2024-11-15T15:05:04-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 720719172 ESSENTIAL CREDIT UNION ESSE 2253538238 2370 TOWNE CENTER BOULEVARD BATON ROUGE LA 70806 STEVE LATTUCA CFO 2253538238 2024-11-14 1 1 TANYA MEDGAARDEN P01717240 5074347000 2024-11-14 2023 2024-10-15 13:58:12Z X RICHARD WILLIAMS 2370 TOWNE CENTER BOULEVARD BATON ROUGE LA 70806 26012560 0 X HTTPS://ESSENTIALCU.ORG X CREDIT UNION 1972 LA DEDICATED TO BUILDING A CREDIT UNION THAT PROVIDES OUTSTANDING FINANCIAL SERVICES (LOANS AND DEPOSITS) AT THE LOWEST COST POSSIBLE. 9 9 135 2 0 0 0 0 1883991 24571772 22955 887494 44462 -406387 1951408 25052879 0 0 500245 4949789 799206 8011652 0 0 0 620081 11332171 1919532 24293612 31876 759267 378162217 386709201 346036124 355095377 32126093 31613824 TO PROVIDE A COMMUNITY WITH FINANCIAL SOLUTIONS AND OPTIMAL SERVICE THAT SURPASSES EXPECTATIONS WHILE GIVING BACK TO THE COMMUNITIES IN WHICH WE SERVE. 0 0 WE ARE A MEMBER OWNED COOPERATIVE CREDIT UNION. AT DECEMBER 31, 2023, WE HAD 46,913 MEMBERS. WE HAD $317 MILLION IN OUTSTANDING LOANS AND $337 MILLION IN TOTAL DEPOSITS. 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 8375 0 135 1 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 LA X RICHARD WILLIAMS 2253795171 2370 TOWNE CENTER BLVD BATON ROUGE LA 70806 JOEY JUSTICE BOARD CHAIR 2.00 X X 6009 0 0 ROBBIE BAGLEY BOARD SECRETARY 2.00 X X 0 0 0 EDMOND JORDAN BOARD TREASURER 2.00 X X 5823 0 0 MARY OVERALL BOARD OF DIRECTOR 2.00 X 0 0 0 STEPHAN PIERRE BOARD OF DIRECTOR 2.00 X 8029 0 0 LISA PERRY BOARD OF DIRECTOR 2.00 X 634 0 0 SUE HUNT BOARD OF DIRECTOR 2.00 X 4100 0 0 KENITH WOODALL BOARD OF DIRECTOR 2.00 X 5893 0 0 PERRY ROBEY BOARD OF DIRECTOR 2.00 X 3888 0 0 LOUISE CROCHET SUPERVISORY COMMITTEE CHAIR 2.00 X X 4851 0 0 BOYD J COURVILLE SUPERVISORY COMMITTEE 2.00 X 3065 0 0 F SHERMAN DUPRE SUPERVISORY COMMITTEE 2.00 X 6000 0 0 RICHARD WILLIAMS CEO 40.00 X 389374 0 27097 WESTON MOREAU III COO 40.00 X 205203 0 23013 STEVE LATTUCA CFO 40.00 X 153250 0 6267 ALLISON ROGERS BROWN CMO 40.00 X 166558 0 28945 KARESA PIERRE CAO 40.00 X 158833 0 21300 KRUGERRAND HOLLINS CTO 40.00 X 165270 0 8021 DAVID BEAM VP OF LENDING 40.00 X 119644 0 26655 LADONNA EVANS-SUTTON VP OF COMMERCIAL SERVICES 40.00 X 116679 0 12580 1523103 0 153878 8 0 1 0 NCR 864 SPRING ST ATLANTA GA 30308 CONSULTING AND TECHNOLOGY 1016155 FISERV 255 FISERV DR BROOKFIELD WI 53045 TECHNOLOGY 767801 MIREMONT SCHOONMAKER 5018 MILMOSA ST BATON ROUGE LA 70808 RENOVATIONS 381654 QSI INC 107 SCHULER DR BARDSTOWN KY 40004 TECHNOLOGY 297371 MERIDIANLINK PO BOX 846822 LOS ANGELES CA 90084 CONSULTING 276989 11 LOAN INTEREST 522100 16048192 16048192 FEE INCOME 522100 4300439 4300439 MISCELLANEOUS 522100 4223141 4223141 24571772 892449 892449 713220 829793 -116573 -116573 -116573 124933 129888 -4955 -4955 -4955 OTHER NON-INTEREST INCOME 522100 -289814 -289814 -289814 25052879 24281958 0 770921 4949789 852496 5868269 159881 656423 474583 152712 146140 348390 605811 3773302 1185891 78164 209589 492757 MISCELLANEOUS 1777254 PROVISION FOR CREDIT LO 1663990 LOAN SERVICING 692921 ASSOCIATION DUES 106084 99166 24293612 4271318 7590889 14780095 12486568 205563 244935 4008775 4113003 308822087 315668607 1845166 1689747 35446066 11519455 23422150 23926611 1471254 10632095 9376925 9958884 10356746 378162217 386709201 3675835 4809840 207338 177621 2500000 11500000 339652951 338607916 346036124 355095377 X 0 0 0 0 32126093 31613824 32126093 31613824 378162217 386709201 X 759267 192929 -1464465 X X 0 1 X 1 0 0 4799232 4799232 21819734 5101634 16718100 913436 899251 14185 6151428 5270411 881017 1762236 248159 1514077 23926611 MEMBER DEPOSITS 279950119 NONMEMBER DEPOSITS 58657797 338607916 X 25350607 0 25350607 -297728 -297728 25052879 24591340 0 24591340 -297728 -297728 24293612 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNIONS CONVERSION TO A STATE-CHARTERED CREDIT UNION ON DECEMBER 1, 2022, RESULTED IN IT BEING SUBJECT TO UNRELATED BUSINESS INCOME TAX. ALSO, AS A RESULT OF BECOMING A STATE-CHARTERED CREDIT UNION, THE CREDIT UNION BEGAN PAYING STATE SALES AND USE TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNIONS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNIONS FINANCIAL POSITION OR RESULTS OF OPERATIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECORDED AS EXP ON 990 -297,728. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECORDED AS EXP ON 990 -297,728. X X 0 0 0 RICHARD WILLIAMS CEO 328148 0 61226 0 0 0 10564 0 16533 0 416471 0 0 0 WESTON MOREAU III COO 187620 0 17583 0 0 0 8218 0 14795 0 228216 0 0 0 ALLISON ROGERS BROWN CMO 152457 0 14101 0 0 0 6662 0 22283 0 195503 0 0 0 KARESA PIERRE CAO 145332 0 13501 0 0 0 6353 0 14947 0 180133 0 0 0 KRUGERRAND HOLLINS CTO 151175 0 14095 0 0 0 6561 0 1460 0 173291 0 0 0 STEVE LATTUCA CFO 152000 0 1250 0 0 0 6080 0 187 0 159517 0 0 0 PART I, LINE 3 THE CAO OBTAINS AN EXECUTIVE COMPENSATION SURVEY AND THE BOARD REVIEWS ON THE CEO'S PERFORMANCE AND DETERMINES THE APPROPRIATENESS OF THE COMPENSATION LEVEL. RICHARD WILLIAMS CEO SPLIT DOLLAR LOAN X 3500000 4113003 0 1 1 4113003 FORM 990, PART VI, SECTION A, LINE 6 ALL MEMBERS OF THE CREDIT UNION HAVE AN EQUAL SHARE OF OWNERSHIP RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP VOTES ON BOARD MEMBERS ANNUALLY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS VOTE ON LARGER DECISIONS AFFECTING THE CREDIT UNIONS SUCH AS MERGERS AND CHANGE IN CHARTER. FORM 990, PART VI, SECTION B, LINE 11B CEO AND CFO REVIEW THE 990 AND INFORM BOARD OF DIRECTORS THAT IT HAS BEEN COMPLETED AND MAKE IT AVAILABLE FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO REPORT ANNUALLY ALL RELATIONSHIPS WITH THE CREDIT UNION. IF THERE IS A CONFLICT OF INTEREST, THE FULL BOARD OF DIRECTORS WILL ADDRESS THE SITUATION FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS PREPARES AN ANNUAL REVIEW OF THE PRESIDENT'S PERFORMANCE. THE PRESIDENT REVIEWS THE PERFORMANCE OF OTHER KEY EMPLOYEES. VP OF HR OBTAINS A SALARY SURVEY FROM GALLAGHER ANNUALLY TO ENSURE THAT KEY EMPLOYEE SALARIES ARE REASONABLE. PERFORMANCE REVIEWS ARE WITTEN AND KEPT IN PERSONNEL FILES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST, THE EXECUTIVE ASSISTANT WILL MAKE THE DOCUMENTS AVAILABLE VIA E-MAIL. FORM 990, PART XI, LINE 9: CHANGE IN EQUITY ACQUIRED IN MERGER 60,535. CECL ADJUSTMENT -1,525,000. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE PRIOR YEAR.