Issue link: http://www.epageflip.net/i/964842
JM Associates Federal Credit Union Notes to the Financial Statements NOTE 4: PREMISES AND EQUIPMENT Premises and equipment consist of the following: September 30, 2017 September 30, 2016 Furniture and equipment $ 188,142 $ 440,679 Leasehold improvements 26,075 10,449 214,217 451,128 Less accumulated depreciation and amortization (200,445) (421,833) Premises and equipment, net $ 13,772 $ 29,295 NOTE 5: MEMBERS' SHARE AND SAVINGS ACCOUNTS Members' share and savings accounts consist of the following: September 30, 2017 September 30, 2016 Share draft accounts $ 16,282,747 $ 14,195,796 Money market accounts 50,611,912 47,792,999 Share accounts 20,605,778 20,042,695 Certificate accounts 9,289,602 9,918,309 Total $ 96,790,039 $ 91,949,799 The aggregate amount of certificate accounts in denominations of $250,000 or more were approximately $1,927,000 and $1,898,000 as of September 30, 2017 and 2016, respectively. As of September 30, 2017, scheduled maturities of certificate accounts are as follows: Year Ending September 30, Amount 2018 $ 3,778,355 2019 1,978,411 2020 1,835,538 2021 757,414 2022 933,997 2023 5,887 Total $ 9,289,602 The National Credit Union Share Insurance Fund insures members' shares up to $250,000. This includes all account types, such as savings, checking, money market, and certificates of deposit. Individual Retirement Account coverage is an additional $250,000. NOTE 6: EMPLOYEE BENEFITS Employees of the Credit Union are participants in the JM Family Enterprises, Inc. pension plans. The plans include a contributory defined contribution pension plan, a non-contributory defined benefit pension plan, and a non-contributory profit sharing plan. It is not possible to determine the net pension expense for the Credit Union for the years ended September 30, 2017 and 2016, or to present separately the actuarial present value of benefit obligations or the net assets available for 26 JM Associates Federal Credit Union • jmafcu.org