2012-05-11T17:45:56-00:00 2011-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2011-01-01 610671028 COMMONWEALTH CREDIT UNION INC COMM 5025644475 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN 5025648146 2012-05-11 true DOUGLAS ORTH 3052328272 2012-05-11 2011 2016-02-24 21:20:13Z GARY WALLACE PO BOX 978 FRANKFORT KY 406020978 50200676 false X WWW.CCUKY.ORG X 1951 KY LEADING IN QUALITY SERVICE THROUGH DYNAMIC FINANCIAL SERVICES. THE CREDIT UNION PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. 13 12 308 17 1989318 -2745252 0 42899584 44021426 6677198 3768871 1806928 1989318 51383710 49779615 0 0 18503712 18592560 0 0 25694467 21890438 44198179 40482998 7185531 9296617 880216977 897005001 726755833 734494843 153461144 162510158 THE CREDIT UNIONS MISSION IS TO LEAD IN QUALITY SERVICE THROUGH DYNAMIC FINANCIAL SOLUTIONS IN A MANNER CONSISTENT WITH ITS NOT-FOR-PROFIT STATUS. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. false false SHARES THE CREDIT UNION HAS 159,049 SHARE ACCOUNTS CONSISTING OF OVER 725,600,000. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT TO GROW THEIR FUTURES. 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 27903 0 true 308 true true true false false false false false X 13 12 false false false false true true false true true false false true true true true true true true true false X KAREN HARBIN CEO 5025644775 417 HIGH STREET FRANKFORT KY 406020978 JOHN SCOTT 001.00 X 0 0 0 BOB BENDER 001.00 X 0 0 0 JIM CHADWELL 001.00 X 449 0 0 RANDY OVERSTREET 001.00 X 419 0 0 RANDY FAWNS 001.00 X 0 0 0 REGINA GRUBBS 001.00 X 449 0 0 MARY FOSTER 001.00 X 0 0 0 KAY JONES 001.00 X 0 0 0 HARRY SUTER 001.00 X 0 0 0 ALEX ROSE 001.00 X 0 0 0 BILL LEACH 001.00 X 0 0 0 ROBIN BREWER 001.00 X 0 0 0 GARY WALLACE 040.00 X X 332787 0 69163 KAREN HARBIN 040.00 X 242122 0 51800 DAVID YOUNG 040.00 X 169791 0 37796 JOHN COMBS 040.00 X 175300 0 38837 RICHARD WARREN 040.00 X 92903 0 21461 LOUISE BRYANT-RITCHIE 040.00 X 142982 0 33268 ALAN DAVIS 040.00 X 144018 0 33379 ANNE BURGESS 040.00 X 145313 0 33575 1446533 319279 13 true true false KENTUCKY RETIREMENT SYSTEM 1260 LOUISVILLE RD FRANKFORT KY 40601 RETIREMENT CONTRIBUTIONS FOR EMPLOYEES 3154756 NATIONAL CREDIT UNION ADMINISTRATIO PO BOX 979069 ST LOUIS MO 631979000 NCUSIF CAPITALIZATION DEPOSIT ASSESSMENT 1872342 HUMANA INC 12291 COLLECTIONS CENTER DR CHICAGO IL 60693 HEALTH INSURANCE PREMIUMS FOR EMPLOYEES 1281858 LASERTEC INC 33472 STERLING PONDS BLVD STERLING HEOGHTS MI 483125808 STATEMENT POSTAGE REFILL PROCESSING 582520 JACK HENRY ASSOCIATES INC PO BOX 503328 ST LOUIS MO 631503328 SYMITAR MAINTENANCE EXPENSES 538585 20 INTEREST ON LOANS 522100 34112365 34112365 FEE INCOME 522100 5228901 5228901 INTERCHANGE INCOME 522100 4405676 4405676 OTHER INCOME 522100 274484 274484 44021426 3746197 3746197 443735 421061 22674 22674 INS.COMM.MEMBER SERVICES 524298 1925689 1925689 INCOME ON NON-MEMBER WITHDRAWALS 900099 63629 63629 1989318 49779615 44021426 1989318 3746197 0 0 0 0 1765812 1765812 0 11905692 11905692 2287072 2287072 1753084 1753084 880900 880900 0 69078 69078 53082 53082 0 0 182100 182100 548063 548063 1037064 1037064 5435 5435 0 1847107 1847107 55261 55261 0 48736 48736 6026161 6026161 0 1738136 1738136 110718 110718 SEE ATTACHED STATEMENT 10169497 10169497 0 40482998 40482998 5450762 5394772 43920326 42509468 5127993 7194832 520476803 538537221 900894 1274556 38445094 19396196 20331040 19048898 260078852 272265514 14784919 2667905 9145388 8111835 880216977 897005001 8243986 8869220 718511847 725625623 726755833 734494843 X 153461144 162510158 153461144 162510158 880216977 897005001 X 9296617 -247603 X false true true X false false 3468245 3468245 23738378 10210226 13563391 11238471 7771705 2017262 19048898 SHARE 302269785 INDIVIDUAL RETIREMENT ACCOUNTS 22140503 MONEY MARKET ACCOUNTS 98468577 SHARE DRAFT ACCOUNTS 83490031 CERTIFICATES OF DEPOSIT AND IRA CERTIFICATES 219256727 725625623 49779615 40482998 9296617 -247603 -247603 9049014 49779615 49779615 49779615 40482998 40482998 40482998 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 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. The filing years open X 2 continued... for