2025-09-17T07:39:49-05:00 2024-12-31 994260840 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2024-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2025-09-17 1 0 AUBREY CLEGG P01076395 2482443000 2025-08-26 2024 2025-03-06 01:10:19Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 159530457 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." 9 8 417 17 263386 0 0 0 107156811 142610585 12097960 13170116 3107530 3749756 122362301 159530457 298654 941203 0 0 35915103 37881091 0 0 0 75326924 98228627 111540681 137050921 10821620 22479536 2210286474 2470693541 2001436685 2234561127 208849789 236132414 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 DEPOSITS:THE CREDIT UNION HAS 322,720 DEPOSIT ACCOUNTS AGGREGATING OVER $2.1 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 $1.8 BILLION. THE CREDIT UNION HAS 109,231 LOANS OUTSTANDING. 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 127,640 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 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 54307 0 1 417 1 1 1 0 0 0 0 0 1 0 X 9 8 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 KAREN HARBIN PRESIDENT/CEO/BOARD MEMBER 40.00 X X 1125835 0 48973 JOSEPH BREWER BOARD MEMBER 1.00 X 900 0 0 DONNIE RODGERS II VICE CHAIRPERSON 1.00 X 6601 0 0 JAMES CHADWELL BOARD MEMBER 1.00 X 300 0 0 THOMAS RANDY FAWNS CHAIRPERSON 1.00 X 1493 0 0 ROBIN ELLIS TREASURER/SECRETARY 1.00 X 1493 0 0 REGINA GRUBBS BOARD MEMBER 1.00 X 1550 0 0 DOUGLAS SMITH BOARD MEMBER 1.00 X 0 0 0 KAY JONES BOARD MEMBER 1.00 X 0 0 0 KENNETH BLACKWELL BOARD MEMBER 1.00 X 0 0 0 MARY FOSTER BOARD MEMBER 1.00 X 0 0 0 JACQUELINE DUVALL BOARD MEMBER 1.00 X 0 0 0 CARMINE IACCARINO BOARD MEMBER 1.00 X 0 0 0 STEPHEN BELLAS CFO 40.00 X 422976 0 18197 JAYNEL CHRISTENSEN EXECUTIVE VICE PRESIDENT 40.00 X 389887 0 95655 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFF 40.00 X 314631 0 34581 LISA STINSON CHIEF PEOPLE OFFICER 40.00 X 217505 0 61707 MATTHEW STEWART SVP OF COMMERCIAL SERVICES 40.00 X 260088 0 13965 KIMBERLY DURRUM CHIEF MEMBER EXPERIENCE OFFICER 40.00 X 257037 0 61068 DOUGLAS GRAHAM CHIEF INNOVATION & STRATEG 40.00 X 382385 0 -40094 3382681 0 294052 53 0 1 0 VISA USA INC 900 METRO CENTER BLVD FOSTER CITY CA 94404 VISA PROCESSING SERVICES 2362708 AMPLIFI LOYALTY SOLUTIONS LLC 1240 EAST DIEHL RD STE 400 NAPIERVILLE IL 60563 CREDIT CARD POINT REDEMPTIONS 2192859 JACK HENRY & ASSOCIATES INC 663 HWY 60 MONETT MO 65708 SYMITAR PROGRAMMING & MAINTENANCE 1583029 CROSSHAIR MEDIA PLACEMENT LLC 9300 SHELBYVILLE RD STE 915 LOUISVILLE KY 40222 RADIO, TV, OUTDOOR AND PRINT MARKETING 1577458 CDW DIRECT LLC 200 N MILWAUKEE AVE VERNON HILLS IL 60061 COMPUTER EQUIPMENT, SOFTWARE LICENSING & 1450635 64 INTEREST ON LOANS 522100 107168884 107168884 INTERCHANGE INCOME 522100 14280832 14280832 FEE INCOME 522100 11586076 11586076 OTHER INCOME 522100 9311407 9311407 FINANCE AND INSURANCE 520000 263386 263386 142610585 13170116 13170116 INS COMM MEMBER SERVICE 522100 3749756 3749756 3749756 159530457 159267071 263386 0 X 933203 8000 2113860 26304044 2777364 4794151 1891672 497434 56808 1055270 1139921 4245017 5422292 3499227 192114 117054 45891093 5999765 142239 PROVISION FOR LOAN LOSS 13676047 