2016-10-04T15:57:37-05:00 2015-12-31 EISNERAMPER LLP 750 THIRD AVENUE NEW YORK NY 100172703 990 2015-01-01 135261470 MUNICIPAL CREDIT UNION % MUNICIPAL CREDIT UNION MUNI 2122383334 22 CORTLANDT ST 26TH FLOOR NEW YORK NY 10007 LINDA LAMBERT SVP/CFO 2122383334 2016-09-15 true MARIE ARRIGO P00058583 2129498700 2015 2017-02-10 21:41:12Z KAM WONG 22 CORTLANDT STREET NEW YORK NY 10007 149284312 false X WWW.NYMCU.ORG X 1916 NY BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES 17 17 846 23 5135999 1569274 0 0 131297513 144589629 2253538 4694683 0 0 133551051 149284312 162319 136344 0 0 63135845 72378508 0 0 0 68353331 71538579 131651495 144053431 1899556 5230881 2096409712 2290023130 1988186866 2177317922 108222846 112705208 BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES. false false DURING 2015 MCU OFFERED VARIOUS LOAN PRODUCTS TO ITS MEMBERS DURING 2015 MCU OFFERED VARIOUS DEPOSIT PRODUCTS TO ITS MEMBERS DURING 2015 MCU OFFERED VARIOUS OTHER SERVICES TO ITS MEMBERS SUCH AS ATM AND DEBIT CARD. false false false false false false false false false true false false false true true true false false false false false false false false false false true true true false false false false false false false false false false false false false false true 65586 0 true 846 true true true false false false false false X 17 17 false false false false true true true true true false false true true true true true true true true false X MUNICIPAL CREDIT UNION 2122383334 22 CORTLANDT STREET NEW YORK NY 10007 SYLVIA ASH CHAIRMAN 10.0 0.0 X 8779 0 0 JAMES DURRAH 1ST VICE CHAIR 10.0 0.0 X 0 0 0 C RICHARD WAGNER 2ND VICE CHAIR 10.0 0.0 X 0 0 0 LORETTA JONES 3RD VICE CHAIR 10.0 0.0 X 0 0 0 SHIRLEY JENKINS SECRETARY 10.0 0.0 X 0 0 0 S NANA OSEI-BONSU TREASURER 10.0 0.0 X 1288 0 0 MARIO MATOS JR ASSISTANT TREASURER 10.0 0.0 X 0 0 0 CAROLL DUNCANSON ASSISTANT SECRETARY 10.0 0.0 X 742 0 0 MARK S BRANTLEY DIRECTOR 10.0 0.0 X 3860 0 0 JOY S SCHWARTZ DIRECTOR 10.0 0.0 X 0 0 0 TESSA I HACKETT-VIEIRA DIRECTOR 10.0 0.0 X 893 0 0 BERYL MAJOR DIRECTOR 10.0 0.0 X 0 0 0 THOMAS E DIANA DIRECTOR EMERITUS 10.0 0.0 X 0 0 0 GIOVANNI PORCELLI SUPERVISORY CHAIRMAN 10.0 0.0 X 0 0 0 KAREN LUCAS SUPERVISORY SECRETARY 10.0 0.0 X 0 0 0 CHERYL WRIGHT SUPERVISORY MEMBER 10.0 0.0 X 0 0 0 JOSEPH GUAGLIARDO SUPERVISORY MEMBER 30.0 0.0 X 0 0 0 ALMETA COAXUM SUPERVISORY MEMBER 10.0 0.0 X 0 0 0 KAM WONG PRESIDENT/CEO 60.0 0.0 X 3422403 0 151789 NORMAN KOHN EVP/CHIEF CREDIT OFFICER 40.0 0.0 X 580725 0 40546 RICHARD CASAMASSA EVP/CHIEF MEMBER SERVICE OPERA 40.0 0.0 X 442556 0 40546 THOMAS SICILIANO GENERAL COUNSEL 40.0 0.0 X 720260 0 103737 KIM THOMPSON SVP/CHIEF OFFICER OF HR/LR 40.0 0.0 X 404030 0 93241 CAROLE PORTER SVP/CHIEF RETAIL BANKING OPERA 40.0 0.0 X 393872 0 157647 LINDA LAMBERT SVP/CHIEF FINANCIAL OFFICER 50.0 0.0 X 308659 0 84398 PHILIP VELTRE DEPUTY COUNSEL 40.0 0.0 X 289600 0 199966 ROBERT SOLOWAY VP TECHNOLOGY 40.0 0.0 X 253265 0 66437 AMY KONG VP RISK DEPARTMENT 40.0 0.0 X 246107 0 183402 AHMED CAMPBELL VP LOANS 40.0 0.0 X 244312 0 98874 URMILLA JORAWAR CHIEF INTERNAL AUDITOR 40.0 0.0 X 234466 0 39802 7555817 0 1260385 69 false true false MAYORE ESTATES LLC 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 OFFICE LEASING 4586374 OCD MEDIA LLC 8 EAST 36TH STREET NEW YORK NY 10016 ADVERTISING 3807899 DIEBOLD INC PO BOX 643543 PITTSBURGH PA 15264 ATM EQUIPMENT 5622039 LOOMIS FARGO CO DEPT CH 10500 PALATINE IL 60055 ARMORED CAR SERVICE 2362742 NCP SOLUTIONS LLC PO BOX 11407 BIRMINGHAM AL 35246 QTLY/MTHLY STMT MAIL 2289700 5 0 INTEREST INCOME ON MEMBER LOANS 522100 85896495 85896495 INSURANCE REIMBURSEMENT 522100 7390556 3645094 3745462 SERVICE FEES 522100 50783769 49393232 1390537 OTHER MISCELLANEOUS INCOME 522100 518809 518809 144589629 4694683 4694683 0 0 0 0 0 0 0 0 0 0 149284312 139453630 5135999 4694683 70344 66000 0 0 6959971 0 40037951 11464275 10428042 3488269 0 185865 745720 0 0 0 3302176 7353199 13348914 3700053 0 11945596 699663 0 1135479 0 0 6083839 820617 PROVISION FOR LOAN LOSSES 8236422 DEBIT & CREDIT CARD EXPENSE 4441189 COLLECTION & CREDIT EXPENSE 3749976 DIVIDEND EXPENSES 4157159 1632712 144053431 213138384 227852129 147890188 193752939 0 0 1320497393 1457913100 0 0 0 0 0 0 0 0 42479272 54292532 55521404 31484393 17400045 24037011 232823654 289904280 0 0 0 0 0 0 122180776 42271139 2096409712 2290023130 50244189 56068067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1937942677 2121249855 1988186866 2177317922 X 0 0 61580433 61580433 46642413 51124775 108222846 112705208 2096409712 2290023130 X 5230881 -786040 37521 X false true X true false 21778511 11939646 9838865 33742893 19544747 14198146 24037011 0 MEMBER DEPOSITS 2121249855 2121249855 X 136890731 136890731 12393581 12393581 149284312 131659850 131659850 12393581 12393581 144053431 FIN 48 FOOTNOTE INCLUDED IN AUDITED FINANCIAL STATEMENTS The Credit Union evaluates uncertain tax positions using the two-step process required by GAAP. The first step requires a determination of whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Under the second step, a tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Credit Union believes they do not have any uncertain tax positions. RECONCILIATION OF REVENUE & EXPENSE PER AUDITED F/S WITH RETURN $4,157,159 OF DIVIDEND EXPENSE AND $8,236,422 OF LOAN LOSS PROVISION EXPENSE TOTALING $12,393,581 REDUCED GROSS REVENUE PER AUDIT STATEMENTS. AS SUCH, THE EXPENSES WERE NOT ACCOUNTED FOR AS EXPENSE ON THE FINANCIAL STATEMENTS. true AFRICAN AMERICAN CREDIT UNION COALITION PO BOX 1612 SHREVEPORT LA 71165 571091138 501(C)3 15000 SEE PART IV AACUC - EASTERN REGION CHAPTER 7 E REDWOOD STREET BALTIMORE MD 21202 571091138 501(C)3 7500 SEE PART IV 2 SCHOLARSHIPS FOR STUDENTS (MEMBERS) 21 66000 GRANT PROCEDURES THE CHECKS FOR THE SCHOLARSHIP WINNERS ARE MADE PAYABLE TO THE STUDENT (MEMBER) AND THE COLLEGE THE STUDENT WILL ATTEND. PURPOSE OF GRANTS GRANT 1: AFRICAN AMERICAN CREDIT UNION COALITION (AACUC) - DONATION TO STRENGTHEN THE CREDIT UNION MOVEMENTS. GRANT 2: AACUC EASTERN REGION CHAPTER - DONATION IS TO IMPROVE THE LITERACY TO THE AFRICAN AMERICAN COMMUNITIES. X true true X X false false false KAM WONG PRESIDENT/CEO 958040 0 1249780 0 1214583 0 111243 0 40546 0 3574192 0 0 0 THOMAS SICILIANO GENERAL COUNSEL 317754 0 245000 0 157506 0 63191 0 40546 0 823997 0 0 0 NORMAN KOHN EVP/CHIEF CREDIT OFFICER 319202 0 245000 0 16523 0 0 0 40546 0 621271 0 0 0 RICHARD CASAMASSA EVP/CHIEF MEMBER SERVICE OPERA 229226 0 200000 0 13330 0 0 0 40546 0 483102 0 0 0 KIM THOMPSON SVP/CHIEF OFFICER OF HR/LR 235406 0 130000 0 38624 0 76806 0 16435 0 497271 0 0 0 CAROLE PORTER SVP/CHIEF RETAIL BANKING OPERA 243940 0 115000 0 34932 0 141197 0 16450 0 551519 0 0 0 LINDA LAMBERT SVP/CHIEF FINANCIAL OFFICER 188659 0 120000 0 0 0 68035 0 16363 0 393057 0 0 0 PHILIP VELTRE DEPUTY COUNSEL 205775 0 65000 0 18825 0 159420 0 40546 0 489566 0 0 0 ROBERT SOLOWAY VP TECHNOLOGY 203265 0 50000 0 0 0 34844 0 31593 0 319702 0 0 0 AMY KONG VP RISK DEPARTMENT 196107 0 50000 0 0 0 142856 0 40546 0 429509 0 0 0 AHMED CAMPBELL VP LOANS 194312 0 50000 0 0 0 58363 0 40511 0 343186 0 0 0 URMILLA JORAWAR CHIEF INTERNAL AUDITOR 174466 0 60000 0 0 0 23433 0 16369 0 274268 0 0 0 PART I LINE 1B THE COMPENSATION COMMITTEE (MADE UP OF THE BOARD OF DIRECTORS) REVIEWS THE PRESIDENT/CEO'S EMPLOYMENT CONTRACT PRIOR TO EXECUTION BY THE BOARD. PART I LINE 1A MUNICIPAL CREDIT UNION PROVIDES THE BENEFIT OF PAYING FOR THE TRAVEL OF COMPANIONS TO ITS BOARD OF DIRECTORS WHEN THEY ARE TRAVELING FOR CONFERENCES AND MEETINGS RELATED TO THE ORGANIZATION. THE AMOUNT PAID FOR IS A BENEFIT WHICH IS REPORTED ON A FORM 1099-MISC TO THE GUEST THAT IS BROUGHT ALONG TO THE CONFERENCE. FORM 990, PART VI, SECTION A, QUESTIONS 7A & 7B THIS IS ONLY TRUE IN VERY LIMITED SITUATIONS FORM 990, PART VI, SECTION B, QUESTION 11B THE FORM WAS REVIEWED BY THE CEO AND THE FISCAL COMMITEE AND THEN SHARED WITH OTHER BOARD MEMBERS FORM 990, PART VI, SECTION B, QUESTION 12C MUNICIPAL CREDIT UNION HAS INTERNAL AS WELL AS EXTERNAL AUDITS. IN ADDITION, THE SECRETARY OF THE BOARD ANNUALLY SENDS OUT A REQUEST OF DISCLOSURE OF INSIDER ACCOUNTS TO MANAGEMENT AND THE BOARD. FURTHERMORE, THE HUMAN RESOURCES DEPARTMENT SENDS OUT A DISCLOSURE OF RELATIVES FORM TO ALL EMPLOYEES. FORM 990, PART VI, SECTION C, QUESTION 19 FINANCIAL STATEMENTS ARE AVAILABLE ON WEBSITE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NETS ASSETS, OR FUND BALANCES: CHANGE IN POST RETIREMENT BENEFIT ASSETS $511,053 CHANGE IN PENSION BENEFIT ASSETS ($473,532) TOTAL CHANGE IN NET ASSETS $37,521 FORM 990, PART VI, SECTION B, QUESTION 15A&B Extensive reviews are performed every other year and MCU continues to utilize the guidelines developed in conjunction with Ted Trunasella to administer our compensation practice. In addition we utilize available compensation salary range reviews from various from sources such as SHRM.