2025-11-12T11:31:46-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 231445884 BELCO COMMUNITY CREDIT UNION BELC 8006424482 449 EISENHOWER BLVD HARRISBURG PA 17111 REBEKA LANDON SVP OF FINANCE 8006424482 2025-11-11 0 AUBREY CLEGG P01076395 3052328272 2025-11-11 2024 2025-03-06 01:10:19Z AMEY R SGRIGNOLI 449 EISENHOWER BLVD HARRISBURG PA 17111 63583518 0 X WWW.BELCO.ORG X 1939 PA WE ARE A LOCALLY BASED, NOT-FOR PROFIT CREDIT UNION DEDICATED TO MEETING THE NEEDS OF THE COMMUNITIES WE SERVE THROUGH EXCEPTIONAL SERVICE AND FINANCIAL EDUCATION. 8 8 273 12 77598 0 0 0 50186968 54370666 5268714 8305470 425841 539868 55881523 63216004 2077 11500 0 0 17986703 20513640 0 0 0 34720204 39845831 52708984 60370971 3172539 2845033 917387405 935226776 867745195 883127575 49642210 52099201 WE ARE A LOCALLY BASED, NOT-FOR PROFIT CREDIT UNION DEDICATED TO MEETING THE NEEDS OF THE COMMUNITIES WE SERVE THROUGH EXCEPTIONAL SERVICE AND FINANCIAL EDUCATION. 0 0 PROVIDE LOANS INCLUDING MORTGAGE, BUSINESS, HOME EQUITY, CREDIT CARD, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $597,100,000 AS OF DECEMBER 31, 2024. PROVIDE MEMBERS WITH REGULAR SAVINGS, SHARE DRAFT, CERTIFICATES OF DEPOSIT, IRA, CLUB, HEALTH SAVINGS, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $816,271,000 AS OF DECEMBER 31, 2024. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 18992 0 1 273 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X REBEKA LANDON 8006424482 449 EISENHOWER BLVD HARRISBURG PA 17111 TERRY HESSLER CHAIRPERSON 5.00 X 0 0 0 DAWN GAMBLE VICE CHAIRPERSON 5.00 X 0 0 0 RICHARD MYXTER SECRETARY 5.00 X 0 0 0 ERIC LEIDIGH ASSISTANT SECRETARY 5.00 X 0 0 0 STEPHANIE MILLER TREASURER 5.00 X 0 0 0 JEFF STERNER ASSISTANT TREASURER 5.00 X 0 0 0 WILLIAM O'DONNELL DIRECTOR 5.00 X 0 0 0 BEVERLY LILLEY DIRECTOR 5.00 X 0 0 0 AMEY SGRIGNOLI CEO 40.00 X 516607 0 241158 REBEKA LANDON SVP OF FINANCE 40.00 X 222731 0 32151 JASON ALLEN SVP OF MEMBER ENGAGEMENT 40.00 X 220653 0 18204 PAUL PERINI III SVP OF MARKETING & BUSISNESS DEVELOPMENT 40.00 X 190143 0 31328 SAMUEL GLESNER SVP OF IT AND CS 40.00 X 187749 0 31015 MICHAEL WOLFE SVP OF LENDING 40.00 X 162715 0 30163 TIMOTHY BRADLEY VP OF IT 40.00 X 169338 0 6676 NATHAN DAVIS BUSINESS LENDING MANAGER 40.00 X 138629 0 29220 ROBERT HOKE VP OF CORPORATE SUPPORT 40.00 X 140493 0 29177 SCOTT SABOLSKY IT NETWORK MANAGER 40.00 X 149436 0 28670 MARTI SPECK VP OF HR & TRAINING 40.00 X 162348 0 26080 2260842 0 503842 27 0 1 0 JACK HENRY & ASSOCIATES 663 W HWY 60 PO BOX 609 MONETT MO 65708 IT SERVICES 1239039 ALKAMI TECHNOLOGY INC PO BOX 670397 DALLAS TX 75267 IT SERVICES 734784 DIEBOLD NIXDORF INCORP PO BOX 643543 PITTSBURGH PA 15264 ATM SERVICES 606499 KORPORATE COMPUTING 2051 STATE ROAD 100 CAMP HILL PA 17011 IT SERVICES 559831 HABERFELD DIRECT LLC 206 S 13TH ST 1500 LINCOLN NE 68508 MARKETING SERVICES 556845 23 INTEREST ON LOANS 522100 36141939 36141939 FEES & OTHER 522100 18151129 18151129 FINANCE & INSURANCE 520000 77598 77598 54370666 7159842 7159842 116742 116742 742992 319866 423126 423126 423126 1193276 47648 1145628 1145628 1145628 63216004 55861822 77598 7276584 5500 6000 1884617 13735378 -139382 3822303 1210724 86514 169680 1460725 3508827 1560715 4282450 1479174 58209 146595 14447992 1583465 225708 PROVISION FOR LOAN LOSS 6413884 PLASTIC CARD EXPENSES 2249924 MISCELLANEOUS 1182480 LENDING EXPENSES 989489 60370971 11147906 21361462 36411478 95363245 186284 204778 615406 627131 635218128 593677752 1594041 1868866 55320993 29545254 26858064 25775739 153324990 140189619 658117 1284796 48069 29528 51324922 54843860 917387405 935226776 8951550 5523232 70000000 20000000 788793645 857604343 867745195 883127575 X 0 0 0 0 49642210 52099201 49642210 52099201 917387405 935226776 X 2845033 -3184863 2796821 X X 0 1 X 1 0 0 0 6606407 6606407 30618834 13171619 17447215 282340 224871 57469 17813412 16148764 1664648 25775739 457 RETIREMENT FUND 10850400 ACCRUED INTEREST 2298363 DEFERRED COMPENSATION PLAN ASSETS 1305848 LIFE INSURANCE 6537425 NCUSIF DEPOSIT 7674887 OTHER ASSETS 2793 NET PENSION ASSETS 22753153 REPOSSESSED ASSETS 232107 RIGHT OF USE ASSET 819035 CONSTRUCTION IN PROGRESS 2369849 54843860 MEMBER DEPOSITS 857604343 857604343 X 63916883 381013 319866 700879 63216004 0 63216004 60690837 319866 319866 60370971 0 60370971 PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE CREDIT UNION DID NOT INCUR UNRELATED BUSINESS INCOME TAX IN THE YEARS ENDED DECEMBER 31, 2024 AND 2023. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS ENDING BEFORE DECEMBER 31, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMENT OF FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS. 319,866. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED AS A REDUCTION OF RENTAL REVENUE IN THE STATEMENT OF FORM 990 BUT REPORTED WITHIN TOTAL EXPENSES IN THE AUDITED FINANCIAL STATEMENTS. 319,866. 1 SCHOLARSHIPS 7 6000 FORM 990, SCHEDULE I, PART III THE CREDIT UNION GIFTED $6,000 IN SCHOLARSHIPDS TO SEVEN INDIVIDUALS. THE REMAINING TWO $500 SCHOLARSHIPS WERE SPECIFIC TO BIG SPRING HIGH SCHOOL AND WERE SPONSORED BY THE BULLDOG BRANCH. TO BE ELIGIBLE, APPLICANTS MUST BE A BELCO COMMUNITY CREDIT UNION MEMBER, A GRADUATING HIGH SCHOOL SENIOR OR A COLLEGE OR TRADE STUDENT AND MUST HAVE A MINIMUM 2.5 CUMULATIVE GPA. X X X 0 1 0 AMEY SGRIGNOLI CEO 447542 0 64679 0 4386 0 217711 0 23447 0 757765 0 0 0 REBEKA LANDON SVP OF FINANCE 216292 0 6053 0 386 0 8704 0 23447 0 254882 0 0 0 JASON ALLEN SVP OF MEMBER ENGAGEMENT 212809 0 6326 0 1518 0 8056 0 10148 0 238857 0 0 0 PAUL PERINI III SVP OF MARKETING & BUSISNESS DEVELOP 182995 0 5630 0 1518 0 7881 0 23447 0 221471 0 0 0 SAMUEL GLESNER SVP OF IT AND CS 178016 0 5377 0 4356 0 7568 0 23447 0 218764 0 0 0 MICHAEL WOLFE SVP OF LENDING 156951 0 4719 0 1045 0 6716 0 23447 0 192878 0 0 0 MARTI SPECK VP OF HR & TRAINING 157195 0 4713 0 440 0 2633 0 23447 0 188428 0 0 0 SCOTT SABOLSKY IT NETWORK MANAGER 143177 0 4279 0 1980 0 5223 0 23447 0 178106 0 0 0 TIMOTHY BRADLEY VP OF IT 161220 0 5730 0 2388 0 6676 0 0 0 176014 0 0 0 ROBERT HOKE VP OF CORPORATE SUPPORT 133722 0 4060 0 2711 0 5730 0 23447 0 169670 0 0 0 NATHAN DAVIS BUSINESS LENDING MANAGER 138259 0 100 0 270 0 5773 0 23447 0 167849 0 0 0 PART I, LINE 4B THE CREDIT UNION MAINTAINED A DEFERRED COMPENSATION PLAN FOR THE CEO, AMEY SGRIGNOLI. THE BALANCE OF THE DEFERRED COMPENSATION PLAN BENEFIT LIABILITY AS OF DECEMBER 31, 2024 WAS $405,482. THE ACCRUED BENEFIT EXPENSE RECORDED FOR THE CEO'S FUTURE BENEFIT PAYOUT WAS $205,264 FOR THE YEAR ENDED DECEMBER 31, 2024. THIS ACCRUAL IS INCLUDED IN THE CEO'S DEFERRED COMPENSATION BENEFITS REPORTED IN SCH J, PART II. LONNY J MAURER FORMER CEO SPLIT DOLLAR X 500000 627131 0 1 1 627131 FORM 990, SCHEDULE L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH A LOAN REGIME ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." THE PROMISSORY NOTE SIGNED BY THE PARTICIPATING EXECUTIVE IS SECURED BY THE LIFE INSURANCE POLICIES PURCHASED ON THE PARTICIPANT'S BEHALF. THAT IS, THE EXECUTIVE'S LOAN FUNDS 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 EXECUTIVE LOAN ORIGINATION VALUE PLUS THE STATED INTEREST. ANY REMAINING DEATH BENEFITS AFTER REPAYMENT OF THE LOANS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS PER THE CONTRACTUAL AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS. EACH MEMBER HAS A SINGLE VOTE IN THE ELECTION OF MEMBERS TO THE CREDIT UNION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION'S MEMBERS MUST APPROVE: (1) THE MERGER OF THE CREDIT UNION (2) THE DISSOLUTION OR CONVERSION OF THE CREDIT UNION AND (3) CHANGES TO THE CREDIT UNION'S CHARTER, ARTICLES AND BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B A SPECIAL BOARD MEETING IS HELD WHERE THE CREDIT UNION'S BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE ARE PROVIDED WITH A COPY OF THE FORM 990 PRIOR TO THE FILING OF THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE, AND KEY BELCO EMPLOYEES MUST DISCLOSE ALL POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE WHERE THE PERSON HAD INADVERTENTLY BEEN PLACED IN A SITUATION DUE TO EITHER A BUSINESS OR PERSONAL RELATIONSHIP. EACH MEMBER OF THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE, AND ALL KEY EMPLOYEES COVERED UNDER THIS POLICY WILL ANNUALLY SIGN THE "CONFLICT OF INTEREST STATEMENT" WHICH AFFIRMS THAT EACH PERSON: (1) HAS RECEIVED A COPY OF THE BELCO CONFLICT OF INTEREST POLICY, (2) HAS READ AND UNDERSTANDS THE BELCO CONFLICT OF INTEREST POLICY, (3) HAD AGREED TO COMPLY WITH THE BELCO COMMUNITY CREDIT UNION CONFLICT OF INTEREST POLICY, (4) WAS NOT A PARTICIPANT, DIRECTLY OR INDIRECTLY, IN ANY ARRANGEMENT, AGREEMENT, INVESTMENT, OR OTHER ACTIVITY WITH ANY VENDOR, SUPPLIER, OR OTHER PARTY DOING BUSINESS WITH BELCO COMMUNITY CREDIT UNION THAT HAS RESULTED OR COULD RESULT IN PERSONAL BENEFIT TO THEM, WHICH WAS NOT DISCLOSED TO AND APPROVED BY THE BOARD OF DIRECTORS, AND (5) WAS NOT A RECIPIENT, DIRECTLY OR INDIRECTLY, OF ANY SALARY PAYMENTS, LOANS, GIFTS OF ANY KIND, ANY FREE SERVICE OR DISCOUNTS, OR OTHER FEES FROM OR ON BEHALF OF ANY PERSON OR ENTITY ENGAGED IN ANY TRANSACTION WITH BELCO COMMUNITY CREDIT UNION, WHICH WAS NOT DISCLOSED TO AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE BASE SALARY FOR THE PRESIDENT/CEO IS BASED ON THE FOLLOWING SOURCES: THE CREDIT UNION USES AN INDEPENDENT NATIONAL PEER COMPARISON STUDY BY THE CREDIT UNION NATIONAL ASSOCIATION (CUNA) AND THE BALANCEDCOMP COMPENSATION SYSTEM. THE REPORT FROM CUNA IS CALLED 'CREDIT UNION PRESIDENT/CEO COMPENSATION REPORT.' CRITERIA USED WITHIN CUNA'S SURVEY INCLUDES: POSITION TITLE, POSITION DESCRIPTION, CREDIT UNION ASSET SIZE, NUMBER OF FULL-TIME EQUIVALENT EMPLOYEES, NUMBER OF SERVICES OFFERED, AMOUNT OF LOANS OUTSTANDING, NUMBER OF MEMBERS, AND NUMBER OF BRANCHES. THE BALANCEDCOMP DATA IS PULLED FROM 22 DIFFERENT SALARY SURVEYS, AND OUR DATA COMPARISON IS FILTERED BY ASSET SIZE, WE COMPARE OUR INFORMATION TO CREDIT UNIONS THAT ARE $600M TO $1B. THE CUNA DATA IS PROVIDED WITH AVERAGE BASE SALARY, THEN 25TH, MEDIAN, 75TH, AND 90TH PERCENTILES BALANCEDCOMP PROVIDES A MINIMUM, MID-POINT, AND MAXIMUM BASE SALARY DATA. THE CUNA DATA ALSO INCLUDES AVERAGE BONUSES AND INCENTIVES BASED ON THE SAME CRITERIA ABOVE, SUCH AS ASSET SIZE, NUMBER OF BRANCHES, NUMBER OF FTE'S, ETC. BASE SALARY FOR ALL EMPLOYEES IS BASED ON THE DATA PROVIDED BY BALANCEDCOMP. AS EACH EMPLOYEE'S ANNUAL PERFORMANCE EVALUATION ARRIVES, THE PERFORMANCE SCORE DETERMINES THEIR SALARY INCREASE, THIS IS PROCESSED AND APPLIED. THEN A FULL SALARY ANALYSIS IS COMPLETED UTILIZING THE DATA IN BALANCEDCOMP SYSTEM. THE EMPLOYEE'S CURRENT COMPA-RATIO RATING COMBINED WITH THEIR PERFORMANCE REVIEW SCORE (VIA A MATRIX) DETERMINES THE OVERALL SALARY INCREASE RECOMMENDATION. THIS INCLUDES THE MERIT INCREASE AND ANY ADDITIONAL AMOUNT THAT MAY BE REQUIRED IN ORDER TO ARRIVE AT THE FULL AMOUNT RECOMMENDED BASED ON THE PERFORMANCE REVIEW SCORE AND COMPA-RATIO RATING. BELCO'S COMPENSATION PHILOSOPHY STATES THAT A NON-EXEMPT EMPLOYEE SHOULD BE AT 99% COMPA-RATIO FOR THEIR POSITION SALARY GRADE RANGE WHEN THEY HAVE ACHIEVED THREE YEARS OF EXPERIENCE IN THEIR ROLE. FOR EXEMPT & EXECUTIVE EMPLOYEES, THE PHILOSOPHY STATES THAT AN EMPLOYEE SHOULD BE AT 97.5% COMPA-RATIO ONCE THEY HAVE ACHIEVED FIVE YEARS OF EXPERIENCE WITHIN THEIR POSITION. THE VICE PRESIDENT OF HUMAN RESOURCES & TRAINING MAKES ANNUAL RECOMMENDATIONS TO THE PRESIDENT/CEO FOR CHANGES TO THE MATRIX THAT DETERMINES OVERALL SALARY INCREASES TO BRING EMPLOYEES IN LINE, OVER TIME, WITH BELCO'S COMPENSATION PHILOSOPHY. FOR THE PRESIDENT/CEO'S SALARY, THE COMPENSATION COMMITTEE MADE UP OF 3 BOARD MEMBERS, AND THE VICE PRESIDENT OF HUMAN RESOURCES, DETERMINE A PERFORMANCE EVALUATION FOR THE MERIT AND POSSIBLE BONUS PAY FOR THE PRESIDENT/CEO. THIS IS DOCUMENTED AND PRESENTED TO THE PRESIDENT/CEO, ON A QUARTERLY BASIS THE PERFORMANCE IS DOCUMENTED, AT YEAR END ONCE FINANCIALS ARE RECEIVED, THE PRESIDENT/CEO DOES A SELF-ASSESSMENT AND THE COMPENSATION COMMITTEE COMPLETES THEIR ASSESSMENT WHICH IS HOW WE ARRIVE AT A RECOMMENDED MERIT INCREASE FOR THE PRESIDENT/CEO, INCLUDING ANY POSSIBLE BONUS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST, COPIES OF THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF ALL BRANCHES ON A MONTHLY BASIS. QUARTERLY FINANCIAL STATEMENTS (CALL REPORTS) ARE AVAILABLE ON WWW.NCUA.GOV. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN 2,928,860. NET CHANGE IN POST RETIREMENT BENEFIT PLAN -132,039. FORM 990, PART XII, LINE 2C THE CREDIT UNION HAS A SUPERVISORY COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.