2011-11-08T12:59:16-06:00 2010-12-31 RSM MCGLADREY INC 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2010-01-01 520284053 MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC MUNI 4107528313 7 E REDWOOD STREET BALTIMORE MD 21202 NATALIE J WOOMER 4107528313 2011-11-08 1 COLLIN F BUZZELL 6125738750 2010 2016-03-07 17:11:31Z BERT J HASH JR 7 E REDWOOD STREET BALTIMORE MD 21202 163625005 0 X WWW.MECU.COM X 1936 MD TO PROVIDE MEMBERS WITH HIGH QUALITY FINANCIAL SERVICES THROUGH SOUND MANAGEMENT AND INNOVATION. 12 9 343 0 298854 -97301 0 0 59138127 58270286 9537990 11135527 5288829 0 73964946 69405813 0 0 22943345 17660202 19225533 19311863 0 0 0 28330187 26524110 70499065 63496175 3465881 5909638 1032703380 1080871991 924675581 967887646 108027799 112984345 X TO PROVIDE MEMBERS WITH HIGH QUALITY FINANCIAL SERVICES THROUGH SOUND MANAGEMENT AND INNOVATION. 0 0 MECU MAKES A VARIETY OF TYPES OF LOANS TO ITS MEMBERS INCLUDING MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD AND UNSECURED LOANS AT VERY COMPETITIVE INTEREST RATES. THERE WERE 45,978 OUTSTANDING LOANS AT 12/31/10. IN 2010, MECU REFUNDED OVER $2 MILLION OF THE INTEREST THAT ITS MEMBERS PAID ON LOANS DURING THE YEAR. IT WAS THE 29TH CONSECUTIVE YEAR THAT MECU HAS RETURNED MONEY TO ITS MEMBERS IN THE FORM OF A LOAN INTEREST REBATE. MECU PROVIDES ITS 97,677 MEMBERS WITH THE MEANS TO SAVE MONEY. MECU OFFERS SHARE SAVINGS, CHECKING, CERTIFICATES OF DEPOSIT, IRA, EDUCATIONAL SAVINGS AND MONEY MARKET ACCOUNTS. IN ADDITION TO PAYING VERY COMPETITIVE DIVIDEND AND INTEREST RATES ON ITS SAVINGS PRODUCTS, MECU HAS ALSO PAID AN EXTRAORDINARY DIVIDEND TO ITS MEMBERS FOR THE LAST 29 CONSECUTIVE YEARS. MECU PAID $2 MILLION IN EXTRAORDINARY DIVIDENDS TO ITS MEMBERS IN 2010. IN 2010, MECU WON THE LOUISE HERRING PHILOSOPHY IN ACTION AWARD, THE DORA MAXWELL AWARD FOR SOCIAL RESPONSIBILITY AND THE DESJARDINS AWARD FOR YOUTH FINANCIAL LITERACY FROM THE MARYLAND DC CREDIT UNION ASSOCIATION. MECU STRIVES TO OFFER PRODUCTS AND SERVICES DESIGNED TO IMPROVE THE ECONOMIC AND SOCIAL WELL BEING OF ALL MEMBERS FROM ALL SOCIAL-ECONOMIC BACKGROUNDS. MECU'S FIELD OF MEMBERSHIP DRAWS FROM BALTIMORE CITY, AN AREA THAT QUALIFIES AS AN UNDERSERVED/INVESTMENT AREA AS DEFINED BY THE NCUA. MECU IS ALSO COMMITTED TO MEMBER FINANCIAL EDUCATION. SOME OF THE PROGRAMS THAT MECU PROVIDES INCLUDE: DISCOUNTED MORTGAGE RATES THROUGH 1ST TIME HOMEBUYER'S PROGRAMS AND BUY IN BALTIMORE LOANS, HOME BUYERS' WORKSHOPS, CREDIT REPAIR WORKSHOPS, BASICS OF MONEY MANAGEMENT; NEW EMPLOYEE AND PRE-RETIREMENT WORKSHOPS AND FREE CREDIT COUNSELING SERVICES THROUGH ACCEL, A GREENPATH, INC. AFFILIATE. MECU ACTIVELY PARTICIPATES IN COMMUNITY OUTREACH PROJECTS. SOME OF THE PROGRAMS THAT MECU PARTICIPATED IN DURING 2010 WERE HABITAT FOR HUMANITY, JUNIOR ACHIEVEMENT, MEALS ON WHEELS, PARTNERSHIPS WITH SIX ELEMENTARY SCHOOLS, ADOPTING FAMILIES FOR THE HOLIDAYS, SALVATION ARMY ANGEL TREE, MARYLAND PUBLIC TELEVISION TELETHON, CREDIT UNIONS FOR KIDS, DONATED OVER 4,800 BOOKS TO BALTIMORE CITY SCHOOL CHILDREN, THREW A PARTY FOR THE RESIDENTS AT A NURSING HOME, HELD A BLOOD DRIVE AND FED PEOPLE IN NEED AT OUR DAILY BREAD AND SEVERAL MISSIONS. 0 0 0 0 0 0 0 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 41247 0 1 343 1 1 1 0 0 0 0 0 X 12 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X NATALIE J WOOMER 4107528313 7 E REDWOOD STREET BALTIMORE MD 21202 HERMAN WILLIAMS JR 2.00 X X 15600 0 1000 ERNEST GLINKA 2.00 X X 17200 0 1000 GARY MCLHINNEY 1.00 X X 15000 0 1000 ROMAN CLARK SR 1.40 X 14000 0 1000 LORRETTA JOHNSON 0.60 X 6200 0 1000 JOHN WALKER III 1.20 X 12200 0 1000 G LOUISE GREEN 1.00 X 9800 0 1000 CHARMAINE THOMAS 1.20 X 12000 0 1000 A SOULA LAMBROPOULOS 1.00 X 10800 0 1000 BENJAMIN MELI JR 1.50 X 15200 0 1000 ANDREW FRANK 0.50 X 4800 0 1000 PEGGY PEACOCK 1.10 X 11200 0 1000 BERT HASH JR 50.00 X 492127 0 340326 ADRIAN JOHNSON 45.00 X 154386 0 28631 ANDREW PATAKI 45.00 X 269657 0 70420 GARY MARTIN 45.00 X 160842 0 39461 NATALIE WOOMER 45.00 X 126308 0 25948 WARREN WILSON 45.00 X 144418 0 17450 FRANK RICHTER 45.00 X 129037 0 39613 ALAN GRIFFITHS 45.00 X 133466 0 45497 PATRICIA ROBERTS 45.00 X 125478 0 40115 1879719 0 659461 14 0 1 0 CAREFIRST BLUE CROSS BLUE SHIELD PO BOX 79749 BALTIMORE MD 21279 HEALTH INSURANCE 1826976 PSCU FINANCIAL SERVICES 560 CARILLON PARKWAY ST PETERSBERG FL 33716 CREDIT AND DEBIT CARD PROCESSOR 1715023 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 4535 CAROL STREAM IL 60197 DATA PROCESSOR 1423170 FISERV 75 REMITTANCE DRIVE SUITE 6962 CHICAGO IL 60675 DATA PROCESSOR 1083342 STAR NETWORK 401 WEST A STREET SUITE 600 SAN DIEGO CA 92101 ATM NETWORK 782615 18 INTEREST ON LOANS TO M 522100 42669877 42669877 SERVICE CHARGES AND OT 522100 10026486 9868433 158053 OTHER NONINTEREST INCO 522100 5573923 5433122 140801 58270286 9393021 9393021 95961698 94219192 1742506 1742506 1742506 69405813 57971432 298854 11135527 17660202 1711850 11941808 1529699 3074886 1053620 85238 70421 331625 1588329 2922755 1895087 1857677 523678 1605370 1477835 190908 PROVISION FOR LOAN LOSS 6802057 ATM/DEBIT CARD EXPENSE 2645796 LOAN SERVICING EXPENSE 2324815 OTHER OPERATING EXPENSE 1045244 CHECKING ACCOUNT PRODUC 786627 370648 63496175 24291043 13207132 26836457 7079414 615846429 620827425 16271422 11741984 5592046 4529438 318492981 389902071 41644424 45326511 1032703380 1080871991 16955214 13897360 907720367 953990286 924675581 967887646 X 0 0 0 0 108027799 112984345 108027799 112984345 1032703380 1080871991 X 5909638 -953092 X 0 1 1 X 0 314800 61909 252891 4935233 2854151 2081082 11021389 8825924 2195465 4529438 AVAILABLE FOR SALE SECURITIES 329639845 F HELD-TO-MATURITY 60262226 C 389902071 MEMBERS' SHARES AND SAVINGS 884602984 BORROWED FUNDS 69387302 953990286 69405813 63496175 5909638 -953092 -953092 4956546 69405813 0 69405813 0 69405813 63496175 0 63496175 0 