2024-10-18T09:59:15-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 150574036 CFCU COMMUNITY CREDIT UNION CFCU 6072578500 1030 CRAFT ROAD ITHACA NY 14850 PAUL KIRK CFO 6072578500 2024-09-12 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-09-11 2023 2024-10-15 13:58:12Z LISA WHITAKER 1030 CRAFT ROAD ITHACA NY 14850 67762641 0 X WWW.MYCFCU.COM X CREDIT UNION 1953 NY WE ARE A FULL SERVICE FINANCIAL INSTITUTION PROVIDING FINANCIAL AND BANKING SERVICES TO OUR MEMBERS. THE CREDIT UNION OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS AS WELL AS 1ST AND 2ND MORTGAGES, AUTO, UNSECURED, AND MEMBER BUSINESS LOANS. 7 6 295 10 108416 0 0 0 49933926 60301361 6906182 7461280 0 0 56840108 67762641 49750 45135 0 0 22670834 25561046 0 0 0 26825680 38167875 49546264 63774056 7293844 3988585 1485148651 1453307859 1319155573 1279714848 165993078 173593011 AT CFCU COMMUNITY CREDIT UNION, WE ARE PASSIONATELY GUIDED BY OUR MEMBER-OWNERS TO PROVIDE MEANINGFUL AND PERSONALIZED EXPERIENCES. AS A RELIABLE PARTNER AND FRIEND IN OUR COMMUNITIES, WE STRIVE TO MAKE A MEMORABLE AND LASTING DIFFERENCE. 0 0 THE CREDIT UNION PROVIDES FINANCIAL AND BANKING SERVICES TO APPROXIMATELY 80,000 MEMBERS AND OFFERS SAVINGS, CHECKING, MONEY MARKET AND CERTIFICATE SHARE ACCOUNTS. THE CREDIT UNION OFFERS A VARIETY OF LOAN PRODUCTS INCLUDING 1ST AND 2ND MORTGAGES, AUTO LOANS, UNSECURED, AND MEMBER BUSINESS LOANS WITH APPROXIMATELY 39,000 LOANS OUTSTANDING AS OF DECEMBER 31, 2023. THE CREDIT UNION OFFERS OUR PRODUCTS AND SERVICES THROUGH BRANCHES, ON-LINE BANKING, MOBILE BANKING, OUR CALL CENTER, ATMS, VTMS AND PHONE SYSTEM. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 21408 0 1 295 1 1 1 0 0 0 0 0 1 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PAUL KIRK 6072578500 1030 CRAFT ROAD ITHACA NY 14850 LISA WHITAKER PRESIDENT/CEO, BOARD MEMBER 40.00 X X 1433467 0 2529929 ROBERT CREE BOARD SECRETARY 1.00 X 0 0 0 KATIE G FOLEY BOARD VICE CHAIRPERSON 1.00 X 0 0 0 BLIXY TAETZSCH BOARD TREASURER 1.50 X 0 0 0 AMY L WOOD GONZALEZ BOARD CHAIRPERSON 1.00 X 0 0 0 MICHELLE MINER BOARD MEMBER 1.00 X 0 0 0 DANA DECKER BOARD MEMBER 1.00 X 0 0 0 PAUL KIRK COO/CFO 40.00 X 805192 0 582199 WILLIAM CRANE CAO/ GENERAL COUNSEL 40.00 X 438717 0 49378 CATHERINE ALOI CHIEF LENDING OFFICER 40.00 X 387320 0 51657 ELIZA MULHERN CRO/GENERAL COUNSEL 40.00 X 372067 0 51256 MALLORIE DAVID CHIEF PEOPLE OFFICER 40.00 X 265670 0 33551 SARAH TOMEI VP FINANCE/CONTROLLER 40.00 X 291816 0 51476 BETH PUTNAM SVP MARKETING & SALES 40.00 X 264425 0 31800 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 40.00 X 255141 0 29105 CHRISTINE WERNER VP MORTGAGE OPERATIONS 40.00 X 257527 0 39064 FRANK TORELLI WEALTH ADVISOR 40.00 X 263207 0 35043 5034549 0 3484458 30 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 CORE PROCESSOR EFT 4253091 RIGER 53 CHENANGO STREET BINGHAMTON NY 13902 MARKETING 930146 ADRENALINE 195 NEW HAMPSHIRE STE 115 PORTSMOUTH NH 03801 DESIGN & DEVELOPMENT 592625 CONSTELLATION DIGITAL PARTNERS LLC 5565 CENTERVIEW RALEIGH NC 27606 DIGITAL BANKING SERVICES 542812 IMMEDIATE MAILING SERVICES INC 24 COMMERCE BLVD LIVERPOOL NY 13088 MAILING 511186 24 LOANS TO MEMBERS 522100 47647902 47647902 FEES/CHARGES/OTHER 522100 12545043 12545043 FINANCE AND INSURANCE 520000 108416 108416 60301361 7461280 7461280 67762641 67654225 108416 0 X 45135 6750403 11324910 4509002 1641115 1335616 112091 305937 1665508 1594897 1844637 3222876 1295493 38107 9389683 79815 2150839 247654 PROVISION FOR LOAN LOSS 5847530 DEBIT/CREDIT EXPENSES 3883415 LOAN SERVICING 2592664 MISCELLANEOUS 1783900 2112829 63774056 5867842 7981265 79177772 130162991 2961964 6582303 1076589705 1039735863 1453647 1915251 31006171 18755564 13114581 12250607 262922094 218321723 6383913 2409495 1584690 1334476 35092443 32613885 1485148651 1453307859 29466938 31621138 10509103 10896877 48000000 1231179532 1237196833 1319155573 1279714848 X 0 0 0 0 165993078 173593011 165993078 173593011 1485148651 1453307859 X 3988585 10037673 -6426325 X X 0 1 X 1 0 0 1 X 1856063 1856063 10019843 7534778 2485065 8507942 3786132 4721810 9695155 6786577 2908578 927168 648077 279091 12250607 REGULAR SHARES 450431908 SHARE DRAFTS 348624165 MONEY MARKET 108909758 IRA SHARES 15449583 SHARE AND IRA CERTIFICATES 313781419 1237196833 X 71150220 3387579 3387579 67762641 0 67762641 63774056 0 63774056 0 63774056 PART IV, LINE 2B: ON A MONTHLY BASIS, THE CREDIT UNION COLLECTS PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 SCHOLARSHIPS/COMMUNITY SERVICE AWARDS 49 45135 PART I, LINE 2: CFCU HAS AN EDUCATION COMMITTEE COMPRISED OF CFCU EMPLOYEES WHO OVERSEE THE ANNUAL SCHOLARSHIP AND AWARD PROGRAM. CFCU HAS ANNUAL, 2-YR AND 4YR SCHOLARSHIPS ALONG WITH COMMUNITY SERVICE AWARDS. THE COMMITTEE ADMINISTERS THE APPLICATION PROCESS, REVIEWS ALL APPLICATIONS RECEIVED AND UTILIZES A SCORING MATRIX TO DECISION WHICH RECIPIENTS RECEIVE AN AWARD. THE COMMITTE ALSO COMMUNICATES WITH THE AWARDED APPLICANTS AND PLANS THE AWARD RECEPTION. 1 X X X 0 1 0 LISA WHITAKER PRESIDENT/CEO, BOARD MEMBER 849084 0 517412 0 66971 0 2516391 0 13538 0 3963396 0 0 0 PAUL KIRK COO/CFO 374204 0 430129 0 859 0 581111 0 1088 0 1387391 0 250000 0 WILLIAM CRANE CAO/ GENERAL COUNSEL 302066 0 119088 0 17563 0 33000 0 16378 0 488095 0 0 0 CATHERINE ALOI CHIEF LENDING OFFICER 275955 0 109552 0 1813 0 28134 0 23523 0 438977 0 0 0 ELIZA MULHERN CRO/GENERAL COUNSEL 264032 0 105246 0 2789 0 32818 0 18438 0 423323 0 0 0 SARAH TOMEI VP FINANCE/CONTROLLER 232061 0 51475 0 8280 0 28764 0 22712 0 343292 0 0 0 MALLORIE DAVID CHIEF PEOPLE OFFICER 209352 0 49064 0 7254 0 25910 0 7641 0 299221 0 0 0 FRANK TORELLI WEALTH ADVISOR 56026 0 205974 0 1207 0 26555 0 8488 0 298250 0 0 0 CHRISTINE WERNER VP MORTGAGE OPERATIONS 206164 0 42062 0 9301 0 23606 0 15458 0 296591 0 0 0 BETH PUTNAM SVP MARKETING & SALES 210392 0 45900 0 8133 0 24159 0 7641 0 296225 0 0 0 JENNIFER CARLTON-COOPER VP ELECTRONIC SERVICES 207968 0 46102 0 1071 0 25896 0 3209 0 284246 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED AND FUNDED A NON-QUALIFIED DEFERRED COMPENSATION PLAN FOR THE PRESIDENT/CEO, LISA WHITAKER AND FOR THE CFO/COO, PAUL KIRK. THE COMPENSATION UNDER THIS PLAN IS BEING ACCRUED AS SERVICE IS RENDERED BY THE PARTICIPANTS. DURING 2023, THE CREDIT UNION ACRRUED APPROXIMATELY $2,483,000 AND $548,000 TOWARD THE DEFERRED BENEFITS FOR LISA WHITAKER AND PAUL KIRK, RESPECTIVELY. DURING 2023, PAUL KIRK RECEIVED A BENEFIT PAYOUT IN THE AMOUNT OF $250,000. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. MEMBERSHIP IN THE CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF ALL RESIDENTS LIVING, WORKING OR ATTENDING SCHOOL IN CAYUGA, CORTLAND, MADISON, ONONDAGA, ONTARIO, SENECA, OR TOMPKINS COUNTIES. 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 EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7B EVERY MEMBER IS ENTITLED TO ONE VOTE (REGARDLESS OF THE NUMBER OF SHARES THEY OWN) PROVIDED THAT THEY HAVE AT LEAST A $5 SHARE, DO NOT HAVE ANY PAST DUE LOANS, OR HAVE NOT CAUSED THE CREDIT UNION LOSS. NO MEMBER IS PERMITTED MORE THAN ONE VOTE. MEMBERS ARE ENTITLED TO VOTE ON DISSOLVING THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO/COO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ANNUAL DISCLOSURES ARE REVIEWED BY LEGAL COUNSEL AND ANY CONFLICTS ARE DISCUSSED AND ADDRESSED AS APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT/CEO'S COMPENSATION IS SET ANNUALLY BY THE BOARD OF DIRECTORS. THEY UTILIZE A COMPENSATION SURVEY AND A SALARY RANGE PROVIDED BY A THIRD PARTY VENDOR AS TOOLS TO DETERMINE THE SALARY. IN ADDITION, THE CREDIT UNION HAS BEEN WORKING WITH A THIRD PARTY CONSULTANT FOR THE LAST SEVERAL YEARS TO HELP DETERMINE THE PRESIDENT/CEO'S COMPENSATION PACKAGE. THE COMPENSATION OF OTHER KEY EMPLOYEES IS SET BY THE PRESIDENT/CEO AS PART OF THE ANNUAL REVIEW PROCESS. THE PRESIDENT/CEO USES SALARY RANGES PROVIDED BY A THIRD PARTY TO DETERMINE THESE SALARIES. THE SALARIES ARE APPROVED BY THE BOARD AS PART OF THE ANNUAL BUDGETING PROCESS. IN ADDITION, THE CREDIT UNION HAS BEEN WORKING WITH A THIRD PARTY CONSULTANT FOR THE LAST SEVERAL YEARS TO HELP DETERMINE THE EXECUTIVE AND VP TEAMS' COMPENSATION PACKAGE. THESE PROCESSES WERE MOST RECENTLY COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BALANCE SHEET IS POSTED MONTHLY IN THE LOBBY OF EACH BRANCH LOCATION. THE MINUTES TO OUR BOARD OF DIRECTORS MEETINGS, BYLAWS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE FOR REVIEW UPON REQUEST IN OUR MAIN OFFICE (THE DOCUMENTS MUST BE REVIEWED ON-SITE). WE ALSO FILE A QUARTERLY CALL REPORT WITH NCUA WITH DETAILED FINANCIAL AND MISCELLANEOUS INFORMATION WHICH IS AVAILABLE TO THE GENERAL PUBLIC AT WWW.NCUA.GOV. FORM 990, PART IX, LINE 24E MAINTENANCE 1,214,321. ATM EXPENSES 559,950. TRAINING/DEVELOPMENT/EDUCATION 338,558. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -6,426,325. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. CFCU COMMUNITY HOLDINGS LLC 1030 CRAFT ROAD ITHACA NY 14850 814411068 VEHICLE FOR HOLDING CUSOS NY 0 5180798 CFCU COMMUNITY CREDIT UNION CFCU TECHNOLOGY PARTNERS LLC 1030 CRAFT ROAD ITHACA NY 14850 815149033 TECHNOLOGY STRATEGIES NY -885409 547946 CFCU COMMUNITY HOLDINGS LLC CFCU COMMUNITY COVERAGE LLC 1030 CRAFT ROAD ITHACA NY 14850 814445444 INSURANCE SERVICES NY 19710 6670 CFCU COMMUNITY HOLDINGS LLC CFCU RESOURCES LLC 1030 CRAFT ROAD ITHACA NY 14850 815098521 PROVIDES HUMAN CAPITAL TO CUSOS NY 4346 51183 CFCU COMMUNITY HOLDINGS LLC