2022-11-14T17:04:29-07:00 2021-12-31 990 2021-01-01 620681671 CREDIT UNIONS CHARTERED IN THE STATE OF TENNESSEE CRED 7316641784 87 Murray Guard Drive Suite A Jackson TN 38305 Seth Rudd CFO 7316641784 2022-11-14 1 11 0 AAL2 2021 2022-09-23 18:48:47Z Leaders Credit Union Todd Swims 87 Murray Guard Drive Suite A Jackson TN 38305 47547616 0 1182 X www.leaderscu.com X 1957 TN Provision of financial services to members in the form of loans, share accounts and other financial institutional services. 9 9 201 9 695468 0 0 0 20562228 22743418 326313 399884 20157774 24364401 41046315 47507703 23549 159723 0 0 14528184 15892232 0 0 0 18055400 18917783 32607133 34969738 8439182 12537965 530250449 642989895 470349808 570569207 59900641 72420688 State chartered credit union that provides financial services to members in the form of loans, share accounts and other financial institutional services. 0 0 Provision of financial services to members in the form of loans, share accounts and other financial institutional services (54,249 members). 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 11926 0 0 201 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 0 1 1 0 X Todd Swims 7316641784 87 Murray Guard Drive Suite A Jackson TN 38305 Todd Swims Manager/CEO 40 0 X 734811 0 57805 Spencer Pratt Executive VP 40 0 X 337280 0 83089 Seth Rudd Chief Financial Officer 40 0 X 294820 0 82732 Tim Sikes Mortgage Loan Originator 40 0 X 329022 0 37758 Ross Priddy Mortgage Lending 40 0 X 279173 0 36923 Chris Gray VP Mortgage 40 0 X 242124 0 40413 Ryan Platt Chief Information Officer 40 0 X 203862 0 30711 Leigh Anne VP Marketing 40 0 X 174533 0 38723 Ron Hill Board Chairperson 2 0 X 0 0 0 Diane Kelley Board Secretary 2 0 X 0 0 0 Kirk Newcom Board Member 2 0 X 0 0 0 Eddie Hays Board Member 2 0 X 0 0 0 Currie Higgs Board Member 2 0 X 0 0 0 Rusty Butcher Board Treasurer 2 0 X 0 0 0 Dave Bratcher Board Member 2 0 X 0 0 0 Bart Teague Board Vice-Chairperson 2 0 X 0 0 0 Carolyn Hill Board Member 2 0 X 0 0 0 2595625 0 408154 8 0 1 0 PSCU 560 Carillon Parkway St Petersburg FL 33716 Debit and credit card services 1982859 Fiserv PO Box 745148 Atlanta GA 30374 Data Processing 1013207 NCR PO Box 740641 Los Angeles CA 90074 Home Banking Services 957628 Pentecost and Glenn 162 Murray Guard Dr Suite B Jackson TN 38305 Real estate purchase 799403 QSI INC 107 Schuler Drive Bardstown KY 40004 Bank Equipment and servicing 695993 26 0 0 0 0 0 0 0 0 Interest on Loans 522130 22743418 22743418 0 0 0 0 0 0 22743418 399209 399209 0 0 0 0 0 0 0 0 0 0 119151 0 31588 0 87563 0 87563 0 0 87563 0 9000 0 8325 0 675 675 675 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FEE INCOME 522130 18727065 18684996 42069 0 5549773 4896374 653399 0 24276838 47507703 46724672 695468 87563 159723 1508672 11737745 798669 955697 891449 21168 109600 541710 556517 1094206 1529244 762410 162243 52314 2743997 1035729 173647 Provision-Loan and overdraft 3176265 Loan Servicing 2901020 ATM/POS Card Expense 2544965 Home Banking Expense 1013809 498939 34969738 0 0 0 6822059 7608201 38109253 23768397 433743801 539478956 6816683 6797000 9802 1002510 1147985 22501384 7379195 13607098 15122189 11070998 32086034 19078047 16971331 530250449 642989895 4556998 4966372 353144 253078 13348555 7957340 452091111 557392417 470349808 570569207 X 0 0 26336773 32819779 33563868 39600909 59900641 72420688 530250449 642989895 X 12537965 211865 0 0 0 -229783 X 0 1 X 1 0 1250 0 0 1250 1250 1 Tennessee Credit Union League PO Box 21550 Chattanooga TN 37424 422728395 1250 0 Schedule C, Part I-A, Line 1 Contributions were made to a PAC. 90000 4302645 4392645 840524 11501492 4093450 8248566 0 0 0 0 0 5766723 3285745 2480978 0 0 0 0 15122189 0 Member deposits 557392417 557392417 X 47538615 0 0 0 30912 30912 47507703 0 0 0 47507703 35230432 0 0 0 260694 260694 34969738 0 0 0 34969738 Schedule D, Part X, Line 2 The Credit Union is exempt, by statute, from federal and state income taxes on business related income. The Credit Union and its subsidiary file an informational return with the Internal Revenue Service. The Credit Union accounts for uncertain tax positions in accordance with GAAP. There were no uncertain tax positions reported in 2021 or 2020 in the consolidated financial statements. In the event of an uncertain tax position, the Credit Union would record interest expense and penalties related to uncertain tax positions as interest expense and other noninterest expense, respectively. Schedule D, Part XI, Line 2d Rental expense for real property held for investment in the amount of $31,588.30 is netted against rental income in Part VIII Statement of Revenue on the 990 but is included in expenses on the audited financial statements. Gain on sale of assets in the amount of $675.22, is added to revenue in Part VIII, but is netted in expenses on the audited financial statements. Rounding 1. Schedule D, Part XII, Line 2d Donations totalling $229,782 are reflected on the books, but were not made until the following year. Rental expense for real property held for investment in the amount of $31,588 is netted against rental income in Part VIII Statement of Revenue on the 990 but is included in expenses on the audited financial statements. Gain on sale of assets in the amount of $675, is added to revenue in Part VIII, but is netted in expenses on the audited financial statements. Rounding 1. 0 Jackson & Madison County Chamber of Commerce dba Jackson Chamber 197 Auditorium St Jackson TN 38301 620154490 501(c)(6) 6000 book Forward Jackson campaign to improve Jackson. Economic development capital campaign funded by local investors and focused on four initiatives: region and local economic development, tourism, workforce development and small businesses. Jackson-Madison County School System 310 N Parkway Jackson TN 38305 626000732 JMCSS 10000 book Annual teacher in-service and general funds. Leaders Education Foundation PO BOX 10144 Jackson TN 383080102 843226843 501(c)(3) 143723 book Provides educational grants, scholarships, and resources to our community that supports lifelong learning, workforce development, and educational opportunities. 1 2 Schedule I, Part I, Line 2 Jackson & Madison County Chamber of Commerce- The Forward Jackson 2.0 campaign provides an annual report and is audited yearly by a third-party accounting firm. Jackson-Madison County School System- Leaders attends the in-service event that we sponsor at the $10,000 level. Any money not used for the day's events goes to their general fund. Leaders Education Foundation-Leaders Credit Union is provided a copy of the annual report from the Leaders education foundation annually. The annual report showcases all funds distributed throughout the coverage area and provides financial accounting for all the membership. The Foundation also holds an annual meeting which Leaders attends. X X X X 1 1 X X X X 0 1 0 Todd Swims Manager/CEO 361178 0 205522 0 168111 0 38500 0 19305 0 792616 0 0 0 Spencer Pratt Executive VP 222700 0 62488 0 52093 0 62612 0 20477 0 420370 0 0 0 Seth Rudd Chief Financial Officer 207244 0 58102 0 29474 0 63680 0 19052 0 377552 0 0 0 Chris Gray VP Mortgage 176129 0 65489 0 505 0 25762 0 14651 0 282536 0 0 0 Leigh Anne VP Marketing 133812 0 24721 0 15999 0 25673 0 13050 0 213255 0 0 0 Ryan Platt Chief Information Officer 165169 0 27680 0 11012 0 11659 0 19052 0 234572 0 0 0 Tim Sikes Mortgage Loan Originator 38044 0 290697 0 282 0 18850 0 18908 0 366781 0 0 0 Ross Priddy Mortgage Lending 38313 0 240559 0 301 0 18729 0 18194 0 316096 0 0 0 Schedule J, Part I, Line 1a Directors of the Credit Union and executives attended certain seminars and events that were for the business purposes of the Credit Union. Spouses of certain directors and executives also went on these trips and certain travel expenses were paid for by the Credit Union. The Credit Union was reimbursed by the directors, the expense was offset by mileage expense owed to the directors, and/or the spouses expense was reported to the spouse on a 1099-MISC. The executive's spouse travel expense was grossed up and reported as compensation on the executive's W-2. Schedule J, Part I, Line 3 Human resource manager uses Compease salary administration program to determine responsibilities and compensation for employees at all levels. Compease uses industry specific job descriptions, evaluation system and geographic salary ranges to develop compensation ranges. A compensation committee approves overall salary budget and CEO compensation based on Compease research. Schedule J, Part I, Line 4 The Executive VP and CFO of the Credit Union participated in a 457(f) plan. Todd Swims Manager/CEO Collateral assignment- split dollar X 6797000 6797000 0 1 1 6797000 Form 990, Part VI, Section A, Line 6 Because Leaders Credit Union is considered a mutual entity, members are considered individuals or business that qualify for membership. Anyone living, working, worshipping, or attending school in Madison, Chester, Dyer, Haywood, Lake, Lauderdale, or McNairy Counties in Tennessee, Crittenden County in Arkansas; or in certain parts of Carroll, Crockett, Fayette, Gibson, Hardeman, Henderson, Henry, Shelby, Tipton, and Weakley Counties in Tennessee.; employees working at one of our Select Employee Groups (SEGs); and employees or members of one of our Associational Groups are eligible for membership. The credit union is a not-for-profit corporation with members. The members elect the members of the board of directors (governing body) and the governing body is not the organization's only members. The members can receive a share of the organizations profits or a share of the organization's net assets upon dissolution. Form 990, Part VI, Section A, Line 7a A quorum of members at the annual meeting elect one or more members of the board of directors (governing body) as vacancies arise, based on nominations of the nominating committee. Form 990, Part VI, Section A, Line 7b A quorum of members at the annual meeting elect one or more members of the board of directors (governing body) as vacancies arise, based on nominations of the nominating committee. Form 990, Part VI, Section B, Line 11b The IRS form was prepared by the accounting manager and was reviewed by the CFO prior to submission to the IRS. A copy was provided to the board after filing. Form 990, Part VI, Section B, Line 12c Conflicts of Interest Policy enforcement is the responsibility of the Internal Compliance Officer that reports directly to the Supervisory Committee regarding any exceptions to policy. Additionally, the board and management of the Credit Union review and address potential conflicts of interest should they arise. Form 990, Part VI, Section B, Line 13 We do not have a specific Whistleblower Policy but there are sections within the Employee handbook that cover reporting conduct or violations. Form 990, Part VI, Section B, Line 14 We do not have a written document destruction policy. However, we follow the rules of the Department of Financial Institutions Retention of Records Chapter 0180-2 found on the Tennessee Department of Financial Institutions website. Form 990, Part VI, Section B, Line 15 Human resource manager uses Compease salary administration program to determine responsibilities and compensation for employees at all levels. Compease uses industry specific job descriptions, evaluation system and geographic salary ranges to develop compensation ranges. A compensation committee approves overall salary budget and CEO compensation based on Compease research. Form 990, Part VI, Section C, Line 19 The organization's governing documents and conflicts of interest policy are available to the public upon request. The financial statements are posted annually in the lobby at 214 Oil Well Rd. in Jackson, TN. Form 990, Part XI, Line 9 Donations totaling $229,782 are reflected on the books but were not made until the following year. Rounding $1. Leaders Edge LLC 111 Murray Guard Drive Suite A Jackson TN 38305 455571653 Indirect Lending TN 394873 60713 N/A