2023-07-25T09:36:10-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2023-07-20 1 KAREN HARBIN 999009999 0 ROBERT PARKS CPA P00740435 2482443000 2023-07-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 97152106 0 X WWW.CCUKY.ORG X 1951 KY VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE." 11 10 405 15 293027 0 0 0 81152276 86659024 4473534 7265952 2725092 3213278 88350902 97138254 355500 240500 0 0 28171414 31344979 0 0 0 45720717 47925077 74247631 79510556 14103271 17627698 1891090350 2025445100 1680421900 1839505682 210668450 185939418 X 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. 0 0 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. 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. 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. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 48499 0 1 405 1 1 1 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X KAREN HARBIN CEO 5025644775 417 HIGH STREET FRANKFORT KY 40601 DONNIE RODGERS II VICE CHAIRPERSON 1.00 X 2197 0 0 JIM CHADWELL BOARD OF DIRECTORS 1.00 X 1051 0 0 ROB ELLIS SECRETARY/TREASURER 1.00 X 1353 0 0 RANDY FAWNS CHAIRPERSON 1.00 X 1353 0 0 REGINA GRUBBS BOARD OF DIRECTORS 1.00 X 917 0 0 MARY FOSTER BOARD OF DIRECTORS 1.00 X 0 0 0 KAY JONES BOARD OF DIRECTORS 1.00 X 0 0 0 KELLY SMITH BOARD OF DIRECTORS 1.00 X 0 0 0 BILL LEACH BOARD OF DIRECTORS 1.00 X 0 0 0 KENNETH BLACKWELL BOARD OF DIRECTORS 1.00 X 0 0 0 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 40.00 X X 716243 0 160419 STEPHEN BELLAS CFO 40.00 X 348409 0 117358 DAVID YOUNG EXECUTIVE VICE PRESIDENT 40.00 X 342198 0 108858 ALAN DAVIS CHIEF LENDING OFFICER 40.00 X 279756 0 11034 PATTY SMITH CHIEF BRAND & ADVOCACY OFFICER 40.00 X 237130 0 35839 KAREN MAXFIELD CHIEF PEOPLE OFFICER 40.00 X 267093 0 109497 GLORIA THOMAS CHIEF OPERATIONS OFFICER 40.00 X 295320 0 101896 DOUG GRAHAM CHIEF INNOVATION & STRATEGY OFFICER 40.00 X 290421 0 149362 2783441 0 794263 36 0 1 0 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING SERVICES 2106839 A-L TIER II LLC CO LEARFIELD COMMUNICA PO BOX 843038 KANSAS CITY MO 64184 CAMPUS - SPONSORSHOP 1517042 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SYMITAR PROGRAMMING & MAINTENANCE 1413506 LENDKEY TECHNOLOGIES INC 9999 CARVER RD SUITE 400 CINCINNATI OH 45242 LOAN FUNDING 1295723 MARRILLIAN INTEREST LLC 794 MANCHESTER ST LEXINGTON KY 40508 DESIGN AND CONSTRUCTION 1062858 58 INTEREST ON LOANS 522100 61308318 61308318 INTERCHANGE INCOME 522100 12925168 12925168 FEE INCOME 522100 10651181 10651181 OTHER INCOME 522100 1481330 1481330 FINANCE AND INSURANCE 520000 293027 293027 86659024 7248602 7248602 31202 13852 17350 17350 17350 INS COMM MEMBER SERVICE 522100 3213278 3213278 3213278 97138254 96845227 293027 0 X 236500 4000 1800356 21343744 2599402 4087788 1513689 158733 143665 1058181 1794973 4595139 4555104 3833236 150647 116041 9003271 5267244 118328 PROCESSING FEES 5884945 PROVISION FOR LOAN LOSS 4461818 CREDIT CARD REWARDS 2896292 LOAN SERVICING 