GLOSSARYNovember 18, 2005

The following are acronyms, abbreviations and terms or names used in discussion at the Credit Union. Their meaning may not be obvious to Board and committee members and other volunteers.

501(c)(14)-Non-profit status of the credit union

501(c)(3)- Non-profit, tax-exempt status, as determined by the Internal Revenue Service, that allows organizations to accept tax-deductible gifts. Alternatives Venture Fund has this status.

ACH- Automated Clearing House, electronic deposits or withdrawals

AEO- Association of Enterprise Opportunities, national organization to promote microenterprise

APY: Annual Percentage Yield. Percentage, required by Truth in Savings regulations to be

ARC-Appalachian Regional Commission-potential funder

ATM-Automatic Teller Machine

AVF-Alternatives Venture Fund, the 501(c)(3) (see above) organization of the Alternatives Group. Also ACV, Alternatives Community Ventures, its current name.

based on an institution's compounding method for a 365-day year.

BSA - Bank Secrecy Act - Anti-Money Laundering
OFAC - Office of Foreign Assets Control
CIP/MIP - Customer/Member Identification Program.
CUES - Credit Union Executive Society, which offers online training program
SCU - Student Credit Union

Business CENTS (Community Enterprise Networking and Training Services), our microenterprise program

CAMEL-component ratings for credit union operations. CAMEL stands for Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity/Asset Liability Management

CDBG- Community Development Block Grants, funds from HUD (see below) via the City of Ithaca, that support CEO

CDE–Community Development Entity, certification status from the CDFI Fund (see below) that allows an organization to utilize New Markets Tax Credits. Both the credit union and Alternatives Venture Fund are CDEs..

CDFI- Community Development Financial Institution, a certification Alternatives received from the CDFI Fund at the U.S. Treasury Dept.

CDVCA- Community Development Venture Capital Association, trade group for CD venture funds

CFED- Corporation for Enterprise Development, the major funder for our first IDA program and funder for microenterprise projects

CPD- Cost & Profitability Diagnosis, a tool for determining the financial impact of our programs and services

CPL- Community Partnership Lending, a program in which we partner with local organizations to create designated loan funds

CRA-Community Reinvestment Act, requires banks to report on their activities in providing financial services to low-income communities.

CTR-Currency Transaction Report, submitted to the Federal government

CUMIS-Credit Union Mutual Insurance Society, our bonding agency

CUNA-Credit Union National Association, a lobbying organization and trade group for credit unions

CUSA Technologies-our credit union software

CUSA- Credit Union Services Association, parent organization for our software

CUSO- Credit Union Service Organization

DFD- Dollars for Dreams, one of the names for our student credit union (or, SCU)

disclosed on interest-bearing deposit accounts, that reflects the total interest to be received,

DOR-Document of Resolution, statement from our NCUA Examiner of areas of concern and need for corrective action

EBT-Electronic Benefits Transfer

ECCFCU-Empire Corporate Central Federal Credit Union- a credit union’s credit union

ECLIPS-Empire Cash Letter Item Processing Service, us sending checks to ECCFCU for processing

EDA-Economic Development Administration, potential source of funding

EFT-Electronic Funds Transfer

FHA- Farmers Home Administration, a source of financing for home mortgages

FHLB–Federal Home Loan Bank. We’re a member of the New York FHLB, and they provide matching funds for our First Home Club (FHC) IDA-like program

FINCEN–Financial Crimes Enforcement Network, US Treasury Department

FNMA- Fannie Mae, provider of mortgage products

FSA–Flexible Spending Account

HHS (OCS)- Federal Department of Health & Human Services, Office of Community Services, an funder through their AFI (Assets for Independence) program

HSA–Health Savings Account

HUD- Federal Department of Housing and Urban Development, source of CDBG and other funds

IDA- Individual Development Account, a program of matched savings accounts and financial education

IRA- Individual Retirement Account

IURA- Ithaca Urban Renewal Agency, decision-making body regarding CDBG funds

LIMAC- Local Initiatives Managed Assets Corporation-a vehicle for attracting private capital for community development

LLR- Loan Loss Reserve

MCIF- Marketing Customer Information File

MERIT- Management Enrichment Training Program, provided through CUNA??

MSM(MSRM)-Member Service Manager, supervises the Member Service Reps

MSR- Member Service Representative, our front-line position

MSS–Member Service Specialist

NAFCU- National Association of Federal Credit Unions

NARCUP-National Association of Retired Credit Union (Professionals)?

NCCA- National Community Capital Association (formerly the National Association of Community Development Loan Funds, or NACDLF), a trade organizations of credit unions, loan funds, etc., which provides technical assistance, grants and access to other funders

NCCED- National Corporation for Community Economic Development

NCIF-National Community Investment Fund, a subsidiary of Shorebank and potential investor

NCUA-National Credit Union Administration, our regulatory agency

NCUF–National Credit Union Foundation

NFCDCU- National Federation of Community Development Credit Unions (also known as “the Federation”), as NCCA above, but just for low income credit unions

NIM-Net Interest Margin

NLIHC- National Low Income Housing Coalition

NMTC–New Markets Tax Credit, a program of the CDFI Fund, US Treasury Dept

NOFA- Notice of Funding Availability, for grants and other kinds of income

NYSCUL- New York State Credit Union League (or “the League”), our state organization, does a lot of lobbying and political advocacy

OFAC–Ofice of Foreign Assets Control

OREO-Other real estate owned, generally foreclosures

OWBO-Office of Women’s Business Ownership (within SBA), source of potential funding

PHH- one of our secondary mortgage purchasers (the initials don’t stand for anything)

PRI-Program Related Investments, usually at a low interest rate, to support or encourage development activities

PRIME- federal funding for microenterprise programs, which we used to get

RFP- Request for Proposals, for available funding

ROA-return on assets

RR- Regular reserves

S/W- Sciarabba/Walker, a local accounting firm

SAR-Suspicious Activity Report, submitted to the Federal government

SBA- Small Business Administration, provides grant funding and covers some of the risk on our business loans

SBDC-Small Business Development Center

Secondary capital-an unsecured long-term loan, which is counted as capital by the NCUA until its term is reduced to 5 years, after which its capital value decreases by 20%/year

SENSES-Statewide Emergency Network for Social and Economic Security, an antipoverty, microenterprise and IDA advocacy organization, based in Albany

SIF- Social Investment Forum

SONYMA- State of New York Mortgage Administration (?)

SRI- socially responsible investing

STAR- Staff Training And Recognition, training provided by CUNA

TA- technical assistance, training, consultation and advice

UE- Undivided Earnings

USDA-RDA- U.S. Department of Agriculture, Rural Development Agency, possible partner for home mortgages and business loans

VAP- Volunteer Achievement Program and

VISTA- Volunteers In Service To America, a source of staffing for the credit union

VLP- Volunteer Leadership Program- correspondence courses provided by CUNA?

WOCCU-World Council of Credit Unions