2018-08-09T14:25:41-04:00 2017-12-31 232108173 RKL LLP 91 CUMBERLAND PARKWAY MECHANICSBURG PA 170555676 990 2017-01-01 231445884 BELCO COMMUNITY CREDIT UNION BELC 8006424482 449 EISENHOWER BLVD HARRISBURG PA 17111 ROBERT E HOKE VP OF CORP. SUPPORT 7177206226 2018-08-06 true CHRISTIAN P PASQUALI CPA P00970025 7177909333 2018-08-09 2017 2022-09-23 18:48:47Z AMEY R SGRIGNOLI 449 EISENHOWER BLVD HARRISBURG PA 17111 30430929 false 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. 11 11 217 20 67650 0 23299507 27126753 1352559 1627286 1622546 1476747 26274612 30230786 0 0 8575803 10367014 0 0 14403430 17600524 22979233 27967538 3295379 2263248 453823918 595659758 413883246 542115290 39940672 53544468 X 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. false false PROVIDE LOANS TO 64,607 MEMBERS. PROVIDE FINANCIAL SERVICES TO 64,607 MEMBERS. PROVIDE LOANS AND FINANCIAL SERVICES TO 64,607 MEMBERS. false false false false false false false false false true true false false true false true false false false false false false false false false false false false true false true false false false false false false false false false false false false true 16611 0 true 217 true true true false false false false false X 11 11 false false false false true true true true true false false true true true true true true true true false X MICHAEL SPOHN 8006424482 449 EISENHOWER BLVD HARRISBURG PA 17111 STEPHANIE F MILLER CHAIR 5.00 X X 0 0 0 BEVERLY A LILLEY TREASURER 5.00 X X 0 0 0 LAVERN R SHEARER SECRETARY 5.00 X X 0 0 0 RICHARD D LYTLE DIRECTOR 5.00 X 0 0 0 MARGARET A MINNICH DIRECTOR 5.00 X 0 0 0 JEFFREY COHICK DIRECTOR 5.00 X 0 0 0 DONALD B PERSON VICE-CHAIR 5.00 X X 0 0 0 TERRY M HESSLER ASST. TREASU 5.00 X 0 0 0 RICHARD P MYXTER ASST. SECRET 5.00 X 0 0 0 WILLIAM F O'DONNELL DIRECTOR 5.00 X 0 0 0 DOUG GRAHAM DIRECTOR 5.00 X 0 0 0 AMEY R SGRIGNOLI PRESIDENT / 50.00 X 293054 0 174047 PAUL R PERINI III SVP OF RETAI 45.00 X 140034 0 66821 JASON ALLEN SVP OF OPERA 45.00 X 135643 0 29747 JENNIFER W SCHUENEMAN VP INFORMATI 45.00 X 104004 0 59385 ROBERT E HOKE VP OF CORP. 45.00 X 102100 0 80000 774835 410000 5 false true false JACK HENRY & ASSOCIATES 663 W HWY 60 PO BOX 807 MONETT MO 65708 IT SVCS 960040 DIEBOLD INC 5995 MAYFAIR ROAD PO BOX 3077 NORTH CANTON OH 44720 ATM SVCS 663190 WAGGONER CONSTRUCTION INC 135 BENTZ MILL ROAD EAST BERLIN PA 17316 CONSTRUCTION 474990 KORPORATE COMPUTING 2051 STATE ROAD 100 CAMP HILL PA 17011 IT SVCS 380272 ALKAMI TECHNOLOGY INC PO BOX 670397 DALLAS TX 75267 IT SERVICES 369571 13 INTEREST INCOME 522291 19140485 19140485 FEE INCOME 522100 7918618 7918618 NON-MEMBER ATM INCOME 522200 67650 67650 27126753 1654589 1654589 90193 90193 786959 786959 786959 786959 172840 200143 -27303 -27303 -27303 OTHER INCOME 522298 599595 599595 599595 30230786 27631395 67650 2531741 1184835 6649930 133224 1749767 649258 11366 99323 1483972 1527200 1076371 95353 225917 2027454 1798222 178118 PROVISION FOR LOAN LOSSES 2850003 INFORMATION TECHNOLOGY 1714265 PLASTIC CARD EXPENSE 1403145 MISC EXP 1354404 1755411 27967538 0 0 0 