2023-10-02T13:27:13-05:00 2022-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2022-01-01 390555293 EDUCATORS CREDIT UNION EDUC 2628865900 1326 WILLOW ROAD MT PLEASANT WI 53177 JAMES JUSTMAN CFO 2628865900 2023-09-14 1 JAMES JUSTMAN 999009999 0 MICHAEL J PETERSON CPA P01833529 2187224705 2023-09-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES JUSTMAN 1326 WILLOW ROAD MT PLEASANT WI 53177 173784408 0 2157 X WWW.ECU.COM X 1937 WI PASSIONATELY HELP PEOPLE BY EDUCATING AND ADVISING TO EARN THEIR LOYALTY. 13 13 712 13 1428437 0 0 0 134137593 135818689 12571150 28157065 1713985 2825306 148422728 166801060 699112 663542 0 0 41152233 45800721 0 0 0 70075459 88333342 111926804 134797605 36495924 32003455 3054224938 3107585746 2709810367 2842785113 344414571 264800633 OUR GOAL IS TO BE THE BEST CREDIT UNION, NOT THE LARGEST. THIS CAN BE ACHIEVED BY HAVING THE MOST LOYAL MEMBERS THROUGH THEIR USE OF OUR PRODUCTS, SERVICES, TECHNOLOGY, AND WILLINGNESS TO REFER OTHERS TO EDUCATORS CREDIT UNION. 0 0 EDUCATORS CREDIT UNION PROVIDES BUSINESS AND CONSUMER LOANS AND LEASES. CURRENT LOAN PORTFOLIO IS OVER $2.1 BILLION. EDUCATORS OFFERS EDUCATIONAL SEMINARS TO HELP INFORM ITS MEMBERSHIP AND TOOLS TO HELP MAKE LARGE PURCHASES, SUCH AS HOME AND AUTOS. EDCUATORS CREDIT UNION ALSO HAS MANY FINANCIAL TOOLS TO HELP MEMBERS BUILD AND IMPROVE THEIR CREDIT SCORE TO ENSURE THEY GET THE LOWEST RATE POSSIBLE ON THEIR LOANS FOR YEARS TO COME. EDUCATORS CREDIT UNION PROVIDES VERY COMPETITIVE RATES ON SAVING, CHECKING, CDS, IRAS, AND MONEY MARKET ACCOUNTS WITH BALANCES OVER $2.8 BILLION. EDCUATORS THE CREDIT UNION GAVE BACK OVER $5 MILLION DOLLARS BACK TO OUR LOYAL MEMBERS THROUGH OUR MEMBER LOYALTY PROGRAM. WE ALSO HAVE GREAT BENEFITS FOR OUR MEMBERS LIKE MIND & MONEY, FINANCIAL WELLNESS TOOLS, AND FRAUD AND THEFT PROTECTION. EDCUATORS CREDIT UNION ALSO HAS A TEAM IN INVESTMENT SERVICES TO ENSURE FINANCIAL WELLNESS FOR FUTURE GENERATIONS. WE HAVE OVER 223,000 MEMBERS AND FOCUS ON EDUCATING THEM IN OUR BRANCHES AS WELL AS THROUGH COMMUNITY ACTIVITIES. EDUCATORS GAVE BACK MORE THAN $600,000 BACK TO THE COMMUNITIES IN WHICH WE SERVE. EDUCATORS CREDIT UNION ALSO AWARDED A TOTAL OF $70,000 TO 35 SCHOOL STUDENTS TO HELP OFFSET THE COST OF HIGHER EDUCATION. TO HELP ENSURE THE SECURITY OF OUR COMMUNITIES' INFORMATION, EDUCATORS CREDIT UNION OFFERS MULTIPLE SHRED DAYS THROUGHOUT OUR COMMUNITIES FREE OF CHARGE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 155147 0 1 712 1 1 1 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 X JAMES JUSTMAN 2628865900 1326 WILLOW ROAD MT PLEASANT WI 53177 WILLIAM HALSEY BOARD MEMBER 1.00 X 700 0 