2024-09-04T10:22:35-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2024-09-03 1 0 ROBERT PARKS CPA P00740435 2482443000 2024-09-03 2023 2024-08-08 14:25:15Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 122362301 0 X WWW.CCUKY.ORG X 1951 KY VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE." 11 10 410 15 246628 0 0 0 86659024 107156811 7265952 12097960 3213278 3107530 97138254 122362301 240500 298654 0 0 31344979 35915103 0 0 0 47925077 75326924 79510556 111540681 17627698 10821620 2025445100 2210286474 1839505682 2001436685 185939418 208849789 X THE CREDIT UNION'S VISION IS "GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE." COMMONWEALTH PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. 0 0 SHARES:THE CREDIT UNION HAS 307,083 SHARE ACCOUNTS AGGREGATING OVER $1.9 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES. LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.63 BILLION. THE CREDIT UNION HAS 102,941 LOAN ACCOUNTS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS. MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 123,669 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 51475 0 1 410 1 1 1 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X KAREN HARBIN CEO 5025644775 417 HIGH STREET FRANKFORT KY 40601 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 40.00 X X 1051090 0 288346 ROBIN ELLIS TREASURER 1.00 X 7551 0 0 JOSEPH BREWER BOARD OF DIRECTORS 1.00 X 900 0 0 DONNIE RODGERS II VICE CHAIRPERSON 1.00 X 2526 0 0 REGINA GRUBBS BOARD OF DIRECTORS 1.00 X 2923 0 0 THOMAS RANDY FAWNS CHAIRPERSON 1.00 X 6461 0 0 MARY FOSTER BOARD OF DIRECTORS 1.00 X 5686 0 0 JAMES CHADWELL BOARD OF DIRECTORS 1.00 X 5223 0 0 KAY JONES BOARD OF DIRECTORS 1.00 X 0 0 0 KENNETH BLACKWELL BOARD OF DIRECTORS 1.00 X 0 0 0 KELLY SMITH BOARD OF DIRECTORS 1.00 X 0 0 0 STEPHEN BELLAS CFO 40.00 X 392953 0 111695 DAVID YOUNG EXECUTIVE VICE PRESIDENT 40.00 X 936481 0 171550 DOUGLAS GRAHAM CHIEF INNOVATION & STRATEGY OFFICER 40.00 X 351793 0 103385 JAYNEL CHRISTENSEN CHIEF GROWTH OFFICER 40.00 X 340161 0 122791 MATTHEW STEWART SVP OF COMMERCIAL SERVICES 40.00 X 242126 0 20844 KAREN MAXFIELD CHIEF PEOPLE OFFICER 40.00 X 447323 0 137413 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFFICER 40.00 X 289930 0 38075 4083127 0 994099 42 0 1 0 MARRILLIA INTEREST LLC 794 MANCHESTER ST LEXINGTON KY 40508 DESIGN AND CONSTRUCTION 2672633 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING SERVICES 2235964 AMPLIFI LOYALTY SOLUTIONS LLC 1240 EAST DIEHL RD STE 400 NAPIERVILLE IL 60563 CREDIT CARD POINT REDEMPTIONS 1921244 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SYMITAR PROGRAMMING & MAINTENANCE 1559817 CROSSHAIR MEDIA PLACEMENT LLC 9300 SHELBYVILLE RD STE 915 LOUISVILLE KY 40222 RADIO, TV, OUTDOOR AND PRINT MARKETING 1369755 57 INTEREST ON LOANS 522100 82025797 82025797 INTERCHANGE INCOME 522100 13619268 13619268 FEE INCOME 522100 10679205 10679205 OTHER INCOME 522100 585913 585913 FINANCE AND INSURANCE 520000 246628 246628 107156811 12097960 12097960 INS COMM MEMBER SERVICE 522100 3107530 3107530 3107530 122362301 122115673 246628 0 X 290654 8000 2518741 23399664 3415818 4924464 1656416 337885 159982 996508 1720188 4653935 4876388 3642949 213656 239778 27598961 6029012 142951 PROVISION FOR LOAN LOSS 9483459 PROCESSING FEES 6592972 CREDIT CARD REWARDS 4014574 LOAN SERVICING 2769173 1854553 111540681 14965742 16741981 122412299 163898081 10211787 8562247 17651809 17858335 1469262627 1613607543 2448557 3061013 75978975 31613902 43573766 44365073 236716564 239023879 51867296 49373921 11006679 5177285 45327974 48617116 2025445100 2210286474 41741565 40742051 60000000 60000000 1737764117 1900694634 1839505682 2001436685 X 0 0 0 0 185939418 208849789 185939418 208849789 2025445100 2210286474 X 10821620 10532549 1556202 X X 0 1 X 1 0 5965502 5965502 46539650 16800851 29738799 1996478 115234 1881244 19615400 14019445 5595955 1861945 678372 1183573 44365073 SHARE 596488827 IRAS/CERTIFICATES 21351419 MONEY MARKET 196168146 SHARE DRAFT 310631608 CERTIFICATE OF DEPOSIT 776054634 1900694634 X 129389876 7027575 7027575 122362301 0 122362301 111540681 0 111540681 0 111540681 PART X, LINE 2: INCOME TAXES: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 50340 135613797 501(C)(3) 37000 0 GALA AND SPONSORSHIP AMERICAN RED CROSS 1450 NEWTOWN PIKE LEXINGTON KY 40511 530196605 501(C)(3) 55500 0 DISASTER BLASTER, CORPORATE SPONSORSHIP DOWNTOWN FRANKFORT INC PO BOX 1664 FRANKFORT KY 40602 611166989 501(C)(3) 7500 0 2023 CANDLELIGHT WEEKEND SPONSOR FRANKFORT AREA CHAMBER OF COMMERCE 484 CHENAULT ROAD FRANKFORT KY 40601 610418361 501(C)(6) 9925 0 SPONSORSHIP HARRODSBURG FIRST INC 1005 MAIN ST HARRODSBURG KY 40330 611246455 501(C)(3) 8500 0 OKTOBERFEST CUP SPONSORSHIP KENTUKY DERBY FESTIVAL INC 1001 SOUTH THIRD ST LOUSIVILLE KY 40203 610713833 501(C)(4) 35000 0 SPONSORSHIP KENTUKY FINANCIAL EMPOWERMENT COMMISSION 1050 US HWY 127 SOUTH STE 100 FRANKFORT KY 40601 843265189 501(C)(3) 57125 0 2023 ANNUAL KFEC PLEDGE MAKE-A-WISH FOUNDATION 710 EAST MAIN ST LEXINGTON KY 40502 341471131 501(C)(3) 32000 0 PARTNERSHIP SHRINERS CHILDREN'S LEXINGTON 110 CONN TERRACE LEXINGTON KY 40508 362193608 501(C)(3) 8779 0 SPONSORSHIP WOODFORD COUNTY CHAMBER OF COMMERCE 126 S MAIN STREET VERSAILLES KY 40383 611033363 501(C)(6) 9325 0 CHARITABLE CONTRIBUTION YOUNG MEN'S CHRISTIAN ASSOCIATION OF CENTRAL KY DBA YMCA OF CENTRAL KY 381 WEST LOUDON AVE LEXINGTON KY 40508 610444842 501(C)(3) 30000 0 SPONSORSHIP 8 3 SCHOLARSHIPS 4 8000 PART I, LINE 2: THESE ARE PHILANTHROPIC CONTRIBUTIONS, NOT GRANTS. THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. COMMONWEALTH CREDIT UNION'S SCHOLARSHIP PROGRAM HAS FUELED THE POST-SECONDARY EDUCATIONAL DREAMS OF FIRST-GENERATION COLLEGE STUDENTS, NATIONAL MERIT FINALISTS, AND THOSE IN BETWEEN. EACH SCHOLARSHIP RECIPIENT MUST PROVIDE A VIDEO SHOWING THEIR DESIRES TO BETTER THEIR LIVES, BOTH NOW AND IN THE FUTURE, AS WELL AS SHARE THEIR INSIGHTS INTO BANKING EXPERIENCES FOR YOUNG ADULTS. ELIGIBILITY IS SUBJECT TO AN AVERAGE MINIMUM GPA OF 2.0. VIDEO SUBMISSIONS ARE JUDGED BY AN EXTERNAL PANEL OF PROFESSIONALS FROM THE AREAS WE SERVE IN ADVOCACY AND ADVANCEMENT, MEDIA MANAGEMENT, ADVERTISING AND MARKETING, AND COMMUNITY INVOLVEMENT. BY FOCUSING ON THOSE STUDENTS LIVING OUR PURPOSE OF BETTERING LIVES IN THE COMMUNITIES WE SERVE RATHER THAN ACT SCORES AND GPAS, WE ALLOW MORE STUDENTS TO BE ELIGIBLE AND DEMONSTRATE OUR FOCUS ON LIVING THE CREDIT UNION PHILOSOPHY OF PEOPLE HELPING PEOPLE. BEING THE PRIMARY ACCOUNT HOLDER ON A COMMONWEALTH CREDIT UNION ACCOUNT IS A REQUIREMENT TO QUALIFY. THEREFORE, EVERY STUDENT WHO HAS AN OPPORTUNITY TO WIN IS ALSO A MEMBER. X 1 0 X X X X 0 1 0 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 856982 0 194108 0 0 0 270021 0 18325 0 1339436 0 0 0 DAVID YOUNG EXECUTIVE VICE PRESIDENT 400813 0 71024 0 464644 0 166968 0 4582 0 1108031 0 464644 0 KAREN MAXFIELD CHIEF PEOPLE OFFICER 387959 0 59364 0 0 0 124671 0 12742 0 584736 0 0 0 STEPHEN BELLAS CFO 322140 0 70813 0 0 0 86764 0 24931 0 504648 0 0 0 JAYNEL CHRISTENSEN CHIEF GROWTH OFFICER 271289 0 68872 0 0 0 102706 0 20085 0 462952 0 0 0 DOUGLAS GRAHAM CHIEF INNOVATION & STRATEGY OFFICER 279473 0 72320 0 0 0 85129 0 18256 0 455178 0 0 0 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFFICER 228814 0 61116 0 0 0 13550 0 24525 0 328005 0 0 0 MATTHEW STEWART SVP OF COMMERCIAL SERVICES 202648 0 39478 0 0 0 10587 0 10257 0 262970 0 0 0 PART I, LINE 1A A PER DIEM IS PAID FOR MEALS FOR BOARD MEMBERS' TRAVEL COMPANIONS. PART I, LINE 4B THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. DAVID YOUNG'S W-2 COMPENSATION REPORTED IN COLUMN B(III) OF SCH J INCLUDES A 457(B) BENEFIT DISTRIBUTION. THE EXECUTIVE'S ANNUAL 457(B) DEFERRALS WERE REPORTED AS A COMPONENT OF BOX 5 COMPENSATION WITHIN PRIOR YEARS' FORMS W-2. SPECIFICALLY, SINCE BOX 5 HAS HISTORICALLY EXCEEDED THE DOLLAR AMOUNT REPORTED IN BOX 1, THE COMPENSATION RELATIVE TO THE 457(B) DISTRIBUTION ($464,644) INCLUDED IN 2023 COMPENSATION, HAS ALREADY BEEN REPORTED AS W-2 COMPENSATION IN PRIOR YEARS' FORMS 990 AS IT WAS BEING DEFERRED BY THE EMPLOYEE. IN 2023, THE COMPENSATION AMOUNT REPORTED IN FORM 990 REPRESENTS THE AMOUNT REPORTED IN BOX 1 OF FORM W-2. THAT IS, BOX 1 COMPENSATION EXCEEDED THE AMOUNT REPORTED IN BOX 5 FOR THE FIRST TIME, AS A RESULT OF THE DISTRIBUTION OF DAVID YOUNG'S 457(B) BENEFIT. KAREN HARBIN PRESIDENT/CEO SUPPLEMENTAL RETIREMENT BENEFIT X 10377589 11044400 0 1 1 STEVE BELLAS CHIEF FINANCIAL OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 4287637 4518719 0 1 1 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 2177841 2295216 0 1 1 17858335 SCH L, PART II THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 123,669 MEMBERS OF THE CREDIT UNION. ELIGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS AS FOLLOWS: IF A PERSON OR SOMEONE THEY ARE RELATED TO LIVES, WORKS, WORSHIPS, ATTENDS SCHOOL OR VOLUNTEERS IN THE KIPDA AND BLUEGRASS REGIONS, WHICH INCLUDES THE FOLLOWING 25 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, OWEN, POWELL, SCOTT, SHELBY, SPENCER, TRIMBLE, AND WOODFORD. FORM 990, PART VI, SECTION A, LINE 7A COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN MARCH OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OR MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO APPROVAL BY THE MEMBERS AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE FORM PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED QUESTIONS FROM THE BOARD DURING THE REVIEW OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C A STATEMENT OF THE CREDIT UNION'S COMPLIANCE WITH KENTUCKY REVISED STATUE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY KRS290.195 WHICH PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATES PARTICIPATE IN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCE DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. FORM 990, PART VI, SECTION B, LINE 15 INTEGRITY HR IS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARIES, LEVELS, AND OVERALL COMPENSATION. INTEGRITY HR USES SEVERAL SOURCES OF COMPARABLE DATA INCLUDING CUNA SALARY SURVEYS, AS WELL AS LOCAL, REGIONAL AND NATIONAL SALARY DATA. IN ADDITION TO INTEGRITY HR, CARDWELL CONSULTANTS WAS ALSO USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT COMPENSATION REVIEW OF EXECUTIVE POSITIONS. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED ON A REQUEST BASIS TO THE PUBLIC. FORM 990, PART IX, LINE 24E MISCELLANEOUS 1,128,426. U OF L PARTNERSHIP 489,235. EDUCATION 236,892. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN 6,243,517. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -4,687,315. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.