2024-11-08T09:39:55-07:00 2023-12-31 440160260 FORVIS MAZARS LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-01-01 350779057 FORUM CREDIT UNION FORU 3175586000 PO BOX 50738 INDIANAPOLIS IN 46250 Jeffry Welch CFO 3175586216 2024-11-08 1 1 Michael Summers P00838533 3173833663 2024-11-08 2023 2024-10-15 13:58:12Z Doug True PO Box 50738 Indianapolis IN 46250 122522010 0 X WWW.FORUMCU.COM X 1941 IN FORUM CREDIT UNION'S MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS. 9 9 452 12 2027259 559396 0 0 90365155 112801879 3040581 7049697 2163374 2126084 95569110 121977660 165000 165000 0 0 34052830 36629174 0 0 0 39968925 59348533 74186755 96142707 21382355 25834953 1997992008 2061308465 1775840505 1820094884 222151503 241213581 FORUM IS A 501(C)(14) EXEMPT ORGANIZATION THAT IS OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT THAT 1)PROMOTES THRIFT AMONG MEMBERS AND 2)PROVIDES LOW COST CREDIT FOR MEMBERS. ITS COLLECTIVE CHARGE IS TO BE AN INNOVATIVE, DYNAMIC, AND RESPONSIVE FINANCIAL SERVICES ORGANIZATION PROVIDING PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS. 0 0 PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNION ALLOWS FOR MARKET LENDING RATES TO BE OFFERED FOR MORTGAGE LOANS, HOME EQUITY LOANS AND PERSONAL LOANS. IN ADDITION, FORUM WORKS CLOSELY WITH THE FHA AND OTHER HOME OWNERSHIP ORGANIZATIONS TO HELP CONSUMERS REALIZE THE DREAM OF OWNING A HOME. FORUM ORIGINATED OVER $659 MILLION IN LOANS THIS YEAR IN ITS EFFORTS TO MEET THE MEMBERS' LENDING NEEDS. TO PROMOTE THRIFT AND RESPONSIBLE USE OF CREDIT WITHIN THE MEMBERSHIP, FORUM PROVIDES SEVERAL FINANCIAL EDUCATION OPPORTUNITIES INCLUDING FINANCIAL LITERACY CONTENT ON THE WEBSITE, FINANCIAL LITERACY VIDEOS, FINANCIAL SEMINARS, ONLINE BUDGETING TOOLS, IN BRANCH ACTIVITIES AND PROMOTIONS GEARED TO FINANCIAL EDUCATION. IN ADDITION, FORUM PROVIDES A VARIETY OF INNOVATIVE SAVINGS ACCOUNTS DESIGNED TO ENCOURAGE SYSTEMATIC SAVINGS WHICH HAS GENERATED OVER $24 MILLION IN PERSONAL SAVINGS. FORUM PROVIDES LENDING AND DEPOSITORY SERVICES FOR SMALL BUSINESS OWNERS. FORUM OFFERS SEVERAL TYPES OF COMMERCIAL LOANS INCLUDING SEVERAL OF THE SMALL BUSINESS ADMINISTRATION (SBA) LOANS TO HELP SMALL BUSINESS OWNERS GROW THEIR BUSINESSES. FORUM CURRENTLY WORKS WITH OVER 5,000 SMALL BUSINESS OWNERS PROVIDING A VARIETY OF PRODUCTS AND SERVICES. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 0 0 1 1 1 1 0 1 123342 0 1 452 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 IN X JULIA CLARK 3175586216 PO BOX 50738 INDIANAPOLIS IN 46250 DOUGLAS TRUE CHIEF EXECUTIVE OFFICER 40 1 X 665136 0 65626 BENJAMEN BANKS FINANCIAL ADVISOR- PCG 40 0 X 373176 0 67667 JEFFRY WELCH CHIEF FINANCIAL OFFICER 40 1 X 389185 0 35074 CHARLES ANDREW MATTINGLY CHIEF OPERATING OFFICER 40 1 X 343333 0 65857 CAMERON PIERCEFIELD CHIEF TECHNOLOGY AND RISK OFFICER 40 1 X 349455 0 41111 JENNIFER BUDREAU CHIEF OPERATING OFFICER 40 1 X 351104 0 26930 JIM CARR SENIOR VICE PRESIDENT - COMMERCIAL & INVESTMENT SERVICES 40 0 X 294574 0 49469 TAMMY MARRS FINANCIAL ADVISOR 40 0 X 275829 0 57846 MICHELLE ADRIAN MORTGAGE ORIGINATOR 40 0 X 288101 0 29404 ANDREW SPIRRISON CHIEF MEMBER EXPERIENCE OFFICER 40 0 X 227989 0 61878 CHRISTOPHER FERGUSON VICE PRESIDENT-CONSUMER LENDING 40 0 X 213429 0 40246 JODEE CURTIS DIRECTOR 5 0 X 6358 0 0 KELLY WILSON DIRECTOR 5 1 X 4250 0 0 KEVIN HUNT CHAIRMAN 5 0 X X 946 0 0 RICK RAMBO TREASURER 5 0 X X 796 0 0 TRACY MILLS VICE CHAIRMAN 5 0 X X 0 0 0 CHRIS HAGENOW SECRETARY 5 0 X X 0 0 0 LORI WINKLER DIRECTOR 5 0 X 0 0 0 DONNA WILKINSON DIRECTOR 5 0 X 0 0 0 JOHN GALLINA DIRECTOR 5 0 X 0 0 0 3783661 0 541108 59 0 1 0 FISERV INC PO BOX 934057 ATLANTA GA 31193 Software 2228843 OPTIV SECURITY INC 1144 15TH STREET SUITE 2900 DENVER CO 80202 SOFTWARE SECURITY 517120 NEXSTAR 545 EAST JOHN CARPENTER FWY SUITE 700 IRVING TX 75062 ADVERTISING 417100 SHIEL SEXTON 902 N CAPITOL AVE INDIANAPOLIS IN 46204 Construction Services 1396005 FLEMING INTERIOR GROUP LLC 9745 RANDALL DR SUITE 100 INDIANAPOLIS IN 46280 INTERIOR FURNITURE 387129 53 0 INTEREST ON FEES ON LOANS 522130 93457245 93457245 0 0 SERVICE FEE ON SHARE ACCOUNTS 522130 5684908 5605249 79659 0 DEBIT CARD AND CREDIT CARD FEES 522130 10214293 10214293 0 0 MORTGAGE BANKING 522130 2296419 2296419 0 0 INSURANCE 522130 1149014 1111413 37601 0 0 0 0 0 112801879 6684806 0 0 6684806 0 0 0 0 0 0 0 0 436695 0 437817 0 -1122 0 -1122 0 -217207 216085 410424 61000 0 106533 410424 -45533 364891 364891 0 0 INVESTMENT ADVISORY SERVICES 523900 2073219 0 2073219 0 OTHER REVENUE 523900 53987 0 53987 0 0 0 0 0 2127206 121977660 113049510 2027259 6900891 165000 2635028 27151819 1014156 3725161 2103010 77211 215482 2369091 1238639 4615119 3626139 27442 610025 25723984 3485450 303233 PROVISION FOR LOAN LOSSES 5722285 COLLECTIONS AND LOAN EXPENSES 7687607 CORRESPONDENT SERVICE EXPENSE 495235 INCOME TAX 1171690 1979901 96142707 0 0 0 7033264 6985500 107265083 167594712 1776964824 1783748338 74045182 42183097 32466527 31862085 27243587 19826279 9317900 8853300 37700823 42438251 1997992008 2061308465 25677936 30920642 125000000 115000000 1625162569 1674174242 1775840505 1820094884 X 0 0 0 0 222151503 241213581 222151503 241213581 1997992008 2061308465 X 25834953 664369 0 0 0 -7437244 X 0 1 X 1 0 9855 0 0 9855 9855 1 INDIANA CREDIT UNION LEAGUE PAC PO BOX 50425 INDIANAPOLIS IN 46250 237305600 5000 0 INDIANA BUSINESS FOR RESPONSIVE GOVERNMENT 115 W WASHINGTON ST STE 850 INDIANAPOLIS IN 46204 351789566 1250 0 INDIANA CHAMBER OF COMMERCE 115 W WASHINGTON ST INDIANAPOLIS IN 46204 350411610 692 0 INDIANAPOLIS CHAMBER OF COMMERCE 111 MONUMENT CIRCLE STE 1950 INDIANAPOLIS IN 46204 352106949 813 0 INDIANA STATE LEGISLATIVE CAUCUS INDIANA HOUSE OF REPRESENTATIVES 200 W WASHINGTON ST INDIANAPOLIS IN 46204 000000000 2000 0 INDIANA MORTGAGE BANKERS ASSOCIATION PAC 19359 ALPINE DR LAWRENCEBURG IN 47025 237345226 100 0 Schedule C, Part I-A, Line 1 FORUM CREDIT UNION CONTRIBUTED $5,000 TO THE INDIANA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE; $2,000 IN-KIND TO THE INDIANA STATE LEGISLATIVE CAUCUS; $1,250 TO THE INDIANA BUSINESS FOR RESPONSIVE GOVERNMENT; $592 TO THE INDIANA CHAMBER OF COMMERCE PAC; $813 TO THE INDIANAPOLIS CHAMBER OF COMMERCE AND $100 TO THE INDIANA MORTGAGE BANKERS ASSOCIATION PAC 0 7426758 7426758 0 39903472 22365387 17538085 0 3134680 2042018 1092662 0 23580272 17775692 5804580 0 0 0 0 31862085 0 MEMBER SHARE ACCOUNTS 1611397242 NON-MEMBER DEPOSITS 62777000 1674174242 Schedule D, Part X, Line 1 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITION UNDER GUIDANCE INCLUDED IN ASC740, BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. 1 FORUM CREDIT UNION FOUNDATION INC 11313 USA PARKWAY FISHERS IN 46037 463086648 501(C)(3) 165000 0 SCHOLARSHIP AND TEACHER GRANTS 1 0 Schedule I, Part I, Line 2 FORUM CREDIT UNION DONATES TO ITS RELATED ORGANIZATION, FORUM CREDIT UNION FOUNDATION, INC. THE FOUNDATION IS CONTROLLED BY THE FILING ORGANIZATION AND MAKES GRANTS AND SCHOLARSHIP DECISIONS. X 1 1 X X X 0 0 0 DOUGLAS TRUE CHIEF EXECUTIVE OFFICER 472599 0 185670 0 6867 0 37350 0 28275 0 730761 0 0 0 BENJAMEN BANKS FINANCIAL ADVISOR- PCG 373176 0 0 0 0 0 37149 0 30519 0 440844 0 0 0 JEFFRY WELCH CHIEF FINANCIAL OFFICER 318500 0 62000 0 8685 0 10034 0 25041 0 424260 0 0 0 CHARLES ANDREW MATTINGLY CHIEF OPERATING OFFICER 274475 0 62000 0 6858 0 34350 0 31507 0 409190 0 0 0 CAMERON PIERCEFIELD CHIEF TECHNOLOGY AND RISK OFFICER 282388 0 62000 0 5067 0 27850 0 13261 0 390566 0 0 0 JENNIFER BUDREAU CHIEF OPERATING OFFICER 280354 0 62000 0 8749 0 11927 0 15003 0 378033 0 0 0 JIM CARR SENIOR VICE PRESIDENT - COMMERCIAL & INVESTMENT SERVICES 287462 0 0 0 7112 0 17988 0 31481 0 344043 0 0 0 TAMMY MARRS FINANCIAL ADVISOR 275830 0 0 0 0 0 27328 0 30517 0 333675 0 0 0 MICHELLE ADRIAN MORTGAGE ORIGINATOR 288101 0 0 0 0 0 27040 0 2364 0 317505 0 0 0 ANDREW SPIRRISON CHIEF MEMBER EXPERIENCE OFFICER 161993 0 62000 0 3996 0 31160 0 30717 0 289866 0 0 0 CHRISTOPHER FERGUSON VICE PRESIDENT-CONSUMER LENDING 211859 0 0 0 1570 0 9519 0 30727 0 253675 0 0 0 Schedule J, Part I, Line 1a KEVIN HUNT, CHAIRMAN; RICK RAMBO, TREASURER; JODEE CURTIS, DIRECTOR; KELLY WILSON, DIRECTOR RECEIVED A BENEFIT FOR TRAVEL FOR COMPANIONS, THE APPROPRIATE TAX FORMS WERE FILED BASED ON THE APPROPRIATE THRESHOLDS. SHIEL SEXTON COMPANY INC KEVIN HUNT - CHAIRMAN 1396005 GENERAL CONSTRUCTION 0 SOFTWARE ENGINEERING PROFESSIONALS KELLY WILSON - DIRECTOR 281903 TECHNOLOGY SERVICES 0 PACERS SPORTS & ENTERTAINMENT DONNA WILKINSON - DIRECTOR 125444 ADVERTISING 0 KATHLEEN PIERCEFIELD SPOUSE OF KEY EMPLOYEE 106868 COMPENSATION OF EMPLOYEE 0 Schedule L, Part IV THE INDIVIDUAL BOARD MEMBER LISTED HERE WERE NOT INVOLVED IN FORUM CREDIT UNION'S DISCUSSIONS AND WERE NOT ELIGIBLE TO VOTE ON THE DECISION TO USE THEIR COMPANY. Form 990, Part VI, Section A, Line 6 THERE IS ONE CLASS OF MEMBERS. MEMBERS HAVE THE RIGHT TO ELECT THE BOARD AND SUPERVISORY COMMITTEE AT THE ANNUAL MEMBERSHIP MEETING. Form 990, Part VI, Section A, Line 7a EACH MEMBER OWNS ONE SHARE AND CAN ONLY VOTE ONCE. MEMBERS HAVE THE OPPORTUNITY TO VOTE AT THE ANNUAL MEETING ON NOMINEES FOR THE BOARD POSITIONS SELECTED BY THE NOMINATING COMMITTEE. THE BOARD APPOINTS FROM WITHIN ITSELF MEMBERS OF THE NOMINATING COMMITTEE. SHOULD A BOARD POSITION HAVE MORE THAN ONE CANDIDATE, A BALLOT WOULD BE MAILED 60 DAYS PRIOR TO THE ANNUAL MEETING TO ALL VOTING MEMBERS. THE BALLOT MUST BE RETURNED FIVE DAYS PRIOR TO THE ANNUAL MEETING. ALL BALLOTS WOULD BE VERIFIED AND TALLIED. THE RESULTS OF THE BALLOTS WOULD BE ANNOUNCED AT THE ANNUAL MEETING. Form 990, Part VI, Section B, Line 11b THE FORM 990 IS PREPARED INTERNALLY AND REVIEWED BY AN INDEPENDENT TAX RETURN PREPARER PRIOR TO FILING THE RETURN. SENIOR MANAGEMENT AND THE TREASURER CONDUCTS AN INITIAL REVIEW OF THE FORM 990 AND THEN THE BOARD TREASURER PROVIDES COPIES OF THE RETURN TO THE BOARD AND RESPONDS TO ANY QUESTIONS THAT ARISE. Form 990, Part VI, Section B, Line 12c BOARD MEMBER, OFFICERS AND KEY EMPLOYEES REVIEW THE CONFLICT OF INTEREST POLICY ANNUALLY TO DISCLOSE POTENTIAL CONFLICTS. BOARD MEMBERS DO NOT PARTICIPATE IN VOTING MATTERS WHERE CONFLICTS OF INTEREST EXIST. THE BOARD CHAIRMAN ENSURES THIS PRACTICE IS UPHELD. LIKEWISE, OFFICERS AND KEY EMPLOYEES WITH CONFLICTS OF INTEREST SHALL DISCLOSE THE MATTER TO THE CEO AND CHAIRMAN OF THE BOARD OF DIRECTORS. THE INDIVIDUAL SHALL MAKE NO DECISIONS OR TAKE ANY ACTIONS WITH RESPECT TO THE MATTER UNLESS AUTHORIZED BY THE CEO AND/OR BOARD OF DIRECTORS. THE OFFICER, DIRECTOR, OR KEY EMPLOYEE MAY BE ASKED TO RESIGN OR END THE CONFLICT. Form 990, Part VI, Section B, Line 15 THE COMPENSATION COMMITTEE AND THE BOARD REVIEW THE CEO'S SALARY AND BENEFITS ANNUALLY. THEN APPROXIMATELY EVERY TWO YEARS THE COMMITTEE USES COMPENSATION SURVEYS WITH CRITERIA ON SIMILAR SIZE ORGANIZATIONS IN ITS DECISION MAKING PROCESS. ALL DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION AND BENEFITS ARE INCLUDED IN COMMITTEE MINUTES. THE LAST SURVEY WAS PERFORMED IN 2022. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. THE FORM 990 WHICH INCLUDES THE FINANCIAL STATEMENTS IS MADE AVAILABLE UPON REQUEST. Form 990, Part XI, Line 5 CHANGE IN UNREALIZED (LOSS)/GAIN ON AVAILABLE FOR SALE SECURITIES IS $508,654. Form 990, Part XI, Line 9 ACCOUNTING CHANGE FOR ALLOWANCE FOR CREDIT LOSSES ONE TIME CHARGE TO EQUITY WAS ($7,437,244). FORUM SOLUTIONS LLC PO BOX 50738 INDIANAPOLIS IN 46250 208174999 INVESTMENT MGMT & INSURANCE REFERRAL IN 2127206 616200 FORUM CREDIT UNION FORUM CREDIT UNION FOUNDATION INC 11313 USA PARKWAY FISHERS IN 46037 463086648 EDUCATIONAL GRANTS AND SCHOLARSHIPS IN 501(C)(3) PRIVATE FOUNDATION FORUM CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 FORUM CREDIT UNION FOUNDATION INC b 165000 CASH POSITION OF FORUM CREDIT UNION FORUM CREDIT UNION FOUNDATION INC n 12855 CASH POSITION OF FORUM CREDIT UNION FORUM CREDIT UNION FOUNDATION INC o 12855 CASH POSITION OF FORUM CREDIT UNION FORUM CREDIT UNION FOUNDATION INC q 12855 CASH POSITION OF FORUM CREDIT UNION