5051777 7688496 9565297 14778791 1348061 1678397 500000 500000 335452294 426385129 1082534 2855931 45692295 19596488 24713120 26095807 46560578 61357004 17228148 40198236 12322109 14121967 453823918 595659758 5510367 6597832 10650000 32200000 397722879 503317458 413883246 542115290 X 39940672 53544468 39940672 53544468 453823918 595659758 X 2263248 635310 10705238 X false true X true false 6058221 6058221 26151338 7957581 18193757 369553 353205 16348 13055776 11285702 1770074 57407 57407 26095807 CERTIFICATES OF DEPOSIT 21486791 C DEFERRED COMP PLAN INV - MKT 10272344 F CSV OF LIFE INSURANCE 7002401 F FHLB STOCK 1421700 C INVESTMENTS IN CUSO 15000 C 40198236 MEMBER SHARES AND SAVINGS ACCOUNTS 419239321 MEMBER CERTIFICATES OF DEPOSIT 83519364 ACCRUED DEFERRED COMPENSATION PLANS 558773 503317458 31518485 635310 652389 1287699 30230786 30230786 27908271 27908271 59267 59267 27967538 SCHEDULE D, PAGE 4, PART XI, LINE 2D NET CHANGE IN PENSION LIABILITY 652,389 SCHEDULE D, PAGE 4, PART XII, LINE 4B BOOK / TAX DEPRECIATION DIFFERENCE 59,267 X X X false false false AMEY R SGRIGNOLI PRESIDENT / CEO 293054 158978 15069 467101 PAUL R PERINI III SVP OF RETAIL 140034 56924 9897 206855 JASON ALLEN SVP OF OPERATIONS 135643 12076 17671 165390 JENNIFER W SCHUENEMAN VP INFORMATION SVCS 104004 39405 19980 163389 ROBERT E HOKE VP OF CORP. SUPPORT 102100 61919 18081 182100 LONNY J MAURER FORMER OFFICER FUND LIFE INSURANCE PREMIUMS X 500000 500000 false true true 500000 FORM 990, PAGE 2, PART III, LINE 4D PROVIDE LOANS AND FINANCIAL SERVICES TO 64,607 MEMBERS. FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION IS OWNED BY ITS 64,607 MEMBERS. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 7B THE CREDIT UNION'S MEMBERS MUST APPROVE: -THE MERGER OF THE CREDIT UNION. -THE DISSOLUTION OR CONVERSION OF THE CREDIT UNION. -CHANGES TO THE CREDIT UNION'S CHARTER, ARTICLES AND BYLAWS. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, 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 HAS 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.HAS AGREED TO COMPLY WITH THE BELCO 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 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, WHICH WAS NOT DISCLOSED TO AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 15A THE BOARD OF DIRECTORS IS RESPONSIBLE FOR SETTING CRITERIA FOR EVALUATING THE PERFORMANCE OF THE CEO. THE BOARD OF DIRECTORS USES 6 CRITERIA MEASURES: 1) SAFETY AND SOUNDNESS OF CU, 2) THOROUGH EVALUATION OF FULFILLMENT OF STRATEGIC PLAN, 3) CURRENT CREDIT UNION FINANCIAL REPORTS, 4) ADHERENCE TO APPROVED BUDGET, 5) BOARD/EXECUTIVE TEAM RELATIONSHIP AND, 6) CURRENT C.A.M.E.L. THE SALARY BASE FOR THE CEO IS BASED ON THE FOLLOWING SOURCES: THE CU USES AN INDEPENDENT NATIONAL PEER COMPARISON STUDY BY THE CREDIT UNION NATIONAL ASSOCIATION. THE COMPLETE SALARY SURVEY IS CALLED "CREDIT UNION STAFF SALARY SURVEY". A SECOND SURVEY IS ALSO USED FROM THE SAME SOURCE. HOWEVER, THIS SURVEY IS CUSTOMIZED TO THE GEOGRAPHIC AREA OF THE U.S. WHERE THE CU IS LOCATED. CRITERIA USED TO COMPLETE THE SURVEY IS AS FOLLOWS: SPECIFIC JOB TITLES AND POSITION DESCRIPTIONS, CREDIT UNION ASSET SIZE, NUMBER OF EMPLOYEES, FULL-TIME/PART-TIME EMPLOYEES, NUMBER OF SERVICES, NUMBER OF MEMBERS AND NUMBER OF BRANCHES. COMPARISON DATA INCLUDES AVERAGE WAGE FOR POSITION, 25 PERCENTILE WAGES, MEDIAN WAGES, AND 75 PERCENTILE WAGES. CU USES 75 PERCENTILE WAGES. THE DATA ALSO INCLUDES TRENDING OF BONUSES AND INCENTIVES PER POSITION. FORM 990, PAGE 6, PART VI, LINE 15B SALARY BASES FOR ALL EMPLOYEES EXCEPT FOR THE CEO ARE BASED ON THE FOLLOWING SOURCES: THE CU USES AN INDEPENDENT NATIONAL PEER COMPARISON STUDY BY THE CREDIT UNION NATIONAL ASSOCIATION. THE COMPLETE SALARY SURVEY IS CALLED "CREDIT UNION STAFF SALARY SURVEY". A SECOND SURVEY IS ALSO USED FROM THE SAME SOURCE. HOWEVER, THIS SURVEY IS CUSTOMIZED TO THE GEOGRAPHIC AREA OF THE U.S. WHERE THE CU IS LOCATED. CRITERIA USED TO COMPLETE THE SURVEY IS AS FOLLOWS: SPECIFIC JOB TITLES AND POSITION DESCRIPTIONS, CREDIT UNION ASSET SIZE, NUMBER OF EMPLOYEES, FULL-TIME/PART-TIME EMPLOYEES, NUMBER OF SERVICES, NUMBER OF MEMBERS AND NUMBER OF BRANCHES. COMPARISON DATA INCLUDES AVERAGE WAGE FOR POSITION, 25 PERCENTILE WAGES, MEDIAN WAGES, AND 75 PERCENTILE WAGES. CU USES 75 PERCENTILE WAGES. THE DATA ALSO INCLUDES TRENDING OF BONUSES AND INCENTIVES PER POSITION. THE ABOVE INFORMATION IS USED TO EVALUATE EACH POSITION WITHIN THE CREDIT UNION. THE AVP OF HR/TD MAKES RECOMMENDATIONS FOR ANY CHANGE IN SALARY IDENTIFIED THROUGH THE REVIEW. THE CEO GIVES FINAL APPROVAL FOR ANY CHANGES NEEDED. FORM 990, PAGE 6, PART VI, 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 MERGER WITH CORNERSTONE FEDERAL CREDIT UNION EFFECTIVE JULY 1, 2017, BELCO COMMUNITY CREDIT UNION (THE CREDIT UNION) COMPLETED A MERGER WITH CORNERSTONE FEDERAL CREDIT UNION. THE MERGER WAS A BUSINESS COMBINATION OF TWO MUTUAL ENTITIES ACCOUNTED FOR IN ACCORDANCE WITH THE PROVISIONS OF ACQUISITION METHOD ACCOUNTING, WITH THE CREDIT UNION AS THE AQUIRING ENTITY. THE NET ASSETS OF CORNERSTONE FEDERAL CREDIT UNION (10,052,849) WERE ADDED DIRECTLY TO THE EQUITY OF THE CREDIT UNION. THE BOARD AND MANAGEMENT OF THE NEWLY MERGED ENTITY ARE COMPOSED OF THE MEMBERS OF THE CREDIT UNION AND FULL CONTROL IS RETAINED BY THE CREDIT UNION. THE NAME OF THE ENTITY AFTER THE MERGER REMAINS BELCO COMMUNITY CREDIT UNION. ACCORDINGLY, THE BOOKS AND RECORDS OF THE MERGED CREDIT UNIONS WERE FULLY INTEGRATED INTO THE CREDIT UNION, RESULTING IN A SINGLE REPORTING UNIT. THE FOLLOWING SCHEDULE DESCRIBES THE AMOUNTS RELATING TO THE MERGER: ASSETS CASH AND CASH EQUIVALENTS 8,926,312 CERTIFICATES OF DEPOSIT 11,676,058 INVESTMENTS 1,974,110 LOANS RECEIVABLE 56,300,564 OTHER ASSETS 29,545,540 TOTAL ASSETS 108,422,584 LIABILITIES AND MEMBERS' EQUITY LIABILITIES MEMBERS' SHARES 97,983,287 OTHER LIABILITIES 386,448 TOTAL LIABILITIES 98,369,735 MEMBERS' EQUITY EQUITY ACQUIRED IN MERGER 10,052,849 TOTAL LIABILITIES AND MEMBERS' EQUITY 108,422,584 FORM 990, PART XI, LINE 9 NET CHANGE ON PENSION LIABILITY 652,389 EQUITY ACQUIRED IN MERGER 10,052,849 TOTAL 10,705,238