2023-11-02T11:15:01-05:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 366068452 VIBRANT CREDIT UNION VIBR 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO 8003235109 2023-10-31 1 MATTHEW MCCOMBS XXX-XX-XXXX 0 JENIFER L CHASE P01306883 5638884000 2023-10-31 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MATTHEW MCCOMBS 6600 44TH AVE MOLINE IL 61265 103698429 0 X WWW.VIBRANTCREDITUNION.ORG X 1935 IL WORKING TOGETHER TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL MEMBERS THROUGH EXCELLENT SERVICE. 9 8 302 8 2008934 313893 0 0 30796947 31076319 5246039 4043047 14293433 12789803 50336419 47909169 0 0 0 0 17045658 18212187 0 0 0 23531668 24512347 40577326 42724534 9759093 5184635 1061532656 1031061735 971145232 959287579 90387424 71774156 WORKING TOGETHER TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL MEMBERS THROUGH EXCELLENT SERVICE. 0 0 PROVIDE CONSIDERABLE LOANS TO MEMBERS. TOTAL NUMBER OF CONSUMER AND MORTAGE LOANS OUTSTANDING WAS 17,833. PROVIDED DEPOSITORY SERVICES TO APPROXIMATELY 45,179 MEMBERS. PROVIDED CREDIT CARD SERVICES TO APPROXIMATELY 13,547 ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 20347 0 1 302 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X MATTHEW MCCOMBS 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO 40.00 X X 502042 0 59565 TERRY BRAHM DIRECTOR 1.00 X 0 0 0 MARK COOPER DIRECTOR 1.00 X 0 0 0 NICK KREMER VICE CHAIRMAN 1.00 X X 0 0 0 MICHAEL PEASE DIRECTOR 1.00 X 0 0 0 BRENT PETERSON FORMER DIRECTOR 1.00 X 0 0 0 TIM SCARLETT DIRECTOR 1.00 X 0 0 0 BOB SWIFT DIRECTOR 1.00 X 0 0 0 NICK TARPEIN CHAIRMAN 1.00 X X 0 0 0 KEVIN WOLFE FORMER DIRECTOR 1.00 X 0 0 0 JULIE VERHEECKE SECRETARY/TREASURER 1.00 X X 0 0 0 MEGAN ANDERSON CHIEF OPERATIONS OFFICER 40.00 X 219259 0 41795 KEVIN PETERSON CHIEF FINANCIAL OFFICER 40.00 X 51530 0 6155 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 40.00 X 235020 0 34338 ASHLEE COOPER SVP OF SALES SERVICE 40.00 X 156923 0 31281 CALE VANGENDEREN SVP LOAN PROGRAMS 40.00 X 160340 0 38191 ALLISON COOK SVP PROGRAM MANAGEMENT 40.00 X 141280 0 29265 MONTE BENNETT GENERAL MANAGER 40.00 X 182306 0 19946 JENNIFER BOWE SVP IT & DEVELOPMENT 40.00 X 173151 0 5742 1821851 0 266278 26 0 1 0 RUSSELL CONSTRUCTION CO INC 4700 E 53RD STREET DAVENPORT IA 52807 CONSTRUCTION 5744847 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 BANKING SOFTWARE AND SERVICE 3453403 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 BANKING SOFTWARE AND SERVICE 669195 LIGHTEDGE SOLUTIONS INC PO BOX 874074 KANSAS CITY MO 64187 DATA CENTER 478002 FIVE9 INC 4000 EXECUTIVE PARKWAY STE 400 SAN RAMON CA 94583 CALL CENTER SOFTWARE 384212 36 LOANS INTEREST 522100 30036182 30036182 LOAN FEES 522100 948565 948565 ATM FEES 522100 91572 24761 66811 31076319 3622930 3622930 56070459 55650342 420117 420117 420117 