2022-08-12T15:56:41-05:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2022-08-12 1 KAREN HARBIN 999009999 ROBERT PARKS CPA P00740435 2482443000 2022-08-12 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 88350902 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 10 394 15 950256 0 0 0 75463633 81152276 4241905 4473534 2943045 2725092 82648583 88350902 390126 355500 0 0 26947228 28171414 0 0 0 46463493 45720717 73800847 74247631 8847736 14103271 1651235047 1891090350 1451892049 1680421900 199342998 210668450 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 271,669 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 $1.27 BILLION. THE CREDIT UNION HAS 88,273 LOAN ACCOUNTS. LOANS ARE PROVIDED TO 81,092 MEMBERS. 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 113,227 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 46518 0 1 394 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 X DONNIE RODGERS II TREASURER 1.00 X 0 0 0 JIM CHADWELL BOARD OF DIRECTORS 1.00 X 1786 0 0 RANDY OVERSTREET BOARD OF DIRECTORS 1.00 X 0 0 0 RANDY FAWNS VICE CHAIRPERSON 1.00 X 0 0 0 REGINA GRUBBS CHAIRPERSON 1.00 X 0 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 685553 0 176647 STEPHEN BELLAS CFO 40.00 X 325766 0 94561 DAVID YOUNG EXECUTIVE VICE PRESIDENT 40.00 X 321950 0 36502 ALAN DAVIS CHEIF LENDING OFFICER 40.00 X 398815 0 124854 PATTY SMITH CHIEF MARKETING OFFICER 40.00 X 221399 0 30917 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 40.00 X 249651 0 45213 GLORIA THOMAS CHIEF OPERATIONS OFFICER 40.00 X 281549 0 78027 DOUG GRAHAM CHIEF INFORMATION OFFICER 40.00 X 280461 0 71622 2766930 0 658343 45 0 1 0 KELLEY CONSTRUCTION 12550 LAKE STATION PLACE LOUISVILLE KY 40299 CONSTRUCTION 4385513 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING SERVICES 2091157 JACK HENRY & ASSOCIATES INC PO BOX 509 MONETT MO 65708 SYSTEM MAINTENANCE EXPENSES 1484631 CROSSHAIR MEDIA PLACEMENT LLC 9300 SHELBYVILLE RD SUITE 915 LOUISVILLE KY 40222 RADIO, TV, OUTDOOR&PRINT MKTG 1383096 K4 INTERIORS LLC 555 GEST ST CINCINNATI OH 45203 ARCHITECTURE 1288495 51 INTEREST ON LOANS 522100 55114185 55114185 INTERCHANGE INCOME 522100 12039537 12039537 FEE INCOME 522100 9731619 9731619 OTHER INCOME 522100 3316679 3316679 FINANCE AND INSURANCE 520000 950256 950256 81152276 4473534 4473534 INS COMM MEMBER SERVICE 522100 2725092 2725092 2725092 88350902 87400646 950256 0 X 355500 1640979 19065320 2008616 4022022 1434477 167096 151111 1566701 1786657 5723733 3679554 4083515 67236 116789 7868269 4303197 93005 PROCESSING FEES 5462866 PROVISION FOR LOAN LOSS 3480332 LOAN SERVICING 3058306 CREDIT CARD REWARDS 1971624 2140726 74247631 19846033 16268590 175321938 200021821 9135471 12930926 17245892 17447671 1139228408 1253738357 2817887 2722048 74461888 35768374 37220576 38693514 150092069 245678787 45594982 48284755 10582046 10399826 44149745 44904055 1651235047 1891090350 25815380 26871071 1426076669 1653550829 1451892049 1680421900 X 0 0 0 0 199342998 210668450 199342998 210668450 1651235047 1891090350 X 14103271 -689056 -2088763 X X 0 1 X 1 0 5757851 5757851 42436275 18106773 24329502 409236 52161 357075 24376461 17086869 7289592 1482065 522571 959494 38693514 SHARE 664409667 INDIVIDUAL RETIREMENT ACCOUNTS/ CERTIFICATES 23224488 MONEY MARKET 305499239 SHARE DRAFT 283674070 CERTIFICATE OF DEPOSIT 376743365 1653550829 X 93822007 5471105 5471105 88350902 0 88350902 74247631 0 74247631 0 74247631 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 STATECHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 503402902 135613797 501(C)(3) 82000 0 GALA AND SPONSORSHIP AMERICAN RED CROSS 1450 NEWTOWN PIKE LEXINGTON KY 40511 530196605 501(C)(3) 37500 0 DISASTER BLASTER, CORPORATE SPONSORSHIP MAKE-A-WISH FOUNDATION 710 EAST MAIN ST LEXINGTON KY 40502 341471131 501(C)(3) 20000 0 PARTNERSHIP CAMPBELLSVILLE UNIVERSITY ANNUAL SCHOLARSHIP FUND 1 UNIVERSITY DRIVE UPO 784 CAMPBELLSVILLE KY 42718 610469267 501(C)(3) 30000 0 SPONSORSHIP UNIVERSITY OF LOUISVILLE HOUCHENS BUILDING ROOM 101 2211 S BROOK ST LOUISVILLE KY 40208 611014882 115(1) 10000 0 SPONSORSHIP UNIVERSITY OF LOUISVILLE FOUNDATION INC PO BOX 772050 CHICAGO IL 60677 237078461 501(C)(3) 176000 0 SPONSORSHIP 5 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 547694 0 137859 0 0 0 157004 0 19643 0 862200 0 0 0 ALAN DAVIS CHEIF LENDING OFFICER 356904 0 41911 0 0 0 106001 0 18853 0 523669 0 0 0 STEPHEN BELLAS CFO 275368 0 50398 0 0 0 72043 0 22518 0 420327 0 0 0 GLORIA THOMAS CHIEF OPERATIONS OFFICER 239275 0 42274 0 0 0 59669 0 18358 0 359576 0 0 0 DAVID YOUNG EXECUTIVE VICE PRESIDENT 272047 0 49903 0 0 0 17992 0 18510 0 358452 0 0 0 DOUG GRAHAM CHIEF INFORMATION OFFICER 236378 0 44083 0 0 0 53273 0 18349 0 352083 0 0 0 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 210489 0 39162 0 0 0 26962 0 18251 0 294864 0 0 0 PATTY SMITH CHIEF MARKETING OFFICER 184256 0 37143 0 0 0 9022 0 21895 0 252316 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 MARKETING 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 10790427 0 1 1 STEVE BELLAS CHIEF FINANCIAL OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 4287637 4414808 0 1 1 PATRICIA SMITH CHIEF MARKETING OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 2177841 2242436 0 1 1 17447671 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 MARKETING 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 110,113 MEMBERS OF THE CREDIT UNION. ELGIBILITY 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 24 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, 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 JANUARY 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 FOR COMPENSATION STUDIES. 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 VII, SECTION B, LINE 1 THE AMOUNTS OF COMPENSATION REPORTED AS PAID TO JACK HENRY & ASSOCIATES, INC. AND CROSSHAIR MEDIA PLACEMENT, LLC DURING 2021 WERE INCORRECT. COMPENSATION FOR JACK HENRY & ASSOCIATES, INC. WAS CORRECTED FROM $138,309,571 WHICH WAS REPORTED IN THE ORIGINAL RETURN TO $1,484,631 IN THE AMENDED RETURN. COMPENSATION REPORTED FOR CROSSHAIR MEDIA PLACEMENT, LLC WAS CORRECTED FROM $1,484,631 WHICH WAS REPORTED IN THE ORIGINAL RETURN TO $1,383,096 IN THE AMENDED RETURN. ADDITIONALLY, THE BOWEN V CCU SETTLEMENT FUND WAS REPORTED AS AN INDEPENDENT CONTRACTOR; HOWEVER, IT WAS DETERMINED SHORTLY AFTER FILING THAT THE FUNDS ($2,400,000) DID NOT CONSTITUTE A PAYMENT TO AN INDEPENDENT CONTRACTOR. THEREFORE, THE BOWEN V CCU SETTLEMENT FUND WAS REMOVED IN THE AMENDED RETURN AND REPLACED WITH THE NEXT HIGHEST COMPENSATED INDEPENDENT CONTRACTOR, K4 INTERIORS, LLC. FORM 990, PART VII, SECTION B, LINE 2 AS A RESULT OF REMOVING ONE OF THE PREVIOUSLY REPORTED "INDEPENDENT CONTRACTORS" AS IT WAS SUBSEQUENTLY DETERMINED NOT TO MEET THE DEFINITION OF AN INDEPENDENT CONTRACTOR, THE TOTAL NUMBER OF INDEPENDENT CONTRACTORS COMPENSATED MORE THAN $100,000 REPORTED IN LINE 2 WAS REDUCED BY 1 FROM 52 TO 51 IN THE AMENDED RETURN. FORM 990, PART IX, LINE 24E U OF L PARTNERSHIP 1,042,724. MISCELLANEOUS 1,012,114. EDUCATION 85,888. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN -2,088,763. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.