0 SARAH FIEREK BOARD MEMBER 1.00 X 600 0 0 PAUL PELZEK BOARD MEMBER 1.00 X 800 0 0 NANCY MAJEWSKI BOARD MEMBER 1.00 X 950 0 0 MILTON DOCKERY SECRETARY 1.00 X X 850 0 0 MARY LUENEBURG CHAIRPERSON 1.00 X X 1300 0 0 CHERYL KOTHE VICE CHAIRPERSON 1.00 X X 1000 0 0 LOGAN MARTIN ASSOCIATE BOARD MEMBER 1.00 X 700 0 0 ELTON DEMETI ASSOCIATE BOARD MEMBER 1.00 X 500 0 0 DONALD LODGE ASSOCIATE BOARD MEMBER 1.00 X 900 0 0 CLARENCE ALLEN BOARD MEMBER 1.00 X 650 0 0 JANET DAYS ASSOCIATE BOARD MEMBER 1.00 X 1250 0 0 BRAD ZAUTCKE TREASURER 1.00 X X 850 0 0 JAMES JUSTMAN CFO 40.00 X 275905 0 24746 LINDA HOOVER CEO & PRESIDENT 40.00 X 662722 0 45225 MAGGIE FEAGER SVP HR 40.00 X 167194 0 38850 LORI GORKOWSKI VP PAYMENTS 40.00 X 170217 0 28992 ASHLEY MADALA VP LENDING 40.00 X 172605 0 28707 DALE DREHER INFORMATION SECURITY OFFICER 40.00 X 168316 0 28753 JONATHAN HENKES VP IT 40.00 X 167716 0 21106 RICH CHIAPETE CORPORATE ATTORNEY 40.00 X 172938 0 44583 KURT JOHNSON CRO 40.00 X 284584 0 57811 JOSEPH BRAZGEL CIO 40.00 X 248551 0 53749 SHANNON HUOT CHIEF EXPERIENCE OFFICER 40.00 X 206857 0 49098 GLENN BRUSKY VP FACILITIES 40.00 X 165434 0 29028 2874089 0 450648 45 0 1 0 ALKAMI TECHNOLOGY INC PO BOX 122223 PLANO TX 752672223 ONLINE BANKING PROVIDER 3630124 STRATEGIC RESOURCE MANAGEMENT 5100 POPLAR AVENUE SUITE 2500 MEMPHIS TN 38137 CONTRACT SUPPORT 2775663 BUKACEK CONSTRUCTION 2429 SUMMIT AVE RACINE WI 534042156 GENERAL CONSTRUCTION CONTRACTOR 1998338 JP CULLEN & SONS INC PO BOX 5957 JANESVILLE WI 535471957 GENERAL CONSTRUCTION CONTRACTOR 1555301 EDGE ONE INC 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 ATM/ITM SERVICE PROVIDER 1427575 69 INTEREST ON LOANS 522100 78306663 78306663 CREDIT CARD INTERCHANGE INCOME 522100 32754227 32754227 MEMBER SERVICE FEES 522100 13726777 13726777 INCOME FROM SALE OF LOANS 522100 5672096 5672096 LOAN FEE INCOME 522100 1470403 1470403 3888523 2581476 1307047 135818689 27870701 27870701 148481 244937 -96456 -96456 -96456 368358 81994 286364 286364 286364 6777807 6656417 121390 121390 2800372 2800372 2800372 166801060 134511642 1428437 30860981 663542 2012105 33279004 3428761 4565180 2515671 46845 347575 1192141 2584664 4255750 12943028 4262466 146214 1386934 7861754 7275743 401292 DIVIDENDS PAID 14083266 DEBIT AND CREDIT CARD E 13834516 PROVISION FOR LOAN LOSS 7490641 CASH BACK REWARDS 5366904 4853609 134797605 53513729 58934104 298601884 78769992 7579176 8953409 1824835862 2116403607 5725644 6702863 100467857 45265565 58094548 55202292 732676052 734899037 35334940 15649428 37863103 32071014 3054224938 3107585746 33284115 33441773 2425655 2803078 0 1412631 2674100597 2805127631 2709810367 