PROCESSING FEES 7168508 CREDIT CARD REWARDS 5239547 LOAN SERVICING 3114335 771956 137050921 16741981 21068553 163898081 249020887 8562247 22316642 17858335 18067278 1613607543 1781248846 3061013 3230300 74748637 33794697 44365073 40953940 276599700 272285277 11798100 14770900 5177285 4795647 48617116 42935271 2210286474 2470693541 40742051 35533355 60000000 70000000 1900694634 2129027772 2001436685 2234561127 X 0 0 0 0 208849789 236132414 208849789 236132414 2210286474 2470693541 X 22479536 8303253 -3500164 X X 0 1 X 1 0 5903710 5903710 46114178 18355359 27758819 1724156 187868 1536288 18973177 14451913 4521264 2033416 799557 1233859 40953940 SHARE 585065727 IRAS/CERTIFICATES 18460259 MONEY MARKET 205367693 SHARE DRAFT 343470136 CERTIFICATE OF DEPOSIT 976663957 2129027772 X 165647920 6117463 6117463 159530457 0 159530457 137050921 0 137050921 0 137050921 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 STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 ALZHEIMER'S ASSOCIATION 2200 CABIT DR SUITE 460 CHICAGO IL 60532 133039601 501(C)(3) 10000 0 SPONSOR WALK TO END ALZHEIMER'S AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 50340 135613797 501(C)(3) 105500 0 SPONSOR 2024 AHA HEART WALK; SPONSOR HEART GALA AND HEART BALL; SPONSORSHIP,HEART WALK DONATION; GO RED DONATION AMERICAN RED CROSS 1450 NEWTOWN PIKE LEXINGTON KY 40511 530196605 501(C)(3) 57500 0 DISASTER BLASTER, CORPORATE SPONSORSHIP BAPTIST HEALTH FOUNDATION LEXINGTON INC 2701 EASTPOINT PARKWAY LOUISVILLE KY 40223 611480774 501(C)(3) 250000 0 TO ASSIST THE ORGANIZATION IN ITS MISSION TO EXPAND SERVICES, TECHNOLOGY, AND LOCATIONS TO BETTER SERVE THE PATIENTS OF BAPTIST HEALTH LEXINGTON. CAMPBELLSVILLE UNIVERSITY INC 1 UNIVERSITY DRIVE CAMPBELLSVILLE KY 42718 610469267 501(C)(3) 30000 0 SCHOLARSHIP DOWNTOWN FRANKFORT INC PO BOX 1664 FRANKFORT KY 40602 611166989 501(C)(3) 8500 0 CANDLELIGHT WEEKEND SPONSOR EASTERN KENTUCKY UNIVERSITY FOUNDATION INC 521 LANCASTER AVE CPO 15A RICHMOND KY 40602 611131682 501(C)(3) 200000 0 EKU FOUNDATION ENDOWMENT FRANKFORT AREA CHAMBER OF COMMERCE 484 CHENAULT ROAD FRANKFORT KY 40601 610418361 501(C)(6) 10005 0 FACC DUES/PRESIDENTS CLUB; REALITY CHECK SILVER SPONSOR; ANNUAL GALA SILVER GALA LOUISVILLE URBAN LEAGUE 1535 WEST BROADWAY LOUISVILLE KY 40203 610444771 501(C)(3) 100000 0 SPORTS & LEARNING MAKE-A-WISH FOUNDATION 710 EAST MAIN ST LEXINGTON KY 40502 341471131 501(C)(3) 28698 0 MAKE A WISH AND CHEERS FOR WISHES SPONSORSHIP UNIVERSITY OF LOUISVILLE FOUNDATIOIN INC 215 CENTRAL AVE STE 212 LOUISVILLE KY 40208 237078461 501(C)(3) 103000 0 UOFL CARDINAL CUPBOARD YOUNG MEN'S CHRISTIAN ASSOCIATION OF CENTRAL KY DBA YMCA OF CENTRAL KY 381 WEST LOUDON AVE LEXINGTON KY 40508 610444842 501(C)(3) 30000 0 YOUTH DEVELOPMENT, HEALTHY LIVING AND SOCIAL RESPONSIBILITY 11 1 SCHOLARSHIPS 4 8000 PART I, LINE 2: THESE ARE PHILANTHROPIC CONTRIBUTIONS, NOT GRANTS. THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. COMMONWEALTH CREDIT UNION'S SCHOLARSHIP PROGRAM HAS FUELED THE POST-SECONDARY EDUCATIONAL DREAMS OF FIRST-GENERATION COLLEGE STUDENTS, NATIONAL MERIT FINALISTS, AND THOSE IN BETWEEN. EACH SCHOLARSHIP RECIPIENT MUST PROVIDE A VIDEO SHOWING THEIR DESIRES TO BETTER THEIR LIVES, BOTH