2024-11-04T09:24:32-06:00 2023-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT STE 300 AUBURN HILLS MI 48326 990 2023-01-01 741115584 RAVE FINANCIAL CREDIT UNION MOBI 4099245151 PO BOX 12849 BEAUMONT TX 77726 JONATHAN E HASKETT JR CHIEF FINANCIAL OFFICER 4099245151 2024-10-30 1 0 DAVID LOWENTHAL P00378651 2483757100 2024-10-30 2023 2024-10-15 13:58:12Z X JONATHAN E HASKETT JR PO BOX 12849 BEAUMONT TX 77726 62271011 0 X WWW.BANKWITHRAVE.COM X 1935 TX TO ENRICH PEOPLE'S LIVES ONE EXPERIENCE AT A TIME. 9 9 336 11 74337 0 0 0 12784589 56102913 1544331 5830357 63902 262388 14392822 62195658 10389 115786 0 0 5054277 22826249 0 0 0 6694720 29619531 11759386 52561566 2633436 9634092 1069968872 1107097765 932009558 965504357 137959314 141593408 TO ENRICH PEOPLE'S LIVES ONE EXPERIENCE AT A TIME. 0 0 MEETS THE FINANCIAL NEEDS OF ITS MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. OFFERS AUTOMATED TELLER MACHINES, DEBIT CARDS, MONEY ORDERS, CHECK CASHING, TRAVELERS CHECKS, OVERDRAFT PROTECTION/COURTESY PAY, BILL PAY, AND VARIOUS INSURANCE AND INVESTMENT PROGRAMS. PROVIDES FINANCIAL EDUCATION BY OFFERING FINANCIAL HEALTH SEMINARS AND SERVICES SUCH AS CREDIT SCORE ANALYSIS, CAR BUYING 101, BUDGET PLANNING AND MORE. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 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 13981 0 1 336 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X JONATHAN E HASKETT JR 4099245012 3535 CALDER AVE BEAUMONT TX 77706 GARY WALDROP CHAIRMAN 1.00 0.00 X X 0 0 0 PAUL WHEELINGTON 1ST VICE CHAIRMAN 1.00 0.00 X X 0 0 0 TONY LUCENTI 2ND VICE CHAIRMAN 1.00 0.00 X X 0 0 0 RAUL LITO MORALES SECRETARY/TREASURER 1.00 0.00 X X 0 0 0 RICHARD D NEWTON AUDIT COMMITTEE CHAIR 1.00 0.00 X X 0 0 0 CODY BURRELL DIRECTOR 1.00 0.00 X 0 0 0 FLOYD PRICE DIRECTOR 1.00 0.00 X 0 0 0 RAYMOND NALLIE DIRECTOR 1.00 0.00 X 0 0 0 BRANDON RASCOE DIRECTOR 1.00 0.00 X 0 0 0 CODY BROUSSARD AUDIT COMMITTEE - PART YEAR 1.00 0.00 X 0 0 0 RICHARD HEGELE DIRECTOR - PART YEAR 1.00 0.00 X 0 0 0 JOHN DOUCET PRESIDENT/CEO 40.00 0.00 X 465343 0 56544 JONATHAN E HASKETT JR CHIEF FINANCIAL OFFICER 40.00 0.00 X 281154 0 126724 KEISHA SMITH CHIEF EXPERIENCE OFFICER 40.00 0.00 X 393205 0 77240 LADEDRA JONES CHIEF TECHNOLOGY OFFICER 40.00 0.00 X 282384 0 115158 PHILLIP BRENT CHIEF LEGAL COUNSEL 40.00 0.00 X 281435 0 29733 CODY BUCHHOLZ CHIEF MARKETING OFFICER 40.00 0.00 X 264858 0 21779 PIERCE HARRINGTON AVP SR. COMMERCIAL LENDER 40.00 0.00 X 200629 0 28746 LANA FLOYD VP OF CONSUMER LENDING 40.00 0.00 X 178448 0 26712 AMANDA LEBLANC VP OF EXPERIENCE CENTERS 40.00 0.00 X 162378 0 23304 DUSTIN WILLIAMS VP OF FINANCE & ANALYTICS 40.00 0.00 X 174902 0 31401 ALLISON DEYOUNG VP OF HUMAN RESOURCES 40.00 0.00 X 173551 0 32560 JENNIFER WILLETT COMMERCIAL LENDING & SERVICES MNGR 40.00 0.00 X 130278 0 25700 LATISHA ADKINS VP OF PROJECTS AND INNOVATION 40.00 0.00 X 129913 0 25980 DALE FONTENOT SR SYSTEM AND APPLICATION PROGRAMMER 40.00 0.00 X 128099 0 19995 BROOKE COLLINS VP OF VIRUTAL SERVICES 40.00 0.00 X 138177 0 25054 CARI RIZZATO AVP OF SUPPORT SERVICES 40.00 0.00 X 126104 0 32786 3510858 0 699416 18 0 1 0 GERALD CONDON PROPERTIES LTD 550 IH SOUTH STE 101 BEAUMONT TX 77707 GENERAL CONTRACTOR 2466096 NCR 14181 COLLECTIONS CENTER DR CHICAGO IL 60693 ONLINE & MOBILE BANKING 1355188 JACK HENRY & ASSOCIATES 663 W HWY 60 MONETT MO 65708 CORE SYSTEM 954502 TRUSTAGE 5910 MINERAL POINT RD MADISON WI 53705 PROPERTY & BUSINESS LIABILITY INSURANCE 374989 MANNINGS OFFICE SOLUTIONS 1510 N 7TH ST BEAUMONT TX 77703 SUPPLIES VENDOR 357428 31 LOAN INTEREST 522100 38043639 38043639 FEES, CHARGES, OTHER 522100 18059274 18059274 56102913 5830357 5830357 263404 75353 188051 188051 188051 NON-MEMBER ATM INCOME 525990 74337 74337 74337 62195658 61933270 74337 188051 95786 20000 1960358 14947210 547831 4133446 1237404 64173 180000 607727 1287892 9667450 1757543 240000 368482 10621394 1757503 252775 LOAN SERVICING 1398895 PROVISION FOR LOAN LOSS 1342152 FED FEE & PROFESSIONAL 73545 52561566 12844808 17950114 77662243 101311413 227195 219587 3913325 3847757 791288767 805458499 1525380 1997168 66287574 21621079 41719695 44666495 102771599 94361649 8876700 9952100 29139160 27332983 1069968872 1107097765 12234988 11765707 13511 458303 919761059 953280347 932009558 965504357 X 0 0 0 0 137959314 141593408 137959314 141593408 1069968872 1107097765 X 9634092 -5999998 X 0 1 X 1 0 0 1 X 12912938 12912938 38435829 10288496 28147333 78961 78961 0 14859846 11253622 3606224 44666495 MEMBERS' SHARES AND SAVINGS ACCOUNTS 815144347 NONMEMBER CERTIFICATES OF DEPOSIT 40136000 BORROWINGS FROM FHLB 98000000 953280347 62195658 0 62195658 0 62195658 52561566 0 52561566 0 52561566 PART IV, LINE 2B: ESCROW ACCOUNTS ARE MAINTAINED FOR MORTGAGE LOANS. 1 AMERICAN CANCER SOCIETY 270 PEACHTREE ST NW STE 1300 ATLANTA GA 30303 131788491 501(C)(3) 14906 0 N/A N/A SPONSORSHIP GREATER BEAUMONT CHAMBER OF COMMERCE 1110 PARK ST BEAUMONT TX 77701 740504300 501(C)(6) 14095 0 N/A N/A SPONSORSHIP COASTAL CONSERVATION ASSOC OF TEXAS 6919 PORT WEST DR STE 100 HOUSTON TX 77024 741984482 501(C)(3) 8950 0 N/A N/A SPONSORSHIP UNITED WAY OF BEAUMONT 700 NORTH ST STE H BEAUMONT TX 77701 741200117 501(C)(3) 6000 0 N/A N/A SPONSORSHIP 5 1 STUDENT SCHOLARSHIPS 8 20000 0 N/A N/A PART I, LINE 2: WE PARTNER WITH AND HELP SPONSOR NON-PROFIT ORGANIZATIONS THAT ARE GIVING BACK IN OUR COMMUNITIES. X 1 1 X X X 0 1 0 JOHN DOUCET PRESIDENT/CEO 432475 0 24268 0 8600 0 48234 0 8310 0 521887 0 0 0 KEISHA SMITH CHIEF EXPERIENCE OFFICER 267493 0 11778 0 113934 0 68930 0 8310 0 470445 0 0 0 JONATHAN E HASKETT JR CHIEF FINANCIAL OFFICER 267502 0 13652 0 0 0 113074 0 13650 0 407878 0 0 0 LADEDRA JONES CHIEF TECHNOLOGY OFFICER 267502 0 12786 0 2096 0 113695 0 1463 0 397542 0 0 0 PHILLIP BRENT CHIEF LEGAL COUNSEL 267495 0 13940 0 0 0 21423 0 8310 0 311168 0 0 0 CODY BUCHHOLZ CHIEF MARKETING OFFICER 253956 0 10902 0 0 0 20316 0 1463 0 286637 0 0 0 PIERCE HARRINGTON AVP SR. COMMERCIAL LENDER 193047 0 7582 0 0 0 15164 0 13582 0 229375 0 0 0 DUSTIN WILLIAMS VP OF FINANCE & ANALYTICS 168175 0 6727 0 0 0 13543 0 17858 0 206303 0 0 0 ALLISON DEYOUNG VP OF HUMAN RESOURCES 166865 0 6686 0 0 0 20477 0 12083 0 206111 0 0 0 LANA FLOYD VP OF CONSUMER LENDING 168998 0 9450 0 0 0 25349 0 1363 0 205160 0 0 0 AMANDA LEBLANC VP OF EXPERIENCE CENTERS 155961 0 6417 0 0 0 11230 0 12074 0 185682 0 0 0 BROOKE COLLINS VP OF VIRUTAL SERVICES 132865 0 5312 0 0 0 13281 0 11773 0 163231 0 0 0 CARI RIZZATO AVP OF SUPPORT SERVICES 121286 0 4818 0 0 0 19469 0 13317 0 158890 0 0 0 JENNIFER WILLETT COMMERCIAL LENDING & SERVICES MNGR 123606 0 6672 0 0 0 12360 0 13340 0 155978 0 0 0 LATISHA ADKINS VP OF PROJECTS AND INNOVATION 124918 0 4995 0 0 0 12488 0 13492 0 155893 0 0 0 PART I, LINE 1A BOARD OF DIRECTORS ARE ALLOWED TO BRING THEIR PARTNER WITH THEM. THE CREDIT UNION PAYS FOR AIRLINE TRAVEL IF IT REQUIRES FLYING AND THEY GET A DAILY PER DIEM. THIS IS NOT INCLUDED IN TAXABLE WAGES. PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457(F) SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION PLAN BUT DID NOT RECEIVE A DISTRIBUTION OR HAVE AN AMOUNT VEST IN THE PLAN. UNDER THE PLAN, AMOUNTS ARE SUBJECT TO CLIFF VESTING. JONATHAN E HASKETT JR KEISHA SMITH LADEDRA JONES IN ADDITION, JOHN DOUCET PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPEMENTAL RETIREMENT PLAN - THE LOAN RELATED TO THIS PLAN IS SHOWN ON SCHEDULE L. JOHN DOUCET PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE LOAN X 3750000 3847757 0 1 1 3847757 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A OUR MEMBERSHIP VOTES ON OUR BOARD OF DIRECTORS FORM 990, PART VI, SECTION A, LINE 7B MEMBERS CAN CALL A SPECIAL MEETING, NOMINATE SOMEONE TO FILL A VACANCY ON THE BOARD, AND RECALL A DIRECTOR OR THE ENTIRE BOARD FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE CFO PRIOR TO SUBMISSION TO THE IRS. THE RETURNS ARE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES SIGN AN ACKNOWLEDGEMENT OF THE CREDIT UNION POLICIES UPON HIRE WITH EACH REVISION. CONFLICT OF INTEREST IS INCLUDED. BOARD MEMBERS SIGN A CODE OF ETHICS AGREEMENT WHICH SPECIFICALLY ADDRESSES CONFLICT OF INTEREST. EMPLOYEES ARE MONITORED BY SUPERVISOR TO ENSURE POLICY COMPLIANCE. DIRECTORS EXCUSE THEMSELVES FROM VOTING IF THERE IS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S VP OF HUMAN RESOURCES USES THE SYSTEM COMPEASE TO GRADE EACH POSITION AND GET SALARY RANGES FOR EACH POSITION THAT IS REVIEWED BY OUR SALARY COMMITTEE AND APPROVED EACH YEAR. THE CREDIT UNION'S VP OF HUMAN RESOURCES USES THE SYSTEM COMPEASE TO GRADE THE CEO POSITION AND GET SALARY RANGES FOR THE CEO POSITION THAT IS REVIEWED BY OUR SALARY COMMITTEE AND APPROVED EACH YEAR. FORM 990, PART VI, SECTION C, LINE 19 MONTHLY FINANCIALS ARE POSTED IN ALL LOBBIES. OTHER DOCUMENTS AND POLICIES ARE AVAILABLE FOR REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9: CUMMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -5,999,998. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED $3,692,544 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR YEAR ENDED DECEMBER 31, 2023 WITHIN FORM 990, PART X, LINE 7.