2020-10-30T17:58:56-05:00 2019-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2019-01-01 590747276 UNIVERSITY CREDIT UNION UNIV 7864255000 13241 SW 136 ST MIAMI FL 331865822 ALBERT E ROSE EVP/COO 7864255024 2020-10-27 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2020-10-27 11:21:46 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z MICHAEL J WELCH SR 13241 SW 136 STREET MIAMI FL 33186 8331691 0 2106 X WWW.MYUNICU.COOP X 1947 FL THE MISSION OF UNIVERSITY CREDIT UNION IS TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS. 9 5 61 14 65284 0 0 0 5820587 5874972 2226715 2456719 0 0 8047302 8331691 0 0 0 0 3142106 3345185 0 0 0 3924955 3919000 7067061 7264185 980241 1067506 207089083 209679627 188909706 189421927 18179377 20257700 TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 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 0 0 0 1 3412 0 1 61 1 1 1 0 0 0 0 0 0 0 X 9 5 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X THOMAS SMITH 7864255000 13241 SW 136 STREET MIAMI FL 33186 MR NICHOLAS DICIACCO BOD CHAIRPERSON 10.00 X 0 0 0 MR REMBERTO SANCHEZ BOD VICE CHAIRPERSON 10.00 X 0 0 0 MR HUMBERTO SPEZIANI BOD TREASURER 10.00 X 0 0 0 DR SCOTT INGOLD BOD SECRETARY 10.00 X 0 0 0 MR BOB BURNS DIRECTOR 5.00 X 0 0 0 MS STEWART SERUYA DIRECTOR 5.00 X 0 0 0 MR THOMAS SANTORO DIRECTOR 5.00 X 0 0 0 MR BENJAMIN SALZ DIRECTOR 5.00 X 0 0 0 MR ALEX COLLINS DIRECTOR 5.00 X 0 0 0 MR CHRISTOPHER RICHARDSON S/C 5.00 X 0 0 0 MR M O THIRUNARAYANAN S/C CHAIRPERSON 5.00 X 0 0 0 MS DENISE HANEY S/C 5.00 X 0 0 0 MICHAEL J WELCH SR PRESIDENT/CEO 40.00 X 295151 0 411385 ALBERT E ROSE EVP/COO 40.00 X 112315 0 23121 ERIC J HOSKINS SVP-CIO 40.00 X 113777 0 57996 ANDRES LLANOS VP CONTROLLER 40.00 X 110000 0 627 631243 0 493129 4 0 1 0 FISERV PO BOX 208457 DALLAS TX 753208457 CORE PROCESSOR, HOME BANKING, BILL PAYER 526970 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 195095 FISERV PO BOX 208457 DALLAS TX 753208457 DEBIT AND CREDIT CARD PROCESSING 182490 MIAMI DADE TAX COLLECTOR 200 NW 2 AVENUE MIAMI FL 33128 PROPERTY TAXES 121321 AT&T PO BOX 64 CAROL STREAM IL 60197 PHONE/INTERNET SERVICES 113699 7 INCOME ON LOANS 522100 3607378 3607378 FEES AND CHARGES 522100 2202310 2202310 NON MEMBER ATM FEE INC 900099 58684 58684 INSURANCE 524298 6600 6600 5874972 2456719 2456719 8331691 8266407 65284 0 X 841972 1911057 68014 322741 201401 25631 59600 268372 106600 250548 387570 265034 3796 90596 425297 305516 176171 DEBIT/ATM 435078 LOAN SERVICING 372716 E-BRANCH/BILLPAY 295662 MAINTENANCE 195991 254822 7264185 1126533 992458 30186623 39916841 457472 402298 69629627 80660058 336823 247410 15171344 5560138 9895522 9611206 42930310 36921142 47042436 35018654 1333 833 5482404 5908727 207089083 209679627 2884106 2791721 186025600 186630206 188909706 189421927 X 0 0 0 0 18179377 20257700 18179377 20257700 207089083 209679627 1067506 1010817 0 X X 0 1 X 1 0 3001502 3001502 8258645 2060095 6198550 642755 539366 103389 3268442 2960677 307765 9611206 FHLB STOCK 271400 C CERTIFICATES OF DEPOSIT - LONG TERM 34521218 C PCC CORPORATE ONE FCU 226036 C 35018654 SHARE DRAFTS 54729997 SHARES AND CLUBS 64439429 MONEY MARKET 41721709 IRA SHARES 4884433 SHARES AND IRA CERTIFICATES 20854638 186630206 X 8331691 0 8331691 0 8331691 7264185 0 7264185 0 7264185 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)(14), FROM FEDERAL INCOME TAX. THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 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. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DEFINED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES DIRECTLY RELATED TO ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (UBI) DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE (IRS) RELEASED TECHNICAL ADVICE MEMORANDUMS (TAMS) TO SPECIFIC STATE-CHARTERED CREDIT UNIONS SPECIFYING THE REVENUE SOURCES SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). UBI MAY ALSO BE SUBJECT TO TAX IN CERTAIN STATES. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN MANAGEMENT HAS ASSESSED THE CREDIT UNION'S 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. TAX POSITIONS. CURRENTLY, THE 2018, 2017, AND 2016 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. 1 X X X 0 1 0 MICHAEL J WELCH SR PRESIDENT/CEO 270377 0 18474 0 6300 0 395483 0 15902 0 706536 0 0 0 ERIC J HOSKINS SVP-CIO 108996 0 4781 0 0 0 57137 0 859 0 171773 0 0 0 PART I, LINE 4B TWO EMPLOYEES PARTICIPATE IN A 457(F) PLAN, MICHAEL J. WELCH SR. AND ERIC HOSKINS. DURING 2019, NO 457(F) BENEFIT PAYOUTS WERE DISTRIBUTED. FORM 990, PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP - BOD SECRETARY REMBERTO SANCHEZ IS THE SON-IN-LAW OF BOD V. CHAIRMAN SCOTT INGOLD. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS 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 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 11B THE FORM 990 WILL BE REVIEWED BY THE PRESIDENT/CEO. THE FINANCIAL DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS OF THE EXTERNAL AUDITORS. FORM 990, PART VI, SECTION B, LINE 12C THE STANDARDS OF CONDUCT POLICY IS SENT TO ALL TEAM MEMBERS AND ALL MEMBERS OF THE BOARD OF DIRECTORS TO REVIEW AND SIGN ON AN ANNUAL BASIS. 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 OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 268,372. FORM 990, PART IX, LINE 24E TAXES 126,400. PROVISION FOR LOAN LOSSES 74,091. MISCELLANEOUS EXPENSE 54,331. 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.