Coop Credit Union

“The credit union is exempt, under irc 501 (c) 14, from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been deemed by the internal revenue service (irs), in technical advice memorandums (tams) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the technical advice memorandums, the net taxable income from these products and services would be subject to income taxes. Credit unions have litigated against the irs positions noted in the tams and have been successful in having courts declare in 2009 and 2010 that revenue from insurance products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the irs position in the tams. The credit union has filed tax returns in the past for activities it has deemed taxable and has a minimal net operating loss carryforward. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, andy liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the credit union's exempt purpose is not expected to have a material effect on the credit union's financial position or results of operations. The credit union evalutated its tax positions and determined no uncertain tax positions exist as of march 31, 2017 and 2016. The credit union is no longer subject to examination by federal and state taxing authorities for years before 2013.”

“Timing difference between reporting period of audit (12 months ending 1,243,163. 3/31/2017) and the reporting period of the form 990 (12 months ending 12/31/2017)”

“Timing difference between reporting period of audit (12 months ending 1,735,114. 3/31/2017) and the reporting period of the form 990 (12 months ending 12/31/2017)”