NOW AND IN THE FUTURE, AS WELL AS SHARE THEIR INSIGHTS INTO BANKING EXPERIENCES FOR YOUNG ADULTS. ELIGIBILITY IS SUBJECT TO AN AVERAGE MINIMUM GPA OF 2.0. VIDEO SUBMISSIONS ARE JUDGED BY AN EXTERNAL PANEL OF PROFESSIONALS FROM THE AREAS WE SERVE IN ADVOCACY AND ADVANCEMENT, MEDIA MANAGEMENT, ADVERTISING AND MARKETING, AND COMMUNITY INVOLVEMENT. BY FOCUSING ON THOSE STUDENTS LIVING OUR PURPOSE OF BETTERING LIVES IN THE COMMUNITIES WE SERVE RATHER THAN ACT SCORES AND GPAS, WE ALLOW MORE STUDENTS TO BE ELIGIBLE AND DEMONSTRATE OUR FOCUS ON LIVING THE CREDIT UNION PHILOSOPHY OF PEOPLE HELPING PEOPLE. BEING THE PRIMARY ACCOUNT HOLDER ON A COMMONWEALTH CREDIT UNION ACCOUNT IS A REQUIREMENT TO QUALIFY. THEREFORE, EVERY STUDENT WHO HAS AN OPPORTUNITY TO WIN IS ALSO A MEMBER. X 1 0 X X X X 0 1 0 KAREN HARBIN PRESIDENT/CEO/BOARD MEMBER 627376 0 248459 0 250000 0 42663 0 6310 0 1174808 0 250000 0 JAYNEL CHRISTENSEN EXECUTIVE VICE PRESIDENT 296081 0 93806 0 0 0 84424 0 11231 0 485542 0 0 0 STEPHEN BELLAS CFO 321154 0 101822 0 0 0 39 0 18158 0 441173 0 0 0 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFF 238236 0 76395 0 0 0 16482 0 18099 0 349212 0 0 0 DOUGLAS GRAHAM CHIEF INNOVATION & STRATEG 291986 0 90399 0 0 0 -46404 0 6310 0 342291 0 0 0 KIMBERLY DURRUM CHIEF MEMBER EXPERIENCE OFFICER 207048 0 49989 0 0 0 54758 0 6310 0 318105 0 0 0 LISA STINSON CHIEF PEOPLE OFFICER 186151 0 31354 0 0 0 49930 0 11777 0 279212 0 0 0 MATTHEW STEWART SVP OF COMMERCIAL SERVICES 209483 0 50605 0 0 0 13599 0 366 0 274053 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 PRESIDENT/CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY 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. DURING 2024, THE PRESIDENT/CEO, KAREN HARBIN, RECEIVED A PAYOUT OF $250,000 FROM A NON-QUALIFIED DEFERRED COMPENSATION PLAN. KAREN HARBIN PRESIDENT/CEO SUPPLEMENTAL RETIREMENT BENEFIT X 10377589 11173620 0 1 1 STEVE BELLAS CHIEF FINANCIAL OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 4287637 4571588 0 1 1 PATRICIA SMITH CHIEF BRAND & ADVOCACY OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 2177841 2322070 0 1 1 18067278 SCH L, PART II THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE PRESIDENT/CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF BRAND & ADVOCACY 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 127,640 MEMBERS OF THE CREDIT UNION. ELIGIBILITY 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 25 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, OWEN, 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 MARCH 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 PRESIDENT/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 MARSH MCLENNAN AGENCY WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARY STRUCTURES, LEVELS, AND OVERALL COMPENSATION STRATEGY. IN ADDITION, PARC COMPENSATION CONSULTING WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT COMPENSATION REVIEW OF EXECUTIVE POSITIONS. 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 IX, LINE 24E MISCELLANEOUS 552,177. EDUCATION 199,810. U OF L PARTNERSHIP 19,969. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN -3,500,164. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.