2019-11-13T10:48:26-06:00 2018-12-31 454084437 WARREN AVERETT LLC 316 SOUTH BAYLEN ST SUITE 300 PENSACOLA FL 32502 990 2018-01-01 630767402 NEW HORIZONS CREDIT UNION NEWH 2513163240 622 AZALEA ROAD MOBILE AL 36609 EDITH G FRANKLIN PRESIDENT/CEO 2513163240 2019-11-08 1 CLAIRE C DUREN CPA P01577924 8504357400 2019-11-08 209.136.244.2 2019-11-08 09:38:47 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4E6DC21914383819C2908E49415BCAC36877079F 2018 2020-04-17 16:48:07Z EDITH G FRANKLIN 622 AZALEA ROAD MOBILE AL 36609 17548045 0 X WWW.NEWHCU.ORG X STATE-CHARTERED CREDIT UNION 1950 AL THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS MEMBERS IN THE FORM OF SAVINGS AND CHECKING ACCOUNTS AND ALL TYPES OF CONSUMER LOANS. 7 7 135 10 0 0 0 0 7377911 11874473 990888 1044400 5779731 0 14148530 12918873 0 0 0 0 4638490 3849215 0 0 0 11188524 6266267 15827014 10115482 -1678484 2803391 214292512 199173777 204649758 187529465 9642754 11644312 THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. THE CREDIT UNION SERVES MEMBERS IN MOBILE, BALDWIN, AND CLARK COUNTIES IN ALABAMA. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 30,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5427 0 1 135 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X EDITH G FRANKLIN 2513163240 622 AZALEA ROAD MOBILE AL 36609 LINDA BROWN CHAIRPERSON 1.00 X X 0 0 0 DELORIS BAGSBY SECRETARY 1.00 X X 0 0 0 WILLIAM W LEWIS DIRECTOR 1.00 X 0 0 0 CRAIG JONES TREASURER 1.00 X X 0 0 0 JOE MILLS DIRECTOR 1.00 X 0 0 0 RALPH ALTICE DIRECTOR 1.00 X 0 0 0 LARRY LANDRUM DIRECTOR 1.00 X 0 0 0 EDITH FRANKLIN PRESIDENT/ CEO 40.00 X 116416 0 24449 116416 0 24449 1 0 0 0 JACK HENRY & ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE PROCESSOR 277555 IDSCOM 11629 SOUTH 700 EAST SUITE 200 DRAPER UT 840204607 STATEMENT PROCESSOR 219935 TEKLINKS 1018 HIGHLAND COLONY PARKWAY SUITE RIDGELAND MS 39157 NETWORK SERVICES 137190 5 INTEREST ON LOANS 522100 6069998 6069998 FEES AND OTHER OPERATING INCOME 522100 5804475 5804475 11874473 1095287 1095287 3696053 882232 3734510 894662 -38457 -12430 -50887 -50887 12918873 11874473 0 1044400 116416 2715508 321035 467270 228986 267536 52500 291312 762434 455568 402547 35359 3032 404433 509521 122565 DEBIT AND CREDIT CARD E 1181159 PROVISION FOR LOAN LOSS 387337 COLLECTIONS 340571 MEMBER ACCOUNT EXPENSE 235071 815322 10115482 3350803 3125953 16965830 7674126 862346 869990 115691244 118071149 607184 360304 12759061 7019718 7112873 5739343 56512339 49073458 4275121 4337466 8914772 9921988 214292512 199173777 5383970 3028692 199265788 184500773 204649758 187529465 X 0 0 0 0 9642754 11644312 9642754 11644312 214292512 199173777 X 2803391 -752915 -48918 X X 0 1 X 1 0 2131543 2131543 5328002 2576448 2751554 594156 454803 139353 4705360 3988467 716893 5739343 DEPOSIT ACCOUNTS 184500773 184500773 X 13183972 214212 214212 12969760 -50887 -50887 12918873 10380581 50887 50887 10329694 -214212 -214212 10115482 PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. THE GUIDANCE PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. AS OF DECEMBER 31, 2018, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO US FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN ON REPOSSESSIONS 214,212. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS -12,430. LOSS ON SALE OF INVESTMENTS -38,457. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS 12,430. LOSS ON SALE OF INVESTMENTS 38,457. PART XII, LINE 4B - OTHER ADJUSTMENTS: GAIN ON REPOSSESSIONS -214,212. FORM 990, PART VI, SECTION A, LINE 6 THE GOVERNING BOARD OF NEW HORIZONS CREDIT UNION IS OWNED AND CONTROLLED BY ITS MEMBERS AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. NEW HORIZONS CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED FOR THREE-YEAR TERMS BY THE CREDIT UNION'S MEMBERSHIP. THE CHAIRMAN OF THE BOARD APPOINTS A NOMINATING COMMITTEE WHO WILL NOMINATE AT LEAST ONE PERSON FROM THE MEMBERSHIP FOR EACH VACANCY FOR WHICH ELECTIONS ARE BEING HELD. MEMBERS MAY ALSO BE NOMINATED BY PETITION. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS WOULD HAVE TO VOTE ON ANY MERGER OR CHARTER CONVERSION TO EITHER A MUTUAL SAVINGS OR A BANK. FORM 990, PART VI, SECTION B, LINE 11B OUR CPA FIRM COMPLETES THE 990 IN CONJUNCTION WITH OUR ACCOUNTING DEPARTMENT. IT IS THEN SUBMITTED TO OUR PRESIDENT/CEO FOR HER REVIEW AND SIGNATURE. FORM 990, PART VI, SECTION B, LINE 12C ALL OFFICIALS, OFFICERS, MANAGEMENT, AND STAFF ARE REQUIRED TO SIGN THE CONFLICT OF INTEREST POLICY. ALL INSIDERS RECEIVE SERVICES UNDER THE SAME TERMS AS ANY MEMBERS. MANAGEMENT PERFORMS A REVIEW OF POTENTIAL VENDORS PRIOR TO CONTRACTING FOR SERVICES. THIS REVIEW WOULD IDENTIFY POSSIBLE CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 ON AN ANNUAL BASIS, THE BOARD MEETS TO REVIEW THE PRESIDENT/CEO'S CONTRACT. AN ANALYSIS IS MADE OF THE PROGRESS OF THE CREDIT UNION AND WHETHER GOALS WERE MET. THE BOARD REVIEWS THE COST OF LIVING INDEX AND DETERMINES THE AMOUNT, IF ANY, OF THE INCREASE THAT WILL BE GIVEN TO THE PRESIDENT/CEO. FORM 990, PART VI, SECTION C, LINE 19 CREDIT UNION FINANCIAL STATEMENTS ARE PUBLISHED AND GIVEN TO MEMBERS DURING THE CREDIT UNION'S ANNUAL MEETING. ALL OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FASB ASC 715 PENSION ADJUSTMENT -48,918. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2(C) THE CREDIT UNION HAS A SUPERVISORY COMMITTEE COMPRISED OF THREE VOLUNTEERS WHO ARE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANTS.