2016-07-29T16:19:28-05:00 2015-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2015-01-01 590747276 UNIVERSITY CREDIT UNION UNIV 7864255000 13241 SW 136 ST MIAMI FL 331865822 BARBARA THOMAS EVP/COO 7864255024 2016-07-29 1 DOUGLAS J ORTH P01076394 3052328272 2015 2016-12-15 16:53:06Z MICHAEL J WELCH SR 13241 SW 136 STREET MIAMI FL 33186 7783230 0 2106 X WWW.MYUNICU.COOP X 1947 FL THE MISSION OF UNIVERSITY CREDIT UNION IS TO PROVIDE A VARIETY OF QUALITY FINANCIAL SERVICES FOR OUR MEMBERS TO IMPROVE THEIR FINANCIAL STATUS. 9 9 83 13 60656 -35232 0 0 6654707 5920668 1096546 1362562 0 0 7751253 7283230 0 0 0 0 3346641 3461412 0 0 0 4182221 4778105 7528862 8239517 222391 -956287 189784868 189737024 170813123 171956510 18971745 17780514 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 0 0 INCOME FROM CREDIT UNION MEMBERSHIP AND FROM INVESTMENT OF MEMBERS' FUNDS PROVIDE THE FOUNDATION FROM WHICH THE CREDIT UNION CAN FUNCTION AND PROVIDE SERVICES TO ITS RESTRICTED MEMBERSHIP. 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2731 0 1 83 1 1 1 0 0 0 0 0 0 0 X 9 9 1 0 0 0 1 1 1 1 1 0 0 0 0 1 1 1 1 0 X BARBARA THOMAS 7864255000 13241 SW 136 STREET MIAMI FL 33186 NICHOLAS DICIACCO BOD CHAIR 10.00 X 0 0 0 SCOTT INGOLD BOD VICE CHAIR 10.00 X 0 0 0 LYNDA RAHEEM BOD TREASURER 10.00 X 0 0 0 REMBERTO SANCHEZ BOD SECRETARY 10.00 X 0 0 0 ROBERT BURNS DIRECTOR 5.00 X 0 0 0 HUMBERTO M SPEZIANI DIRECTOR 5.00 X 0 0 0 STEWART SERUYA DIRECTOR 5.00 X 0 0 0 MARY STEWART NATIELLO DIRECTOR 5.00 X 0 0 0 ROBERT J DUBORD DIRECTOR 5.00 X 0 0 0 SAMUEL SHUNK ASSOCIATE DIRECTOR 5.00 X 0 0 0 VICTOR VALENCIA S/C CHAIR 5.00 X 0 0 0 COLIN BROWN S/C 5.00 X 0 0 0 VIVIAN FERNANDEZ S/C 5.00 X 0 0 0 M O THIRUNARAYANAN S/C 5.00 X 0 0 0 MICHAEL J WELCH SR PRESIDENT/CEO 60.00 X 255800 0 29149 BARBARA THOMAS EVP/COO 60.00 X 150230 0 12729 DIANA FORTI VP/SR LOAN OFFICER 50.00 X 109859 0 2441 ERIC HOSKINS SVP/CIO 60.00 X 101214 0 4456 617103 0 48775 4 0 1 0 FISERV PO BOX 60000 SAN FRANCISCO CA 94160 DATA PROCESSING 455056 FISERV EFT PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT AND ATM PROCESSING 242223 PSCU 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 199653 AT&T PO BOX 536216 ATLANTA GA 30353 TELEPHONE/COMMUNICATIONS 120579 MIAMI DADE TAX COLLECTOR 140 SW FLAGLER ST MIAMI FL 33130 TANGIBLE PROPERTY/RE TAXES 120207 5 INCOME ON LOANS 522100 3028092 3028092 FEES AND CHARGES 522100 2831920 2831920 UNRELATED BUSINESS INC 900099 60656 60656 5920668 1361562 1361562 501000 500000 1000 1000 1000 7283230 7222574 60656 0 447908 447908 2393316 2393316 65000 65000 329164 329164 226024 226024 33542 33542 62333 62333 180993 180993 87038 87038 289331 289331 494547 494547 461277 461277 33837 33837 196783 196783 406049 406049 116260 116260 PROVISION FOR LOAN LOSS 1242126 1242126 PLASTIC CARD EXPENSE 624001 624001 MAINTENANCE 