2842785113 X 0 0 0 0 344414571 264800633 344414571 264800633 3054224938 3107585746 32003455 -111617393 0 X 0 1 X 1 0 0 1 X 16118704 16118704 59951120 25905612 34045508 1707224 1188502 518722 22026575 18171451 3855124 664234 664234 55202292 MEMBERS' SHARE AND SAVINGS ACCOUNTS 2805127631 2805127631 167045997 0 167045997 -244937 -244937 166801060 135042542 244937 244937 134797605 0 134797605 PART IV, LINE 2B: THE CREDIT UNION IS THE TRUSTEE OF CERTAIN MEMBERS' ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -244,937. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 244,937. 1 AURORA HEALTH CARE FOUNDATION 3075 HIGHLAND PARKWAY SUITE 600 DOWNERS GROVE IL 60515 390806181 501(C)(3) 60000 0 GENERAL SUPPORT UNITED WAY OF RACINE COUNTY 2000 DOMANIK DRIVE RACINE WI 53404 390806349 501(C)(3) 51142 0 GENERAL SUPPORT UNITED WAY OF GREATER MILWAUKEE PO BOX 88110 MILWAUKEE WI 53288 390806190 501(C)(3) 50663 0 GENERAL SUPPORT RACINE COUNTY FINANCE DEPARTMENT - AQUATIC CENTER 730 WISCONSIN AVE RACINE WI 53403 396005734 GOVERNMENT 28320 0 GENERAL SUPPORT ARTS LARGE 1100 S 5TH STREET MILWAUKEE WI 53204 331114575 501(C)(3) 28000 0 GENERAL SUPPORT SOUTH MILWAUKEE FOOTBALL BOOSTER CLUB 726 OAK STREET SOUTH MILWAUKEE WI 53172 460812108 501(C)(3) 25000 0 GENERAL SUPPORT RACINE UNIFIED SCHOOL DISTRICT 3109 MOUNT PLEASANT ST RACINE WI 53404 396031430 GOVERNMENT 20000 0 GENERAL SUPPORT PROHEALTH CARE 725 AMERICAN AVENUE WAUKESHA WI 53188 391314542 501(C)(3) 18000 0 GENERAL SUPPORT VILLAGE OF MOUNT PLEASANT 8811 CAMPUS DRIVE MOUNT PLEASANT WI 53406 396006022 GOVERNMENT 15000 0 GENERAL SUPPORT CITY OF WAUKESHA 1900 AVIATION DRIVE WAUKESHA WI 53188 391529238 GOVERNMENT 10000 0 GENERAL SUPPORT MARCUS PERFORMING ARTS CENTER 929 N WATER STREET MILWAUKEE WI 53202 510532407 501(C)(3) 8000 0 GENERAL SUPPORT FRANKLIN EDUCATION FOUNDATION 8255 W FOREST HILL AVE FRANKLIN WI 53132 391862024 501(C)(3) 6350 0 GENERAL SUPPORT JUNIOR ACHIEVEMENT 11111 WEST LIBERTY DRIVE MILWAUKEE WI 53224 841223492 501(C)(9) 6000 0 GENERAL SUPPORT UNITED WAY OF BLACKHAWK REGION 205 N MAIN ST SUITE 101 JANESVILLE WI 53545 396006734 501(C)(3) 5773 0 GENERAL SUPPORT UNITED WAY OF KENOSHA COUNTY 5500 6TH AVENUE STE 210 KENOSHA WI 53140 390806285 501(C)(3) 5639 0 GENERAL SUPPORT RACINE ZOO 200 GOOLD STREET RACINE WI 53402 396065035 501(C)(3) 5100 0 GENERAL SUPPORT 15 1 PART I, LINE 2: BRANCH MANAGERS HAVE THE ABILITY TO APPROVE GRANTS TO A CERTAIN AMOUNT, AFTER THAT AMOUNT, THE GRANTS WOULD HAVE TO BE APPROVED BY THEIR MANAGER. LARGER GRANTS ARE APPROVED BY SENIOR MANAGEMENT AND ARE CONSIDERED COMMUNITY BENEFIT CONTRIBUTIONS. X X X 0 0 0 LINDA HOOVER CEO & PRESIDENT 597355 0 57939 0 7428 0 36625 0 8600 0 707947 0 0 0 KURT JOHNSON CRO 258915 0 25441 0 228 0 35711 0 22100 0 342395 0 0 0 JOSEPH BRAZGEL CIO 223949 0 24374 0 228 0 27184 0 26565 0 302300 0 0 0 JAMES JUSTMAN CFO 251153 0 24524 0 228 0 24698 0 48 0 300651 0 0 0 SHANNON HUOT CHIEF EXPERIENCE OFFICER 187983 0 18646 0 228 0 25158 0 23940 0 255955 0 0 0 RICH CHIAPETE CORPORATE ATTORNEY 156638 0 15832 0 468 0 20884 0 23699 0 217521 0 0 0 MAGGIE FEAGER SVP HR 151703 0 15263 0 228 0 21136 0 17714 0 206044 0 0 0 ASHLEY MADALA VP LENDING 156806 0 15331 0 468 0 20499 0 8208 0 201312 0 0 0 LORI GORKOWSKI VP PAYMENTS 154933 0 15056 0 228 0 20904 0 8088 0 199209 0 0 0 DALE DREHER INFORMATION SECURITY OFFICER 153204 0 14644 0 468 0 20545 0 8208 0 197069 0 0 0 GLENN BRUSKY VP FACILITIES 150460 0 14746 0 228 0 20940 0 8088 0 194462 0 0 0 JONATHAN HENKES VP IT 151229 0 16259 0 228 0 20018 0 1088 0 188822 0 0 0 CHERYL KOTHE BOARD VICE CHAIR 84743 SHIRTS FOR STAFF FOR GIFTS AND SPECIAL EVENTS. EMBROIDERY AND SCREEN PRINTING SERVICES FOR SHIRTS THAT STAFF PURCHASE FROM ELITE APPAREL LLC, OWNED BY CHERYL KOTHE. 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B A MERGER IN WHICH EDUCATORS CREDIT UNION WAS NOT THE SURVIVING CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 8B MINUTES ARE NOT TAKEN FOR SUBCOMMITTEES OF THE BOARD, WITH THE EXCEPTION OF THE ALM COMMITTEE AND THE AUDIT COMMITTEE. THE ACTIONS RECOMMENDED BY THE SUBCOMMITTEES ARE PRESENTED TO THE FULL BOARD FOR APPROVAL AND INCLUDED IN THEIR MINUTES. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION IS GATHERED BY THE CONTROLLER AND THE HUMAN RESOURCES MANAGER. THE FORM 990 IS REVIEWED BY THE CFO AND THE CONTROLLER. A COPY OF THE 990 IS PROVIDED TO THE BOARD AFTER SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES ARE REQUIRED ANNUALLY TO SIGN THE OATH OF OFFICE AND REPORT ANY CONFLICTS OF INTEREST. THE ORGANIZATION ENCOURAGES EMPLOYEES TO DISCUSS POTENTIAL CONFLICTS WITH THEIR MANAGER, HUMAN RESOURCES, INTERNAL AUDIT, OR BY REPORTING TO OUR ANONYMOUS FRAUD LINE. ALL REPORTS ARE INVESTIGATED AND ADDRESSED AS NECESSARY. EMPLOYEE AND BOARD MEMBER ACCOUNTS ARE PERIODICALLY REVIEWED FOR ANY IRREGULARITIES THAT WOULD POINT TO A VIOLATION OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION OBTAINS ANNUAL SALARY DATA FROM A THIRD-PARTY VENDOR. THE BUDGETING PROCESS AND BOARD APPROVE PERCENTAGE INCREASE FOR OVERALL SALARY INCREASES. ANNUAL INCREASES ARE GIVEN BASED ON SALARY RANGE, POSITION IN RANGE, PERFORMANCE, LENGTH OF EMPLOYMENT, TIME IN POSITION, AND THE BOARD APPROVED AVERAGE PERCENTAGE INCREASE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST.