2011-04-28T17:32:53-07:00 2010-12-31 990 2010-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 Sanger Avenue Waco TX 76710 JO BETSY TYLER 2547769333 2011-04-28 2010 2016-02-24 21:20:13Z JO BETSY TYLER 6201 SANGER AVE WACO TX 76710 3681481 0 X www.firstcentralcu.com X credit union 1937 TX FIRST CENTRAL CREDIT UNION IS A FINANCIAL INSTITUTION, SPECIFICALLY A CREDIT UNION WHICH IS A COOPERATIVE PROVIDER OF FINANCIAL SERVICES TO OUR MEMBERS. FIRST CENTRAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND A MEMBER OF NCUA. 8 8 44 8 199819 -1299 0 0 3012393 3181137 339008 299645 128216 200699 3479617 3681481 0 0 0 0 1170072 1305101 0 0 0 2099279 2076435 3269351 3381536 210266 299945 45354662 46492346 41117027 42034044 4237635 4458302 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 0 0 0 SHARE ACCOUNTS: FIRST CENTRAL CREDIT UNION'S SHARE ACCOUNT OFFER ADVANTAGES TO MEMBERS OF ALL AGES, THE CREDIT UNION HAD 10,405 MEMBER-OWNED ACCOUNTS ON DECEMBER 31, 2010. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY AND OFFER 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 SAVINGS HABITS. 0 0 0 CHECKING ACCOUNTS: FIRST CENTRAL CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR MEMBERS WITH VARIOUS FEATURES FROM FREE 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 THE INTERNET BILL PAYER PLATFORM. 35% OF THE CREDIT UNION MEMBERS HAVE A CHECKING ACCOUNT. FIRST CENTRAL CREDIT UNION ALSO OFFERS MONEY MARKET ACCOUNTS. 0 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 UNDERWRITING PROCEDURES TO PROVIDE REASONABLE AND COMPETITIVE RATES TO OUR MEMBERS. 0 0 0 0 0 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1708 0 1 44 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 1 X 0 0 0 DONNA WILHELM 1 X 0 0 0 MIKE SARTAIN 1 X 0 0 0 GLENN WILLIAMSON 1 X 0 0 0 EVERETT ALEXANDER 1 X 0 0 0 RICHARD HARTLEY 1 X 0 0 0 ELIO SMYTHE 1 X 0 0 0 BEVERLY WALKER 1 X 0 0 0 JO BETSY TYLER 40.00 X 99158 0 3959 99158 0 3959 1 0 0 0 0 0 INTEREST ON LOANS 522130 2226187 2226187 0 0 MEMBER FEES AND CHARGE 522130 944232 944232 0 0 LOAN FEE INCOME 522130 4750 4750 0 0 5968 5968 0 0 3181137 299645 0 0 299645 0 0 0 0 0 0 0 0 880 0 0 0 880 0 880 0 0 880 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 199819 0 199819 0 0 0 0 0 199819 3681481 3181137 199819 300525 0 0 0 0 103117 0 958796 38705 100064 104419 0 3361 27000 0 0 2572 78796 192609 446908 79116 0 152943 7422 0 42252 428913 0 171193 100440 STATE OF TEXAS OPERATING FEES 9741 SWCFCU MEMBER CAPITAL DEPLETION 132933 PROVISION OF LOAN LOSS 100429 ASSOCIATION DUES 19858 LOAN SERVICING FEES 74234 5715 3381536 0 0 0 950286 1032233 5548509 4543180 0 0 0 0 0 0 0 0 24977429 27421978 0 0 71613 69239 3369605 1230378 2136918 2139227 0 0 11139552 10555000 0 0 0 530355 731489 45354662 46492346 544390 448145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40572637 41585899 41117027 42034044 X 0 0 0 0 4237635 4458302 4237635 4458302 45354662 46492346 X 299945 -79278 X 0 0 0 0 277321 277321 0 1764302 376024 1388278 0 138687 105562 33125 0 1148465 736391 412074 0 40830 12401 28429 2139227 0 0 CERTIFICATES DEPOSITS-w/BANKS 8861000 C CERTIFICATES DEPOSITS-w/CR.UNIONS 744000 C HTM INVESTMENTS-w/GOV.AGENCIES 950000 C 10555000 0 MEMBER SHARES ON DEPOSIT 41585899 41585899 F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 FIRST CENTRAL CREDIT UNION IS A CREDIT UNION WHICH IS A MEMBER OWNED COOPERATIVE OF FINANCIAL SERVICES. F990_P06_S0A_L07a 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. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a FIRST CENTRAL CREDIT UNION'S BOARD OF DIRECTORS DURING A MONTHLY MEETING BEFORE THE MAY FORM 990 FILING DEADLINE WILL REVIEW AND APPROVE OUR FORM 990 BEFORE IT IS FILED TO THE IRS. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION DOES REGULARY 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. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 THE BOARD OF DIRECTORS UTILIZED COMPENSATION REPORTS FROM AN INDEPENDENT COMPENSATION CONSULTANT IN 2000 TO ASSIST IN THE ESTABLISHMENT OF THE CEO'S COMPENSATION. EVERY YEAR SINCE THEN, THE BOARD OF DIRECTORS MEET ANNUALY TO DISCUSS AND DETERMINE THE CEO'S SALARY RAISE PERCENTAGE INCREASE. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 FIRST CENTRAL CREDIT UNION MAKES ITS 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. F990_P11_S00_L05 Form 990, Part XI, Line 5 THERE WAS AN OTHER CHANGE OF NET ASSETS FOR A TOTAL OF $79,278. THIS IS AN ADJUSTMENT FOR THE BEGINNING OF THE YEAR, PART X, LINE 17, LINE 26, LINE 32, AND LINE 33 THAT WAS NOT CHANGED WHEN THE 2009 FORM 990 WAS FILED IN 2010. OUR 2009 FORM 990, PART X, LINE 17 ACCOUNTS PAYABLE AND ACCRUED EXPENSES WAS UNDERSTATED BY $79,278 WHICH MAKES LINE 26, TOTAL LIABILITIES ALSO UNDERSTATED BY $79,278. OUR 2009, FORM 990, PART X, LINE 32 RETAINED EARNINGS WHICH EQUALS LINE 33 TOTAL NET ASSETS WAS OVERSTATED BY THE SAME AMOUNT OF $79,278. THE ADJUSTMENT OF $79,278 REPRESENTS AN ADDITIONAL EXPENSE FOR FUNDING OF AN ACCRUED EXPENSE AS OF DECEMBER 31, 2009. FORTUNATELY THIS ADDITIONAL EXPENSE IS CORRECTLY INCLUDED IN OUR TOTAL EXPENSES ON THIS 2010 FORM 990, PAGE 1, LINE 18 FOR THE PRIOR YEAR COLUMN AND OUR REVENUE LESS EXPENSE IS ALSO CORRECT ON THIS 2010 FORM 990, PAGE 1, LINE 19 FOR THE PRIOR YEAR COLUMN.