2011-10-25T15:38:08-05:00 2010-12-31 LARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2010-01-01 590227113 COMMUNITY FIRST CREDIT UNION OF FLORIDA COMM 9043548537 637 NORTH LEE STREET JACKSONVILLE FL 32204 SAM INMAN 9043718080 2011-10-05 1 DEAN ROHNE 5074347000 2010 2016-03-07 17:11:31Z SAM INMAN 637 NORTH LEE STREET JACKSONVILLE FL 32204 74660912 0 2106 X WWW.COMMUNITYFIRSTFL.ORG X CU 1935 FL TO PROVIDE THE HIGHEST IN QUALITY FINANCIAL SOLUTIONS FOR EVERY STAGE OF YOUR LIFE. 9 9 397 24 139356 -482719 0 0 74815830 67862351 3672427 2957130 5599503 -15534 84087760 70803947 0 0 21177126 13420075 17437211 15656470 0 0 0 53828543 45137073 92442880 74213618 -8355120 -3409671 1103831580 1092269410 1008279856 1001127885 95551724 91141525 TO PROVIDE THE HIGHEST IN QUALITY FINANCIAL SOLUTIONS FOR EVERY STAGE OF YOUR LIFE. 0 0 INCOME FROM THE CREDIT UNION MEMBERSHIP AND FROM THE INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE ORGANIZATION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. THE CREDIT UNION OFFERS A VARIETY OF FINANCIAL PRODUCTS INCLUDING MORTGAGE, AUTOMOBILE, CREDIT CARDS AND PERSONAL SIGNATURE LOANS. $303,443,918 IN NEW LOANS WERE ORIGINATED DURING 2010 AND MORE THAN $729,572,272 IN LOAN BALANCES WERE SERVICED DURING 2010. MEMBERS MAY CHOOSE FROM A NUMBER OF ACCOUNT TYPES INCLUDING REGULAR SHARES, CHECKING, MONEY MARKET, AND RETIREMENT ACCOUNTS AND $987,615,866 IN DEPOSIT ACCOUNTS WERE MAINTAINED FOR 104,010 MEMBERS DURING 2010. 0 0 1 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 1 1 0 0 1 44462 0 1 397 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TRACY MANN 9043548537 637 NORTH LEE STREET JACKSONVILLE FL 32204 BETTIE ADAMS 1.00 X 0 0 0 MARSHA COARSEY 1.00 X 0 0 0 BRUCE DOUECK 1.00 X 0 0 0 GARY FANE 1.00 X 0 0 0 SANDRA MCCRACKEN 1.00 X 0 0 0 ELLEN PAIGE 1.00 X 0 0 0 WILLIAM PERMENTER 1.00 X 0 0 0 BRENDA SIMMONS 1.00 X 0 0 0 ELVIA WILLIAMS 1.00 X 0 0 0 JOHN LUMPKIN 1.00 X 0 0 0 JOHN HIRABAYASHI 40.00 X 425791 0 550846 SAM INMAN 40.00 X 181929 0 52081 MARK FITZMORRIS 40.00 X 245068 0 24594 MIKE TOMKO 40.00 X 153683 0 16066 LINDA SMITH 40.00 X 123497 0 6677 KIMBERLY DEPPE 40.00 X 130249 0 4160 SUSAN VERBECK 40.00 X 118460 0 11222 1378677 0 665646 9 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSOR 3570336 BLUE CROSS BLUE SHIELD OF FLORIDA PO BOX 105358 ATLANTA GA 30348 HEALTH CARE PROVIDER FOR EMPLOYEES 1168329 CENLAR 425 PHILLIPS BLVD EWING NJ 08618 LOAN SUB-SERVICER 863359 AXIS INC 6851 TPC DRIVE ORLANDO FL 32822 STATEMENT AND NOTICE PROCESSOR 713742 DIEBOLD PO BOX 643543 PITTSBURGH PA 15264 ATM SUPPLIES, ATM FIRST 371280 25 LOAN INTEREST 900099 46314411 46314411 OTHER INCOME 900099 10953735 10953735 FEES AND CHARGES 522100 10594205 10439315 154890 67862351 3412671 3412671 3401424 3856965 -455541 -455541 -455541 K-1 LOSS - THE CYPRESS 900099 -2941 -2941 K-1 LOSS - MEMBERS DEV 900099 -12593 -12593 -15534 70803947 67707461 139356 2957130 13420075 1210648 12482359 69180 953386 940897 128019 82277 5290399 1700460 2184032 171274 1874984 53006 181308 17 1701498 275235 PROVISION FOR LOAN LOSS 24000000 LOAN SERVICING EXPENSE 4595828 TEMP CORP CU STABILIZAT 1316288 SHARE INSURANCE PREMIUM 1232330 OPERATING FEES 179782 170336 74213618 13078232 11736895 221963224 175565793 764009883 697485737 1213880 881350 43822070 15701295 29724334 28120775 42204831 145988897 31637196 32489963 1103831580 1092269410 11285771 12404021 1073522 1108000 995920563 987615864 1008279856 1001127885 X 0 0 0 0 95551724 91141525 95551724 91141525 1103831580 1092269410 X -3409671 -1000528 X X 0 1 1 X 0 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE PO BOX 3108 TALLAHASSEE FL 32315 591889104 8088 PART IV, SUPPLEMENTAL INFORMATION: PART 1-A, LINE 1 - ALL POLITICAL CONTRIBUTIONS WERE MADE TO THE FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE (CUPAC) AND TOTALED $8,088. ALL OF THE FUNDS CONTRIBUTED WERE RECEIVED FROM MEMBERS, VOLUNTEERS, AND EMPLOYEES. FORM 1120-POL FOR 2010 WAS NOT FILED IN ACCORDANCE WITH FORM 1120-POL INSTRUCTIONS, AS ORGANIZATIONS THAT ARE NOT 527 ORGANIZATIONS ARE NOT REQUIRED TO FILE IF THEY ARE ONLY CONTRIBUTING TO A PAC. 0 1 14094676 14094676 17682720 5973305 11709415 945318 635370 309948 11099356 9092620 2006736 28120775 SECURITIES - AFS 145988897 F 145988897 MEMBERS SHARE AND SAVINGS ACCOUNTS 987615864 987615864 70803947 74213618 -3409671 -1016062 15534 -1000528 -4410199 70819481 0 70819481 -15534 -15534 70803947 74213618 0 74213618 0 74213618 PART IV, LINE 2B: FANNIE MAE CUSTODIAL ACCOUNTS - THE CREDIT UNION HAS MAINTAINED SERVICING FOR LOANS SOLD IN THE SECONDARY MARKET. THE CREDIT UNION COLLECTS PRINCIPAL, INTEREST AND ESCROW PAYMENTS FOR SOLD MORTGAGE LOANS. PAYMENTS ARE PASSED THROUGH TO FANNIE MAE AT CERTAIN INTERVALS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD OF APPROXIMATELY $440,000 AS OF THE 2010 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO 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, 2010. THE CREDIT UNION'S 2007 THROUGH 2010 TAX YEARS ARE AVAILABLE IF NECESSARY FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 8 - OTHER ADJUSTMENTS: K-1 LOSS - MEMBERS DEVELOPMENT CO, LLC: $12,593 K-1 LOSS - THE CYPRESS GROUP LLC: $2,941 PART XII, LINE 4B - OTHER ADJUSTMENTS: K-1 LOSS - MEMBERS DEVELOPMENT CO, LLC: -$12,593 K-1 LOSS - THE CYPRESS GROUP LLC: -$2,941 X 1 1 X X X X X 1 1 0 JOHN HIRABAYASHI 365823 0 0 0 59968 0 543229 0 7617 0 976637 0 0 0 SAM INMAN 169539 0 0 0 12390 0 43648 0 8433 0 234010 0 0 0 MARK FITZMORRIS 14227 0 230841 0 0 0 3675 0 20919 0 269662 0 0 0 MIKE TOMKO 152825 0 0 0 858 0 2438 0 13628 0 169749 0 0 0 PART I, LINES 4A-B PART I, LINE 4A: LINDA SMITH - $61,578 (SEVERANCE) PART I, LINE 4B: JOHN HIRABAYASHI - $543,229 (PARTICIPATED-NO DISTRIBUTIONS) PART I, LINE 4B: SAM INMAN - $43,648 (PARTICIPATED-NO DISTRIBUTIONS) FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. MEMBERSHIP IN THE CREDIT UNION IS COMPOSED OF THOSE WHO LIVE, WORK, WORSHIP, OR GO TO SCHOOL IN BAKER, CLAY, DUVAL, FLAGLER, NASSAU, PUTNAM AND ST JOHNS COUNTIES IN FLORIDA, AND OTHER SELECT EMPLOYEE GROUPS WHO HAVE PETITIONED FOR MEMBERSHIP. 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 THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS AND CERTIFICATE OF ORGANIZATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11 THE CONTROLLER IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. UPON COMPLETION, THE RETURN IS REVIEWED BY THE CEO AND CFO. ONCE ALL PARTIES HAVE COMPLETED THEIR REVIEW AND ANY NECESSARY CORRECTIONS HAVE BEEN MADE, THE RETURN IS FILED AND A COPY OF THE RETURN WILL BE MADE AVAILABLE UPON REQUEST. THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS SHALL REVIEW THE FORM 990 SUBSEQUENT TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS, MANAGEMENT AND STAFF ARE COVERED BY THE CONFLICTS OF INTEREST POLICY. IT IS REVIEWED ANNUALLY. ACTUAL OR POTENTIAL CONFLICTS OF INTEREST WOULD BE INVESTIGATED BY INTERNAL AUDIT OR LOSS PREVENTION DEPARTMENTS. APPROPRIATE ACTIONS UP TO AND INCLUDING LIMITING TRANSACTION CAPABILITIES OR PROHIBITING PERSONS WITH A CONFLICT TO PARTICIPATE IN GOVERNING ACTIVITIES SUCH AS DELIBERATIONS OR VOTES WHERE CONFLICTS EXIST WOULD BE IMPOSED. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL OTHER POSITIONS IN THE ORGANIZATION, PAY RANGES ARE REVIEWED ON AN ANNUAL BASIS UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS WILL BE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S QUARTERLY FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON THE NCUA.GOV WEBSITE VIA THE 5300 FILING. ADDITIONALLY, THE CREDIT UNION'S ANNUAL REPORT IS AVAILABLE FOR PUBLIC VIEWING VIA THE CREDIT UNION'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -1,016,062. K-1 LOSS - MEMBERS DEVELOPMENT CO, LLC: $12,593 12,593. K-1 LOSS - THE CYPRESS GROUP LLC: $2,941 2,941. TOTAL TO FORM 990, PART XI, LINE 5: -1,000,528. FORM 990, PART XI, LINE 2C THE PROCESS USED BY THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNT HAS NOT CHANGED SINCE LAST YEAR. EDCO FINANCIAL SERVICES INC 637 NORTH LEE STREET JACKSONVILLE FL 32204 593282020 FINANCIAL SERVICES - INACTIVE FL N/A C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0