COMMONWEALTH CREDIT UNION: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- COMMONWEALTH CREDIT UNION (EIN 61-0671028)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-07-25
- IRS object ID
- 202302069349300800
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-07-25T09:36:10-05:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 382492570 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 305 WEST BIG BEAVER ROAD | AddressLine1Txt |
| City | TROY | CityNm |
| State Abbreviation | MI | StateAbbreviationCd |
| ZIP | 48084 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 610671028 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | COMMONWEALTH CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | COMM | BusinessNameControlTxt |
| Phone | 5025644775 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 978 | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 406020978 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KAREN HARBIN | PersonNm |
| Person Title | CEO | PersonTitleTxt |
| Phone | 5025644775 | PhoneNum |
| Signature | 2023-07-20 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | KAREN | PersonFirstNm |
| Person Last | HARBIN | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | ROBERT PARKS CPA | PreparerPersonNm |
| PTIN | P00740435 | PTIN |
| Phone | 2482443000 | PhoneNum |
| Preparation | 2023-07-12 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KAREN HARBIN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 978 | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 406020978 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $97,152,106 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.CCUKY.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1951 | FormationYr |
| Legal Domicile State | KY | LegalDomicileStateCd |
| Activity Or Mission | VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE." | ActivityOrMissionDesc |
| Voting Members Governing Body | 11 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 10 | VotingMembersIndependentCnt |
| Total Employee | 405 | TotalEmployeeCnt |
| Total Volunteers | 15 | TotalVolunteersCnt |
| Total Gross UBI | $293,027 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $81,152,276 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $86,659,024 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,473,534 | PYInvestmentIncomeAmt |
| CY Investment Income | $7,265,952 | CYInvestmentIncomeAmt |
| PY Other Revenue | $2,725,092 | PYOtherRevenueAmt |
| CY Other Revenue | $3,213,278 | CYOtherRevenueAmt |
| PY Total Revenue | $88,350,902 | PYTotalRevenueAmt |
| CY Total Revenue | $97,138,254 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $355,500 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $240,500 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $28,171,414 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $31,344,979 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $45,720,717 | PYOtherExpensesAmt |
| CY Other Expenses | $47,925,077 | CYOtherExpensesAmt |
| PY Total Expenses | $74,247,631 | PYTotalExpensesAmt |
| CY Total Expenses | $79,510,556 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $14,103,271 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $17,627,698 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,891,090,350 | TotalAssetsBOYAmt |
| Total Assets EOY | $2,025,445,100 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,680,421,900 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,839,505,682 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $210,668,450 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $185,939,418 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | 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. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | SHARES:THE CREDIT UNION HAS 286,495 SHARE ACCOUNTS AGGREGATING OVER $1.7 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.48 BILLION. THE CREDIT UNION HAS 95,579 LOAN ACCOUNTS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 118,430 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 48499 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 405 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 11 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 10 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KAREN HARBIN CEO | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5025644775 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 417 HIGH STREET | AddressLine1Txt |
| City | FRANKFORT | CityNm |
| State Abbreviation | KY | StateAbbreviationCd |
| ZIP | 40601 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| DONNIE RODGERS II | ||||||||
| VICE CHAIRPERSON | 1.00 | Yes (X) | $2,197 | $0 | $0 | |||
| JIM CHADWELL | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $1,051 | $0 | $0 | |||
| ROB ELLIS | ||||||||
| SECRETARY/TREASURER | 1.00 | Yes (X) | $1,353 | $0 | $0 | |||
| RANDY FAWNS | ||||||||
| CHAIRPERSON | 1.00 | Yes (X) | $1,353 | $0 | $0 | |||
| REGINA GRUBBS | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $917 | $0 | $0 | |||
| MARY FOSTER | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KAY JONES | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KELLY SMITH | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| BILL LEACH | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KENNETH BLACKWELL | ||||||||
| BOARD OF DIRECTORS | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KAREN HARBIN | ||||||||
| CEO/PRESIDENT/BOARD MEMBER | 40.00 | Yes (X) | $716,243 | $0 | $160,419 | Yes (X) | ||
| STEPHEN BELLAS | ||||||||
| CFO | 40.00 | $348,409 | $0 | $117,358 | Yes (X) | |||
| DAVID YOUNG | ||||||||
| EXECUTIVE VICE PRESIDENT | 40.00 | $342,198 | $0 | $108,858 | Yes (X) | |||
| ALAN DAVIS | ||||||||
| CHIEF LENDING OFFICER | 40.00 | $279,756 | $0 | $11,034 | Yes (X) | |||
| PATTY SMITH | ||||||||
| CHIEF BRAND & ADVOCACY OFFICER | 40.00 | $237,130 | $0 | $35,839 | Yes (X) | |||
| KAREN MAXFIELD | ||||||||
| CHIEF PEOPLE OFFICER | 40.00 | $267,093 | $0 | $109,497 | Yes (X) | |||
| GLORIA THOMAS | ||||||||
| CHIEF OPERATIONS OFFICER | 40.00 | $295,320 | $0 | $101,896 | Yes (X) | |||
| DOUG GRAHAM | ||||||||
| CHIEF INNOVATION & STRATEGY OFFICER | 40.00 | $290,421 | $0 | $149,362 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,783,441 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $794,263 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 36 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| VISA USA INC | |||||
| PO BOX 742233 | LOS ANGELES | CA | 90074 | VISA PROCESSING SERVICES | $2,106,839 |
| A-L TIER II LLC CO LEARFIELD COMMUNICA | |||||
| PO BOX 843038 | KANSAS CITY | MO | 64184 | CAMPUS - SPONSORSHOP | $1,517,042 |
| JACK HENRY & ASSOCIATES INC | |||||
| PO BOX 609 | MONETT | MO | 65708 | SYMITAR PROGRAMMING & MAINTENANCE | $1,413,506 |
| LENDKEY TECHNOLOGIES INC | |||||
| 9999 CARVER RD SUITE 400 | CINCINNATI | OH | 45242 | LOAN FUNDING | $1,295,723 |
| MARRILLIAN INTEREST LLC | |||||
| 794 MANCHESTER ST | LEXINGTON | KY | 40508 | DESIGN AND CONSTRUCTION | $1,062,858 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 58 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $61,308,318 | $61,308,318 | |
| INTERCHANGE INCOME | 522100 | $12,925,168 | $12,925,168 | |
| FEE INCOME | 522100 | $10,651,181 | $10,651,181 | |
| OTHER INCOME | 522100 | $1,481,330 | $1,481,330 | |
| FINANCE AND INSURANCE | 520000 | $293,027 | $293,027 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $86,659,024 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,248,602 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $7,248,602 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $31,202 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $13,852 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $17,350 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $17,350 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $17,350 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | INS COMM MEMBER SERVICE | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | $3,213,278 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $3,213,278 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $3,213,278 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $97,138,254 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $96,845,227 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $293,027 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $236,500 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,000 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,800,356 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,343,744 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,599,402 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,087,788 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,513,689 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $158,733 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $143,665 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,058,181 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,794,973 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,595,139 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,555,104 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,833,236 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $150,647 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $116,041 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,003,271 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,267,244 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $118,328 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROCESSING FEES | $5,884,945 |
| PROVISION FOR LOAN LOSS | $4,461,818 |
| CREDIT CARD REWARDS | $2,896,292 |
| LOAN SERVICING | $2,605,886 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,281,574 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $79,510,556 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,268,590 | BOYAmt |
| EOY | $14,965,742 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $200,021,821 | BOYAmt |
| EOY | $122,412,299 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $12,930,926 | BOYAmt |
| EOY | $10,211,787 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $17,447,671 | BOYAmt |
| EOY | $17,651,809 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,253,738,357 | BOYAmt |
| EOY | $1,469,262,627 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,722,048 | BOYAmt |
| EOY | $2,448,557 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $78,950,312 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $35,376,546 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,693,514 | BOYAmt |
| EOY | $43,573,766 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $245,678,787 | BOYAmt |
| EOY | $236,716,564 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $48,284,755 | BOYAmt |
| EOY | $51,867,296 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,399,826 | BOYAmt |
| EOY | $11,006,679 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $44,904,055 | BOYAmt |
| EOY | $45,327,974 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,891,090,350 | BOYAmt |
| EOY | $2,025,445,100 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,871,071 | BOYAmt |
| EOY | $41,741,565 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $60,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,653,550,829 | BOYAmt |
| EOY | $1,737,764,117 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,680,421,900 | BOYAmt |
| EOY | $1,839,505,682 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $210,668,450 | BOYAmt |
| EOY | $185,939,418 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $210,668,450 | BOYAmt |
| EOY | $185,939,418 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,891,090,350 | BOYAmt |
| EOY | $2,025,445,100 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $17,627,698 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$42,068,976 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$287,754 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,755,058 | OtherCostOrOtherBasisAmt |
| Book Value | $5,755,058 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $49,144,577 | OtherCostOrOtherBasisAmt |
| Depreciation | $19,817,258 | DepreciationAmt |
| Book Value | $29,327,319 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $409,236 | OtherCostOrOtherBasisAmt |
| Depreciation | $98,082 | DepreciationAmt |
| Book Value | $311,154 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $21,945,227 | OtherCostOrOtherBasisAmt |
| Depreciation | $14,839,890 | DepreciationAmt |
| Book Value | $7,105,337 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,696,214 | OtherCostOrOtherBasisAmt |
| Depreciation | $621,316 | DepreciationAmt |
| Book Value | $1,074,898 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $43,573,766 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (5 entries)
| DescDesc | AmtAmt |
|---|---|
| SHARE | $681,622,557 |
| INDIVIDUAL RETIREMENT ACCOUNTS/ CERTIFICATES | $24,542,924 |
| MONEY MARKET | $280,701,991 |
| SHARE DRAFT | $306,517,075 |
| CERTIFICATE OF DEPOSIT | $444,379,570 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,737,764,117 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $93,174,131 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | -$3,964,123 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | -$3,964,123 | RevenueNotReportedAmt |
| Revenue Subtotal | $97,138,254 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $97,138,254 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $79,510,556 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $79,510,556 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $79,510,556 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (8 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE | ||||||||
| PO BOX 4002902 | DES MOINES | IA | 50340 | 135613797 | 501(C)(3) | $33,000 | $0 | GALA AND SPONSORSHIP |
| AMERICAN RED CROSS | ||||||||
| 1450 NEWTOWN PIKE | LEXINGTON | KY | 40511 | 530196605 | 501(C)(3) | $75,000 | $0 | DISASTER BLASTER, CORPORATE SPONSORSHIP |
| MAKE-A-WISH FOUNDATION | ||||||||
| 710 EAST MAIN ST | LEXINGTON | KY | 40502 | 341471131 | 501(C)(3) | $20,000 | $0 | PARTNERSHIP |
| YOUNG MEN'S CHRISTIAN ASSOCIATION OF CENTRAL KY DBA YMCA OF CENTRAL KY | ||||||||
| 381 WEST LOUDON AVE | LEXINGTON | KY | 40508 | 610444842 | 501(C)(3) | $30,000 | $0 | SPONSORSHIP |
| SHRINERS CHILDREN'S LEXINGTON | ||||||||
| 110 CONN TERRACE | LEXINGTON | KY | 40508 | 362193608 | 501(C)(3) | $15,000 | $0 | SPONSORSHIP |
| KENTUKY DERBY FESTIVAL INC | ||||||||
| 1001 SOUTH THIRD ST | LOUSIVILLE | KY | 40203 | 610713833 | 501(C)(4) | $23,500 | $0 | SPONSORSHIP |
| LOUISVILLE BATS LLC | ||||||||
| 401 E MAIN ST | LOUSIVILLE | KY | 40203 | 352515819 | PROFIT | $32,500 | $0 | SPONSORSHIP |
| LEXINGTON CATHOLIC HIGH SCHOOL | ||||||||
| 2250 CLAYS MILL RD | LEXINGTON | KY | 40503 | 611132894 | 501(C)(3) | $7,500 | $0 | PARTNERSHIP |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 7 | Total501c3OrgCnt |
| Total Other Org | 1 | TotalOtherOrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THESE ARE PHILANTHROPIC CONTRIBUTIONS, NOT GRANTS. THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | 0 | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KAREN HARBIN | ||||||||||||||
| CEO/PRESIDENT/BOARD MEMBER | $547,206 | $0 | $169,037 | $0 | $0 | $0 | $141,677 | $0 | $18,742 | $0 | $876,662 | $0 | $0 | $0 |
| STEPHEN BELLAS | ||||||||||||||
| CFO | $277,596 | $0 | $70,813 | $0 | $0 | $0 | $94,243 | $0 | $23,115 | $0 | $465,767 | $0 | $0 | $0 |
| DAVID YOUNG | ||||||||||||||
| EXECUTIVE VICE PRESIDENT | $274,543 | $0 | $67,655 | $0 | $0 | $0 | $90,261 | $0 | $18,597 | $0 | $451,056 | $0 | $0 | $0 |
| DOUG GRAHAM | ||||||||||||||
| CHIEF INNOVATION & STRATEGY OFFICER | $246,338 | $0 | $44,083 | $0 | $0 | $0 | $130,781 | $0 | $18,581 | $0 | $439,783 | $0 | $0 | $0 |
| GLORIA THOMAS | ||||||||||||||
| CHIEF OPERATIONS OFFICER | $253,046 | $0 | $42,274 | $0 | $0 | $0 | $89,318 | $0 | $12,578 | $0 | $397,216 | $0 | $0 | $0 |
| KAREN MAXFIELD | ||||||||||||||
| CHIEF PEOPLE OFFICER | $227,931 | $0 | $39,162 | $0 | $0 | $0 | $90,966 | $0 | $18,531 | $0 | $376,590 | $0 | $0 | $0 |
| ALAN DAVIS | ||||||||||||||
| CHIEF LENDING OFFICER | $237,845 | $0 | $41,911 | $0 | $0 | $0 | $6,426 | $0 | $4,608 | $0 | $290,790 | $0 | $0 | $0 |
| PATTY SMITH | ||||||||||||||
| CHIEF BRAND & ADVOCACY OFFICER | $199,987 | $0 | $37,143 | $0 | $0 | $0 | $13,215 | $0 | $22,624 | $0 | $272,969 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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. |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (3 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| KAREN HARBIN | |||||||
| PRESIDENT/CEO | SUPPLEMENTAL RETIREMENT BENEFIT | Yes (X) | $10,377,589 | $10,916,675 | 0 | Yes (1) | Yes (1) |
| STEVE BELLAS | |||||||
| CHIEF FINANCIAL OFFICER | SUPPLEMENTAL RETIREMENT BENEFIT | Yes (X) | $4,287,637 | $4,466,461 | 0 | Yes (1) | Yes (1) |
| PATRICIA SMITH | |||||||
| CHIEF BRAND & ADVOCACY OFFICER | SUPPLEMENTAL RETIREMENT BENEFIT | Yes (X) | $2,177,841 | $2,268,673 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $17,651,809 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 118,430 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 | U OF L PARTNERSHIP 1,008,340. EDUCATION 190,900. MISCELLANEOUS 82,334. |
| FORM 990, PART XI, LINE 9: | NET CHANGE IN DEFINED BENEFIT PENSION PLAN -287,754. |
| FORM 990, PART XII, LINE 2C | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |