2024-06-28T10:26:33-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 620526770 TEN CREDIT UNION FKA THE TENNESSEE CREDIT UNION TENC 6152441910 1400 8TH AVE SOUTH NASHVILLE TN 37203 RAFAEL RONDON CEO 6152441910 2024-06-28 1 RAFAEL RONDON 999009999 0 JOHN MILLER P02041965 2482443000 2024-06-25 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z X RAFAEL RONDON 1400 8TH AVE SOUTH NASHVILLE TN 37203 19477558 0 X WWW.TENCU.COM X 1950 TN TO PROVIDE SERVICES TO ITS MEMBERS INCLUDING LOAN, CHECKING AND SAVING SERVICES. 9 9 162 13 165991 0 0 0 12829308 15833077 1963940 3644481 0 0 14793248 19477558 72582 58629 0 0 6674034 7650238 0 0 0 8465882 11535431 15212498 19244298 -419250 233260 407626939 430778750 378861788 401746997 28765151 29031753 X TO PROVIDE SERVICES TO ITS MEMBERS INCLUDING LOAN, CHECKING AND SAVING SERVICES. 0 0 AS OF 12/31/23, TEN CREDIT UNION (TENCU) HAS 9 LOCATIONS COVERING A WIDE GEOGRAPHIC AREA OF MIDDLE AND EAST TENNESEE. TTCU OFFERS A WIDE RANGE OF CONSUMER CREDIT AND DEPOSIT PRODUCTS & SERVICES. THESE INCLUDE CREDIT CARDS, SECURED AND UNSECURED TERM AND REVOLVING LOANS, RESIDENTIAL CONSTRUCTION AND PERMANENT MORTGAGE LENDING. TTCU RETAINS MOST MORTGAGE LOANS BUT OCCASIONALLY SELL MORTGAGES TO FNMA AND FHLMC TENCU ENTERED INTO A COMMITMENT WITH METRO AND RETAINS SERVICING. TTCU PROVIDES VALUE SERVICES AS "SUMMER PAY"PROGRAMS, AND SEASONAL SAVINGS ACCOUNTS SUCH AS CHRISTMAS AND VACATION CLUB SAVINGS TO AID OUR CONSUMER MEMBERS IN MANAGING THEIR BUDGETS AND ACHIEVING THEIR FINANCIAL THRIFT OBJECTIVES. KEY DATA AS OF DECEMBER 31, 2023 INCLUDE 9 LOCATIONS, 94 EMPLOYEES, 21,670 MEMBERS, 16,836 LOAN ACCOUNTS AND 39,391 DEPOSIT ACCOUNTS. TENCU ENTERED INTO A COMMITMENT WITH METRO NASHVILLE BOARD OF EDUCATION TO ESTABLISH, PROVIDE EQUIPMENT, FURNISHINGS, EDUCATIONAL TRAINING, AND OPERATIONAL SUPPORT FOR THE ANTIOCH HIGH SCHOOL'S "TEN CREDIT UNION ACADEMY OF BUSINESS AND FINANCE". ADDITIONALLY, TENCU PROVIDES PAID SUMMER INTERNSHIPS TO WORTHY STUDENTS, TRAINING THEM IN OPERATING A LIMITED-SERVICE CREDIT UNION AT THE SCHOOL. DURING 2023, TTCU PROVIDED $48,629 IN RESOURCES SUCH AS INTERNSHIPS, TRAINING, AND EQUIPMENT FOR THE PROGRAM. TENNESSEE SCHOLASTIC ART COMPETITION IS HELD ANNUALLY AT CHEEKWOOD ART AND GARDENS. IN 2023, TENCU CONTRIBUTED $10,000 IN FUNDS TO FINANCE THE COMPETITION AND MAKE ENTRY FEES AFFORDABLE FOR ALL YOUNG COMPETITORS IN THE MIDDLE TENNESSEE AREA. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 14166 0 1 162 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANDRES LLANOS 6157807774 1400 8TH AVE SOUTH NASHVILLE TN 37203 GERALD MARTIN CHAIRPERSON 3.00 X 0 0 0 CHRIS HENSON VICE CHAIRPERSON 3.00 X 0 0 0 ROBERT NELSON TREASURER 3.00 X 0 0 0 ROBERT CHURCHWELL SECRETARY 3.00 X 0 0 0 ALICIA FRIERSON SUPERVISORY COMMITTEE 2.00 X 0 0 0 JAMES REDWINE SUPERVISORY COMMITTEE 2.00 X 0 0 0 LEAH LOVE SUPERVISORY COMMITTEE CHAIR 2.00 X 0 0 0 KATHY WOODS-DOBINS DIRECTOR 3.00 X 0 0 0 CHRISTINA ADKISON DIRECTOR 3.00 X 0 0 0 DOROTHY GUNN DIRECTOR 3.00 X 0 0 0 DREX NEUMANN DIRECTOR 3.00 X 0 0 0 ADAM SALVADOR SUPERVISORY COMMITTEE 2.00 X 0 0 0 CARYN SHELTON SUPERVISORY COMMITTEE 2.00 X 0 0 0 RAFAEL RONDON CEO 45.00 X 322817 0 25790 ANDRES LLANOS CFO 45.00 X 250261 0 23679 MICHAEL ROUSSELL CTMO 45.00 X 169128 0 10669 MARIA EDWARDS COO 45.00 X 145770 0 18068 JOSEPH KNOWLES VP IT 45.00 X 152355 0 1510 FLAVIS BURROUGHS VP REAL ESTATE 45.00 X 214614 0 17288 THOMAS G'FELLERS CLO 45.00 X 141669 0 21799 1396614 0 118803 8 0 1 0 FINASTRA USA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 1353210 FIS PO BOX 4535 CAROL STREAM IL 60194 DATA PROCESSING 419957 SAMAHA & ASSOCIATES INC 2020 N BAYSHORE DR UNIT 3003 MIAMI FL 33137 CONSULTANT 244900 DAVENPORT GROUP INC PO BOX 785 FRANKEWING TN 38459 IT DATA EQUIPMENT 129529 MAD SECURITY 7067 OLD MADISON PIKE NW STE 110 HUNTSVILLE AL 35806 IT SECURITY 123969 5 INTEREST ON LOANS 522100 12127203 12127203 FEES, CHARGES AND OTHER REVENUE 522100 3539883 3539883 FINANCE AND INSURANCE 520000 165991 165991 15833077 3644481 3644481 19477558 19311567 165991 0 X 58629 622547 5261874 550803 786860 428154 338213 47489 93378 180871 904234 585277 1167443 67201 139657 3990522 691357 114100 PROVISION FOR LOAN LOSS 1460365 ATM EXPENSE 950532 LOAN SERVICING EXPENSE 411947 BANK SERVICE CHARGES 189226 203619 19244298 1633044 1404841 16649868 18812932 249382295 270516287 1355197 1189739 21265606 10424609 11214467 10840997 112986052 115058075 8257933 5379622 6148083 7576257 407626939 430778750 1681906 4127193 377179882 397619804 378861788 401746997 X 0 0 0 0 28765151 29031753 28765151 29031753 407626939 430778750 X 233260 33342 X X 0 1 X 1 0 4033090 4033090 12971957 6683194 6288763 68957 68954 3 4191602 3672461 519141 10840997 MEMBERSHIP SHARES 397619804 397619804 X 19477558 0 19477558 0 19477558 19244298 0 19244298 0 19244298 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX AS FURTHER DISCUSSED IN NOTE 12. THE CREDIT UNION'S WHOLLY-OWNED SUBSIDIARY, HOWEVER, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. OPERATIONS OF THE WHOLLY-OWNED SUBSIDIARY RESULTED IN NO INCOME TAXES FOR THE YEARS ENDED 2023 AND 2022. THE CREDIT UNION HAS ADOPTED ASC 740, INCOME TAXES (ASC 740), WHICH PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. ASC 740 ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT EVALUATES THE TAX POSITIONS TAKEN ON TAX FILINGS AND CONSULTS WITH OUTSIDE PROFESSIONALS IN EVALUATING THE LIKELIHOOD OF UNFAVORABLE RESULTS FROM ANY SUCH TAX POSITIONS. THE CREDIT UNION WILL RECOGNIZE TAX PENALTIES AND RELATED INTEREST IN INCOME TAX EXPENSE IN THE PERIOD IN WHICH MANAGEMENT ESTIMATES IT LIKELY THAT A LIABILITY FOR SUCH ITEMS HAS BEEN INCURRED. THE TAX YEARS FROM 2020 AND FORWARD REMAIN OPEN TO TAX AUDITS. 1 ANTIOCH HIGH SCHOOL 1901 HOBSON PK ANTIOCH TN 37013 620717138 501(C)(3) 48629 0 SPONSORSHIP CHECKWOOOD MUSEUM 1200 FOREST PARK DR NASHVILLE TN 37205 620627921 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 2 0 SCHEDULE I, PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THERE IS NO MONITORING OF RECIPIENTS' USAGE OF THE FUNDS SUBSEQUENT TO THE ISSUANCE OF THE FUNDS BY THE CREDIT UNION. X 1 1 X X X 0 0 0 RAFAEL RONDON CEO 316855 0 0 0 5962 0 21200 0 4590 0 348607 0 0 0 ANDRES LLANOS CFO 245069 0 0 0 5192 0 12084 0 11595 0 273940 0 0 0 FLAVIS BURROUGHS VP REAL ESTATE 135470 0 79144 0 0 0 15023 0 2265 0 231902 0 0 0 MICHAEL ROUSSELL CTMO 165955 0 0 0 3173 0 9159 0 1510 0 179797 0 0 0 MARIA EDWARDS COO 143955 0 0 0 1815 0 10634 0 7434 0 163838 0 0 0 THOMAS G'FELLERS CLO 140227 0 0 0 1442 0 10204 0 11595 0 163468 0 0 0 JOSEPH KNOWLES VP IT 152355 0 0 0 0 0 0 0 1510 0 153865 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL WHO OPENS A SHARE/SAVINGS ACCOUNT BECOMES A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B A THIRD-PARTY CPA FIRM IS RETAINED TO ASSIST IN THE PREPARATION AND ELECTRONIC FILING OF FORM 990. A DRAFT RETURN IS REVIEWED BY THE CEO, CFO, AND VP OF FINANCE FOR ACCURACY PRIOR TO FILING. SUBSEQUENT TO FILING, A COPY OF FORM 990 IS MADE AVAILABLE TO MEMBERS OF THE BOARD OF DIRECTORS UPON THEIR REQUEST. FORM 990, PART VI, SECTION B, LINE 12C UPON HIRING, EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE REVIEW OF THE EMPLOYEE HANDBOOK WHICH INCLUDES THE CREDIT UNION'S CONFLICT OF INTEREST POLICIES. THEREAFTER, EMPLOYEES ARE ALSO REQUIRED TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS WHO ARE INDEPENDENT. OTHER OFFICERS' COMPENSATION IS DETERMINED BY THE CEO. A THIRD-PARTY COMPENSATION CONSULTANT IS UTILIZED IN ASSISTING THE BOARD OF DIRECTORS AND MANAGEMENT IN SETTING APPROPRIATE COMPENSATION FOR ITS EMPLOYEES THAT IS COMMENSURATE WITH CREDIT UNIONS OF SIMILAR ASSET SIZE AND COMPLEXITY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE AT ANNUAL SHAREHOLDER MEETINGS AND ARE AVAILABLE UPON REQUEST. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 24E OTHER MISCELLANEOUS EXPENSES 159,306. FRAUD EXPENSE 44,313. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT OBLIGATION 508,247. NET CHANGE IN POST-RETIREMENT BENEFIT OBLIGATION -39,905. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -435,000. FORM 990, PART XII, LINE 2B THE CREDIT UNION'S AUDITED FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023, WERE REPORTED ON A CONSOLIDATED BASIS. HOWEVER, THE CREDIT UNION'S SUBSIDIARY HAD NO ACTIVITY DURING THE YEAR ENDED DECEMBER 31, 2023, AS A RESULT OF BEING INACTIVE SINCE 2017. THE CREDIT UNION HAS MAINTAINED THE SHELL OF THE SUBSIDIARY CORPORATION SHOULD MANAGEMENT DECIDE THAT ACTIVITY WILL RESUME IN THE FUTURE. AS A RESULT, THE CONSOLIDATED FINANCIAL STATEMENT PRESENTATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023, WAS IDENTICAL TO THAT OF A SEPARATE (CREDIT UNION ONLY) PRESENTATION. THEREFORE, SCHEDULE D, PARTS XI AND XII WERE COMPLETED. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. CUCORP INC 1400 8TH AVE S NASHVILLE TN 37203 621222556 MORTGAGE LOANS TN TENCU C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0