2016-10-11T16:21:04-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-01-01 561295697 FIRST CAROLINA CORPORATE CREDIT UNION FIRS 3362174992 7900 TRIAD CENTER DRIVE NO 410 GREENSBORO NC 27409 DAVID BREHMER PRESIDENT/CEO 3362174992 2016-10-11 1 DOUGLAS J ORTH P01076394 3052328272 2015 2017-02-10 21:41:12Z DAVID BREHMER 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 63862795 0 2032 X WWW.FIRSTCAROLINA.ORG X 1980 NC FIRST CAROLINA IS THE CREDIT UNIONS' "CREDIT UNION" OFFERING LIQUIDITY SERVICES, INVESTMENT SERVICES, AND CORRESPONDENT SERVICES TO ITS MEMBERS. 9 9 29 18 0 0 0 0 3171503 3157766 9929373 8636069 363049 292061 13463925 12085896 0 0 0 0 2716880 2866847 0 0 0 6964882 6453841 9681762 9320688 3782163 2765208 1092759285 1458564292 1006448554 1373247842 86310731 85316450 MAXIMIZE THE VALUE OF MEMBER OWNERSHIP THROUGH SUPERIOR SERVICE AND PERSONALIZED PRODUCTS. 0 0 SETTLEMENT AND PAYMENT SERVICES; MANAGEMENT OF SHORT TERM FUNDS & LIQUIDITY SERVICES; ASSET-LIABILITY MANAGEMENT MODELING & CONSULTING SERVICES. INCOME DERIVED FROM THE MANAGEMENT OF MEMBER SHORT TERM FUNDS AND FEE-BASED PAYMENT AND CONSULTING SERVICES PROVIDE THE FOUNDATION FOR THE ORGANIZATION'S OPERATION AND FINANCIAL STABILITY. THIS FINANCIAL STABILITY ALLOWS THE ORGANIZATION THE ABILITY TO PROVIDE LOW-COST, VALUE ADDED FINANCIAL RISK MANAGEMENT, AND EDUCATIONAL SERVICES TO OUR RESTRICTED MEMBERSHIP. 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 0 0 1 29 1 0 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 1 1 1 1 0 X DAVID BREHMER 3362174992 7900 TRIAD CENTER DRIVE SUITE 410 GREENSBORO NC 27409 ROBERT BURNS CHAIRMAN 3.00 X 0 0 0 JIM MCDANIEL VICE-CHAIRMAN 2.00 X 0 0 0 RANDY CRAWFORD SECRETARY 2.00 X 0 0 0 STEVE SMITH TREASURER 2.00 X 0 0 0 LUCILE BECKWITH DIRECTOR 2.00 X 0 0 0 JACK BRASWELL DIRECTOR 2.00 X 0 0 0 LORI THOMPSON DIRECTOR 2.00 X 0 0 0 SCOTT WEAVER DIRECTOR 2.00 X 0 0 0 SCOTT WOODS DIRECTOR 2.00 X 0 0 0 DAVID BREHMER PRESIDENT/CEO 40.00 X 384518 0 31022 MARK BROWN SVP/CFO 40.00 X 180979 0 22426 FRED EISEL SVP/CIO 40.00 X 171724 0 20610 737221 0 74058 3 0 1 0 JACK HENRY & ASSOCIATES INC 663 W HIGHWAY 60 MONNETT MO 65708 CORE DATA PROCESSING 276138 ZM FINANCIAL SYSTEMS 501 EASTOWNE DRIVE STE 130 CHAPEL HILL NC 27514 ALM SERVICES 226781 LENDING TOOLS 200 N BROADWAY STE 700 WICHITA KS 67202 ACH SOFTWARE SERVICES 186502 TITAN TRIAD OFFICE LLC 1300 VIRGINIA DRIVE STE 135 FORT WASHINGTON PA 19034 COMMERCIAL RE/MANAGEMENT 105355 4 FEES/CHARGES/OTHER 522100 3008454 3008454 INCOME ON LOANS 522100 149312 149312 3157766 8559927 8559927 51837541 15500 51776899 0 60642 15500 76142 76142 FRB EBA PROGRAM INCOME 522100 292061 292061 292061 12085896 12085896 0 0 811279 811279 1543214 1543214 169239 169239 196967 196967 146148 146148 18000 18000 101000 101000 346906 346906 39778 39778 1387955 1387955 776644 776644 121203 121203 157212 157212 47163 47163 2956845 2956845 40729 40729 187893 187893 80553 80553 OTTI WRITE DOWNS 121079 121079 MISCELLANEOUS EXPENSE 39881 39881 EXAMINATION FEES 31000 31000 9320688 9320688 0 0 2694 14389 229732492 589199879 4198274 4339933 3106551 3070964 13806515 2495884 207550 181111 1062086 699101 467416 362985 813315391 829600708 21125879 22211489 6796523 7086950 1092759285 1458564292 689370 785652 17053555 89495220 988705629 1282966970 1006448554 1373247842 X 0 0 0 0 86310731 85316450 86310731 85316450 1092759285 1458564292 X 2765208 -3571567 -187922 X 0 1 X 1 0 85133 56197 28936 711654 439982 271672 265299 202922 62377 362985 NON-MS DAILY SHARE ACCOUNTS 371334 DAILY SHARE ACCOUNTS 910150650 PSA-30 SHARE ACCOUNTS 5811784 PSA-90 SHARE ACCOUNTS 195051204 HOLIDAY ACCUMULATION ACCOUNT 20163000 UNCOLLECTED DEPOSITS - CASH LETTER 12998 CIF CERTIFICATES 250000 CERTIFICATES 151156000 1282966970 X 11845072 0 11845072 240824 240824 12085896 9079864 0 9079864 240824 240824 9320688 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 UNION'S ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO INCOME DERIVED FROM NON-EXEMPT SOURCES. THEREFORE, NO LIABILITY EXISTS FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE. AS SUCH, THE CREDIT UNION HAS NOT FILED TAX RETURNS FOR REPORTING UBIT-RELATED INCOME FOR TAX YEARS PRIOR TO DECEMBER 31, 2014. PART XI, LINE 4B - OTHER ADJUSTMENTS: FRB EBA PROGRAM COSTS NETTED AGAINST FRB EBA INCOME IN AUDITED FINANCIALS GAINS ON SOLD VEHICLES NETTED AGAINST OTHER LOSSES IN AUDITED FINANCIALS PART XII, LINE 2D - OTHER ADJUSTMENTS: FRB EBA PROGRAM COSTS NETTED AGAINST FRB EBA INCOME IN AUDITED FINANCIALS GAINS ON SOLD VEHICLES NETTED AGAINST OTHER LOSSES IN AUDITED FINANCIALS X X X 0 1 0 DAVID BREHMER PRESIDENT/CEO 293984 0 34398 0 56136 0 23850 0 7172 0 415540 0 0 0 MARK BROWN SVP/CFO 155000 0 12040 0 13939 0 15302 0 7124 0 203405 0 0 0 FRED EISEL SVP/CIO 141000 0 11680 0 19044 0 13809 0 6801 0 192334 0 0 0 PART I, LINE 4B MARK BROWN AND FRED EISEL PARTICIPATE IN A 457(F) PLAN. THE LIABILITY RECORDED AS OF DECEMBER 31, 2015 FOR EACH OF THE PARTICIPANTS WAS $38,293. DAVID BREHMER CEO TO FUND LIFE INSURANCE POLICY X 3000000 2914641 0 1 1 DAVID BREHMER CEO TO FUND LIFE INSURANCE POLICY X 85940 0 1 1 MARK BROWN SVP/CFO TO FUND LIFE INSURANCE POLICY X 38013 0 1 1 FRED EISEL SVP/CIO TO FUND LIFE INSURANCE POLICY X 32370 0 1 1 3070964 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS ARE MADE UP OF NATURAL PERSON CREDIT UNIONS. MEMBERSHIP IS REQUIRED FOR SERVICE. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S CAPITAL MEMBERS ELECT 100% OF THE BOARD OF DIRECTORS (GOVERNING BODY). 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 THE SVP/CFO IS RESPONSIBLE FOR THE PREPARATION OF THE RETURN. THE RETURN IS REVIEWED BY THE CREDIT UNION'S PRESIDENT/CEO. ONCE THIS REVIEW IS COMPLETED AND ANY NECESSARY CORRECTIONS ARE MADE, THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C AT EACH BOARD OF DIRECTORS MEETING THEY ARE ASKED IF ANY CONFLICTS EXIST AND RECUSALS NECESSARY TO TRANSACT BUSINESS. FORM 990, PART VI, SECTION B, LINE 15 OUTSIDE CONSULTANT REVIEWS POSITIONS BI-ANNUALLY AND PARTICIPATE IN CORPORATE CREDIT UNION SALARY SURVEY ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: RECLASSIFICATION ADJUSTMENT FOR NET LOSSES INCLUDED IN NET INCOME 60,345. DIVIDENDS PAID ON PERPETUAL CONTRIBUTED CAPITAL -248,267.