2013-07-22T05:55:08-00:00 2012-12-31 ORTH CHAKLER MURNANE AND CO CPAs 12060 SW 129 COURT SUITE 201 MIAMI FL 33186 990 2012-01-01 590747276 STATE CHARTERED CREDIT UNION IN FLORIDA (UNIVERSITY CREDIT UNION) STAT 7864255000 13241 SW 136 STREET MIAMI FL 331865822 Barbara Thomas 7864255024 2013-07-22 true DOUGLAS ORTH 3052328272 2013-07-22 2012 2016-02-24 21:20:13Z UNIVERSITY CREDIT UNION MICHAEL J WELCH SR 13241 SW 136TH STREET MIAMI FL 331865822 8332158 false 2106 X WWW.MYUNICU.COOP X CREDIT UNION 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 90 14 80649 -27375 0 7494501 7181748 1189667 924374 226036 8684168 8332158 0 0 4185544 3563073 0 0 6972862 4768795 11158406 8331868 -2474238 290 182354149 188947776 163251248 169844585 19102901 19103191 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. false false 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. false false false false false false false false true true 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 true 2418 0 true 90 true true true false false false false false X 9 9 true false false false true true false true true false false false false false false true true true true false X BARBARA THOMAS 7864255024 13241 SW 136 STREET MIAMI FL 33186 NICHOLAS DICIACCO 005.00 005.00 X 0 0 0 SCOTT INGOLD 010.00 010.00 X 0 0 0 ROBERT J DUBORD 005.00 005.00 X 0 0 0 LYNDA K RAHEEM 005.00 005.00 X 0 0 0 MARY S NATIELLO 005.00 005.00 X 0 0 0 BOB BURNS 005.00 005.00 X 0 0 0 C DELANO GRAY 005.00 005.00 X 0 0 0 STEWART SERUYA 005.00 005.00 X 0 0 0 REMBERTO SANCHEZ 005.00 005.00 X 0 0 0 MICHAEL J WELCH SR 060.00 060.00 X 255800 0 48448 BARBARA THOMAS 060.00 060.00 X 141802 0 36066 397602 84514 2 false true false FISERV PO BOX 60000 SAN FRANCISCO CA 94160 DATA PROCESSING 409303 FISERV EFT PO BOX 60000 SAN FRANCISCO CA 94160 DEBIT AND ATM PROCESSING 696782 FIS 11601 N ROOSEVELT BLVD ST PETERSBURG FL 33716 CREDIT CARD PROCESSING 169776 MIAMI DADE TAX COLLECTOR 140 SW FLAGLER STREET MIAMI FL 33130 TANGIBLE PROP/RE TAXES 132841 4 INCOME ON LOANS 522100 3582985 3582985 FEES AND CHARGES 522100 3518114 3518114 UNRELATED BUSINESS INCOME 900099 80649 80649 7181748 924374 924374 INCOME FROM INVESTMENTS IN CORPORATE CREDIT UNIONS 522100 226036 226036 226036 8332158 8251509 80649 0 0 0 0 482116 482116 0 2474852 2474852 5700 5700 356857 356857 243548 243548 0 28662 28662 63700 63700 0 0 246147 246147 167740 167740 367301 367301 496288 496288 0 442217 442217 16671 16671 0 0 292274 292274 0 435787 435787 96372 96372 SEE ATTACHED SCHEDULE 2115636 2115636 0 8331868 8331868 1514301 1697835 67155327 66896756 1697597 974599 59232084 53867704 179835 131768 16464914 4799048 11602632 11665866 298845 2803412 35827704 45578965 4833 4332 4840991 5326539 182354149 188947776 1619997 1861330 161631251 167983255 163251248 169844585 X 19102901 19103191 19102901 19103191 182354149 188947776 290 X false true X true false false 3001502 3001502 8163722 1053975 7109747 496659 221456 275203 4803031 3523617 1279414 11665866 Financial derivatives and other financial products Closely-held equity interests NIFCUS 85459 F CERTIFICATES OF DEPOSITS - LONG TERM 45493506 F 45578965 Federal income taxes SHARE DRAFTS 41325186 SHARES AND CLUBS 54330727 MONEY MARKET 44542164 IRA SHARES 5222088 SHARE AND IRA CERTIFICATES 22563090 167983255 X 8332158 8332158 8332158 8331868 8331868 8331868 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. X X X false false false MICHAEL J WELCH SR 246314 9486 29020 19428 304248 BARBARA THOMAS 137041 4761 28994 7072 177868 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 ELECTION OF OFFICIALS. Form 990 Part VI Section B Line 11 THE FORM 990 WILL BE REVIEWED BY THE EXECUTIVE VICE PRESIDENT WHERE ALL THE DATA USED TO COMPILE THE FORM 990 CAME FROM THE AUDITED FINANCIALS AND WORKPAPERS BY THE EXTERNAL AUDITORS. Form 990 Part VI Section B Line 15A THE REVIEW OF THE CEOS 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 CEOS COMPENSATION. Form 990 Part VI Section B Line 15B 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 UNIONS GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNIONS FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING.