2019-11-15T10:04:23-06:00 2018-12-31 BKD LLP 201 N Illinois Street Indianapolis IN 46204 990 2018-01-01 591286880 IBM Southeast Employees Credit Union % IBM SOUTHEAST EMPLOYEES CRED IBMS 5619824700 1000 NW 17 Ave Delray Beach FL 334452555 MICHAEL L MILLER CEO 5619824700 2019-11-15 true MICHAEL J SUMMERS P00838533 3173834000 2019-11-15 167.68.126.162 43033020193195000005 2019-11-15 P CB8E040EF7391F09ABC9E02BA5B63AA7C5CC92BD E43C2FEF5D838BC286DC3B96AF984EDC8464B4B8 2018 2020-03-31 21:24:44Z MICHAEL L MILLER 1000 NW 17 AVE DELRAY BEACH FL 334452555 98835855 false 2106 X IMBSECU.ORG X 1969 FL TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 9 8 332 17 571010 46611 0 0 46283719 56927157 4114261 3963497 2578707 0 52976687 60890654 0 0 0 0 22124507 22399113 0 0 0 22039611 27769247 44164118 50168360 8812569 10722294 1079137224 1132677018 980290677 1025942635 98846547 106734383 TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. false false THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. false false false false false false false false false true false false false true true false true false false false false false false false false false false false true false true false false false false false false false false true true true false false true 22460 0 true 332 true true true false false false false false false false false false false false X 9 8 false false false false true true true true true false false false true true true false false true false false X IBM SOUTHEAST EMPLOYEES CRED 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 DONALD L LEE DIRECTOR 1.0 0.0 X 2360 0 0 JOHNNY BENNETT DIRECTOR 1.0 0.0 X 0 0 0 BRAD J DEBAUCHE DIRECTOR 1.0 0.0 X 2658 0 0 JAMES M DORMAN TREASURER 1.0 0.0 X 10300 0 0 STEPHANIE M FORSTER SECRETARY 1.0 0.0 X 2146 0 0 MICHAEL W TOWNSEND CHAIRPERSON 1.0 0.0 X 2700 0 0 PETER BLACKLOCK DIRECTOR 1.0 0.0 X 3121 0 0 THOMAS E BRAWLEY DIRECTOR 1.0 0.0 X 0 0 0 JUANA KRAUSE VICE CHAIRPERSON 1.0 0.0 X 3055 0 0 MICHAEL MILLER PRESIDENT/CEO 40.0 0.0 X 855631 0 132096 JEFFREY KOLHAGEN CFO 40.0 0.0 X 191702 0 57564 EDISON CERVANTES VP INFORMATION TECHNOLOGY 40.0 0.0 X 174387 0 5907 LAURA HETHERINGTON VP LENDING 40.0 0.0 X 186567 0 6395 DAVID LYONS VP HR & MARKETING 40.0 0.0 X 190828 0 10006 MARK SKINNER AVP REAL ESTATE & COMM LENDING 40.0 0.0 X 194054 0 46231 NICOLE HEFFELFINGER VP OF OPERATIONS 40.0 0.0 X 178262 0 11302 1997771 0 269501 15 false true false VISA DPS PO BOX 742233 LOS ANGELES CA 90074 CREDIT CARD PROCESS. 614440 FINASTRA PO BOX 535120 ATLANTA GA 30353 CORE PROCESSOR 502618 ATT PO BOX 5019 CAROL STREAM IL 60197 COMMUNICATIONS 596478 EVOK ADVERTISING INC 1485 INTERNATIONAL PARKWAY STE 300 HEATHROW FL 32474 ADVERTISING 376838 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 COMPUTER EQUIPMENT 505459 27 0 INCOME ON LOANS 522100 42211733 42211733 FEES/CHARGES/OTHER 522100 6212931 6212931 INTERCHANGE INCOME 522100 4478223 4478223 FNMA SERVICING 522100 889337 889337 GAP INSURANCE 522100 507214 507214 2627719 2056709 571010 56927157 3147766 3147766 0 0 0 0 0 29216451 9544481 29277421 8667780 -60970 876701 815731 876701 -60970 0 0 0 0 0 0 0 0 0 0 60890654 57232848 571010 3086796 0 0 0 0 1236993 0 15634542 588618 3723440 1215520 1258473 180238 458706 0 0 0 258564 1497348 3403615 461981 0 1705761 572151 0 3400 5570422 128737 1334434 0 PROVISION FOR LOAN LOSS 7139865 VISA FEES/CHARGES 1230773 LOAN SERVICING 1352241 SHARED BRANCHING 375786 836752 50168360 6628963 6392646 90717698 97050596 0 0 1404555 794194 5428681 5659487 0 0 820130229 891987480 0 0 816553 1159015 28420870 14403827 13968112 14017043 89391801 61993118 3611401 3757953 0 0 2400235 2361515 44638996 47503971 1079137224 1132677018 15507991 13433805 0 0 0 0 0 0 0 0 0 0 0 0 25000000 30000000 939782686 982508830 980290677 1025942635 X 0 0 0 0 98846547 106734383 98846547 106734383 1079137224 1132677018 X 10722294 -394463 -2439995 X false true X true false 4263452 4263452 11956091 4021844 7934247 1162875 917373 245502 10938174 9405973 1532201 100278 58637 41641 14017043 0 SHARE DRAFTS 205288302 MONEY MARKET 285174491 SHARES 278683877 CERTIFICATES 213362160 982508830 X 60496191 -394463 -394463 60890654 60890654 50168360 50168360 50168360 