2022-05-11T20:03:34-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2021-01-01 363679911 ABBOTT LABORATORIES EMPLOYEES CREDIT UNION (ALEC) ABBO 8472499431 325 TRI-STATE PARKWAY 1A GURNEE IL 60031 JOSEPH TROSCLAIR PRESIDENT 8472499431 2022-05-09 1 JOSEPH TROSCLAIR 999009999 MARY C GREEN P00447183 6022662248 2022-05-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JOSEPH TROSCLAIR 325 TRI-STATE PARKWAY 1A GURNEE IL 60031 43554567 0 X WWW.ALECU.ORG X 1990 IL TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES. 9 8 131 8 95671 53745 0 0 22823509 21717581 5550237 4425385 271219 1474192 28644965 27617158 0 0 5401966 3411096 9574672 10204740 0 0 0 7989457 8116689 22966095 21732525 5678870 5884633 948904124 1021053305 832445208 903837886 116458916 117215419 X TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES. OUR COMMITMENT IS (1) TO GAIN OUR MEMBERS TRUST BY PROVIDING EXCEPTIONAL MEMBER SERVICE (2) TO OFFER A WIDE ARRAY OF FINANCIAL PRODUCTS, SERVICES AND DELIVERY CHANNELS (3) TO EDUCATE OUR MEMBERS IN ALIGNMENT WITH THEIR FINANCIAL GOALS (4) TO RECOGNIZE THE PERFORMANCE, ACHIEVEMENT AND PERSONAL DEVELOPMENT OF OUR EMPLOYEES (5) TO PROTECT OUR MEMBERS' DATA AND PRIVACY (6) TO CONDUCT BUSINESS WITH THE HIGHEST STANDARDS OF ETHICS, INTEGRITY AND HONESTY. 0 0 TO PROVIDE COMPETITIVE LOANS, MARKET DEPOSIT RATES, AND EFFICIENT CHECKING SERVICES TO OUR MEMBERSHIP. 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9944 0 131 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 1 1 1 0 X JANET OSBORN 8472499431 325 TRI-STATE PARKWAY GURNEE IL 60031 JOSEPH TROSCLAIR PRESIDENT 40.00 X X 472228 0 40385 JON BERNDT SVP, CFO 40.00 X 271638 0 39326 KENNETH KEIFER SENIOR VICE PRESIDENT 40.00 X 222476 0 46360 BRADY VAN HEIRSEELE SENIOR VICE PRESIDENT 40.00 X 209630 0 36806 JENNIFER PESTIKAS SENIOR VICE PRESIDENT 40.00 X 207030 0 33438 JENNIFER DZBINSKI VICE PRESIDENT 40.00 X 149880 0 38971 JANET OSBORN DIRECTOR 40.00 X 135684 0 15460 DANIELLE HERBRECHTSMEIER DIRECTOR 40.00 X 130130 0 14572 DEBORAH ZIMMERMAN SENIOR MANAGER 40.00 X 120013 0 21132 JASON ROBLESKI SENIOR MANAGER 40.00 X 109660 0 26251 DAVID MARK CHAIRMAN 2.00 X X 0 0 0 BETH MIKSA VICE CHAIR 2.00 X X 0 0 0 ROBERT REISER TREASURER 2.00 X X 0 0 0 STEVE SCROGHAM SECRETARY 2.00 X X 0 0 0 DOAN NGUYEN DIRECTOR 2.00 X 0 0 0 BEN OOSTERBAAN DIRECTOR 2.00 X 0 0 0 MARK STOFFEL DIRECTOR 2.00 X 0 0 0 WAYNE WALLIS DIRECTOR 2.00 X 0 0 0 2028369 0 312701 14 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 BANKING SERVICES 1727695 CARDTRONICS PO BOX 4346 DEPT 364 HOUSTON TX 77210 ATM SERVICES 203400 AT & T PO BOX 5019 CAROL STREAM IL 60197 TELECOMMUNICATION SERVICES 130825 3 LOAN INTEREST 522100 17087951 17087951 FEES AND CHARGES 522100 4629630 4533959 95671 21717581 3716891 3716891 1837968 14807935 1789691 14147718 48277 660217 708494 708494 CLAIMS SETTLEMENT 900099 1203000 1203000 OTHER INCOME 522100 271192 271192 1474192 27617158 21621910 95671 5899577 3411096 1579317 6528601 194845 1338919 563058 110689 33544 108754 433709 523295 894068 902517 477966 20416 850301 114389 UBI TAXES 26714 BANKING FEES 1919724 LOAN SERVICING 1000285 PROVISION FOR LOAN LOSS 288408 411910 21732525 4299740 3298443 134488558 83099515 4188062 4143895 1356547 1364636 472893578 482004439 600529 562227 16144666 3028057 13828958 13116609 250490068 391480101 48164500 17458800 18593584 24524640 948904124 1021053305 6590572 5533653 4000000 5000000 821854636 893304233 832445208 903837886 X 0 0 0 0 116458916 117215419 116458916 117215419 948904124 1021053305 X 5884633 -5377800 249670 X 0 1 X 1 0 1809709 1809709 7699066 909931 6789135 214084 107228 106856 6421807 2010898 4410909 13116609 MEMBERS' SHARE AND SAVINGS ACCOUNT 892789175 DEFERRED COMPENSATION LIABILITY 515058 893304233 X 27866828 249670 249670 27617158 0 27617158 21732525 0 21732525 0 21732525 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES CONSIDERED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF LIFE INSURANCE POLICIES 249,670. X X X X 0 1 0 JOSEPH TROSCLAIR PRESIDENT 333356 0 138872 0 0 0 31682 0 8703 0 512613 0 0 0 JON BERNDT SVP, CFO 224286 0 47352 0 0 0 21108 0 18218 0 310964 0 0 0 KENNETH KEIFER SENIOR VICE PRESIDENT 183694 0 38782 0 0 0 28214 0 18146 0 268836 0 0 0 BRADY VAN HEIRSEELE SENIOR VICE PRESIDENT 172071 0 37559 0 0 0 12732 0 24074 0 246436 0 0 0 JENNIFER PESTIKAS SENIOR VICE PRESIDENT 172333 0 34697 0 0 0 10982 0 22456 0 240468 0 0 0 JENNIFER DZBINSKI VICE PRESIDENT 130488 0 19392 0 0 0 15608 0 23363 0 188851 0 0 0 JANET OSBORN DIRECTOR 115773 0 19911 0 0 0 6784 0 8676 0 151144 0 0 0 PART I, LINE 4B SPLIT DOLLAR LIFE INSURANCE: THE CREDIT UNION MADE A NONRECOURSE LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO A SELECT MEMBER OF SENIOR MANAGEMENT, JOSEPH TROSCLAIR. THIS LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE CASH SURRENDER VALUE OF THE RESPECTIVE LIFE INSURANCE POLICY. THE POLICY IS OWNED BY THE EXECUTIVE AND THE OWNER HAS SOLE CONTROL OVER THE LISTED BENEFICIARIES. AT THE TIME OF RETIREMENT, THE LOAN BECOMES DUE AND PAYABLE AND CAN BE PAID WITH THE CASH VALUE OF THE LIFE INSURANCE POLICY, OR WITH OTHER PERSONAL FUNDS AT THE OWNER'S DISCRETION. THE LOAN IS CONSIDERED NONRECOURSE AND AS SUCH, THE CREDIT UNION HAS RECORDED THE BALANCE AS THE LOWER OF THE OUTSTANDING LOAN BALANCE PLUS ACCRUED INTEREST, OR THE CASH SURRENDER VALUE OF THE LIFE INSURANCE POLICIES. JOSEPH M TROSCLAIR PRESIDENT SPLIT DOLLAR LIFE INSURANCE X 1385663 1364636 0 1 1 1364636 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. THE CREDIT UNION'S PRIMARY FIELDS OF MEMBERSHIP FOR LENDING AND SAVINGS ACTIVITIES ARE EMPLOYEES, RETIREES, AND THE FAMILY MEMBERS OF ABBOTT LABORATORIES; ABBVIE, INC.; AND THE CREDIT UNION'S EMPLOYEES, RETIREES, AND THEIR FAMILY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF THE ORGANIZATION IS ELECTED BY ITS MEMBERS FORM 990, PART VI, SECTION A, LINE 7B ELECTION OF DIRECTORS AND PROPOSALS FOR MERGERS/VOLUNTARY DISSOLUTION IS VOTED ON BY MEMBERS. HOWEVER, MEMBERS MAY VOTE BY PROXY. CHANGES TO THE CORPORATE CHARTER AND BYLAWS REQUIRE APPROVAL OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE CREDIT UNION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE A DRAFT IS AVAILABLE, IT IS REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 THE ORGANIZATIONS CODE OF ETHICS POLICY INCLUDES ITS POSITION ON CONFLICT OF INTEREST. THE CODE OF ETHICS POLICY IS REQUIRED TO BE SIGNED ANNUALLY BY ALL EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. THEY OBTAINED SURVEY'S WHICH THEN THE DATA IS COMPARED AT THE POSITION LEVEL. INCLUDING FACTORS SUCH AS THE NUMBER OF SERVICES, NUMBER OF MEMBERS AND NUMBER OF LOANS. COMPENSATION IS BASED ON ANALYSIS OF THIS DATA. THIS INFORMATION IS KEPT IN THE PAYROLL FILE AND THE CEO'S PERSONNEL FILE. REGARDING THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES, THE CEO RECOMMENDS CHANGES IN COMPENSATION TO THE COMPENSATION COMMITTEE OF THE BOARD, USING INDIVIDUAL COMPENSATION REPORTS PROVIDED BY ALEC'S INDEPENDENT COMPENSATION CONSULTANT. ONCE APPROVED BY THE COMPENSATION COMMITTEE, THE CEO NOTIFIES HR FOR PAYROLL PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF LIFE INSURANCE POLICIES 249,670.