2015-05-05T14:11:42-07:00 2014-12-31 990 2014-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2015-05-15 2014 2016-02-25 16:41:14Z JO BETSY TYLER 6201 SANGER AVENUE WACO TX 76710 5618806 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 8 8 59 8 113841 -8327 0 28160 4682285 5345450 153121 131355 87304 113841 4922710 5618806 0 0 0 0 1695506 2029645 0 0 0 2407308 2699791 4102814 4729436 819896 889370 57875637 62932552 50827790 54995335 7047847 7937217 THE ORGANIZATION IS A FINANCIAL INSTITUTION ,SPECIFICALLY A CREDIT UNION. A CREDIT UNION IS A COOPERATIVE, MEMBER-OWNED, NON-PROFIT PROVIDER OF FINANCIAL SERVICES TO ITS MEMBERS. 0 0 MEMBER LOANS: FIRST CENTRAL CREDIT UNION PROVIDES VEHICLE LOANS, SIGNATURE LOANS, HOME EQUITY LOANS, REAL ESTATE LOANS, AND CREDIT CARDS. WE UTILIZE VERY EFFICIENT UNDER WRITING PROCEDURES TO PROVIDE REASONABLE AND COMPETITIVE RATES TO OUR MEMBERS. CHECKING ACCOUNTS: FIRST CENTRAL CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR MEMBERS WITH VARIOUS FEATURES FROM FEE ACCOUNTS TO THOSE WITH ENHANCED BENEFITS. WE DO OFFER CHECKING ACCOUNTS THAT PAY DIVIDENDS MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, AND FREE USE OF BILL PAY. OVER 45% OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT. FIRST CENTRAL CREDIT UNION ALSO OFFERS MONEY MARKET ACCOUNTS. SHARE ACCOUNTS: FIRST CENTRAL CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 12,162 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2014. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY. FIRST CENTRAL CREDIT UNION OFFERS ACCESS THROUGH BRANCHES AT DIFFERENT LOCATIONS, HOME BANKING VIA THE INTERNET, TELEPHONE, AND ATM MACHINES WORLDWIDE. WE OFFER SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SPENDING HABITS. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 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 1625 0 1 59 1 1 1 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 0 1 1 0 0 X JO BETSY TYLER 2547769333 6201 SANGER AVENUE WACO TX 76710 VICKI DECKARD CHAIRPERSON 1 0 X 0 0 0 JIM ZORN VICE-CHAIRPERSON 1 0 X 0 0 0 ELIO SMYTHE SECRETARY/TREASURER 1 0 X 0 0 0 GLENN WILLIAMSON DIRECTOR 1 0 X 0 0 0 RICHARD HARTLEY DIRECTOR 1 0 X 0 0 0 DONNA WILHELM DIRECTOR 1 0 X 0 0 0 JOE HARMON DIRECTOR 1 0 X 0 0 0 BEVERLY WALKER DIRECTOR 1 0 X 0 0 0 JO BETSY TYLER PRESIDENT/CEO 40 0 X 127996 0 215131 127996 0 215131 1 0 1 0 0 0 0 0 0 0 28160 0 28160 INTEREST ON LOANS 522130 2888497 2888497 0 0 MEMBER FEE & CHANGE 522130 2100094 2100094 0 0 LOAN FEE INCOME 522130 12315 12315 0 0 344544 344544 0 0 5345450 131355 0 0 131355 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 113841 0 113841 0 0 0 0 0 113841 5618806 5345450 113841 131355 X 0 0 0 0 143535 0 1528562 55089 160683 141776 0 6689 48000 0 0 2219 340741 255564 739057 66169 0 263333 29507 0 60036 219475 0 241393 -24647 STATE OF TEXAS OPERATING FEE 9990 LOAN SERVICING FEES 158769 PROVISION OF LOAN LOSS 240659 ASSOCIATION DUES 30060 12777 4729436 0 0 0 908156 2399318 5129820 5672193 0 0 0 0 0 0 0 0 34778622 38878353 0 0 77076 141897 5028412 1939002 2828942 3089410 11145379 9614379 3007642 3137002 57875637 62932552 766873 1081377 0 0 0 0 0 0 0 0 0 0 0 0 0 0 50060917 53913958 50827790 54995335 X 0 0 0 0 7047847 7937217 7047847 7937217 57875637 62932552 889370 0 0 0 0 0 X 0 0 0 250 0 0 0 0 0 Schedule C, Part I-A, Line 1 OUR ORGANIZATION'S DIRECT POLITICAL CAMPAIGN ACTIVITY WAS BY CONTRIBUTING $250 TO THE CUNA/AACUL NATIONAL ADVOCACY FUND (NAF). 