2013-05-14T12:15:01-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 610671028 COMMONWEALTH CREDIT UNION INC COMM 5025644475 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN 2013-05-13 true AUBREY CLEGG 3052328272 2013-05-14 2012 2016-02-25 16:41:14Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 73616130 false X WWW.CCUKY.ORG X 1951 KY LEADING IN QUALITY SERVICE THROUGH DYNAMIC FINANCIAL SERVICES. THE CREDIT UNION PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. 13 12 324 17 2306936 -1355776 0 44021426 44971631 3768871 2696110 1989318 2306936 49779615 49974677 0 0 18592560 17476962 0 0 21890438 19268181 40482998 36745143 9296617 13229534 897005001 928031441 734494843 752111112 162510158 175920329 THE CREDIT UNIONS MISSION IS TO LEAD IN QUALITY SERVICE THROUGH DYNAMIC FINANCIAL SOLUTIONS IN A MANNER CONSISTENT WITH ITS NOT-FOR-PROFIT STATUS. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. false false SHARES THE CREDIT UNION HAS 165,594 SHARE ACCOUNTS CONSISTING OF OVER 742,300,000. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT TO GROW THEIR FUTURES. false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true 25478 0 true 324 true true true false false false false false X 13 12 false false false false true true false true true false false true true true true true true true true false X KAREN HARBIN CEO 5025644775 417 HIGH STREET FRANKFORT KY 40601 JOHN SCOTT 001.00 X 0 0 0 BOB BENDER 001.00 X 0 0 0 JIM CHADWELL 001.00 X 0 0 0 RANDY OVERSTREET 001.00 X 0 0 0 RANDY FAWNS 001.00 X 0 0 0 REGINA GRUBBS 001.00 X 0 0 0 MARY FOSTER 001.00 X 0 0 0 KAY JONES 001.00 X 0 0 0 HARRY SUTER 001.00 X 0 0 0 ALEX ROSE 001.00 X 0 0 0 BILL LEACH 001.00 X 942 0 0 ROBIN BREWER 001.00 X 0 0 0 KAREN HARBIN 040.00 X X 247430 0 66127 LOUISE BRYANT-RITCHIE 040.00 X 136851 0 39515 DAVID YOUNG 040.00 X 164969 0 45994 JOHN COMBS 040.00 X 118028 0 34698 ALAN DAVIS 040.00 X 140238 0 40330 ANNE BURGESS 040.00 X 138360 0 39639 DONNA JACKSON 040.00 X 123961 0 36413 DOUG GRAHAM 040.00 X 119324 0 35297 GARY WALLACE 040.00 X 559599 0 132121 1749702 470134 15 true true false KENTUCKY RETIREMENT SYSTEM 1260 LOUISVILLE RD FRANKFORT KY 40601 RETIREMENT CONTRIBUTIONS FOR EMPLOYEES 3422041 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING 7 SERVICES 517149 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 60675 IT EQUIPMENT, SOFTWARE, ETC 534235 LASERTEC INC 33472 STERLING PONDS BLVD STERLING HEOGHTS MI 483125808 STATEMENT POSTAGE REFILL PROCESSING 553010 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SYMITAR MAINTENANCE EXPENSES 679613 18 INTEREST ON LOANS 522100 34958048 34958048 FEE INCOME 522100 5249840 5249840 INTERCHANGE INCOME 522100 4483405 4483405 OTHER INCOME 522100 280338 280338 44971631 2987387 2987387 23126364 223812 23375818 265635 -249454 -41823 -291277 -313150 INS.COMM.MEMBER SERVICES 524298 2238788 2238788 INCOME ON NON-MEMBER WITHDRAWALS 900099 68148 68148 2306936 49974677 44658481 2306936 2987387 0 0 0 0 701828 701828 0 11669291 11669291 2488198 2488198 1756441 1756441 861204 861204 0 129401 129401 54452 54452 0 0 234850 234850 596788 596788 892523 892523 7409 7409 0 2014605 2014605 51615 51615 0 51368 51368 3999162 3999162 0 1542276 1542276 113299 113299 SEE ATTACHED STATEMENT 9580433 9580433 0 36745143 36745143 5394772 6396974 42509468 46705083 7194832 4738227 538537221 550349290 1274556 1274552 39761100 20550061 19048898 19211039 272265514 287223889 2667905 2403282 8111835 9729105 897005001 928031441 8869220 9751571 725625623 742359541 734494843 752111112 X 162510158 175920329 162510158 175920329 897005001 928031441 13229534 180637 X false true X true false false 4571845 4571845 23766023 10781153 12984870 11423232 9768908 1654324 19211039 Financial derivatives and other financial products Closely-held equity interests Federal income taxes SHARE 332365432 INDIVIDUAL RETIREMENT ACCOUNTS 21176845 MONEY MARKET ACCOUNTS 94135011 SHARE DRAFT ACCOUNTS 90200925 CERTIFICATES OF DEPOSIT AND IRA CERTIFICATES 204481328 742359541 49952804 -21873 -21873 49974677 49974677 36723270 36723270 21873 21873 36745143 X 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 50414. 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 UNRELATED BUSINESS INCOME UBI DERIVED BY STATE-CHARTERED CREDIT UNIONS. BEGINNING IN MARCH 2008, THE INTERNAL REVENUE SERVICE IRS RELEASED TECHNNICAL 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 UNIONS 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 RECOGNITON 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 2011, 2010, AND 2009 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. XI 2D LOSS/EXPENSE RELATED TO OREO PROPERTY HELD AS OF DECEMBER 31, 2012 WHICH WAS NETTED AGAINST REVENUE ON THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012. XII 4B LOSS/EXPENSE RELATED TO OREO PROPERTY HELD AS OF DECEMBER 31, 2012 WHICH WAS NETTED AGAINST REVENUE ON THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012. X true false X X X X false false false GARY WALLACE 548596 11003 132121 691720 KAREN HARBIN 233681 13749 58418 7709 313557 DAVID YOUNG 157576 7393 38949 7045 210963 JOHN COMBS 111847 6181 27867 6831 152726 LOUISE BRYANT-RITCHIE 127826 9025 32311 7204 176366 ALAN DAVIS 130845 9393 33110 7220 180568 ANNE BURGESS 131600 6760 32667 6972 177999 DONNA JACKSON 115229 8732 29267 7146 160374 DOUG GRAHAM 111903 7421 28172 7125 154621 I A A PER DIEM IS PAID FOR MEALS FOR BOARD MEMBERS TRAVEL COMPANIONS. Form 990 Part VI A 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 84,411 MEMBERS OF THE CREDIT UNION. ELIGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS BASED ON PARTICIPATION IN THE KENTUCKY RETIREMENT SYSTEM KENTUCKY EMPLOYERS RETIREMENT, KENTUCKY TEACHERS RETIREMENT, COUNTY EMPLOYEES RETIREMENT, AND KENTUCKY STATE POLICE SYSTEM. RELATIVES AND FAMILY MEMBERS PARTICIPATING IN KRS ARE ALSO ELIGIBLE FOR MEMBERSHIP IN THE CREDIT UNION. Form 990 Part VI A 7A COMMONWEALTH CREDIT UNIONS BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN JANUARY OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. Form 990 Part VI B 11 A AND B COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE 2012 FORM 990 PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED ANY QUESTIONS FROM THE BOARD DURING THE REVIEW OF THE FORM 990. Form 990 Part VI B 12C A STATEMENT OF THE CREDIT UNIONS COMPLIANCE WITH KENTUCKY REVISED STATUTE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH CREDIT UNION EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY. KRS 290.195 PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATE PARTICIPATE IN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCES DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. Form 990 Part VI B 15 INTEGRITY HR IS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARIES, LEVELS AND OVERALL COMPENSATION. INTEGRITY HR USES SERVERAL SOURCES OF COMPARABLE DATA INCLUDING CUNA SALARY SURVEYS AS WELL AS LOCAL, REGIONAL, AND NATIONAL SALARY DATA. Form 990 Part VI C 19 THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED ON A REQUEST BASIS TO THE PUBLIC.