208470 138918 69552 69552 CHECKING FEE INCOME 522100 4494476 4494476 MISCELLANEOUS OPERATING INCOME 522100 2762271 2762271 OVERDRAFT CHARGES 522100 2693056 2693056 2770448 897877 1872571 12720251 47909169 41857188 2008934 4043047 1149704 13311751 683103 1818180 1249449 87105 381652 1147197 879739 1117569 2063273 1822719 68692 1666065 2543069 SERVICE CHARGES & MASTE 5102051 DIVIDENDS PAID TO MEMBE 3211951 DATA PROCESSING EXPENSE 1460707 PROVISION FOR LOAN LOSS 903712 2056846 42724534 2050749 10345870 31968903 42159471 41852 0 9263200 11863200 789751741 750639038 0 31341 6099395 5596611 48487036 8317799 31486140 40169237 154260268 130075667 36610408 40181300 1061532656 1031061735 123186641 187897510 843029 555061 847115562 770835008 971145232 959287579 X 0 0 0 0 90387424 71774156 90387424 71774156 1061532656 1031061735 X 5184635 -22652633 -1145270 X X 0 1 X 1 0 0 1 X 3388511 3388511 35987395 5008266 30979129 8455921 2988577 5467344 655209 320956 334253 40169237 MORTGAGE LOANS INVESTMENT 121556765 C FEDERAL HOME LOAN BANK STOCK 8518902 C 130075667 MEMBERS' DEPOSITS ACCOUNTS 657405644 NONMEMBER CERTIFICATES OF DEPOSIT 113429364 770835008 X PART IV, LINE 2B: VIBRANT CREDIT UNION COLLECTS AMOUNTS FROM MEMBERS WITH REAL ESTATE LOANS EACH MONTH VIA THEIR CONTRACTUAL PAYMENT SCHEDULE. THESE FUNDS ARE HELD IN ESCROW UNTIL THEY NEED TO BE DISBURSED IN ACCORDANCE WITH THE ESCROW INSTRUCTIONS FOR EACH MEMBER. AMOUNTS HELD IN ESCROW ARE FOR PROPERTY TAXES AND HOMEOWNER'S INSURANCE. PART X, LINE 2: VIBRANT CREDIT UNION (THE CREDIT UNION) IS EXEMPT FROM INCOME TAXES UNDER PROVISIONS OF THE INTERNAL REVENUE CODE AND STATES OF ILLINOIS AND IOWA TAX LAWS. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS PRODUCES THE RISK THAT CERTAIN SOURCES OF INCOME ARE NOT RELATED TO THE EXEMPT PURPOSE OF A STATE-CHARTERED CREDIT UNION AND ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE CREDIT UNION FILES INCOME TAX RETURNS FOR ITS UNRELATED BUSINESS INCOME. IN THE OPINION OF MANAGEMENT, ANY FURTHER LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THEY HAVE TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. X 0 0 X X X X 0 0 0 MATTHEW MCCOMBS PRESIDENT/CEO 456082 0 45600 0 360 0 18300 0 41265 0 561607 0 0 0 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 208752 0 24720 0 1548 0 14193 0 20145 0 269358 0 0 0 MEGAN ANDERSON CHIEF OPERATIONS OFFICER 195499 0 23400 0 360 0 13624 0 28171 0 261054 0 0 0 MONTE BENNETT GENERAL MANAGER 147891 0 33125 0 1290 0 9187 0 10759 0 202252 0 0 0 CALE VANGENDEREN SVP LOAN PROGRAMS 148056 0 12000 0 284 0 10101 0 28090 0 198531 0 0 0 ASHLEE COOPER SVP OF SALES SERVICE 150234 0 6500 0 189 0 6563 0 24718 0 188204 0 0 0 JENNIFER BOWE SVP IT & DEVELOPMENT 166346 0 6500 0 305 0 4777 0 965 0 178893 0 0 0 ALLISON COOK SVP PROGRAM MANAGEMENT 128015 0 13000 0 265 