Explanation of Tax Estimates Formula for Tax Estimates Based on Mid
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Explanation of Tax Estimates 1. "Tax": Estimated for the full year of 2016. The tax figure is based on the corporate tax formula. See below for details of calculating taxable income and estimated taxes. 2. "Tax/Assets": The assets total is from June 30, 2016. 3. "Tax/Gross Income": Gross income is the sum of accounts 110, 119, 120, 124, 131 and 659 on the call report, reported for Mid-Year 2016. 4. "Tax/Operating Expenses": Operating expense is account 671 on the call report. Formula for Tax Estimates Based on Mid-Year 2016 Call Report To estimate each credit union's taxes for the first half of 2016, we (1) computed taxable income for the year, (2) applied the tax formula to calculate an annual tax figure, (3) multiply this figure by .84 (allowing for tax management practices) to arrive at a more realistic amount. We computed taxable income from data in the NCUA/NASCUS mid-year call report. The numbers in parentheses below refer to "Account Codes" on the call report. 1. CALCULATION OF TAXABLE INCOME Taxable Income = Net Income After Cost of Funds (661a) - Net Chargeoffs (550 minus 551) + Provision for Loan Loss (300) II. CALCULATION OF TAX Annual Taxable Income (TI) Annual Tax Negative Negative 0 - $50,000 0.15 (TI) $50,000 - $75,000 $7,500 + 0.25 (TI-$50,000) $75,000 - $100,000 $13,750 + 0.34 (TI - $75,000) $100,000 - $335,000 $22,250 + 0.39 (TI - $100,000) $335,000 - $10 Mil $113,900 + 0.34 (TI - $335,000) $10 Mil - $15 Mil $3,400,000 + .35 (TI - $10 Mil) $15 Mil - $18.3 Mil $5,150,000 + .38 (TI - $15 Mil) Over $18.3 Mil $6,416,667 + .35 (TI - $18.3 Mil) III. Estimated twelve month taxes = (Annual tax*.84). National Credit Union Tax Bill Estimates Mid-Year 2016 (taxes are annualized) # of %Tax/ %Tax/ %Tax/ Asset Class Credit Unions Tax Assets Net Income Op Exp < 0.5 177 41,113 0.09 78.28 1.87 0.5 - 1.0 129 -17,114 -0.02 21.02 -0.44 1.0 - 2.0 230 -174,870 -0.05 28.61 -1.37 2.0 - 5.0 533 89,262 0.00 3.38 0.13 5.0 - 10.0 644 719,299 0.02 10.15 0.43 10.0 - 20.0 802 6,326,182 0.05 18.93 1.58 20.0 - 50.0 1110 29,133,581 0.08 25.03 2.35 50.0 - 100.0 737 60,226,934 0.11 26.95 3.15 100.0 - 200.0 731 170,809,580 0.15 29.35 4.08 200.0 - 500.0 337 199,439,131 0.17 29.47 4.66 > 500.0 504 2,431,890,578 0.26 30.50 9.30 Total 5,934 2,898,483,676 0.23 30.14 7.55 Alaska Tax Bill Estimate - Mid-Year 2016 For Affiliated (afl=A) and Nonaffiliated (afl=N) Credit Unions (taxes are annualized) % Tax/ % Tax/ % Tax/ CUNA ID Credit Union Name Address City Affiliation Tax Assets Net Income Op Exp 10001 Alaska District Engineers Fcu Po Box 6289 Elmendorf Afb AK A 11854.00 0.09 15.02 10014 Alaska Usa Fcu Po Box 196613 Anchorage AK A 10355245.00 0.16 29.19 10005 Alps Fcu 401 Halibut Point Rd Sitka AK A 57631.00 0.10 29.57 10012 City Of Fairbanks Fcu 502 9th Ave Fairbanks AK A -331.00 -0.02 12.60 10008 Credit Union 1 1941 Abbott Rd Anchorage AK A 1831424.00 0.19 42.44 10007 Denali Fcu 440 E 36th Ave Anchorage AK A 1077055.00 0.17 46.69 10015 Mac Fcu 541 10th Ave Fairbanks AK A 885717.00 0.84 65.22 10022 Matanuska Valley Fcu 1020 S Bailey St Palmer AK A 1253604.00 0.27 30.60 10029 Northern Skies Fcu 400 W Benson Blvd Anchorage AK A 333036.00 0.32 28.61 10016 Spirit Of Alaska Fcu 1417 Gillam Way Fairbanks AK A 226697.00 0.15 31.31 10034 Tongass Fcu 2000 Tongass Ave Ketchikan AK A 136224.00 0.20 29.02 10018 True North Fcu Po Box 34157 Juneau AK A 232326.00 0.17 22.92 Lg Total AK 16400481.00 0.18 32.03 Alabama Tax Bill Estimate - Mid-Year 2016 For Affiliated (afl=A) and Nonaffiliated (afl=N) Credit Unions (taxes are annualized) % Tax/ % Tax/ % Tax/ CUNA ID Credit Union Name Address City Affiliation Tax Assets Net Income Op Exp 10196 1st Resource Cu 47 W Oxmoor Rd Birmingham AL A 76697.00 0.22 29.66 10039 Acipco Fcu Po Box 2727 Birmingham AL A 860317.00 0.58 26.93 10044 Alabama Central Cu Po Box 2327 Birmingham AL A 142851.00 0.11 27.48 10045 Alabama Cu Po Box 862998 Tuscaloosa AL A 1156948.00 0.16 29.28 10095 Alabama Law Enforcement Cu 708 17th St N Birmingham AL A 78054.00 0.78 24.81 10365 Alabama One Cu 1215 Veterans Memorial Pk Tuscaloosa AL A -423686.00 -0.07 89.64 10317 Alabama Postal Cu Po Box 11627 Birmingham AL A 5830.00 0.07 7.27 38142 Alabama River Cu Po Box 907 Monroeville AL A 4519.00 0.02 5.84 10051 Alabama Rural Electric Cu Po Box 240547 Montgomery AL A 14383.00 0.04 25.93 10052 Alabama State Ecu Po Box 231150 Montgomery AL A 495943.00 0.20 32.18 10177 Alabama Teachers Cu Po Box 1400 Gadsden AL A 581629.00 0.22 27.52 10222 America's First Fcu Po Box 11349 Birmingham AL A 2029648.00 0.14 28.50 39079 Andalusia Mills Empl Credit Assoc Fcu 200 Waits Dr Andalusia AL A -3849.00 -0.12 12.49 10066 Apco Ecu Po Box 2288 Birmingham AL A 6576815.00 0.24 28.98 10067 Army Aviation Center Fcu Po Box 8 Daleville AL A 1870814.00 0.16 34.28 10070 Auburn University Fcu Po Box 1610 Auburn AL A 99101.00 0.06 20.35 10356 Avadian Cu Po Box 360287 Birmingham AL A 1064394.00 0.14 34.23 10078 Azalea City Cu 505 Boulevard Park E Mobile AL A 112206.00 0.52 38.48 10098 Blue Flame Cu Po Box 2248 Mobile AL A 5319.00 0.06 14.23 10101 Brassies Cu Po Box 1229 Anniston AL A -1803.00 -0.03 -7.01 10102 Brewton Mill Fcu Po Box 907 Brewton AL A 17638.00 0.08 18.49 34526 Champion Community Cu 16601 County Road 150 Courtland AL A 25078.00 0.05 30.20 39633 Chattahoochee Fcu Po Box 8 Valley AL A 12630.00 0.09 14.12 10272 Chem Family Cu 702 Clydesdale Ave Anniston AL A 2475.00 0.04 12.60 10121 Chemco Cu 1638 Industrial Rd Mc Intosh AL A 604.00 0.01 7.11 10127 City Cu 2302 Jack Warner Pkwy Tuscaloosa AL A 733.00 0.00 4.79 10126 City Of Birmingham General Ecu 708 17th St N Birmingham AL A 75413.00 0.90 26.24 10129 Clarke Educators Fcu Po Box 367 Grove Hill AL A 4395.00 0.12 13.23 10139 Coosa Pines Fcu 33710 Us Hwy 280 Childersburg AL A 572936.00 0.24 27.62 10140 Councill Fcu Po Box 267 Normal AL A -1472.00 -0.05 -127.35 10143 Covington School Fcu Po Box 442 Andalusia AL A 36802.00 0.21 26.39 10147 Craig Cu 1102 Singleton Dr Selma AL A 29428.00 0.24 1121.50 10163 Dch Cu 1008 Veterans Memorial Pk Tuscaloosa AL A 26606.00 0.09 18.91 10156 Demopolis Fcu Po Box 727 Demopolis AL A -587.00 -0.08 10.22 Alabama Tax Bill Estimate - Mid-Year 2016 For Affiliated (afl=A) and Nonaffiliated (afl=N) Credit Unions (taxes are annualized) % Tax/ % Tax/ % Tax/ CUNA ID Credit Union Name Address City Affiliation Tax Assets Net Income Op Exp 36066 Dixie Craft Ecu Po Box 177 Goodwater AL A 3612.00 0.15 75.85 10236 East Alabama Community Fcu Po Box 2588 Opelika AL A 20790.00 0.15 18.78 10226 Eco Cu Po Box 2385 Birmingham AL A 174616.00 0.13 32.10 38897 Evonik Efcu Po Box 868 Theodore AL A 10986.00 0.14 15.96 10179 Family Savings Cu 711 E Meighan Blvd Gadsden AL A 839294.00 0.23 32.24 10122 Family Security Cu 2204 Family Security Pl S Decatur AL A 1568801.00 0.27 30.06 10183 Federal Ecu 1509 4th Ave S Birmingham AL A 22155.00 0.13 26.13 10046 Fedmont Fcu 330 Eastdale Cir Montgomery AL A 8856.00 0.07 18.70 14374 Five Star Cu Po Box 2028 Dothan AL A 1603840.00 0.43 31.21 10187 Florence Fcu Po Box 2817 Florence AL A 47469.00 0.09 22.67 10190 Fort Mcclellan Cu Po Box 5250 Ft Mcclellan AL A 447819.00 0.20 30.39 10292 Four Seasons Fcu 2915 Pepperell Pkwy Opelika AL A 8183.00 0.02 7.30 10068 Guardian Cu 418 Madison Ave Montgomery AL A 868540.00 0.24 39.91 10254 Gulf Coast Fcu 1001 Spring Hill Ave Mobile AL A 5856.00 0.02 12.00 10209 Health Cu 1400 6th Ave S Birmingham AL A 19582.00 0.10 21.38 10077 Heritage South Cu Po Box 128 Sylacauga AL A 188390.00 0.17 28.57 10225 Jefferson Credit Union 5261 Ross Bridge Pkwy Hoover AL A 60965.00 0.09 48.51 10235 Lauderdale County Teachers Cu 103 Mangum St Florence AL A 19613.00 0.07 18.99 10380 Legacy Community Fcu Po Box 55377 Birmingham AL A 550963.00 0.13 29.16 10240 Listerhill Cu Po Box 566 Sheffield AL A 1751167.00 0.25 34.02 10250 Marvel City Fcu Po Box 713 Bessemer AL A 3887.00 0.05 12.71 10255 Mcintosh Chemical Fcu Po Box 198 Mc Intosh AL A 10065.00 0.05 11.31 10048 Mead Coated Board Fcu Po Box 940 Phenix City AL A 97801.00 0.19 35.74 10263 Mobile Educators Cu 3150 Airport Blvd Mobile AL A 111274.00 0.14 25.98 10268 Mobile Postal Ecu Po Box 160776 Mobile AL A 17227.00 0.16 13.95 10271 Monroe Education Efcu 456 S Alabama Ave Monroeville AL A 1849.00 0.04 -21.97 10275 Montgomery Va Fcu 345 Perry Hill Rd Montgomery AL A 2204.00 0.03 24.53 10281 Mutual Savings Cu Po Box 362045 Birmingham AL A 53615.00 0.03 21.69 10248 Naheola Credit Union Po Box 102 Pennington AL A 325546.00 0.39 27.56 10333 New Horizons Cu Po Box 1785 Mobile AL A 337832.00 0.15 34.37 10283 New Pilgrim Fcu Po Box 12927 Birmingham AL A -2833.00 -0.21 13.39 10218 North Alabama Educators Cu Po Box 128 Huntsville AL A 64876.00 0.07 26.51 10113 Northeast Alabama Postal Fcu Po Box 1927 Anniston AL A 24501.00 0.20 21.73 39798 Nrs Community Development Fcu Po Box 130520 Birmingham AL A 909.00 0.09 9.06 Alabama Tax Bill Estimate - Mid-Year 2016 For Affiliated (afl=A) and Nonaffiliated (afl=N) Credit Unions (taxes are annualized) % Tax/ % Tax/ % Tax/ CUNA ID Credit Union Name Address City Affiliation Tax Assets Net Income Op Exp 10288 Nucor Efcu Po Box 680169 Fort Payne AL A 443.00 0.01 17.32 10291 O'neal Credit Union 744 41st St N Birmingham AL A -231.00 -0.01 -1.72 10293 Opp-micolas Cu Po Box 70 Opp AL A -1155.00 -0.01 19.26 10382 Peoples First Fcu Po Box 170280 Birmingham AL A -50204.00 -1.02 24.28 10303 Phenix Pride Fcu 1810 Opelika Rd Phenix City AL A 63744.00 0.73 42.13 10306 Pike Teachers Cu 501 University Ave Troy AL A 241.00 0.00 2.68 10311 Progressive Fcu 1065 Spring Hill Ave Mobile AL A -13176.00 -0.22 40.61