2018-10-26T12:05:50-05:00 2017-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2017-01-01 591286880 IBM SOUTHEAST EMPLOYEES CREDIT UNION IBMS 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 MICHAEL L MILLER CEO 5619824700 2018-10-25 1 DOUGLAS J ORTH P01076394 3052328272 104.11.88.150 2018-10-25 22:48:07 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 A7DB26C3BB201601930FCFA0C4651552B54C26A2 2017 2018-06-14 16:35:46Z MICHAEL L MILLER 1000 NW 17 AVE DELRAY BEACH FL 334452555 102572636 0 2106 X IBMSECU.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 9 320 17 532796 -42969 0 0 35332153 46283719 2823782 4114261 7178120 2578707 45334055 52976687 0 0 0 0 18620745 22124507 0 0 0 18476313 22039611 37097058 44164118 8236997 8812569 940271063 1079137224 849512093 980290677 90758970 98846547 TO DELIVER SERVICE EXCELLENCE TO THE MEMBERSHIP AND THE COMMUNITIES WE SERVE WHILE ENSURING THE SAFETY AND SOUNDNESS OF THE CREDIT UNION. 0 0 THE CREDIT UNION PROVIDES DRAFT AND SHARE ACCOUNTS, LOANS, SHARE CERTIFICATES AND OTHER EXEMPT FUNCTION ACTIVITIES TO ITS MEMBERS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 20403 0 1 320 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 0 1 0 0 X IBM SOUTHEAST EMPLOYEES CREDIT UNION 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 DONALD L LEE DIRECTOR 1.00 X 1883 0 0 JOHNNY BENNETT V. CHAIRPERSON 1.00 X 1503 0 0 BRAD J DEBAUCHE DIRECTOR 1.00 X 0 0 0 JAMES M DORMAN TREASURER 1.00 X 10200 0 0 STEPHANIE M STEVENS SECRETARY 1.00 X 0 0 0 MICHAEL W TOWNSEND CHAIRPERSON 1.00 X 2699 0 0 PETER BLACKLOCK DIRECTOR 1.00 X 0 0 0 THOMAS E BRAWLEY DIRECTOR 1.00 X 0 0 0 JUANA KRAUSE DIRECTOR 1.00 X 0 0 0 MICHAEL MILLER PRESIDENT/CEO 40.00 X 517074 0 24909 JEFFREY KOLHAGEN VP FINANCE 40.00 X 163088 0 7097 EDISON CERVANTES VP INFORMATION 40.00 X 156611 0 14406 PATRICIA MUNRO EVP RETAIL OPERATIONS 40.00 X 246204 0 20173 LAURA HETHERINGTON VP LENDING 40.00 X 170984 0 9726 DAVID LYONS VP HR & MARKETING 40.00 X 169500 0 22933 MARK SKINNER AVP REAL ESTATE & COMMERCI 40.00 X 178166 0 12908 1617912 0 112152 14 0 1 0 VISA DPS PO BOX 742233 LOS ANGELES CA 900742233 CREDIT/DEBIT CARD AND ATM SETTLEMENT 608518 D AND H PO BOX 535120 ATLANTA GA 303535120 CORE PROCESSOR 549175 AT&T PO BOX 5019 CAROL STREAM IL 601975019 COMMUNICATIONS 510048 5400 CONGRESS LLC 200 BUTLER STREET SUITE 207 WEST PALM BEACH FL 33407 BUILDING LEASE 348870 CUBUS SOLUTIONS 3049A INDEPENDENCE DRIVE LIVERMORE CA 94551 SOFTWARE MAINTENANCE 303459 21 INCOME ON LOANS 522100 35759180 35759180 FEES/CHARGES/OTHER 522100 5889123 5889123 INTERCHANGE INCOME 522100 4102620 4102620 ATM/SHARED BRANCHING 900099 440566 440566 MBI 524298 92230 92230 46283719 2740314 2740314 2786600 48183296 2710765 46885184 75835 1298112 1373947 1373947 MISCELLANEOUS INCOME 522100 2578707 2578707 2578707 52976687 49703577 532796 2740314 X 728453 14966645 563271 4771669 1094469 1141535 146868 381941 216937 859373 3557652 434165 1700387 497185 3365 3279463 104682 1188283 2689 PROVISION FOR LOAN LOSS 4401271 VISA FEES/CHARGES 1213189 LOAN SERVICING 1095975 MISCELLANEOUS 949636 865015 44164118 6473872 6628963 68867623 90717698 1585055 1404555 5526692 5428681 671369665 820130229 831442 816553 29391165 15423053 14099262 13968112 127568871 89391801 2158727 3611401 2400235 41789854 44638996 940271063 1079137224 11797608 15507991 15000000 25000000 822714485 939782686 849512093 980290677 X 0 0 0 0 90758970 98846547 90758970 98846547 940271063 1079137224 X 8812569 -583393 -141599 X X 0 1 X 1 0 500 500 500 1 FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE 3692 COOLIDGE COURT TALLAHASSEE FL 32311 500 4263452 4263452 11737696 3654956 8082740 1118164 778415 339749 12233200 10953139 1280061 38653 36543 2110 13968112 SHARE DRAFTS 201552048 MONEY MARKET 297440351 SHARES 277240437 CERTIFICATES 163549850 939782686 X 52916216 0 52916216 60471 60471 52976687 44103647 0 44103647 60471 60471 44164118 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 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. 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2016, 2015, AND 2014 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN ON OREO PROPERTY SOLD AND REPORTED NET OF EXPENSES IN AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN STATEMENT OF REVENUE IN FORM 990 60,471. PART XII, LINE 4B - OTHER ADJUSTMENTS: GAIN ON OREO PROPERTY SOLD AND REPORTED NET OF EXPENSES IN AUDITED FINANCIAL STATEMENTS, BUT REPORTED IN STATEMENT OF REVENUE IN FORM 990 60,471. X 1 1 X X X 0 1 0 MICHAEL MILLER PRESIDENT/CEO 410843 0 102570 0 3661 0 18000 0 6909 0 541983 0 0 0 JEFFREY KOLHAGEN VP FINANCE 143212 0 19876 0 0 0 7097 0 0 0 170185 0 0 0 EDISON CERVANTES VP INFORMATION 136644 0 19967 0 0 0 9803 0 4603 0 171017 0 0 0 PATRICIA MUNRO EVP RETAIL OPERATIONS 186118 0 60086 0 0 0 16415 0 3758 0 266377 0 0 0 LAURA HETHERINGTON VP LENDING 150468 0 20516 0 0 0 7568 0 2158 0 180710 0 0 0 DAVID LYONS VP HR & MARKETING 146939 0 22561 0 0 0 17224 0 5709 0 192433 0 0 0 MARK SKINNER AVP REAL ESTATE & COMMERCI 155591 0 22575 0 0 0 7899 0 5009 0 191074 0 0 0 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, 2017, THE BALANCE OF THE LOANS TO MICHAEL MILLER AND MARK SKINNER, APPROXIMATED $4,426,000 AND $1,002,000, RESPECTIVELY. PART I, LINE 4B THE CREDIT UNION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION 457(F) PLAN FOR MEMBERS OF THE CREDIT UNION MANAGEMENT TEAM. UNDER THE TERMS OF THE 457(F) PLAN, THE PARTICIPANTS ARE ENTITLED TO THE EARNINGS AND APPRECIATION ON THE DEFERRED COMPENSATION PLAN INVESTMENTS IF THEY REMAINS EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. THE DEFERRED COMPENSATION INVESTMENT WAS APPROXIMATELY $11,848,000 AS OF DECEMBER 31, 2017. MICHAEL L MILLER PRESIDENT/CEO TO FUND SERP POLICY X 4500000 4426485 0 1 1 MARK SKINNER AVP REAL ESTATE & COMMERCIAL LENDING TO FUND SERP POLICY X 1000000 1002196 0 1 1 5428681 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 FORMS WILL BE REVIEWED BY THE CEO AND VP OF FINANCE PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY WILL BE MONITORED FOR COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15A 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 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 IX, LINE 24E SHARED BRANCHING 388,207. NCUA OPERATING FEES 240,011. LOSSES ON INVESTMENT CALLS 131,877. TRAINING/EDUCATION 82,585. CMAR DEPOSIT INT AMORTIZATION 22,335. FORM 990, PART XI, LINE 9: DEFINED BENEFIT PLAN: LOSSES FROM CHANGES IN ACTUARIAL ASSUMPTIONS -928,610. CLASSIFICATION ADJUSTMENT FOR NET SECURITIES GAINS AND LOSSES -75,835. DEFINED BENEFIT PLAN: AMORTIZATION OF PRIOR YEAR SERVICE COST 862,846. 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. SOUTHEAST SERVICE ORGANIZATION II LLC 1000 NW 17 AVE DELRAY BEACH FL 334452555 823522506 ACQUISITION AND ADMINISTRATION OF LOANS ACQUIRED IN MERGER FL 73970 20593373 IBM SOUTHEAST EMPLOYEES CREDIT UNION SOUTHEAST CREDIT UNION FOUNDATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 352550107 CHARITABLE FOUNDATION FL 501(C)(3) LINE 7 IBM SOUTHEASST EMPLOYEES CREDIT UNION 1 FIRST INTERNET ASSOCIATION INC 790 PARK OF COMMERCE BLVD BOCA RATON FL 33487 650772946 INTERNET EDUCATION FL IBM SOUTHEAST EMPLOYEES CREDIT UNION C 6600 463 1.00000 1 SOUTHEAST SERVICES ORGANIZATION INC 1000 NW 17TH AVENUE DELRAY BEACH FL 33445 592628212 CREDIT UNION SERVICE ORGANIZATION FL IBM SOUTHEAST EMPLOYEES CREDIT UNION C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0