63496175 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF FIN48. PART XI, LINE 8 - OTHER ADJUSTMENTS: RECLASSIFICATION ADJUSTMENT FOR REALIZED GAINS ON INVESTMENT -1,742,506. UNREALIZED HOLDING LOSSES ON INVESTMENTS CLASSIFIED AS AVAILABLE-FOR-SALE 789,414. X X X X 0 1 0 BERT HASH JR 437127 0 50000 0 5000 0 324422 0 15904 0 832453 0 0 0 ADRIAN JOHNSON 147386 0 7000 0 0 0 14992 0 13639 0 183017 0 0 0 ANDREW PATAKI 244657 0 20000 0 5000 0 56139 0 14281 0 340077 0 0 0 GARY MARTIN 153842 0 7000 0 0 0 38081 0 1380 0 200303 0 0 0 NATALIE WOOMER 119308 0 7000 0 0 0 19605 0 6343 0 152256 0 0 0 WARREN WILSON 137418 0 7000 0 0 0 4239 0 13211 0 161868 0 0 0 FRANK RICHTER 122037 0 7000 0 0 0 23698 0 15915 0 168650 0 0 0 ALAN GRIFFITHS 126466 0 7000 0 0 0 32311 0 13186 0 178963 0 0 0 PATRICIA ROBERTS 118478 0 7000 0 0 0 29049 0 11066 0 165593 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN: BERT HASH, JR. ANDREW PATAKI ADRIAN JOHNSON NATALIE WOOMER GARY MARTIN FRANK RICHTER ALAN GRIFFITHS FRANK CIESLA JOHN GODWIN PATRICIA ROBERTS 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 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 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 MECU'S VP AND CONTROLLER, NATALIE WOOMER, REVIEWS FORM 990 THOROUGHLY, PRIOR TO FILING WITH THE IRS. A COPY WILL ALSO BE GIVEN TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST AND CODE OF CONDUCT POLICY IS GIVEN TO EVERY EMPLOYEE AND SUPERVISORY COMMITTEE, CREDIT COMMITTEE AND BOARD MEMBER ANNUALLY. THIS FORM EXPLAINS WHAT CONSTITUTES A CONFLICT OF INTEREST AND EACH PERSON MUST SIGN TO SAY THAT THEY HAVE READ THE POLICY. EACH PERSON ALSO HAS TO COMPLETE A DISCLOSURE STATEMENT THAT IS A SERIES OF QUESTIONS WHICH MECU USES TO DETERMINE IF THERE ARE ANY CONFLICTS OF INTEREST. THE EMPLOYEE IS REQUIRED TO DISCLOSE ALL CONFLICTS ON THIS FORM. MECU'S HR DEPARTMENT VERIFIES THAT EVERYONE COMPLETES THESE FORMS AND REVIEWS THEM TO DETERMINE IF THERE ARE ANY CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 MECU SUBSCRIBES TO TWO SALARY RESEARCH BOOKS - THE CREDIT UNION EXECUTIVE SOCIETY (CUES) SALARY SURVEY AND THE CREDIT UNION NATIONAL ASSOCIATION (CUNA) STAFF SALARY SURVEY. OFFICERS' AND KEY EMPLOYEES' COMPENSATION FALLS WITHIN THE RANGES OF THESE SURVEYS. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS, CONFLICT OF INTERESTS POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. THE AUDITED FINANCIAL STATEMENTS ARE POSTED ON MECU'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: RECLASSIFICATION ADJUSTMENT FOR REALIZED GAINS ON INVESTMENT -1,742,506. UNREALIZED HOLDING LOSSES ON INVESTMENTS CLASSIFIED AS AVAILABLE-FOR-SALE 789,414. TOTAL TO FORM 990, PART XI, LINE 5: -953,092. MECU FOUNDATION 7 EAST REDWOOD STREET BALTIMORE MD 21202 261113703 CHARITABLE FOUNDATION MD 501(C)3 PUBLIC MUNICIPAL EMPLOYEES CREDIT UNION OF BALTIMORE INC 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0