0 398062 398062 0 2802182 670109 2132073 0 101444 49897 51547 0 1685894 1198699 487195 0 40830 20297 20533 3089410 CERTIFICATES OF DEPOSITS-WITH BANKS 8560302 C HTM INVESTMENTS-W/GOVT AGENCIES 250000 C CERTIFICATES OF DEPOSIT WITH CREDIT UNIONS 696000 C MEMBERSHIP CAPITAL AT CORP.CU 108077 C 9614379 TOTAL FORECLOSED & REPOSSESSED ASSETS 305653 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 521398 ACCRUED INTEREST ON LOANS 128865 ACCRUED INTEREST ON INVESTMENTS 13078 PACIFIC LIFE ANNUITY 1969165 RETURN CASH ITEMS AND CHECKS 7008 OTHER RECEIVABLES 191835 3137002 0 MEMBER SHARE ACCOUNTS 53913958 53913958 0 0 0 JO BETSY TYLER PRESIDENT/CEO 117296 0 10700 0 0 0 199592 0 15539 0 343127 0 0 0 Schedule J, Part II THE AMOUNT OF $188,552 LISTED IN COLUMN C IN PART II IS A 457(F) DEFERRED COMPENSATION PLAN. THE PLAN IS AN ANNUITY WITH PACIFIC LIFE. JO BETSY TYLER PRESIDENT HOME EQUITY X 40000 27498 0 0 1 JO BETSY TYLER PRESIDENT VEHICLE X 10239 8042 0 0 1 ELIO SMYTHE DIRECTOR VEHICLE X 19014 2283 0 0 1 ELIO SMYTHE DIRECTOR VEHICLE X 22128 21773 0 0 1 JOE HARMON DIRECTOR VEHICLE X 31800 22553 0 0 1 JOE HARMON DIRECTOR VEHICLE X 34060 24010 0 0 1 JOE HARMON DIRECTOR HOME EQUITY X 67000 66678 0 0 1 BEVERLY WALKER DIRECTOR VEHICLE X 25086 19562 0 0 1 GLENN WILLIAMSON DIRECTOR VEHICLE X 20000 13943 0 0 1 DONNA WILHELM DIRECTOR PERSONAL X 9549 9549 0 0 1 215891 Form 990, Part I, Line 1 FIRST CENTRAL CREDIT UNION IS A FINANCIAL INSTITUTION, SPECIFICALLY A CREDIT UNION WHICH IS A COOPERATIVE PROVIDER OF FINANCIAL SERVIES TO OUR MEMBERS. FIRST CENTRAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND A MEMBER OF NCUA. Form 990, Part VI, Section A, Line 6 FIRST CENTRAL CREDIT UNION IS A CREDIT UNION. A CREDIT UNION IS A MEMBER OWNED COOPERATIVE OF FINANCIAL SERVICES. Form 990, Part VI, Section A, Line 7a FIRST CENTRAL CREDIT UNION HAS A NOMINATING COMMITTEE THAT IS APPOINTED BY THE BOARD OF DIRECTORS TO SELECT CANDIDATES. THE CANDIDATES ARE PRESENTED TO THE MEMBERSHIP VIA THE CREDIT UNION NEWSLETTER, SHOULD SOMEONE CHOOSE TO RUN AGAINST A CANDIDATE, THEY WOULD NEED TO GET A PETITION WITH 75 MEMBER SIGNATURES TO CAUSE A BALLOT VOTE, OTHERWISE THE CANDIDATES SELECTED BY THE NOMINATING COMMITTEE WILL BE ELECTED. Form 990, Part VI, Section B, Line 11b FIRST CENTRAL CREDIT UNION'S BOARD OF DIRECTORS WILL REVIEW AND APPROVE THE FORM 990 DURING A MONTHLY BOARD MEETING BEFORE THE MAY 2015 FILING DEADLINE. Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION DOES REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY. OUR BOARD OF DIRECTORS AND MANAGEMENT TEAM DOES REVIEW AND MONITOR THIS POLICY ANNUALLY. Form 990, Part VI, Section B, Line 15 THE BOARD OF DIRECTORS STARTED UTILIZING COMPENSATION REPORTS FROM AN INDEPENDENT COMPENSATION CONSULTANT STARTING IN THE YEAR 2000 TO ASSIST IN THE ESTABLISHMENT OF THE CEO'S COMPENSATION. EVERY YEAR SINCE THEN, AND NOW WITH THE ASSISTANCE OF OUR HUMAN RESOURCES MANAGER TO GATHER DATA, THE BOARD OF DIRECTORS MEET ANNUALLY TO DISCUSS AND DETERMINE THE CEO'S SALARY RAISE PERCENTAGE INCREASE. Form 990, Part VI, Section C, Line 19 FIRST CENTRAL CREDIT UNION MAKES IT GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO OUR MEMBERS UPON REQUEST AND OUR FINANCIAL STATEMENTS ARE POSTED MONTHLY FOR PUBLIC VIEWING IN EACH BRANCH'S LOBBY AREA. Form 990, Part IX, Line 23 MEMBER INSURANCE EXPENSE HAD A CREDIT BALANCE IN 2014. MEMBER INSURANCE EXPENSE HAD A CREDIT BALANCE DUE TO THE REVERSING OUT OF EXISTING FUNDS WE HAD ACCRUED FOR FUTURE NATIONAL CREDIT UNION SHARE INSURANCE FUND PREMIUM ASSESSMENTS. WE FOUND OUT IN 2014 THAT THERE WILL NO LONGER BE ANY FUTURE ASSESSMENTS AND WE PROCEEDED WITH REVERSING OUT ALL EXISTING FUNDS FROM THE ACCRUAL ACCOUNT BACK TO OUR INSURANCE EXPENSE ACCOUNT.