2023-07-26T11:31:47-05:00 2022-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 620526770 THE TENNESSEE CREDIT UNION TENN 6152441910 1400 8TH AVE SOUTH NASHVILLE TN 37203 RAFAEL RONDON CEO 6152441910 2023-07-25 1 RAFAEL RONDON 999009999 0 JOHN MILLER P02041965 2482443000 2023-07-25 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z RAFAEL RONDON 1400 8TH AVE SOUTH NASHVILLE TN 37203 14793248 0 X WWW.TTCU.ORG X 1950 TN TO PROVIDE SERVICES TO ITS MEMBERS INCLUDING LOAN, CHECKING AND SAVING SERVICES. 5 5 146 8 168829 0 0 0 10032458 12829308 876579 1963940 1122515 0 12031552 14793248 57904 72582 5354367 0 6715633 6674034 0 0 0 0 8465882 12127904 15212498 -96352 -419250 408777901 407626939 381172523 378861788 27605378 28765151 TO PROVIDE SERVICES TO ITS MEMBERS INCLUDING LOAN, CHECKING AND SAVING SERVICES. 0 0 AS OF 12/31/22, THE TENNESSEE CREDIT UNION (TTCU) HAS 9 LOCATIONS COVERING A WIDE GEOGRAPHIC AREA OF MIDDLE AND EAST TENNESSEE. TTCU OFFERS A WIDE RANGE OF CONSUMER CREDIT AND DEPOSIT PRODUCTS & SERVICES. THESE INCLUDE CREDIT CARDS, SECURED AND UNSECURED TERM AND REVOLVING LOANS, RESIDENTIAL CONSTRUCTION AND PERMANENT MORTGAGE LENDING. TTCU RETAINS MOST MORTGAGE LOANS BUT OCCASIONALLY SELL MORTGAGES TO FNMA AND FHLMC AND RETAINS SERVICING. TTCU PROVIDES VALUE SERVICES AS "SUMMER PAY" PROGRAMS, AND SEASONAL SAVINGS ACCOUNTS SUCH AS CHRISTMAS AND VACATION CLUB SAVINGS TO AID OUR CONSUMER MEMBERS IN MANAGING THEIR BUDGETS AND ACHIEVING THEIR FINANCIAL THRIFT OBJECTIVES. KEY DATA AS OF DECEMBER 31, 2022 INCLUDE 9 LOCATIONS, 99 EMPLOYEES, 24,097 MEMBERS, 23,376 LOAN ACCOUNTS AND 42,352 DEPOSIT ACCOUNTS. THE TENNESSEE CREDIT UNION ENTERED INTO A COMMITMENT WITH METRO NASHVILLE BOARD OF EDUCATION TO ESTABLISH, PROVIDE EQUIPMENT, FURNISHINGS, EDUCATIONAL TRAINING, AND OPERATIONAL SUPPORT FOR THE ANTIOCH HIGH SCHOOL'S "THE TENNESSEE CREDIT UNION ACADEMY OF BUSINESS AND FINANCE". ADDITIONALLY, TTCU PROVIDES PAID SUMMER INTERNSHIPS TO WORTHY STUDENTS, TRAINING THEM IN OPERATING A LIMITED-SERVICE CREDIT UNION AT THE SCHOOL. DURING 2022, TTCU PROVIDED $62,582 IN RESOURCES SUCH AS INTERNSHIPS, TRAINING, AND EQUIPMENT FOR THE PROGRAM. TENNESSEE SCHOLASTIC ART COMPETITION HELD ANNUALLY AT CHEEKWOOD ART AND GARDENS. IN 2022, THE TENNESSEE CREDIT UNION CONTRIBUTED $10,000 IN FUNDS TO FINANCE THE COMPETITION AND MAKE ENTRY FEES AFFORDABLE FOR ALL YOUNG COMPETITORS IN THE MIDDLE TENNESSEE AREA. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 11668 0 1 146 1 1 1 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANDRES LLANOS 6157807774 1400 8TH AVE SOUTH NASHVILLE TN 37203 GERALD MARTIN CHAIRPERSON 3.00 X 0 0 0 CHRIS HENSON VICE CHAIRPERSON 3.00 X 0 0 0 JAMES HALL TREASURER 3.00 X 0 0 0 ROBERT CHURCHWELL SECRETARY 3.00 X 0 0 0 TARA LOBA SUPERVISORY COMMITTEE 3.00 X 0 0 0 HARVEY HOSKIN SUPERVISORY COMMITTEE 3.00 X 0 0 0 LORA LOVE SUPERVISORY COMMITTEE 3.00 X 0 0 0 KATHY WOODS-DOBINS DIRECTOR 3.00 X 0 0 0 RAFAEL RONDON CEO 50.00 X 267652 0 13571 MICHAEL MARTIN CEO 50.00 X 168546 0 5160 ANDRES LLANOS CFO 50.00 X 40430 0 2285 JONATHAN CHILSON CFO/VP FINANCE 50.00 X 85522 0 7614 JOSEPH KNOWLES VP IT 45.00 X 107759 0 6439 FLAVIS BURROUGHS VP REAL ESTATE 45.00 X 112553 0 1536 782462 0 36605 4 0 1 0 FINASTRA USA PO BOX 535120 ATLANTA GA 30353 DATA PROCESSING 1666585 AT&T PO BOX 5014 CAROL STREAM IL 60197 TELECOMMUNICATIONS 187272 LOCKTON CO PO BOX 123036 DALLAS TX 75312 LENDING UNDERWRITING 151159 MERIDIANLINK 3560 HYLAND AVE 200 COSA MESA CA 92626 LENDING PROCESSING 126633 BANCVUE PO BOX 527 LUBBOCK TX 79408 DATA PROCESSING 122992 5 INTEREST ON LOANS 522100 8679603 8679603 FEES, CHARGES AND OTHER REVENUE 522100 3980876 3980876 FINANCE AND INSURANCE 520000 168829 168829 12829308 1963940 1963940 14793248 14624419 168829 0 X 72582 590780 4340858 694608 685754 362034 320410 28297 91461 210801 802612 599368 1111740 114052 38403 745582 649124 155505 ATM EXPENSE 1315566 PROVISION FOR LOAN LOSS 1039052 LOAN SERVICING EXPENSE 663778 BANK SERVICE CHARGES 254476 325655 15212498 41238832 1633044 16649868 205460937 249382295 1364183 1355197 21288847 10074380 8006688 11214467 42596341 112986052 104257754 8257933 5853166 6148083 408777901 407626939 2437236 1681906 378735287 377179882 381172523 378861788 X 0 0 0 0 27605378 28765151 27605378 28765151 408777901 407626939 X -419250 1579023 X X 0 1 X 1 0 4033090 4033090 13185087 6629236 6555851 68957 68954 3 4001713 3376190 625523 11214467 MEMBERSHIP SHARES 377179882 377179882 X 14793248 0 14793248 0 14793248 15212498 0 15212498 0 15212498 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX AS FURTHER DISCUSSED IN NOTE 12. THE CREDIT UNION'S WHOLLYOWNED SUBSIDIARY, HOWEVER, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. OPERATIONS OF THE WHOLLY OWNED SUBSIDIARY RESULTED IN NO INCOME TAXES FOR THE YEARS ENDED 2022 AND 2021. THE CREDIT UNION HAS ADOPTED ASC 740, "INCOME TAXES" (ASC 740), WHICH PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. ASC 740 ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT EVALUATES THE TAX POSITIONS TAKEN ON TAX FILINGS AND CONSULTS WITH OUTSIDE PROFESSIONALS IN EVALUATING THE LIKELIHOOD OF UNFAVORABLE RESULTS FROM ANY SUCH TAX POSITIONS. THE CREDIT UNION WILL RECOGNIZE TAX PENALTIES AND RELATED INTEREST IN INCOME TAX EXPENSE IN THE PERIOD IN WHICH MANAGEMENT ESTIMATES IT LIKELY THAT A LIABILITY FOR SUCH ITEMS HAS BEEN INCURRED. THE TAX YEARS FROM 2019 AND FORWARD REMAIN OPEN TO TAX AUDITS. 1 ANTIOCH HIGH SCHOOL 1901 HOBSON PK ANTIOCH TN 37013 620717138 501(C)(3) 62582 0 SPONSORSHIP CHECKWOOOD MUSEUM 1200 FOREST PARK DR NASHVILLE TN 37205 620627921 501(C)(3) 10000 0 CHARITABLE CONTRIBUTION 2 0 SCHEDULE I, PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THERE IS NO MONITORING OF RECIPIENTS' USAGE OF THE FUNDS SUBSEQUENT TO THE ISSUANCE OF THE FUNDS BY THE CREDIT UNION. X X 1 1 X X X 0 0 0 RAFAEL RONDON CEO 214478 0 51174 0 2000 0 0 0 13571 0 281223 0 0 0 MICHAEL MARTIN CEO 120100 0 48446 0 0 0 0 0 5160 0 173706 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 EACH INDIVIDUAL WHO OPENS A SHARE/SAVINGS ACCOUNT BECOMES A MEMBER OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B A THIRD-PARTY CPA FIRM IS RETAINED TO ASSIST IN THE PREPARATION AND ELECTRONIC FILING OF FORM 990. A DRAFT RETURN IS REVIEWED BY THE CEO, CFO, AND VP OF FINANCE FOR ACCURACY PRIOR TO FILING. SUBSEQUENT TO FILING, A COPY OF FORM 990 IS MADE AVAILABLE TO MEMBERS OF THE BOARD OF DIRECTORS UPON THEIR REQUEST. FORM 990, PART VI, SECTION B, LINE 12C UPON HIRING, EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE REVIEW OF THE EMPLOYEE HANDBOOK WHICH INCLUDES THE CREDIT UNION'S CONFLICT OF INTEREST POLICIES. THEREAFTER, EMPLOYEES ARE ALSO REQUIRED TO REVIEW THE POLICY AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT FORM ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS WHO ARE INDEPENDENT. OTHER OFFICERS' COMPENSATION IS DETERMINED BY THE CEO. A THIRD-PARTY COMPENSATION CONSULTANT IS UTILIZED IN ASSISTING THE BOARD OF DIRECTORS AND MANAGEMENT IN SETTING APPROPRIATE COMPENSATION FOR ITS EMPLOYEES THAT IS COMMENSURATE WITH CREDIT UNIONS OF SIMILAR ASSET SIZE AND COMPLEXITY. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE AVAILABLE AT ANNUAL SHAREHOLDER MEETINGS AND ARE AVAILABLE UPON REQUEST. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 24E FRAUD EXPENSE 220,002. OTHER MISCELLANEOUS EXPENSES 105,653. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT OBLIGATION 1,271,682. NET CHANGE IN POST-RETIREMENT BENEFIT OBLIGATION 307,341. FORM 990, PART XII, LINE 2B THE CREDIT UNION'S AUDITED FINANCIAL STATEMENTS AS OF AND FOT THE YEAR ENDED DECEMBER 31, 2022, WERE REPORTED ON A CONSOLIDATED BASIS. HOWEVER, THE CREDIT UNION'S SUBSIDIARY HAD NO ACTIVITY DURING THE YEAR ENDED DECEMBER 31, 2022, AS A RESULT OF BEING INACTIVE SINCE 2016. THE CREDIT UNION HAS MAINTAINED THE SHELL OF THE SUBSIDIARY CORPORATION SHOULD MANAGEMENT DECIDE THAT ACTIVITY WILL RESUME IN THE FUTURE. AS A RESULT, THE CONSOLIDATED FINANCIAL STATEMENT PRESENTATION AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022, WAS IDENTICAL TO THAT OF A SEPARATE (CREDIT UNION ONLY) PRESENTATION. THEREFORE, SCHEDULE D, PARTS XI AND XII WERE COMPLETED. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. CUCORP INC 1400 8TH AVE S NASHVILLE TN 37203 621222556 MORTGAGE LOANS TN THE TENNESSEE CU C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0