2016-08-08T15:08:46-05:00 2015-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2015-01-01 580800932 GEORGIA UNITED CREDIT UNION GEOR 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 TODD GUSTAFSON CFO 7704766487 2016-08-04 1 SHERRI WESSELS P00888088 5074347000 2016-08-02 2015 2016-12-15 16:53:06Z DEBBIE SMITH 6705 SUGARLOAF PKWY DULUTH GA 30097 89639852 0 X WWW.GUCU.ORG X CU 1958 GA GEORGIA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTENANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS. 9 9 359 10 304029 -108788 0 8975 41354187 46261071 5325251 5134140 55978 0 46735416 51404186 0 12000 3074322 3000278 16645383 19494876 0 0 0 18324648 19039660 38044353 41546814 8691063 9857372 997219525 1086524232 880473528 955692634 116745997 130831598 X GA UNITED CREDIT UNION WAS ORGANIZED IN 1958 TO SERVE OUR MEMBERS' FINANCIAL NEEDS. AS A CREDIT UNION, WE OPERATE AS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE THAT ENCOURAGES THRIFT BY PROVIDING LOANS AT FAIR AND REASONABLE RATES, PAYING COMPETITIVE DIVIDENDS ON SAVINGS PRODUCTS AND IMPLEMENTING FEWER SERVICE FEES FOR OVERALL ACCOUNT MAINTNANCE. INSTEAD OF BEING RUN BY STOCKHOLDERS, WE ARE OWNED BY OUR MEMBERS. EACH MEMBER OWNS AN EQUAL SHARE REGARDLESS OF HIS OR HER ACCOUNT BALANCE. THE BOARD OF DIRECTORS ARE ELECTED BY OUR MEMBERS. 0 0 INCOME FROM INTEREST ON LOANS TO CREDIT UNION MEMBERS IS ONE OF THE PRIMARY MISSIONS OF THE ORGANIZATION. INTEREST IS CHARGED ON THE LOANS TO MEMBERS AT MARKET RATES. REVENUE FROM ADMIN FEES IS DERIVED FROM CHARGES TO MEMBERS TO MAINTAIN ACCOUNTS, PROCESS LOANS, AND PROVIDE MANY EXTRA SERVICES TO ITS MEMBERS. HOLDING MEMBER SHARES IS A VITAL PORTION OF SERVICES PROVIDED TO MEMBERS BY THE CREDIT UNION. THESE DEPOSITS ALLOW MEMBERS TO SAVE AND INVEST FUNDS WHILE EARNING INTEREST AND DIVIDENDS ON THEIR DEPOSITS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 19842 0 1 359 1 1 1 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 JAY JONES 7704766487 6705 SUGARLOAF PKWY DULUTH GA 30097 DOROTHY DUSENBERRY SECRETARY 5.00 X X 0 0 0 THOMAS DICKSON CHAIRMAN 5.00 X X 0 0 0 DR JAMES WILLIAMS VICE CHAIRMAN 5.00 X X 0 0 0 RANDY DENNIS TREASURER 5.00 X X 0 0 0 MONSIGNOR STEPHEN CHURCHWELL DIRECTOR 5.00 X 0 0 0 TOM COCHRAN DIRECTOR/SC CHAIR 5.00 X 0 0 0 DR STEVEN WHATLEY DIRECTOR 5.00 X 0 0 0 FRANK THACH DIRECTOR 5.00 X 0 0 0 DAN JONES DIRECTOR 5.00 X 0 0 0 DEBBIE SMITH CEO 45.00 X 623366 0 185576 TODD GUSTAFSON EVP/CFO 45.00 X 440470 0 104354 THOMAS BARTHOLOMEW CHIEF INFORMAITON OFFICER 45.00 X 308848 0 112133 MICHELLE SHELTON CHIEF MARKETING OFFICER 45.00 X 266037 0 98752 SHAWN TURPIN SVP SALES AND SERVICE 45.00 X 244992 0 84332 MICHAEL LONDON SVP LENDING 45.00 X 227585 0 75219 ERIC JENKINS SVP OPERATIONS 45.00 X 260974 0 66209 TONYA HARRIS VP STAFF DEVELOPMENT 45.00 X 177514 0 55589 JAY JONES DIRECTOR OF FINANCE 45.00 X 146094 0 12867 ANTHONY FRAZIER DIRECTOR OF INFORMATION SERVICES 45.00 X 123702 0 16212 2819582 0 811243 21 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MANETT MO 65708 DATA PROCESSING SUPPORT 443425 VALUATION MANAGEMENT GROUP LLC 1640 POWERS FERRY RD SE BLDG 15 S MARIETTA GA 30067 REAL ESTATE APRAISAL SVC 274190 NORRED & ASSOCIATES INC PO BOX 82352 ATLANTA GA 30354 SECURITY SERVICE 259481 SMARTSOURCE OF GEORGIA LLC PO BOX 117097 ATLANTA GA 303687097 MARKETING/BRANDING 239318 KING COMPUTER CORP 2200 NORCROSS PKWY NORCROSS GA 30071 HARDWARE MAINT 232463 29 8975 8975 LOAN INTEREST 522100 26423308 26423308 FEE INCOME 522100 10753250 10449221 304029 OTHER OPERATING INCOME 522100 9084513 9084513 46261071 4887780 4887780 35308206 3171580 35264426 2969000 43780 202580 246360 246360 2240 8975 2240 0 51404186 45957042 304029 5134140 12000 3000278 2468860 14031417 399106 1621369 974124 931347 2012557 7988580 2727005 1880222 LOAN SERVICING 1709067 PROVISION FOR LOAN LOSS 1500000 CORE DEPOSIT AMORTIZATI 177703 LOSS ON WRITE DOWNS 113179 41546814 33930565 29235006 37963074 57988649 7518000 7531072 0 534462328 627365256 1061462 1185668 42624019 16246005 26099104 26378014 311908333 282863030 2126549 2436865 42150110 51540672 997219525 1086524232 13347308 15252491 867126220 940440143 880473528 955692634 X 0 0 0 0 116745997 130831598 116745997 130831598 997219525 1086524232 X 9857372 -295288 4523517 X X 0 1 X 1 0 9029678 9029678 19138749 4255432 14883317 918839 671862 246977 13163204 11318711 1844493 373549 373549 26378014 FED GOV'T AVAILABLE FOR SALE 280518264 F OTHER INVESTMENTS AVAILABLE FOR SALE 1442466 F OTHER INVESTMENTS 902300 C 282863030 MEMBER SHARE ACCOUNTS 940213614 ACCRUED INTEREST ON SHARES 226529 940440143 X 51404186 0 51404186 0 51404186 41546814 0 41546814 0 41546814 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND GEORGIA STATE INCOME TAXES. THE INTERNAL REVENUE SERVICE (IRS) HAS ISSUED A CLARIFICATION IN THE FORM OF A TECHNICAL ADVICE MEMORANDUM (TAM) ON THE ISSUE OF UNRELATED BUSINESS INCOME TAX (UBIT). THE IRS HAS INDICATED THIS TAM WILL CLARIFY ITS POSITION ON WHAT TYPES OF REVENUE ARE SUBJECT TO UBIT. HOWEVER, INTERNAL REVENUE CODE (IRC) SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS RELATED TO VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS. AT THIS TIME, THERE IS UNCERTAINTY REGARDING WHETHER THE CREDIT UNION SHOULD PAY INCOME TAX ON CERTAIN TYPES OF NET TAXABLE INCOME FROM ACTIVITIES THAT MAY BE CONSIDERED BY TAXING AUTHORITIES AS UNRELATED TO THE PURPOSE FOR WHICH THE CREDIT UNION WAS GRANTED NONTAXABLE STATUS. 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 DEEMED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. WHILE IT SEEMS LIKELY THAT CERTAIN INCOME STREAMS OF STATE CHARTERED CREDIT UNIONS WILL BE SUBJECT TO UBIT, THE ISSUE REMAINS OPEN. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITION AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. THE CREDIT UNION FILES IRS FORMS 990 AND 990-T IN THE US FEDERAL JURISDICTION AND HAS A DECEMBER 31 TAX YEAR END. 1 COLLEGE SCHOLARSHIPS 12 12000 RECIPIENTS APPLY FOR COLLEGE SCHOLARSHIPS; AWARDS ARE MADE PAYABLE BY CHECK DIRECTLY TO THE COLLEGE OF ENROLLMENT X X X X 0 1 0 DEBBIE SMITH CEO 424381 0 162985 0 36000 0 174000 0 11576 0 808942 0 0 0 TODD GUSTAFSON EVP/CFO 312175 0 110295 0 18000 0 93000 0 11354 0 544824 0 0 0 THOMAS BARTHOLOMEW CHIEF INFORMAITON OFFICER 209373 0 83545 0 15930 0 93000 0 19133 0 420981 0 0 0 MICHELLE SHELTON CHIEF MARKETING OFFICER 173775 0 74262 0 18000 0 93000 0 5752 0 364789 0 0 0 SHAWN TURPIN SVP SALES AND SERVICE 166644 0 67300 0 11048 0 62480 0 21852 0 329324 0 0 0 MICHAEL LONDON SVP LENDING 159182 0 58018 0 10385 0 58932 0 16287 0 302804 0 0 0 ERIC JENKINS SVP OPERATIONS 179381 0 69621 0 11972 0 50000 0 16209 0 327183 0 0 0 TONYA HARRIS VP STAFF DEVELOPMENT 116533 0 51055 0 9926 0 50000 0 5589 0 233103 0 0 0 JAY JONES DIRECTOR OF FINANCE 124573 0 14853 0 6668 0 7017 0 5850 0 158961 0 0 0 PART I, LINE 4B DEBBIE SMITH - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS TODD GUSTAFSON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS THOMAS BARTHOLOMEW - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS MICHELLE SHELTON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS SHAWN TURPIN - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS MICHAEL LONDON - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS ERIC JENKINS - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS TONYA HARRIS - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS DOUG FOOTE FORMER CEO SPLIT DOLLAR X 4000000 4031072 0 1 1 DEBBIE SMITH CEO SPLIT DOLLAR X 3500000 3500000 0 1 1 7531072 SCHEDULE L, PART V - ADDITIONAL INFORMATION PART II, LINE 1, THESE LOANS ARE DEPOSITS TO SPLIT DOLLAR LIFE INSURANCE ARRANGEMENTS THAT ARE TREATED AS LOANS FOR TAX PURPOSES. COMPOUND INTEREST AT THE IRS SPECIFIED RATE ACCRUES DURING THE INDIVIDUAL'S LIFETIME. THE ORGANIZATION WILL BE REPAID THE PRINCIPAL AND INTEREST AT THE INDIVIDUAL'S DEATH. REPAYMENT IS SECURED BY COLLATERAL ASSIGNMENT OF THE POLICY. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS WHICH ARE REQUIRED TO FIT THE CREDIT UNION'S FIELD OF MEMBERSHIP PROFILE, AND CHOOSE TO JOIN. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. 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 COMPLETED FORM WILL BE REVIEWED BY THE CREDIT UNION CFO. THE FORM WILL BE SIGNED BY THE CFO, OR THEIR REPRESENTATIVE, BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICTS OF INTEREST ARE MONITORED BY THE HUMAN RESOURCES DEPARTMENT AS WELL AS THE INTERNAL AUDIT FUNCTION OF THE CREDIT UNION. ENFORCEMENT IS ALSO DONE BY REVIEW OF POSSIBLE CONFLICTS OF INTEREST BEFORE ANY NEW CONTRACTS ARE ENTERED INTO. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION REVIEWED BY BOARD OF DIRECTORS COMPENSATION COMMITTEE, WHICH IS APPROVED BY THE FULL BOARD OF DIRECTORS. A SURVEY OF COMPARABLE COMPENSATION IS USED TO SET COMPENSATION. A WRITTEN EMPLOYEMENT AGREEMENT IS USED. COMPENSATION OF OTHER OFFICERS IS REVIEWED BY CEO, AND APPROPRIATE MANAGEMENT. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2015. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO MEMBERS UPON REQUEST. FINANCIAL STATEMENTS ARE PUBLISHED ON THE CREDIT UNION WEB-SITE, AND ALSO AVAILABLE TO GENERAL PUBLIC AT NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN ENTRANCE FEES 61,831. EQUITY ACQUIRED IN MERGERS 4,461,686. FORM 990, PART XII,LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.