219654 219654 MISCELLANEOUS EXPENSE 204767 204767 125567 125567 8239517 8239517 0 0 1293676 1358794 40172201 38118446 1056293 844524 55483790 55631556 255960 261356 16867298 6204135 10978746 10663163 22577381 30513254 51698256 46289042 0 0 3333 2833 6265232 6054056 189784868 189737024 3354645 2703552 167458478 169252958 170813123 171956510 X 0 0 0 0 18971745 17780514 18971745 17780514 189784868 189737024 -956287 -234944 0 X 0 1 X 1 0 3001502 3001502 8296308 1479509 6816799 484079 402906 81173 5085409 4321720 763689 10663163 CERTIFICATES OF DEPOSIT - LONG TERM 46063006 C PCC CORPORATE ONE FCU 226036 C 46289042 SHARE DRAFTS 45516107 SHARES AND CLUBS 57929875 MONEY MARKET 41556990 IRA SHARES 4239409 SHARES AND IRA CERTIFICATES 20010577 169252958 X 7283230 0 7283230 0 7283230 8239517 0 8239517 0 8239517 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 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 THE 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, IRS SECTION 511 IMPOSES A TAX ON 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 FINANCIAL STATEMENTS. ADDITIONALLY, NO INTEREST AND PENALTIES HAVE BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE 2014, 2013, AND 2012 FEDERAL INCOME TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. THE FILING YEARS OPEN FOR EXAMINATION BY THE STATE, IF APPLICABLE, MAY BE EQUAL TO, GREATER THAN OR LESS THAN THE YEARS OPEN FOR EXAMINATION BY THE IRS. X X X 0 1 0 MICHAEL J WELCH SR PRESIDENT/CEO 246314 0 0 0 9486 0 8873 0 20276 0 284949 0 0 0 BARBARA THOMAS EVP/COO 145747 0 0 0 4483 0 5226 0 7503 0 162959 0 0 0 PART I, LINE 4B THREE EMPLOYEES PARTICIPATE IN A 457(F) PLAN. THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO MICHAEL J. WELCH SR. AS OF 12/31/15 WAS $704,141; THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO BARBARA THOMAS AS OF 12/31/15 WAS $153,673; THE LIABILITY RECORDED FOR BENEFITS PAYABLE TO ERIC HOSKIN'S AS OF 12/31/15 WAS $75,211. FORM 990, PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP - BOD MEMBER REMBERTO SANCHEZ IS THE SON-IN-LAW OF BOD VICE CHAIRMAN SCOTT INGOLD. 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 THE FORM 990 WILL BE REVIEWED BY THE EXECUTIVE VICE PRESIDENT. THE FINANCIAL DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS OF THE EXTERNAL AUDITORS. FORM 990, PART VI, SECTION B, LINE 15 THE REVIEW OF THE CEO'S COMPENSATION IS A FUNCTION OF THE BOARD OF DIRECTORS. ANNUALLY, THE BOARD OF DIRECTORS USES AN EXECUTIVE COMPENSATION SURVEY FROM AN INDEPENDENT THIRD PARTY TO DETERMINE THE CEO'S COMPENSATION. FOR ALL EMPLOYEES IN THE ORGANIZATION, PAY RANGES ARE REVIEWED AND APPROVED ON AN ANNUAL BASIS BY THE CEO UTILIZING DATA FROM AN INDEPENDENT COMPENSATION STUDY. 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 MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING.