2020-11-09T10:39:58-07:00 2019-12-31 440160260 BKD LLP 201 N Illinois St Indianapolis IN 46204 990 2019-01-01 356025844 BEACON CREDIT UNION BEAC 2605637443 586 S Wabash Street Wabash IN 46992 Dustin Cuttriss Chief Financial Officer 2605637443 2020-11-09 1 Michael Summers P00838533 3173834000 2020-11-09 184.175.188.66 2019 2021-04-22 16:20:28Z Kevin Willour 586 S Wabash Street Wabash IN 46992 54449737 0 X www.beaconcu.org X 1931 IN This organization is a credit union exempt under IRS Code 501(c) (14) (A). It is a Cooperative Financial Institution. 7 7 339 10 1214458 50676 0 0 47208493 48153119 3941733 4855970 1424766 1440648 52574992 54449737 201500 171500 0 0 18008375 19933945 0 0 0 24391543 26295836 42601418 46401281 9973574 8048456 1223748110 1260998614 1043446139 1069511635 180301971 191486979 This organization is a credit union exempt under IRS Code 501 (c) (14) (A). It is a Cooperative Financial Institution. The organization provides fair and competitive financial products responsive to the needs of the member-owners. 0 0 Beacon provides multiple types of loan products responsive to the needs of its members including Agriculture loans, Mortgage loans, and Consumer loans. It has 10,863 individual loans totaling $929,539,129. Beacon Credit Union provides a superior member service experience by offering competitive deposit rates and deposit products to its members. It has 97,130 Savings accounts totaling $1,059,035,535. Beacon Credit Union provides 19 Full Service branches, 2 Drive-through only branches, 7 Loan Production offices and 3 back office facilities to meet the operational demands of over 45,000 members. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 48896 0 1 339 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 IN X Dustin Cuttriss 2605637443 586 S Wabash Street Wabash IN 46992 Kevin Willour President/CEO 40 1 X 362317 0 82760 Dustin Cuttriss Chief Financial Officer 40 1 X 266122 0 44844 Todd Beehler Chief Lending Officer 40 0 X 226042 0 70300 Lori Eltzroth Chief Admin Officer 40 0 X 191541 0 65207 Ryan Showley Chief Information Officer 40 0 X 192492 0 60120 Dawn Aschleman Chief Operations Officer 40 0 X 192241 0 30350 Trisha Loker Senior VP, Lending 40 0 X 151255 0 30126 Dan Sparling VP Finance 40 0 X 119149 0 49598 Tiffany Haupert Investment Services Manager 40 0 X 146555 0 19475 Craig Bright VP Ag Lending Operations 40 0 X 143886 0 18979 Marc Briney Chief Marketing Officer 40 0 X 121986 0 17243 Tedd Little Ag Loan Officer 40 0 X 115454 0 18074 Ken Dale Chairman 2 0 X 0 0 0 John Peters Secretary/Treasurer 2 0 X 0 0 0 Herbert Horrom Director 2 0 X 0 0 0 Roger Bragg Director 2 0 X 0 0 0 Dr Lindsay Culver Director 2 0 X 0 0 0 Jim Yates Director 2 0 X 0 0 0 Sarah Delbecq Director 2 0 X 0 0 0 2229040 0 507076 12 0 1 0 Fiserv PO BOX 934057 Atlanta GA 311934057 Core Computer System Processing and Maintenance 1809488 QSI Inc 107 Schuler Dr Bardstown KY 40004 ATM and Video Equipment Maintenance 599460 DEI Incorporated 1550 Kemper Meadow Drive Cincinnati OH 45240 Construction 407068 Network Solutions Inc PO Box 3009 Warren PA 16365 Hardware and Software Computer Maintenance 382673 Tech Solutions 6015 Highview Dr Suite F Fort Wayne IN 46818 Security - Hardware and Software 256350 15 0 Income on Loans 522130 41431035 41431035 0 0 Miscellaneous Income 522130 6722084 6722084 0 0 0 0 0 0 48153119 4855970 4855970 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 522130 1214458 0 1214458 0 VISA Income 522130 226190 226190 0 0 0 0 0 0 1440648 54449737 53235279 1214458 0 171500 1552741 12805617 2092466 2445483 1037638 213695 337699 153986 1791451 721615 1646548 2055801 1677307 222627 321927 32694 1932184 204529 Dividends Paid 12138611 Processing Expenses 863489 Miscellaneous Expenses 1231673 Provision for Loan Losses 750000 46401281 0 0 0 5665409 7020670 39990879 53700018 937490569 926671580 33398570 21756201 12021636 11642369 156214762 183477836 72364855 78486141 1223748110 1260998614 23369684 10476100 1020076455 1059035535 1043446139 1069511635 X 0 0 0 0 180301971 191486979 180301971 191486979 1223748110 1260998614 X 8048456 3565233 0 0 0 -428681 X 0 1 X 1 0 0 3095014 3095014 0 17504536 11776513 5728023 0 0 0 0 0 12541136 9786605 2754531 0 257884 193083 64801 11642369 Mortgage Back Securities 99828798 F Collateralized Mortgage Obligations 69735210 F Certificates of Deposit 5040547 F Municipal Taxable 4102080 F SBA Loan Pools 3235670 F Certificates of Deposit 1535531 C 183477836 Corporate One Federal Credit Union Perpetual Capital 900000 Investment in Agribank 2171250 Federal Home Loan Bank stock 2442900 Foreclosed assets held for sale, net 437224 Loan servicing rights 688230 Share insurance deposit 13366951 Insurance and annuity contracts 29302391 Goodwill 18810763 Customer list intangible 379389 Accrued interest receivable 6849627 Other assets 3137416 78486141 Various Member Deposits 1059035535 1059035535 X 54449737 0 0 0 0 0 54449737 0 0 0 54449737 46286085 0 0 0 26236 26236 46259849 0 141432 141432 46401281 Schedule D, Part X, Line 2 Management has evaluated their income tax positions under guidance included in ASC 740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements. Schedule D, Part XII, Line 2d The Customer List Intangible Amortization reported on the Audited Financial Statement was $94,847. Customer List Intangible Amortization for form 990 Tax Expense over 15 years was $68,611. The difference is $26,236. Schedule D, Part XII, Line 4b The amortization of Goodwill over 15 years that is not expensed on the Audited Financial Statement is $141,432. 1 Beacon Credit Union Foundation Inc 586 S Wabash Street Wabash IN 46992 453814789 501(c)(3) 171500 book Funding operations and program activities. 1 0 Schedule I, Part I, Line 2 Beacon Credit Union Foundation, Inc. is a Foundation separate from Beacon Credit Union. The governing body abides by the bylaws set in place for Beacon Credit Union Foundation, Inc. and each donation is reviewed and agreed upon by the Board of Directors. X X X 0 1 0 Kevin Willour President/CEO 269395 0 76030 0 16892 0 68456 0 14304 0 445077 0 0 0 Dustin Cuttriss Chief Financial Officer 179846 0 44281 0 41995 0 27632 0 17212 0 310966 0 0 0 Todd Beehler Chief Lending Officer 168837 0 49277 0 7928 0 53438 0 16862 0 296342 0 0 0 Lori Eltzroth Chief Admin Officer 148023 0 35151 0 8367 0 48170 0 17037 0 256748 0 0 0 Ryan Showley Chief Information Officer 143763 0 39620 0 9109 0 46898 0 13222 0 252612 0 0 0 Dawn Aschleman Chief Operations Officer 142094 0 42667 0 7480 0 30350 0 0 0 222591 0 0 0 Trisha Loker Senior VP, Lending 128395 0 20280 0 2580 0 15822 0 14304 0 181381 0 0 Dan Sparling VP Finance 106277 0 7000 0 5872 0 36201 0 13397 0 168747 0 0 0 Tiffany Haupert Investment Services Manager 145554 0 380 0 621 0 7060 0 12415 0 166030 0 0 0 Craig Bright VP Ag Lending Operations 124164 0 17180 0 2542 0 4675 0 14304 0 162865 0 0 0 Schedule J, Part I, Line 4 Line 4b: The following employees participated in a 457(f) during 2019. Kevin Willour, Todd Beehler, Dustin Cuttriss, Ryan Showley, Lori Eltzroth, Dan Sparling, and Tina Byerly. There were no contributions made during 2019. Form 990, Part IV, Line 26 The Credit Union does offer loans to its interested persons based on the same terms and conditions as offered to other members of the Credit Union. Per exception as indicated on page 2 of the instructions for Schedule L, the Credit Union does not need to list the loans from the Credit Union to the member. Form 990, Part VI, Section A, Line 6 Each person or organization who establishes a savings account with at least $25 becomes a member per our Articles of Incorporation. Form 990, Part VI, Section A, Line 7a