SCHEDULE D, PART X, LINE 2 The Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the consolidated 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 substainability 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). UBIT may also be subject to tax in certain states. Management has assessed the Credit Unions 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 consolidated financial statements. Additionally, no interest and penalties have been recorded in the accompanying consolidated financial statements related to uncertain tax positions. X true true X X X false true false MICHAEL MILLER PRESIDENT/CEO 469712 0 379200 0 6719 0 125013 0 7083 0 987727 0 300000 0 JEFFREY KOLHAGEN CFO 168329 0 23373 0 0 0 57564 0 0 0 249266 0 0 0 EDISON CERVANTES VP INFORMATION TECHNOLOGY 152337 0 22050 0 0 0 3804 0 2103 0 180294 0 0 0 LAURA HETHERINGTON VP LENDING 162997 0 23570 0 0 0 4071 0 2324 0 192962 0 0 0 DAVID LYONS VP HR & MARKETING 162313 0 28515 0 0 0 3289 0 6717 0 200834 0 0 0 MARK SKINNER AVP REAL ESTATE & COMM LENDING 169108 0 24946 0 0 0 38448 0 7783 0 240285 0 0 0 NICOLE HEFFELFINGER VP OF OPERATIONS 151950 0 26312 0 0 0 3794 0 7508 0 189564 0 0 0 SCHEDULE J, PART I, LINE 4B THE CREDIT UNION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT FOR MICHAEL MILLER, PRESIDENT/CEO, AND MARK SKINNER, AVP OF REAL ESTATE AND COMMERCIAL LENDING, IN THE FORM OF SECURED SPLIT DOLLAR AGREEMENTS. THE CREDIT UNION LOANED EACH EMPLOYEE, WHO ARE THE OWNERS OF THE POLICIES, THE FUNDS TO PURCHASE THESE POLICIES. THE POLICIES ARE USED TO COLLATERALIZE THE LOANS. AS OF DECEMBER 31, 2018, THE BALANCE OF THE LOANS TO MICHAEL MILLER AND MARK SKINNER, APPROXIMATED $4,653,000 AND $1,007,000, RESPECTIVELY. IBM SOUTHEAST EMPLOYEES CREDIT UNION PARTICIPATES IN A 457(F) PLAN. MICHAEL MILLER, MARK SKINNER, AND JEFFREY KOLHAGEN PARTICIPATED AND HAD FUNDS ADDED IN 2018. MICHAEL L MILLER PRESIDENT/CEO TO FUND SERP POLICY X 4500000 4652959 false true true MARK SKINNER AVP REAL ESTATE AND COMMERICAL LENDING TO FUND SERP POLICY X 1000000 1006528 false true true 5659487 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OR STOCKHOLDERS: IBM SOUTHEAST EMPLOYEES CREDIT UNION HAS MEMBERS AND REQUIRES A $5 SHARE ACCOUNT TO BE A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE GOVERNING BODY: THE CREDIT UNION MEMBERSHIP MAY PARTICIPATE IN THE ELECTION OF OFFICIALS. FORM 990, PART VI, SECTION A, LINE 7B GOVERNANCE DECISIONS RESERVED FOR MEMBERS: 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 PROCESS TO REVIEW THE FORM 990: THE FORM 990 IS REVIEWED BY THE CEO AND CFO PRIOR TO BEING FILED. THE FORM 990 IS ALSO REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: IBM SOUTHEAST EMPLOYEES CREDIT UNION REGULARLY MONITORS AND ENFORCES THE COMPLIANCE OF THEIR CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15A PROCESS FOR DETERMINING COMPENSATION FOR THE CEO: AN OUTSIDE COMPANY WAS USED TO ANALYZE THE PAY STRUCTURE FOR THE CEO. THE BOARD EXECUTIVE COMMITTEE REVIEWS IT ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC: 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 AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES: RECLASS ADJUSTMENT FOR REALIZED GAINS on AFS SECURITIES $ 60,970 DEFINED-BENEFIT PLAN: LOSSES FROM CHANGES IN ACTUARIAL ASSUMPTIONS (3,350,999) AMORTIZATION OF PRIOR OF PRIOR SERVICE COST 850,034 ------------ TOTAL CHANGE IN NET ASSETS $ (2,439,995) SOUTHEAST SERVICE ORGANIZATION II LLC 1000 NW 17TH AVENUE DELRAY BEACH FL 334452555 823522506 LOANS FL 848404 17436839 IBMSECU SOUTHEAST TITLE SERVICES ORGANIZATION 1000 NW 17TH AVENUE DELRAY BEACH FL 334452555 830971682 TITLE SERVICE FL -5459 14894 IBMSECU SOUTHEAST CREDIT UNION FOUNDATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 334452555 352550107 CHARITABLE FL 501(C)(3) 7 IBMSECU true FIRST INTERNET ASSOCIATION INC 790 PARK OF COMMERCE BLVD BOCA RATON FL 33487 650772946 INTERNET EDUC. FL IBMSECU C CORP 6000 441 1.00000 true SOUTHEAST SERVICES ORGANIZATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 592628212 CUSO FL IBMSECU C CORP 0 0 1.00000 true false false false false false false false false false false false false false false false false false false false