New Rules, Same Ways To Reduce Your 2022 Tax Bill

NCUA Call Report Changes In March 2023

by Racheal AlveyMar 26, 2023Accounting for Credit Unions

The National Credit Union Administration 5300 Call Reports are quarterly listings of summarized accounts collected from all federally insured credit unions. These must be filed about 30 days after the end of each quarter—so before you file, make sure that you make note of the changes implemented in March 2023.

WHAT’S CHANGED ON THE FORM?

Removed reference to the early adoption period for Accounting Standards Codification Topic 326: Financial Instruments – Credit Losses (CECL), which ended December 15, 2022.
Added 2023 CECL adoption dates and net worth adjustment amount. If your credit union chooses to implement CECL during the first quarter of 2023 and records a decline in net worth due to the adoption, please do the following:
- Select 1/1/2023, 2/1/2023, or 3/1/2023 from the Account NW0001 drop-down menu.
- Enter the absolute value of the change in net worth in Account NW0002.
Clarified that the change in fair value of hedged items should be reported in Account IS0047.
Retired collection of Account IS0026.
Modified sections 4 and 5 of Schedule C to improve reporting of Borrowings.

There are no changes to the Profile Form this quarter. You can see a full list of changes here.

WHAT ABOUT CUONLINE?

CUOnline is a web-based program used by credit unions and state supervisory agencies to submit and certify operational and quarterly financial information to the NCUA. CUOnline contains two sections: the Profile and the Call Report.ⁱ

MULTI-FACTOR AUTHENTICATION, USER MAINTENANCE AND SECURITY

Starting with the March cycle, CUOnline user administration will be accessed through the NCUA Connect portal. To complete registration, CUOnline users should look for an email from noreply@okta before the March Call Report cycle begins. CUOnline user accounts will be created for credit union users that existed prior to March 15, 2023. After April 1, 2023, the NCUA Connect Administrator will be responsible for adding and removing user accounts and assigning application roles. For more information, access the User Guide for NCUA Connect here.

The NCUA will confirm your CUOnline submission by sending two emails shortly after accepting your Call Report:

The first email includes the time-date stamp of the submission
The second email includes an automatically generated financial performance report

These emails are sent to the Call Report contacts listed in the Contacts tab of the Profile.

REMINDER

You must certify the Profile before updated contacts will start receiving appropriate email notifications. It may take up to three weeks before the new or updated email addresses begin receiving notifications.

QUESTIONS? WE CAN HELP.

The deadline to file your Call Report and Profile update is April 30, 2023 at 11:59:59 PM Eastern. If you need help navigating these changes, contact us here.

(985) 727-9924

RESOURCES

[i] https://ncua.gov/regulation-supervision/regulatory-reporting/cuonline

Do This, Not That: Common Social Security Mistakes

by Stephen Griffin | April 28, 2023 | Tax Accounting | 0 Comments

Social Security is an important benefit for Americans—and yet, many do not fully understand the strategy that goes into managing Social Security income. The Harris Poll and the Nationwide Retirement Institute recently found that only 54% of Americans who are not...

New Rules, Same Ways To Reduce Your Tax Bill

by Stephen Griffin | February 27, 2023 | Tax Accounting | 0 Comments

With new and changing laws every year, it is increasingly easy for taxpayers to overlook deductions and credits that may reduce their tax liability. This year, we want to highlight the American Plan Rescue Act of 2021—which fleetingly increased specific tax credits...

CPA Firm, Griffin & Furman, Expands Footprint in Louisiana

by Griffin & Furman | October 5, 2022 | Accounting for Business, Accounting for Credit Unions, Accounting for Local Government, Accounting for NonProfits, Accounting for State Retirement Systems, Tax Accounting | 0 Comments

Baton Rouge, Louisiana (October 6, 2022) – Griffin & Furman, LLC, certified public accounting firm, is expanding its footprint in Louisiana with the addition of a Baton Rouge office. Effective September 16, 2022, Michael R. Choate and Company CPAs merged into...

Two Promotions at Griffin & Furman!

by Stephen Griffin | August 16, 2022 | Accounting for Business, Accounting for Credit Unions, Accounting for Local Government, Accounting for NonProfits, Accounting for Small Business, Tax Accounting | 0 Comments

Thanks to their individual initiative, two of our team members have recently received promotions within Griffin & Furman. We strive to recognize leadership in our team members, and because of their enterprising spirits, we have recently promoted Linda Alford to...

Prepare Now for Next Year’s Tax Bill

by Jessica Benjamin | August 10, 2022 | Tax Accounting | 0 Comments

Reviewing your taxes should be an on-going habit to manage next year’s income tax liability and to discover any surprises. Looking over your taxes and finances in Summer generally still leaves you time to adjust and implement strategies to improve next year’s filing....