2605886 1281574 79510556 16268590 14965742 200021821 122412299 12930926 10211787 17447671 17651809 1253738357 1469262627 2722048 2448557 78950312 35376546 38693514 43573766 245678787 236716564 48284755 51867296 10399826 11006679 44904055 45327974 1891090350 2025445100 26871071 41741565 60000000 1653550829 1737764117 1680421900 1839505682 X 0 0 0 0 210668450 185939418 210668450 185939418 1891090350 2025445100 X 17627698 -42068976 -287754 X X 0 1 X 1 0 5755058 5755058 49144577 19817258 29327319 409236 98082 311154 21945227 14839890 7105337 1696214 621316 1074898 43573766 SHARE 681622557 INDIVIDUAL RETIREMENT ACCOUNTS/ CERTIFICATES 24542924 MONEY MARKET 280701991 SHARE DRAFT 306517075 CERTIFICATE OF DEPOSIT 444379570 1737764117 X 93174131 -3964123 -3964123 97138254 0 97138254 79510556 0 79510556 0 79510556 PART X, LINE 2: 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. 1 AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 50340 135613797 501(C)(3) 33000 0 GALA AND SPONSORSHIP AMERICAN RED CROSS 1450 NEWTOWN PIKE LEXINGTON KY 40511 530196605 501(C)(3) 75000 0 DISASTER BLASTER, CORPORATE SPONSORSHIP MAKE-A-WISH FOUNDATION 710 EAST MAIN ST LEXINGTON KY 40502 341471131 501(C)(3) 20000 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) 30000 0 SPONSORSHIP SHRINERS CHILDREN'S LEXINGTON 110 CONN TERRACE LEXINGTON KY 40508 362193608 501(C)(3) 15000 0 SPONSORSHIP KENTUKY DERBY FESTIVAL INC 1001 SOUTH THIRD ST LOUSIVILLE KY 40203 610713833 501(C)(4) 23500 0 SPONSORSHIP LOUISVILLE BATS LLC 401 E MAIN ST LOUSIVILLE KY 40203 352515819 PROFIT 32500 0 SPONSORSHIP LEXINGTON CATHOLIC HIGH SCHOOL 2250 CLAYS MILL RD LEXINGTON KY 40503 611132894 501(C)(3) 7500 0 PARTNERSHIP 7 1 PART I, LINE 2: THESE ARE PHILANTHROPIC CONTRIBUTIONS, NOT GRANTS. THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. X 1 0 X X X X 0 1 0 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 547206 0 169037 0 0 0 141677 0 18742 0 876662 0 0 0 STEPHEN BELLAS CFO 277596 0 70813 0 0 0 94243 0 23115 0 465767 0 0 0 DAVID YOUNG EXECUTIVE VICE PRESIDENT 274543 0 67655 0 0 0 90261 0 18597 0 451056 0 0 0 DOUG GRAHAM CHIEF INNOVATION & STRATEGY OFFICER 246338 0 44083 0 0 0 130781 0 18581 0 439783 0 0 0 GLORIA THOMAS CHIEF OPERATIONS OFFICER 253046 0 42274 0 0 0 89318 0 12578 0 397216 0 0 0 KAREN MAXFIELD CHIEF PEOPLE OFFICER 227931 0 39162 0 0 0 90966 0 18531 0 376590 0 0 0 ALAN DAVIS CHIEF LENDING OFFICER 237845 0 41911 0 0 0 6426 0 4608 0 290790 0 0 0 PATTY SMITH CHIEF BRAND & ADVOCACY OFFICER 199987 0 37143 0 0 0 13215 0 22624 0 272969 0 0 0 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. KAREN HARBIN PRESIDENT/CEO SUPPLEMENTAL RETIREMENT BENEFIT X 10377589 10916675 0 1 1 STEVE BELLAS CHIEF FINANCIAL OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 4287637 4466461 0 1 1 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 2177841 2268673 0 1 1 17651809 SCH L, PART II 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. 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.