BROUGHT FORWARD BY THE BOARD TREASURER AND IS SET BY THE BOARD. THEY UTILIZE TWO INDUSTRY SURVEYS AND IT IS COMPLETED DURING EXECUTIVE SESSION IN NOVEMBER. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE DISPLAYED AT EACH BRANCH. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: CHANGE IN NET UNREALIZED GAINS ON AFS 170,714. TOTAL TO FORM 990, PART XI, LINE 5: 170,714. NO CHANGE FROM PRIOR YEAR.