2016-11-02T09:20:57-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-06-30 591286880 IBM SOUTHEAST EMPLOYEES CREDIT UNION IBMS 5619824700 1000 NW 17 AVE DELRAY BEACH FL 334452555 MICHAEL L MILLER CEO 5619824700 2016-10-28 1 DOUGLAS J ORTH P01076394 3052328272 2015 2017-02-10 21:41:12Z X MICHAEL L MILLER 1000 NW 17 AVE DELRAY BEACH FL 334452555 22594796 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 9 264 17 231027 -7114 0 12204909 19065470 1643339 1511559 5756611 1694493 19604859 22271522 0 0 8176023 8101874 0 0 7427710 8428619 15603733 16530493 4001126 5741029 880477502 892481354 798468207 808709303 82009295 83772051 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 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 13123 0 1 264 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 1 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 695 0 0 JOHNNY BENNETT V. CHAIRPERSON 1.00 X 793 0 0 BRAD J DEBAUCHE DIRECTOR 1.00 X 1211 0 0 JAMES M DORMAN TREASURER 1.00 X 4585 0 0 STEPHANIE M STEVENS SECRETARY 1.00 X 0 0 0 MICHAEL W TOWNSEND CHAIRPERSON 1.00 X 4167 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 178544 0 11929 JEFFREY KOLHAGEN VP FINANCE 40.00 X 61330 0 1347 JOHN ZELLS EVP CHIEF MARKETING OFFICER 40.00 X 112621 0 10081 363946 0 23357 2 0 1 0 VISA DPS PO BOX 742233 LOS ANGELES CA 900742233 CREDIT/DEBIT CARD AND ATM SETTLEMENT 408698 ATT PO BOX 105262 ATLANTA GA 303485262 PHONE/DATA LINES 222283 D AND H PO BOX 535120 ATLANTA GA 303535120 CORE PROCESSOR 160645 PINNACLE DATA SYSTEMS PO BOX 102017 BIRMINGHAM AL 35210 MEMBER STATEMENTS, NOTICES, LETTERS 157884 VERIZON BUSINESS PO BOX 15043 ALBANY NY 122125043 PHONE/DATA LINES 123350 10 INCOME ON LOANS 522100 12981458 12981458 FEES/CHARGES/OTHER 522100 5852985 5852985 ATM/SHARED BRANCHING 900099 196278 196278 MBI 524298 34749 34749 19065470 1477029 1477029 357804 323274 34530 34530 34530 MISCELLANEOUS INCOME 522100 1694493 1694493 1694493 22271522 22040495 231027 0 X 264601 264601 6161931 6161931 -96653 -96653 1311606 1311606 460389 460389 199480 199480 115063 115063 144641 144641 268140 268140 335061 335061 816822 816822 177356 177356 614570 614570 112785 112785 766607 766607 53252 53252 847090 847090 118363 118363 PROVISION FOR LOAN LOSS 1324470 1324470 REPAIRS/MAINTENANCE/REN 711469 711469 MISCELLANEOUS 694855 694855 VISA FEES/CHARGES 553040 553040 575555 575555 16530493 16530493 0 0 7116491 7309546 88247825 92937860 3557034 3094907 4500000 4508970 512182278 557969047 1094537 886497 27394945 13436663 16558391 13958282 202493170 170314599 4555789 4564129 82143 41071 40089844 36896446 880477502 892481354 9618212 11443431 788849995 797265872 798468207 808709303 X 0 0 0 0 82009295 83772051 82009295 83772051 880477502 892481354 X 5741029 -953654 -3024619 X 0 1 X 1 0 4188452 4188452 10989289 3008399 7980890 879921 437031 442890 11298630 9964368 1334262 38653 26865 11788 13958282 SHARE DRAFTS 170564482 MONEY MARKET 248125594 SHARES 241912146 CERTIFICATES 136663650 797265872 X 22241761 -29761 -29761 22271522 0 22271522 16500732 0 16500732 29761 29761 16530493 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 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 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 CONSOLIDATED FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSSES REPORTED NET OF GAINS IN FINANICIAL STATEMENTS, REPORTED AS EXPENSE IN FORM 990 PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSSES REPORTED NET OF GAINS IN FINANICIAL STATEMENTS, REPORTED AS EXPENSE IN FORM 990 X 1 1 X X X 0 1 0 MICHAEL MILLER PRESIDENT/CEO 176577 0 0 0 1967 0 6737 0 5192 0 190473 0 0 0 PART I, LINE 4B DURING 2014, THE CREDIT UNION ESTABLISHED A NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENT FOR THE PRESIDENT/CEO IN THE FORM OF A SECURED SPLIT DOLLAR AGREEMENT. THE CREDIT UNION LOANED THE PRESIDENT/CEO, WHO IS THE OWNER OF THE POLICIES, THE FUNDS TO PURCHASE THESE POLICIES WHICH ARE USED TO COLLATERALIZE THE LOAN. AS OF DECEMBER 31, 2015 THE BALANCE OF THE LOAN APPROXIMATED $4,509,000. PART I, LINE 4B THE CREDIT UNION MAINTAINS A NON-QUALIFIED DEFERRED COMPENSATION 457(F) PLAN FOR THE PRESIDENT/CEO. UNDER THE TERMS OF THE 457(F) PLAN, THE PARTICIPANT IS ENTITLED TO THE EARNINGS AND APPRECIATION ON THE DEFERRED COMPENSATION PLAN INVESTMENTS IF HE REMAINS EMPLOYED BY THE CREDIT UNION UNTIL A PREDETERMINED TIME. THE DEFERRED COMPENSATION INVESTMENT WAS APPROXIMATELY $6,229,000 AS OF DECEMBER 31, 2015. MICHAEL L MILLER PRESIDENT/CEO TO FUND SERP POLICY X 4500000 4508970 0 1 0 4508970 FORM 990, PART VI, SECTION A, LINE 5 AN EMPLOYEE EMBEZZLED FUNDS FROM THE CREDIT UNION. HE WAS TERMINATED AND A BOND CLAIM WAS FILED FOR THE LOSSES. 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 11 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 HAS BEEN RECENTLY ESTABLISHED AND 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 LOAN SERVICING: PROGRAM SERVICE EXPENSES 404,751. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 404,751. NCUA OPERATING FEES: PROGRAM SERVICE EXPENSES 158,506. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 158,506. TRAINING/EDUCATION: PROGRAM SERVICE EXPENSES 14,515. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 14,515. OREO: PROGRAM SERVICE EXPENSES 10,579. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,579. SHARED BRANCHING: PROGRAM SERVICE EXPENSES -12,796. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES -12,796. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENT FOR DEFERRED PENSION LOSSES/PRIOR SERVICE COSTS -3,024,619.