2016-08-09T08:40:35-05:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 580147128 GEORGIA'S OWN CREDIT UNION GEOR 4048741166 PO BOX 105205 ATLANTA GA 30348 GREGORY L GIBSON CHIEF FINANCIAL OFFICER 4048741166 2016-07-28 1 SHERRI WESSELS P00888088 5074347000 2016-07-28 2015 2016-12-15 16:53:06Z DAVID A PRETER PO BOX 105205 ATLANTA GA 30348 120121928 0 X WWW.GEORGIASOWN.ORG X CU 1943 GA TO PROVIDE THRIFT SAVING/BORROWING TO MEMBER-OWNED COOPERATIVE. 11 9 544 2 1245278 -1036067 0 0 85290579 85530749 4604905 4653368 0 0 89895484 90184117 95863 75140 5599605 5148254 31951634 34870287 0 0 0 41366740 42797981 79013842 82891662 10881642 7292455 1828681510 2047209136 1634046443 1848292789 194635067 198916347 TO PROVIDE THRIFT SAVING/BORROWING TO MEMBER-OWNED COOPERATIVE. 0 0 PROVIDED THRIFT SAVINGS/BORROWINGS TO 184,515 MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 27255 0 1 544 1 1 1 0 0 0 0 0 X 11 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TERESA MARTIN 4045751817 PO BOX 105205 ATLANTA GA 30348 DAVID PRETER PRESIDENT/CEO 40.00 X X 391055 0 424196 JOSEPH M MAURIELLO CHAIRPERSON 1.00 X X 11100 0 0 MICHAEL W BAUMGARTNER VICE CHAIRMAN 1.00 X X 9600 0 0 RICHARD E BURNS DIRECTOR 1.00 X 9600 0 0 PATRICK H CASEY TREASURER 1.00 X X 9600 0 0 WILLIAM E CONINE DIRECTOR 1.00 X 10000 0 0 DAVID DICKEY DIRECTOR 1.00 X 9600 0 0 JAMES L FOWLER DIRECTOR 1.00 X 9600 0 0 GARY M LUDGOOD DIRECTOR 1.00 X 9600 0 0 JOAN K SIMS SECRETARY 1.00 X X 9600 0 0 ERVIN M WALKER DIRECTOR 1.00 X 9600 0 0 WILLIAM LUSK COO 40.00 X 351343 0 18456 JOHN CAREW III SVP STRATEGY 40.00 X 313608 0 177514 KELLY M GARMON CMO 40.00 X 310219 0 186704 CINDY BOYLES SVP ORGANIZATIONAL DEVELOP 40.00 X 231285 0 161250 ERIC BROOME SVP ERM/GENERAL COUNSEL 40.00 X 237298 0 155082 BONNIE J KIMMEY SVP LENDING 40.00 X 300795 0 240329 GREGORY GIBSON CFO 40.00 X 74835 0 8224 LORENZO L BROWN SR VP OF IS & PMO 40.00 X 185034 0 29423 ERIK C ROSTHOLDER VP - SYNDICATION LENDING 40.00 X 167330 0 14403 TERESA L MARTIN PRINCIPAL - ACCOUNTING 41.00 X 156478 0 33989 ANTHONY STRIPLING VP - MORTGAGE OPERATIONS 40.00 X 150572 0 24923 DAVID A MARLOW PRINCIPAL - MEMBER IMPACT 40.00 X 153721 0 20814 GREG COOK PRINCIPAL - CONSUMER LENDING 41.00 X 157315 0 22953 KENNETH D BREHM VP - CONSUMER LENDING 40.00 X 149547 0 34225 JANET F LAMBERT MORTGAGE LOAN ORIGINATOR 40.00 X 153214 0 20257 LEE D NORRIS VP - FACILITIES & REAL EST 40.00 X 149269 0 19278 MICHAEL STONE AVP SYNDICATION LENDING 40.00 X 137616 0 18429 TODD LAMBRIGHT MORTGAGE SALES MANAGER 40.00 X 199357 0 13085 4067791 0 1623534 32 0 1 0 PALMETTO COOPERATIVE SERVICES LLC PO BOX 1787 COLUMBIA SC 29202 STATEMENT & NOTICE PROCESSING 789169 ALM FIRST FINANCIAL ADVISORS LLC 2911 TURTLE CREEK BLVD STE 500 DALLAS TX 75219 CONSULTING SERVICES 238329 VALUATION MANAGEMENT GROUP LLC 1640 POWERS FERRY RD SE BLDG 15 STE MARIETTA GA 30067 APPRAISALS 227815 DAWN G SIRRAS 875 CRABAPPLE HILL ALPHARETTA GA 30004 CONSULTING SERVICES 181279 QVERSAL FINANCIAL SOLUTIONS 1504 E WALNUT SPRINGFIELD MO 65802 CONSULTING SERVICES 174409 8 INTEREST ON LOANS 900099 55387346 55387346 OTHER INCOME 524298 18440497 18440497 FEE INCOME 522100 11702906 10457628 1245278 85530749 4367678 4367678 28894259 1329242 28536885 1400926 357374 -71684 285690 285690 90184117 84285471 1245278 4653368 56640 18500 5148254 4797048 21633400 2907489 3739079 1793271 381578 224121 4109581 12606048 4615985 370103 18819 1640422 LOAN SERVICING EXPENSE 5745117 PROVISION FOR LOAN LOSS 5398960 PROFESSIONAL AND OUTSID 4291212 MISCELLANEOUS OPERATING 3195495 200540 82891662 17959340 18218233 103784523 120448071 13232350 14033069 4190572 9346997 1416971460 1576808196 2319311 2616326 33393317 13597748 17202085 19795569 189084310 219009072 5744749 11010292 58192810 55923311 1828681510 2047209136 28854282 33391504 123191001 1605192161 1691710284 1634046443 1848292789 X 0 0 0 0 194635067 198916347 194635067 198916347 1828681510 2047209136 X 7292455 -3011175 X X 0 1 X 1 0 0 0 6461058 6461058 11176058 1786997 9389061 2399413 1976007 423406 13356788 9834744 3522044 19795569 SHARE DRAFTS 303957536 REGULAR SHARES 636392881 MONEY MARKET SHARES 325568843 SHARE CERTIFICATES 230642532 IRA/KEOGH ACCOUNTS 193187001 OTHER SHARES 1961491 1691710284 X 90255797 0 90255797 -71680 -71680 90184117 82963337 71675 71675 82891662 0 82891662 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2014 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015 AND 2014. THE CREDIT UNION'S 2012 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED IN REVENUE SECTION ON 990 -71,684. ROUNDING 4. PART XII, LINE 2D - OTHER ADJUSTMENTS: NET LOSS ON SALE OF ASSETS REPORTED IN REVENUE SECTION OF 990 71,684. ROUNDING -9. 1 CYSTIC FIBROSIS FOUNDATION 6931 ARLINGTON RD SUITE 200 BETHESDA MD 20814 131930701 501(C)(3) 20000 CHARITABLE DONATION CLAYTON STATE UNIVERSITY FOUNDATION 2000 CLAYTON STATE BLVD MORROW GA 30260 237419285 501(C)(3) 5900 CHARITABLE DONATION RIGHT TO HIKE INC PO BOX 1210 DULUTH GA 30096 262516336 501(C)(3) 10000 CHARITABLE DONATION ATLANTA UNION MISSION CORP PO BOX 1807 ATLANTA GA 30318 580572430 501(C)(3) 15000 CHARITABLE DONATION GEORGIA CREDIT UNION FOUNDATION 6705 SUGARLOAF PKWY STE 200 DULUTH GA 30097 581799727 501(C)(3) 5740 CHARITABLE DONATION 5 0 SCHOLARSHIPS 5 18500 PART I, LINE 2: ALL ASSISTANCE IS CURRENTLY COMPRISED OF DONATIONS TO 501(C)(3) CHARITABLE ORGANIZATIONS. X 0 1 X X X X X 1 1 0 DAVID PRETER PRESIDENT/CEO 268607 0 116022 0 6426 0 392991 0 31205 0 815251 0 0 0 WILLIAM LUSK COO 198431 0 152320 0 592 0 2174 0 16282 0 369799 0 0 0 JOHN CAREW III SVP STRATEGY 270634 0 41684 0 1290 0 144898 0 32616 0 491122 0 0 0 KELLY M GARMON CMO 263269 0 39859 0 7091 0 157079 0 29625 0 496923 0 0 0 CINDY BOYLES SVP ORGANIZATIONAL DEVELOP 201524 0 28920 0 841 0 128903 0 32347 0 392535 0 0 0 ERIC BROOME SVP ERM/GENERAL COUNSEL 206200 0 30593 0 505 0 115341 0 39741 0 392380 0 0 0 BONNIE J KIMMEY SVP LENDING 217289 0 81005 0 2501 0 209733 0 30596 0 541124 0 0 0 LORENZO L BROWN SR VP OF IS & PMO 162668 0 18673 0 3693 0 16304 0 13119 0 214457 0 0 0 ERIK C ROSTHOLDER VP - SYNDICATION LENDING 146430 0 18129 0 2771 0 12568 0 1835 0 181733 0 0 0 TERESA L MARTIN PRINCIPAL - ACCOUNTING 138202 0 17520 0 756 0 14275 0 19714 0 190467 0 0 0 ANTHONY STRIPLING VP - MORTGAGE OPERATIONS 132139 0 17358 0 1075 0 9130 0 15793 0 175495 0 0 0 DAVID A MARLOW PRINCIPAL - MEMBER IMPACT 138577 0 14774 0 370 0 12153 0 8661 0 174535 0 0 0 GREG COOK PRINCIPAL - CONSUMER LENDING 143950 0 12233 0 1132 0 12183 0 10770 0 180268 0 0 0 KENNETH D BREHM VP - CONSUMER LENDING 132702 0 15756 0 1089 0 12254 0 21971 0 183772 0 0 0 JANET F LAMBERT MORTGAGE LOAN ORIGINATOR 51726 0 101011 0 477 0 13753 0 6504 0 173471 0 0 0 LEE D NORRIS VP - FACILITIES & REAL EST 132539 0 14838 0 1892 0 11077 0 8201 0 168547 0 0 0 MICHAEL STONE AVP SYNDICATION LENDING 123735 0 13476 0 405 0 10816 0 7613 0 156045 0 0 0 TODD LAMBRIGHT MORTGAGE SALES MANAGER 82283 0 115086 0 1988 0 12561 0 524 0 212442 0 0 0 PART I, LINE 1B THERE IS NO WRITTEN, BOARD APPROVED, POLICY COVERING HEALTH/SOCIAL CLUB DUES PAID FOR CEO/PRESIDENT. HOWEVER, IT IS ADDRESSED IN HIS EMPLOYMENT CONTRACT WHICH WAS SIGNED BY THE BOARD. PART I, LINES 4A-B DAVID PRETER - PARTICIPATED IN 457F PLAN KELLY GARMON - PARTICIPATED IN 457F PLAN WILLIAM LUSK - PARTICIPATED IN 457F PLAN AND RECEIVED PAYOUT IN 2015 OF $104,732 WILLIAM LUSK - SEVERANCE PAYMENT $150,793.50 DAVID PRETER PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2801230 5644424 0 1 1 WILLIAM LUSK COO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 1461154 1479979 0 1 1 KELLY GARMON CMO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2194815 2222594 0 1 1 9346997 DAVID DICKEY BOARD MEMBER 736166 CU BOARD MEMBER, DAVID DICKEY, IS RELATED TO DICKEY BROADCASTING (BOARD MEMBER). THE CU CONDUCTS MARKETING, ADVERSTISING AND BRANDING BUSINESS WITH THIS ENTITY. 0 DAVID DICKEY BOARD MEMBER 423737 CU BOARD MEMBER, DAVID DICKEY, IS RELATED TO CUMULUS MEDIA (STOCKHOLDER). THE CU CONDUCTS MARKETING, ADVERSTISING AND BRANDING BUSINESS WITH THIS ENTITY. 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 184,515 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7A CURRENT MEMBERS MAY ELECT ONE OR MORE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL OF MEMBERS. THESE DECISIONS MAY ALSO BE SUBJECT TO SCRUTINY BY VARIOUS GOVERNMENTAL AGENCIES. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY BOTH THE CREDIT UNION'S CFO AND THE PRINCIPAL ACCOUNTING OFFICER AFTER BEING PREPARED BY THE CPA FIRM. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY IS REGULARLY AND CONSISTENTLY MONITORED AND ENFORCED BY THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION USES MCLAGAN, AN AON HEWITT COMPANY, TO CONSULT REGARDING COMPENSATION PRACTICES. THE CREDIT UNION PARTICIPATES IN AND PURCHASES SEVERAL COMPENSATION STUDIES, AND MCLAGAN ANALYZES THE DATA AND PROVIDES A WRITTEN REPORT TO THE COMPENSATION COMMITTEE OF THE BOARD. THIS INFORMATION IS PROVIDED ANNUALLY RELATED TO THE CEO, MOST RECENTLY IN 2015, AND BI-ENNIALLY RELATED TO OTHER OFFICERS, MOST RECENTLY IN 2015. THE COMPENSATION COMMITTEE RECOMMENDS AND APPROVES SALARY CHANGES FOR THE CEO, AND REVIEWS THE CEO'S DECISIONS FOR OTHER OFFICERS ANNUALLY. COMPENSATION OF KEY EMPLOYEES IS SUBJECT TO REVIEW AND APPROVAL OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME -3,083,131. EQUITY ACQUIRED IN MERGER 71,956. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.