examination by the state, if applicable, may be equal to, greater than or less than the years open for examination by the IRS. X true false X X X X false false false GARY WALLACE 307000 25787 61334 7829 401950 KAREN HARBIN 222141 19449 532 44365 7435 293922 DAVID YOUNG 157979 11812 31151 6645 207587 JOHN COMBS 163244 12056 32169 6668 214137 RICHARD WARREN 82110 10793 14669 6792 114364 LOUISE BRYANT-RITCHIE 130374 12608 26259 7009 176250 ALAN DAVIS 131006 13012 26366 7013 177397 ANNE BURGESS 134806 10507 26796 6779 178888 I 1A A PER DIEM IS PAID FOR MEALS FOR BOARD MEMEBERS TRAVEL COMPANIONS. Form 990 Part VI 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 83,315 MEMBERS OF THE CREDIT UNION. ELIGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS BASED ON PARTICIPATION IN THE KENTUCKY RETIREMENT SYSTEM KENTUCKY EMPLOYERS RETIREMENT, KENTUCKY TEACHERS RETIREMENT, COUNTY EMPLOYEES RETIREMENT, AND KENTUCKY STATE POLICE SYSTEM. RELATIVES AND FAMILY MEMBERS PARTICIPATING IN KRS ARE ALSO ELIGIBLE FOR MEMBERSHIP IN THE CREDIT UNION. Form 990 Part VI 7A COMMONWEALTH CREDIT UNIONS BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN JANUARY OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. Form 990 Part VI 11 A AND B COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE 2011 FORM 990 PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED ANY QUESTIONS FROM THE BOARD DURING THE REVIEWOF THE FORM 990. Form 990 Part VI 12C A STATEMENT OF THE CREDIT UNIONS COMPLIANCE WITH KENTUCKY REVISED STATUTE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH CREDIT UNION EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY. KRS 290.195 PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATE PARTICIPATE IN INTERESTS IN A CORPORATION, PARTNERSHIP, ASSOCIATION THAT HAS AN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCES DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. Form 990 Part VI 15 INTEGRITY HR IS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARIES, LEVELS AND OVERALL COMPENSATION. INTEGRITY HR USES SERVERAL SOURCES OF COMPARABLE DATA INCLUDING CUNA SALARY SURVEYS AS WELL AS LOCAL, REGIONAL, AND NATIONAL SALARY DATA. Form 990 Part VI 19 THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED ON A REQUEST BASIS TO THE PUBLIC. Form 990 Part XI 5 CHANGE IN UNREALIZED LOSS 247,603 Form 990 Part VI Section A Line 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 83,315 MEMBERS OF THE CREDIT UNION. ELIGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS BASED ON PARTICIPATION IN THE KENTUCKY RETIREMENT SYSTEM KENTUCKY EMPLOYERS RETIREMENT, KENTUCKY TEACHERS RETIREMENT, COUNTY EMPLOYEES RETIREMENT, AND KENTUCKY STATE POLICE SYSTEM. RELATIVES AND FAMILY MEMBERS PARTICIPATING IN KRS ARE ALSO ELIGIBLE FOR MEMBERSHIP IN THE CREDIT UNION. Form 990 Part VI Section A Line 7A COMMONWEALTH CREDIT UNIONS BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN JANUARY OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. Form 990 Part VI Section B Line 11 A AND B COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE 2011 FORM 990 PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED ANY QUESTIONS FROM THE BOARD DURING THE REVIEWOF THE FORM 990. Form 990 Part VI Section B Line 12C A STATEMENT OF THE CREDIT UNIONS COMPLIANCE WITH KENTUCKY REVISED STATUTE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH CREDIT UNION EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY. KRS 290.195 PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATE PARTICIPATE IN INTERESTS IN A CORPORATION, PARTNERSHIP, ASSOCIATION THAT HAS AN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCES DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. Form 990 Part VI Section B Line 15 INTEGRITY HR IS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARIES, LEVELS AND OVERALL COMPENSATION. INTEGRITY HR USES SERVERAL SOURCES OF COMPARABLE DATA INCLUDING CUNA SALARY SURVEYS AS WELL AS LOCAL, REGIONAL, AND NATIONAL SALARY DATA. Form 990 Part VI Section C Line 19 THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED ON A REQUEST BASIS TO THE PUBLIC. Form 990 Part XI Line 5 CHANGE IN UNREALIZED LOSS 247,603