2020-11-04T15:57:38-06:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 420190489 COLLINS COMMUNITY CREDIT UNION COLL 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 3193939000 2020-11-03 1 JOSEPH A ZITO CPA P00648440 2482443000 104.11.88.150 2020-11-03 13:37:53 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z STEFANIE RUPERT PO BOX 10500 CEDAR RAPIDS IA 52410 74336396 0 X WWW.COLLINSCU.ORG X 1940 IA OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 10 10 376 10 111571 -54744 0 0 60384214 70249952 3595991 3752169 117212 111571 64097417 74113692 0 0 0 0 22108476 25246594 0 0 0 39876783 47935970 61985259 73182564 2112158 931128 1316535556 1242983418 1217437325 1140913405 99098231 102070013 X OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 1 0 FINANCIAL DEPOSIT, LOAN AND SERVICE ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 48033 0 1 376 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X FINANCE DEPARTMENT - COLLINS CCU 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 MARSHA SCHULTE CHAIRPERSON 1.00 X 0 0 0 WILLIAM KOOISTRA FINANCIAL OFFICER 1.00 X 0 0 0 TOM MANOR BOARD MEMBER 1.00 X 0 0 0 LISA THOMPSON BOARD MEMBER 1.00 X 0 0 0 KARL CASSELL CREDIT CHAIRPERSON 1.00 X 0 0 0 JON BUSE VICE CHAIRPERSON 1.00 X 0 0 0 SUE NELSON AUDIT SECRETARY 1.00 X 0 0 0 JENNIFER RUPPERT AUDIT CHAIRPERSON 1.00 X 0 0 0 HEATHER FRIEDMAN SECRETARY 1.00 X 0 0 0 ECHO BATSON BOARD MEMBER 1.00 X 0 0 0 STEFANIE RUPERT PRESIDENT/CEO 40.00 X 440106 0 48431 BENJAMIN WICKUM CFO 40.00 X 249909 0 40195 JACK EMKES SENIOR VP 40.00 X 249532 0 48828 SCOTT FROST CHIEF LENDING OFFICER 40.00 X 189009 0 45384 JOHN LEWIS VP/IT AND FACILITIES 40.00 X 187712 0 34585 DANA GOSHON MORTGAGE LOAN OFFICER 58.00 X 295101 0 48876 AMBER MATSON MORTGAGE LOAN OFFICER 45.00 X 256392 0 43507 THOMAS AXVIG MORTGAGE LOAN OFFICER 44.00 X 210211 0 37011 SANDRA VAUGHAN SENIOR VP 40.00 X 164290 0 24770 JASON BEARD MORTGAGE LOAN OFFICER 46.00 X 186144 0 36339 2428406 0 407926 31 0 1 0 SAXTON 600 3RD ST SE STUDIO 300 CEDAR RAPIDS IA 524012010 OFFICE FURNITURE & DESIGN 4405000 FISERV 75 REMITTANCE DRIVE STE 1649 CHICAGO IL 606751649 CORE PROCESSOR 4277162 HUNTERS CONSRTUCTION PO BOX 1826 CEDAR RAPIDS IA 52406 NEW BUILDING CONSTRUCTION 4188187 PLAIDSWAN PO BOX 1623 DUBUQUE IA 52002 ADVERTISING 690322 CDW PO BOX 75723 CHICAGO IL 606755723 COMPUTER EQUIPMENT 564078 50 INCOME ON LOANS 522100 48845007 48845007 FEES/CHARGES/OTHER INCOME 522100 21404945 21404945 70249952 3689273 3689273 285600 222704 62896 62896 62896 NON MEMBER ATM INCOME 900099 111571 111571 111571 74113692 70312848 111571 3689273 X 1533691 18668255 1463015 2120326 1461307 245982 106006 2436337 1332386 2005267 2443425 1566511 72593 10735 17506337 192694 1577831 197847 PROVISION FOR LOAN LOSS 8559784 LOAN SERVICING 5260769 DEBIT AND CREDIT EXPENS 1588808 MISCELLANEOUS 749807 2082851 73182564 8691401 10487935 31558371 156344671 658587 285360 10787224 14213566 1142173449 920948583 4266810 4112905 37562964 18289579 19988816 19273385 63581358 60760826 14329203 8250958 20500337 48305229 1316535556 1242983418 13742504 13416316 225000000 25491620 978694821 1102005469 1217437325 1140913405 X 0 0 0 0 99098231 102070013 99098231 102070013 1316535556 1242983418 X 931128 1073296 967358 X X 0 1 X 1 0 8786589 8786589 15821530 7424817 8396713 2814702 2366153 448549 10140143 8498609 1641534 19273385 SHARE ACCOUNTS 146171217 MONEY MARKET ACCOUNTS 291485736 IRA 6998104 SHARE DRAFT ACCOUNTS 191306924 CD AND IRA CD 466043488 1102005469 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CUSOS ARE ORGANIZED AS LIMITED LIABILITY COMPANIES (LLCS). 1150 PROPERTIES, LLC AND COLLINS HOLDING COMPANY, LLC HAVE BEEN ORGANIZED AS SINGLE-OWNER LLCS AND ARE CONSIDERED DISREGARDED ENTITIES FOR TAX PURPOSES. X X 1 1 X X X 0 0 0 STEFANIE RUPERT PRESIDENT/CEO 357542 0 56758 0 25806 0 25200 0 23231 0 488537 0 0 0 BENJAMIN WICKUM CFO 224819 0 25090 0 0 0 20698 0 19497 0 290104 0 0 0 JACK EMKES SENIOR VP 158028 0 91504 0 0 0 23228 0 25600 0 298360 0 0 0 SCOTT FROST CHIEF LENDING OFFICER 159384 0 18068 0 11557 0 17232 0 28152 0 234393 0 0 0 JOHN LEWIS VP/IT AND FACILITIES 170295 0 17417 0 0 0 17386 0 17199 0 222297 0 0 0 DANA GOSHON MORTGAGE LOAN OFFICER 117661 0 177440 0 0 0 23632 0 25244 0 343977 0 0 0 AMBER MATSON MORTGAGE LOAN OFFICER 71174 0 185218 0 0 0 21630 0 21877 0 299899 0 0 0 THOMAS AXVIG MORTGAGE LOAN OFFICER 60263 0 149721 0 227 0 17738 0 19273 0 247222 0 0 0 SANDRA VAUGHAN SENIOR VP 148120 0 16170 0 0 0 14528 0 10242 0 189060 0 0 0 JASON BEARD MORTGAGE LOAN OFFICER 54558 0 131586 0 0 0 17416 0 18923 0 222483 0 0 0 PART I, LINE 4 STEFANIE RUPERT (CEO) PARTICIPATES IN A 457(B) RETIREMENT PLAN TO WHICH SHE DEFERRED APPROXIATELY $15,000 IN 2019. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE STEPHANIE, RUPERT, BEN WICKUM, JACK EMKES, SCOTT FROST, SANDRA VAUGHN, AND JOHN LEWIS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. BEN WICKUM CFO TO FUND LIFE INSURANCE POLICY X 1152448 1152448 0 1 1 BRUCE TAYLOR CONSUMER LENDING DIRECTOR TO FUND LIFE INSURANCE POLICY X 949100 949100 0 1 1 JACK EMKES SENIOR VP-MEMBER ENGAGEMENT TO FUND LIFE INSURANCE POLICY X 1611055 1611055 0 1 1 JOHN LEWIS VP-IT & FACILITIES TO FUND LIFE INSURANCE POLICY X 893199 893199 0 1 1 RICK BENHART RETIRED CEO TO FUND LIFE INSURANCE POLICY FOR DEFFERED COMPENSATION PLAN X 3405056 3405056 0 1 1 RICK BENHART RETIRED CEO TO FUND LIFE INSURANCE POLICY FOR DEFFERED COMPENSATION PLAN X 980000 980000 0 1 1 SANDRA VAUGHAN SENIOR VP-ERM TO FUND LIFE INSURANCE POLICY X 989215 989215 0 1 1 SCOTT FROST CHIEF LENDING OFFICER TO FUND LIFE INSURANCE POLICY X 1139060 1139060 0 1 1 STEFANIE RUPERT CEO TO FUND LIFE INSURANCE POLICY X 2594433 2594433 0 1 1 TRACEY KOENIG VP-OPERATIONS TO FUND LIFE INSURANCE POLICY X 500000 500000 0 1 1 14213566 SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS: (A) NAME OF PERSON: RICHARD BENHART(B) RELATIONSHIP WITH ORGANIZATION: PRESIDENT/CEO(C) PURPOSE OF LOAN: INSURANCE PREMIUM(A) NAME OF PERSON: STEFANIE RUPERT(C) PURPOSE OF LOAN: INSURANCE PREMIUM(A)NAME OF PERSON: RICHARD BENHART(B)RELATIONSHIP WITH ORGANIZATION: PRESIDENT/CEO(C)PURPOSE OF LOAN: INSURANCE PREMIUM(A) NAME OF PERSON: STEFANIE RUPERT(C) PURPOSE OF LOAN: INSURANCE PREMIUM(A)NAME OF PERSON: SCOTT FROST(B)RELATIONSHIP WITH ORGANIZATION: CHIEF LENDING OFFICER(C)PURPOSE OF LOAN: INSURANCE PREMIUM{A)NAME OF PERSON: SANDRA VAUGHAN(B)RELATIONSHIP WITH ORGANIZATION: SENIOR VICE PRESIDENT(C)PURPOSE OF LOAN: INSURANCE PREMIUM{A) NAME OF PERSON: JACK EMKES{B) RELATIONSHIP WITH ORGANIZATION: SENIOR VICE PRESIDENT{C) PURPOSE OF LOAN: INSURANCE PREMIUM(A)NAME OF PERSON: BEN WICKUM(B)RELATIONSHIP WITH ORGANIZATION: CHIEF FINANCIAL OFFICER(C)PURPOSE OF LOAN: INSURANCE PREMIUM FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART III, LINE 2 THE CREDIT UNION HAS FOUR CUSOS. COLLINS HOLDING COMPANY CUSO, LLC IS THE HOLDING COMPANY THAT ALL OF THE OTHER CUSOS ROLL UP TO. NORTHTOWNE MARKET LOT 7, LLC OWNS THE HQ BUILDING BEING BUILT ON BLAIRS FERRY ROAD. THE HOLDING COMPANY OWNS 75% OF THAT ENTITY. COLLINS LOAN SERVICES CUSO, LLC IS AN ORIGINATOR AND SERVICER OF COMMERCIAL LOANS, PRIMARILY CRE LOANS. COLLINS INSURANCE CUSO, LLC IS A LICENSED INSURANCE AGENCY SELLING PRIMARILY PROPERTY & CASUALTY INSURANCE COVERING THE HOMES AND AUTOS OF THE MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 4 EFFECTIVE SEPTEMBER 1, 2019, THE CREDIT UNION COMPLETED AN ACQUISITION OF VILLAGE CREDIT UNION AS PART OF THEIR GROWTH STRATEGY. THE FAIR VALUE OF THE ASSETS ASSUMED APPROXIMATED $16,665,000 WHILE THE FAIR VALUE OF LIABILITIES ASSUMED APPROXIMATED $15,073,000. AS A RESULT OF THE MERGER THE CREDIT UNION'S BYLAWS WERE UPDATED. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS INTERNAL AND EXTERNAL MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD MEMBERS AT THE CREDIT UNION'S ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS HAVE THE RIGHTS AND THE RESPONSIBILITY TO APPROVE THE ORGANIZATION'S MINUTES DURING THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM WILL BE REVEIWED BY THE PRESIDENT/CEO. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES AND BOARD OF DIRECTORS MUST READ AND SIGN A CREDIT UNION BRIBERY POLICY THAT OUTLINES EMPLOYEE AND DIRECTOR CODE OF CONDUCT AND REQUIRES DISCLOSURE OF ANY CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S PERFORMANCE IS REVIEWED ANNUALLY BY THE BOARD. THE BOARD THEN SETS A REASONABLE COMPENSATION FOR THE CEO BASED ON HIS PERFORMANCE REVIEW. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS THEN DETERMINED BY THE CEO BASED ON PERFORMANCE REVIEWS AND COMPETITORS COMPARISONS. THE CEO USES CREDIT UNION NATIONAL ASSOCIATION (CUNA) WAGES SURVEYS, OTHER MARKET SURVEYS AND 990 REPORTS FROM COMPARABLE ORGANIZATIONS WHEN DETERMINING COMPENSATION OF THE OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION RELEASES ITS ANNUAL FINANCIAL STATEMENTS TO ALL OF ITS MEMBERS AND EMPLOYEES AT THE ANNUAL MEETING. THE ORGANIZATION'S ANNUAL REPORT AS WELL AS A COPY OF THE MOST UPDATED CONFLICT OF INTEREST POLICY OR FINANCIAL STATEMENTS IS AVAILABLE TO MEMBERS AND THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL EXPENSES 2,436,337. FORM 990, PART XI, LINE 9: RECLASSIFICATION FOR LOSSES INCLUDED IN NET INCOME - DEFINED BENEFIT PLAN 173,498. UNREALIZED LOSS INCURRED DURING THE PERIOD - DEFINED BENEFIT PLAN -1,213,532. UNREALIZED GAIN INCURRED DURING THE PERIOD - POSTRETIREMENT PLAN 441,542. RECLASSIFICATION FOR LOSSES INCLUDED IN NET INCOME - POSTRETIREMENT PLAN -34,508. EQUITY ACQUIRED IN BUSINESS COMBINATION 1,592,158. CAPITAL CONTRIBUTIONS 8,200. FORM 990, PART XII, LINE 2C: THE CREDIT UNION HAS A COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 1150 PROPERTIES LLC 1150 42ND ST NE CEDAR RAPIDS IA 52402 420190489 PROPERTY MANAGEMENT, SERVICES FOR SELECT PROPERTIES IA 477943 60995437 COLLINS COMMUNITY CU