0 8265 0 21000 0 170545 0 0 0 PART I, LINE 1A HEALTH CLUB DUES: THIS BENEFIT IS PROVIDED TO ONE TOP MANAGEMENT OFFICIAL OF VIBRANT CREDIT UNION. THE FAIR MARKET VALUE OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J. TERRY BRAHM DIRECTOR/OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 4601151 4601151 0 1 1 MATTHEW MCCOMBS DIRECTOR/OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 3812049 3812049 0 1 1 PETER NOHELTY KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 3450000 3450000 0 1 1 11863200 FORM 990, PART VI, SECTION A, LINE 6 VIBRANT CREDIT UNION HAS MEMBERS AS PROVIDED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A VIBRANT CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE ORGANIZATION'S CHIEF FINANCIAL OFFICER, AND A FINAL COPY WILL BE PROVIDED TO THE BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST WHICH IS UNACCEPTABLE IS BROADLY DEFINED AS AN INSIDER TAKING ADVANTAGE OF THEIR UNIQUE POSITION FOR PERSONAL GAIN AT THE EXPENSE OF THE CREDIT UNION. INSIDERS ARE BROADLY DEFINED AS BOARD MEMBERS, COMMITTEE MEMBERS, MANAGEMENT, STAFF, AND SUBSTANTIAL THIRD PARTY VENDORS, AND ARE MORE THOROUGHLY DEFINED BELOW. THE TEST FOR DETERMINING WHO IS AN INSIDER REQUIRES THE FOLLOWING TWO BASIC ELEMENTS: - THE EXISTENCE OF A RELATIONSHIP GIVING ACCESS, DIRECTLY OR INDIRECTLY TO INFORMATION INTENDED TO BE AVAILABLE ONLY FOR A CORPORATE PURPOSE AND NOT FOR THE PERSONAL BENEFIT OF ANYONE. - THE INHERENT UNFAIRNESS INVOLVED WHERE AN INSIDER TAKES ADVANTAGE OF SUCH INFORMATION KNOWING IT IS UNAVAILABLE TO THOSE WITH WHOM HE/SHE IS DEALING. TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST, IT WILL BE NECESSARY FOR EVERY INSIDER TO PROVIDE AN ANNUAL STATEMENT OUTLINING SPECIFIC RELATIONS AND SITUATIONS. ALL NEW HIRES AND NEW DIRECTORS WILL COMPLETE THE CONFLICT OF INTEREST STATEMENTS PRIOR TO EMPLOYMENT OR ELECTION. THE PRESIDENT/CEO OR HIS/HER DESIGNEE WILL BE RESPONSIBLE FOR THE COLLECTION AND RETENTION OF ALL DIRECTORS, MANAGEMENT, AND EMPLOYEE STATEMENTS. REVIEW OF DIRECTOR, MANAGEMENT, AND EMPLOYEE STATEMENTS IS THE RESPONSIBILITY OF THE AUDIT DEPARTMENT. INDIRECT CONFLICTS COULD INVOLVE SITUATIONS AS ROUTINE AS THE INSIDER OR SPOUSE MAINTAINING A NORMAL CONSUMER RELATIONSHIP WITH THE CREDIT UNION. THESE SITUATIONS ARE ROUTINELY DISCLOSED TO EXAMINERS AND AUDITORS IN THE NORMAL COURSE OF THEIR REVIEW OF OPERATIONS AND SHOULD BE CONSIDERED NORMAL FOR THE FINANCIAL SERVICES INDUSTRY. THE INSIDER IN THIS CASE RECEIVES NO MATERIAL SPECIAL CONSIDERATION AND PAYS THE SAME RATES AND GETS THE SAME SERVICE AS A REGULAR MEMBER. DIRECT CONFLICTS OF INTEREST NORMALLY INVOLVE A SITUATION WHICH WILL BENEFIT THE INSIDER FINANCIALLY. A DIRECTOR WHO PURCHASES A PROPERTY WITH INSIDER CONFIDENTIAL INFORMATION, KNOWING THE CREDIT UNION IS PLANNING TO DEVELOP IT AS A BRANCH OFFICE WOULD HAVE VIOLATED HIS FIDUCIARY DUTY AS A DIRECTOR AND CREATE A CONFLICT. AN EMPLOYEE WHO RECEIVED COMMISSIONS FROM A COMPANY THAT THE CREDIT UNION DID BUSINESS WITH AS A RESULT OF THE ACTIONS OF SAID EMPLOYEE WOULD BE IN CONFLICT. THE NUMBER OF EXAMPLES IS TOO NUMEROUS TO LIST, BUT THE MAIN DETERMINANT WOULD BE IF THE INSIDER BENEFITED EITHER DIRECTLY OR INDIRECTLY BECAUSE OF THEIR UNIQUE POSITION AS AN INSIDER. IN SOME SITUATIONS, A BOARD MEMBER MAY BE ENGAGED IN SERVICES OR BUSINESS ACTIVITIES FOR WHICH VIBRANT CREDIT UNION HAS A NEED. IN THESE INSTANCES, VIBRANT CREDIT UNION MAY ENGAGE IN THESE SERVICES OR ACTIVITIES WITH THE REVIEW AND APPROVAL OF THE BOARD. APPROVAL BY THE BOARD FOR THE SERVICES BEING PROVIDED WILL BE DOCUMENTED IN MONTHLY MINUTES. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD OF DIRECTORS, PRESIDENT/CEO, AND OUTSIDE COUNSEL, IF REQUIRED. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE PARTNERED WITH A THIRD PARTY EXECUTIVE COMPENSATION FIRM KNOWN AS PEARL MEYER TO CONDUCT A REVIEW OF THE CHIEF EXECUTIVE OFFICER'S TOTAL COMPENSATION PACKAGE. AS A PART OF THE SCOPE OF THAT ENGAGEMENT, PEARL MEYER ALSO PROVIDED CONSULTATION TO THE EXECUTIVE COMMITTEE REGARDING COMMON COMPENSATION PRACTICES, MARKET DATA, PEER COMPARISONS DATA, AND GUIDED DISCUSSION AROUND THE COMMITTEE'S EXPECTATIONS AND DESIRES WHEN IT COMES TO THE CHIEF EXECUTIVE OFFICER'S COMPENSATION PHILOSOPHY. AS AN OUTCOME OF THAT ENGAGEMENT, THE EXECUTIVE COMMITTEE DEFINED AND CREATED THE VIBRANT CREDIT UNION CHIEF EXECUTIVE OFFICER COMPENSATION PHILOSOPHY. THE PHILOSOPHY OUTLINES THE INTENT OF THE CHIEF EXECUTIVE OFFICER'S TOTAL COMPENSATION PLAN ALONG WITH A DEFINED TARGET AT THE MEDIAN OF THE MARKETPLACE IN WHICH VIBRANT COMPETES FOR EXECUTIVE TALENT. THE EXECUTIVE COMMITTEE USED THE SALARY SURVEY DATA PROVIDED BY PEARL MEYER TO ESTABLISH THE CHIEF EXECUTIVE OFFICER'S 2022 COMPENSATION. PEARL MEYER USED THE PEARL MEYER CREDIT UNION COMPENSATION SURVEY, CREDIT UNION EXECUTIVE SOCIETY EXECUTIVE COMPENSATION SURVEY, AND THE NATIONAL BANKING SURVEY. THE SAME PRINCIPLES AS OUTLINED IN THE PHILOSOPHY ARE USED ANNUALLY BY THE EXECUTIVE COMMITTEE TO PROPOSE AND APPROVE THE CHIEF EXECUTIVE OFFICER'S ANNUAL COMPENSATION. THE BOARD CHAIR WILL BRING TO THE EXECUTIVE COMMITTEE A RECOMMENDATION FOR THE CHIEF EXECUTIVE OFFICER'S ANNUAL COMPENSATION, THE RECOMMENDATION IS DISCUSSED, TAKEN TO VOTE, AND THE DECISION IS CAPTURED IN MEETING MINUTES. THE CHIEF EXECUTIVE OFFICER'S LAST APPROVED ANNUAL COMPENSATION CHANGE OCCURRED DURING THE EXECUTIVE COMMITTEE'S JULY 17, 2023 MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: DEFINED BENEFIT PLAN NET ASSET -1,145,270. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 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