2024-08-28T13:22:53-05:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 420190489 COLLINS COMMUNITY CREDIT UNION COLL 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 3193939000 2024-08-27 1 0 JENIFER L CHASE P01306883 5638884000 2024-08-27 2023 2024-08-08 14:25:15Z SANDRA VAUGHAN PO BOX 10500 CEDAR RAPIDS IA 52410 91611972 0 X WWW.COLLINSCU.ORG X 1940 IA OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 9 8 344 9 1060284 0 0 0 72190292 81046972 4692858 8098197 3020947 0 79904097 89145169 211456 247007 0 0 29066832 21828947 0 0 0 45777911 67024246 75056199 89100200 4847898 44969 1651469232 1623197471 1557083044 1524502623 94386188 98694848 OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 0 0 COLLINS COMMUNITY CREDIT UNION PROVIDES A FULL RANGE OF FINANCIAL PRODUCTS AND SERVICES TO ANYONE WHO LIVES OR WORKS IN BLACK HAWK, DUBUQUE, LINN, JOHNSON, POLK AND THE SURROUNDING COUNTIES. SERVICES INCLUDE, BUT ARE NOT LIMITED TO, FINANCIAL DEPOSITS AND LOAN AND SERVICE ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 1 1 1 1 0 1 54544 0 1 344 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 1 1 1 0 X FINANCE DEPARTMENT - COLLINS CCU 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 ECHO BATSON BOARD MEMBER 1.00 X 0 0 0 JON BUSE VICE CHAIRPERSON 1.00 X X 0 0 0 KARL CASSELL FINANCIAL OFFICER 1.00 X X 0 0 0 HEATHER FRIEDMAN SECRETARY 1.00 X X 0 0 0 SUSAN NELSON BOARD MEMBER 1.00 X 0 0 0 ALEJANDRO PINO BOARD MEMBER 1.00 X 0 0 0 JEREMY PRICE BOARD MEMBER 1.00 X 0 0 0 MARSHA SCHULTE CHAIRPERSON 1.00 X X 0 0 0 RUE PATEL BOARD MEMBER 1.00 X 0 0 0 STEFANIE RUPERT FORMER PRESIDENT/CHIEF EXECUTIVE OFFICER 40.00 X 455208 0 43188 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 40.00 X 272475 0 42611 SANDRA VAUGHN INTERIM CHIEF EXECUTIVE OFFICER 40.00 X 245311 0 32774 WILLIAM PARKINSON PRESIDENT PREFUNDING CUSO 40.00 X 267937 0 34405 JOHN LEWIS VICE PRESIDENT IT/FACILITIES 40.00 X 211640 0 38280 RANDY JOHNSON SENIOR VP COMMERCIAL SERVICES 40.00 X 269043 0 117687 CHAD KELLOG VP COMMERICAL SERVICES 40.00 X 231298 0 89378 ERICSON HILBUN FORMER DIRECTOR WEALTH MANAGEMENT 40.00 X 206014 0 40214 THOMAS AXVIG MORTGAGE LOAN OFFICER 40.00 X 197261 0 36842 JEFFREY HINES VP COMMERICAL SERVICES 40.00 X 203286 0 130503 MICHAEL FLETCHER VP COMMERICAL SERVICES 40.00 X 186991 0 99964 2746464 0 705846 33 0 1 0 FREW DEVELOPMENT GROUP LLC 2811 WILEY BLVD SW SUITE K CEDAR RAPIDS IA 52404 CONSTRUCTION 8491206 FISERV 75 REMITTANCE DR SUITE 1649 CHICAGO IL 606751649 EXTERNAL DATA PROCESSING 3027733 SHAZAM 6700 PIONEER PARKWAY JOHNSTON IA 50131 EXTERNAL DATA PROCESSING 682839 PLAID SWAN INC PO BOX 1623 DUBUQUE IA 52002 ADVERTISING 599041 BRADLEY & RILEY PC 2007 FIRST AVENUE SE PO BOX 2804 CEDAR RAPIDS IA 52406 LEGAL 561041 35 INCOME ON LOANS 522100 59333310 58352097 981213 FEES/CHARGES/OTHER INCOME 522100 21713662 21634591 79071 81046972 9252235 9252235 1312765 2466803 -1154038 -1154038 -1154038 89145169 79986688 1060284 8098197 237007 10000 2030560 60996 14668078 2318804 1558301 1192208 315505 411180 3093342 1000794 3805604 1853485 3634062 87778 10900 10824928 3691799 288220 DIVIDENDS PAID TO MEMBE 24362835 LOAN SERVICES 9904144 DEBIT AND CREDIT EXPENS 1430895 ATM EXPENSE 723111 1585664 89100200 12583582 9166212 39300021 86364939 1000 750 14451832 17831807 1286073280 1214170128 6207758 5138910 94927145 27420629 58489799 67506516 133503804 124198442 37260232 37196560 6507293 6296753 57090631 55326454 1651469232 1623197471 19777270 11624937 10720996 9777306 236497622 217573179 1290087156 1285527201 1557083044 1524502623 X 0 0 0 0 94386188 98694848 94386188 98694848 1651469232 1623197471 X 44969 3415010 848681 X X 0 1 X 1 0 0 1 X 10869838 10869838 49073324 10124627 38948697 17124197 4297234 12826963 16080613 11711007 4369606 1779173 1287761 491412 67506516 SHARE ACCOUNTS 214063953 MONEY MARKET ACCOUNTS 304638798 IRA 8262044 SHARE DRAFT ACCOUNTS 320425843 CD AND IRA CD 436823580 DUE TO CUSOS 1312983 1285527201 X PART IV, LINE 2B: COLLINS COMMUNITY CREDIT UNION COLLECTS AMOUNTS FROM MEMBERS WITH REAL ESTATE LOANS EACH MONTH VIA THEIR CONTRACTUAL PAYMENT SCHEDULE. THESE FUNDS ARE HELD IN ESCROW UNTIL THEY NEED TO BE DISBURSED IN ACCORDANCE WITH THE ESCROW INSTRUCTIONS FOR EACH MEMBER. AMOUNTS HELD IN ESCROW ARE FOR PROPERTY TAXES AND HOMEOWNER'S INSURANCE. PART X, LINE 2: COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION SERVICE ORGANIZATIONS (CUSO) ARE ORGANIZED AS LIMITED LIABILITY COMPANIES (LLCS). THE HOLDING COMPANY HAS BEEN ORGANIZED AS A SINGLE-OWNER LLC AND IS CONSIDERED A DISREGARDED ENTITY FOR TAX PURPOSES. THE CREDIT UNION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) 740, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN, SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CREDIT UNION MAY RECOGNIZE THE TAX BENEFITS FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES, BASED ON TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE BEING MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. THIS STANDARD DID NOT HAVE AN IMPACT ON THE FINANCIAL STATEMENTS AND THE CREDIT UNION BELIEVES IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. 0 JDRF INTERNATIONAL 200 VESEY STREET 28TH FLOOR NEW YORK NY 10281 231907729 501(C)(3) 7500 0 JDRF SPONSORSHIP MARION ECONOMIC DEVELOPMENT COMPANY 1225 6TH AVENUE STE 100 MARION IA 52302 421318828 501(C)(6) 6050 0 GENERAL SUPPORT IOWA CITY DOWNTOWN DISTRICT 103 COLLEGE ST IOWA CITY IA 52240 421376887 501(C)(6) 10772 0 GENERAL SUPPORT 1 2 SCHOLARSHIPS 3 10000 PART I, LINE 2: COLLINS COMMUNITY CREDIT UNION ISSUES ALL GRANT FUNDS DIRECTLY TO THE RECIPIENT ORGANIZATION FOR USE AT THEIR DISCRETION. INDIVIDUALS MUST APPLY AND WRITE AN ESSAY TO BE CONSIDERED FOR A SCHOLARSHIP. COLLINS COMMUNITY CREDIT UNION THEN ISSUES SCHOLARSHIP FUNDS DIRECTLY TO THE INDIVIDUAL TO BE USED AT THEIR DISCRETION. X X 1 1 X X X 1 1 0 STEFANIE RUPERT FORMER PRESIDENT/CHIEF EXECUTIVE OFF 260902 0 0 0 194306 0 27493 0 15695 0 498396 0 0 0 RANDY JOHNSON SENIOR VP COMMERCIAL SERVICES 226300 0 25000 0 17743 0 91066 0 26621 0 386730 0 0 0 JEFFREY HINES VP COMMERICAL SERVICES 170521 0 13000 0 19765 0 104182 0 26321 0 333789 0 0 0 CHAD KELLOG VP COMMERICAL SERVICES 190780 0 20000 0 20518 0 70528 0 18850 0 320676 0 0 0 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 260054 0 0 0 12421 0 24262 0 18349 0 315086 0 0 0 WILLIAM PARKINSON PRESIDENT PREFUNDING CUSO 253928 0 9917 0 4092 0 16515 0 17890 0 302342 0 0 0 MICHAEL FLETCHER VP COMMERICAL SERVICES 163023 0 13000 0 10968 0 77336 0 22628 0 286955 0 0 0 SANDRA VAUGHN INTERIM CHIEF EXECUTIVE OFFICER 238911 0 0 0 6400 0 20775 0 11999 0 278085 0 0 0 JOHN LEWIS VICE PRESIDENT IT/FACILITIES 209170 0 0 0 2470 0 19686 0 18594 0 249920 0 0 0 ERICSON HILBUN FORMER DIRECTOR WEALTH MANAGEMENT 92463 0 107706 0 5845 0 19105 0 21109 0 246228 0 0 0 THOMAS AXVIG MORTGAGE LOAN OFFICER 49500 0 140864 0 6897 0 17091 0 19751 0 234103 0 0 0 PART I, LINE 1A IN TAX YEAR 2023, COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) PROVIDED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS TO BENJAMIN WICKUM, RANDY JOHNSON, CHAD KELLOGG, JEFFREY HINES, AND MICHAEL FLETCHER. THE CREDIT UNION ALSO PROVIDED HEALTH AND SOCIAL CLUB DUES TO STEPHANIE RUPERT, BENJAMIN WICKUM, RANDY JOHNSON, CHAD KELLOGG, JEFFREY HINES, AND MICHAEL FLETCHER. BOTH OF THESE BENEFITS ARE INCLUDED IN THEIR PART VII AND SCHEDULE J REPORTABLE COMPENSATION. PART I, LINE 4A: COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) PAID STEFANIE RUPERT, FORMER CHIEF EXECUTIVE OFFICER, $83,939 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. THE CREDIT UNION ALSO PAID ERICSON HILBUN, FORMER DIRECTOR WEALTH MANAGEMENT, $5,769 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. THESE AMOUNTS ARE REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION. PART I, LINE 4B: THE FOLLOWING EXECUTIVES PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY COLLINS COMMUNITY CREDIT UNION. THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE SERP PLAN. THE DEFINED BENEFIT ACCRUAL AMOUNTS SHOWN BELOW ARE INCLUDED ON FORM 990, PART VII AND SCHEDULE J, PART II: MICHAEL FLETCHER - $60,000 DEFINED BENEFIT ACCRUAL JEFFREY HINES - $85,714 DEFINED BENEFIT ACCRUAL RANDY JOHNSON - $66,667 DEFINED BENEFIT ACCRUAL CHAD KELLOGG - $50,000 DEFINED BENEFIT ACCRUAL BENJAMIN WICKUM OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 6012985 4017263 0 1 1 JOHN LEWIS KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 3444000 2489283 0 1 1 SANDRA VAUGHN OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 4100000 2244907 0 1 1 STEFANIE RUPERT FORMER OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 13400167 9080354 0 1 1 17831807 JOHN HUNTER SCHULTE FAMILY MEMBER OF MARSHA SCHULTE 60996 COMPENSATION 0 FORM 990, SCH L, PART II: COLLINS COMMUNITY CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE INTERNAL REVENUE SERVICE REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THESE ARE NON-TRADITIONAL LOANS IN THAT THE RECIPIENT CONTROLS WHERE THE LOAN PROCEEDS ARE BEING SENT. LOAN PROCEEDS ARE SOLELY FOR THE PAYMENT OF REGULARLY SCHEDULED PRINCIPAL PAYMENTS. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE PROVIDED TO THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 COLLINS COMMUNITY CREDIT UNION HAS MEMBERS AS SPECIFIED BY THEIR BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A COLLINS COMMUNITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 8B COLLINS COMMUNITY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVEIWED BY THE CHEIF FINANCIAL OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C COLLINS COMMUNITY CREDIT UNION'S (THE CREDIT UNION) CONFLICT OF INTEREST POLICY IS APPLICABLE TO DIRECTORS, OFFICERS, AND EMPLOYEES. ALL NEW EMPLOYEES AND BOARD OF DIRECTORS MUST READ AND SIGN A CREDIT UNION BRIBERY POLICY THAT OUTLINES EMPLOYEE AND DIRECTOR CODE OF CONDUCT AND REQUIRES DISCLOSURE OF ANY CONFLICTS OF INTEREST. A CONFLICT OF INTEREST ARISES WHENEVER THE EMPLOYEE HAS THE OPPORTUNITY TO INFLUENCE THE CREDIT UNION'S OPERATIONS OR BUSINESS DECISIONS IN WAYS THAT COULD RESULT IN A PERSONAL FINANCIAL BENEFIT TO THE EMPLOYEE OR A MEMBER OF AN EMPLOYEE'S IMMEDIATE FAMILY. THE CREDIT UNION CONSISTENTLY MONITORS AND ENFORCES THE POLICY THROUGH AN ANNUAL DISCLOSURE THAT IS PROVIDED SHORTLY AFTER EVERY ANNUAL MEETING. THESE DISCLOSURES ARE REVIEWED BY HUMAN RESOURCES, WITH ANY POTENTIAL CONFLICTS ESCALATED TO THE AUDIT COMMITTEE OR BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE DISCUSSED AND RESEARCHED TO DETERMINE THE EXTENT OF THE POTENTIAL CONFLICT. CORRECTIVE ACTION IS TAKEN TO REMOVE THE CONFLICT OR REMOVE THE INDIVIDUAL FROM THE ROLE/RESPONSIBILITY. FORM 990, PART VI, SECTION B, LINE 15 COLLINS COMMUNITY CREDIT UNION CREATED A HUMAN RESOURCES COMMITTEE THAT IS LED BY THE VICE PRESIDENT OF HUMAN RESOURCES AND INCLUDES AN EXTERNAL BOARD MEMBER. THE HUMAN RESOURCES COMMITTEE WORKS WITH AN EXTERNAL PARTY TO OBTAIN COMPENSATION INFORMATION AND COMPARABLE DATA FROM WITHIN THE INDUSTRY AND ACROSS A BROADER SPECTRUM WITHIN THE GEOGRAPHIC REGION. THE HUMAN RESOURCES COMMITTEE WILL THEN PROVIDE RECOMMENDATIONS TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS THAT WILL REVIEW AND APPROVE THE CHIEF EXECUTIVE OFFICER'S COMPENSATION. THE COMPENSATION DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED IN THE EXECUTIVE COMMITTEE BOARD MINUTES. THIS PROCESS LAST OCCURED IN JULY 2023. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS THEN DETERMINED BY THE CHIEF EXECUTIVE OFFICER BASED ON PERFORMANCE REVIEWS AND COMPETITOR COMPARISONS. THE CHIEF EXECUTIVE OFFICER USES CREDIT UNION NATIONAL ASSOCIATION (CUNA) WAGES SURVEYS, OTHER MARKET SURVEYS, AND 990 REPORTS FROM COMPARABLE ORGANIZATIONS WHEN DETERMINING COMPENSATION OF THE OTHER OFFICERS AND KEY EMPLOYEES. THE COMPENSATION DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED IN THE EXECUTIVE COMMITTEE BOARD MINUTES. THIS PROCESS LAST OCCURED IN JULY 2023. FORM 990, PART VI, SECTION C, LINE 19 COLLINS COMMUNITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART XI, LINE 9: CURRENT YEAR CHANGE IN DEFINED BENEFIT PENSION PLAN 788,184. CURRENT YEAR CHANGE IN POSTRETIREMENT BENEFIT PLAN -176,322. CHANGE IN NONCONTROLLING INTEREST IN SUBSIDIARY 164,983. CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION 71,836. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 1150 PROPERTIES LLC PO BOX 10500 CEDAR RAPIDS IA 52410 420190489 INACTIVE IA 0 0 COLLINS COMMUNITY CU COLLINS HOLDING COMPANY CUSO LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831864057 HOLDING COMPANY IA 0 26350032 COLLINS COMMUNITY CU COLLINS LOAN SERVICES LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831888678 COMMERCIAL LOANS IA 1601557 57859451 COLLINS HOLDING COMPANY COURSEMARK LLC PO BOX 10500 CEDAR RAPIDS IA 52410 861904712 EXECUTIVE BENEFITS IA -741058 571931 COLLINS HOLDING COMPANY COLLINS INSURANCE SERVICES PO BOX 10500 CEDAR RAPIDS IA 52410 834368530 INSURANCE SERVICES IA 215742 6559082 COLLINS HOLDING COMPANY NORTHTOWNE MARKET LOT 7 LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831991439 PROPERTY MANAGEMENT IA COLLINS HOLDING COMPANY CUSO LLC RELATED 494950 11854015 0 0 0.75000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 NORTHTOWNE MARKET LOT 7 LLC K 1209706 FAIR MARKET VALUE