Each member is entitled to one vote to elect members to the Board of Directors and Supervisory Committee per the Articles of Incorporation. Form 990, Part VI, Section A, Line 7b Changes to the Articles of Incorporation require a vote by our membership. Changes to the Articles of Incorporation are also subject to the Board of Directors approval prior to being brought to the membership for a vote. Form 990, Part VI, Section B, Line 11b The Board of Directors will be provided a copy of the 990 tax return prior to the return being filed. The standard board meeting is scheduled prior to the form 990 completion and filing. A detailed review is also performed by an independent accounting firm. Form 990, Part VI, Section B, Line 12c All policies are reviewed annually by the Board of Directors. Any policy revisions require prior board approval. If a Board of Director's Member has a conflict of interest, they abstain from discussion and voting on the item(s) arising from the conflict. All polices are made readily available to all employees at any time via the company intranet. All newly hired employees are provided with a complete set of policies at orientation and are required to sign an acknowledgement of receipt and that they have read and understand all policies. Any violations of policies are reported to the employee supervisor and/or Human Resources. Violations are reviewed with the employee by the supervisor and/or Human Resources and depending on the nature and seriousness of the policy, written reprimands or termination may occur. All written review and reprimands require the employee to sign/acknowledge and copies are retained in the employee personnel file in perpetuity. Form 990, Part VI, Section B, Line 15 Beacon Credit Union utilizes the salary administration product "Compease" as managed by an independent party, Koker, Goodwin, and Associates to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by he President/CEO and parameters are put into place at the end of each calendar year during the annual review process in which an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and other applicable criteria. A "Compease" report is also generated periodically for the CEO and is provided by Human Resources to the Board of Directors (pulled when employment contract is up for renewal typically every three years.) The Board of Directors will establish the CEO compensation and other benefits level and an agreement will be drafted by the Credit Union's legal counsel for the period agreed upon by the CEO and Board of Directors. Form 990, Part VI, Section C, Line 19 The organization does not make its governing documents or conflicts of interest policy available to the public. When requested by members, financial statements are made available to the public. An annual report containing year end financial statements are published and made available upon request. Form 990, Part XI, Line 9 The ($428,681) represents three different components. The change in Pension Plan Funding during 2019 was ($543,877). As reported on Part XII of Schedule D, ($26,236) was the difference of the book value versus tax expense of Customer List Intangible Amortization. As reported on Part XII of the Schedule D, $141,432 was the Amortization of Goodwill over 15 years not reported on the Audited Financial Statement. These 3 dollar amounts: ($543,877) + ($26,236) + $141,432 equal ($428,681). Plan One Financial Services Inc 641 South Miami Street Wabash IN 46992 351677931 Financial Services IN 951536 5420388 Beacon Credit Union Beacon Credit Union Foundation Inc 586 S Wabash Street Wabash IN 46992 453814789 Private Foundation IN 501 (c) (3) PF Beacon Credit Union 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Beacon Credit Union Foundation Inc b 171500 Cash Beacon Credit Union Foundation Inc a-i 158 Cash