INNOVATIONS FINANCIAL CREDIT UNION: Form 990, tax year 2024
View the entire original 990 at ProPublica ↗
- Organization
- INNOVATIONS FINANCIAL CREDIT UNION (EIN 59-0706843)
- Tax period
- 2024-01-01 to 2024-12-31
- Filed
- 2025-11-17
- IRS object ID
- 202523219349324902
- Schema version
- 2024v5.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-11-17T18:13:22-06:00 | ReturnTs |
| Tax Period End | 2024-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 994260840 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOEREN MAYHEW | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8785 SW 165TH AVENUE SUITE 303 | AddressLine1Txt |
| City | MIAMI | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33193 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2024-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 590706843 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | INNOVATIONS FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | INNO | BusinessNameControlTxt |
| Phone | 8502490620 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 910 THOMAS DRIVE | AddressLine1Txt |
| City | PANAMA CITY | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 32408 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JEREMY HINTON | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 8502490620 | PhoneNum |
| Signature | 2025-11-17 | SignatureDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | AUBREY CLEGG | PreparerPersonNm |
| PTIN | P01076395 | PTIN |
| Phone | 3052328272 | PhoneNum |
| Preparation | 2025-11-17 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2024 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DAVID SOUTHALL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 910 THOMAS DRIVE | AddressLine1Txt |
| City | PANAMA CITY | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 32408 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $35,305,173 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.INNOVATIONSFCU.ORG/ | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1952 | FormationYr |
| Legal Domicile State | FL | LegalDomicileStateCd |
| Activity Or Mission | TO ENRICH THE FINANCIAL LIVES OF OUR MEMBERS, TEAM MEMBERS, AND THE COMMUNITIES WE SERVE. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 112 | TotalEmployeeCnt |
| Total Volunteers | 8 | TotalVolunteersCnt |
| Total Gross UBI | $129,420 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $165,855 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $18,759,233 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $30,936,287 | CYProgramServiceRevenueAmt |
| PY Investment Income | $770,351 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,203,031 | CYInvestmentIncomeAmt |
| PY Other Revenue | $7,138,536 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $26,668,120 | PYTotalRevenueAmt |
| CY Total Revenue | $35,305,173 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $8,347,309 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $10,413,594 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $13,964,407 | PYOtherExpensesAmt |
| CY Other Expenses | $22,353,889 | CYOtherExpensesAmt |
| PY Total Expenses | $22,311,716 | PYTotalExpensesAmt |
| CY Total Expenses | $32,767,483 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $4,356,404 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,537,690 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $428,396,918 | TotalAssetsBOYAmt |
| Total Assets EOY | $615,037,932 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $388,872,129 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $573,369,415 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $39,524,789 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $41,668,517 | NetAssetsOrFundBalancesEOYAmt |
| Mission | TO PROVIDE FINANCIAL AND LENDING SERVICES TO INDIVIDUALS AND BUSINESSES LOCATED WITHIN THE COUNTIES OF BAY, HOLMES, WASHINGTON, JACKSON, CALHOUN, GULF, WALTON, OKALOOSA, FRANKLIN & LIBERTY LOCATED IN THE STATE OF FLORIDA. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | PROVIDE 26,310 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $554,884,000 AS OF DECEMBER 31, 2024. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | PROVIDE 16,356 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $448,771,000 AS OF DECEMBER 31, 2024. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 6880 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 112 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JEREMY HINTON | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8502490620 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 910 THOMAS DRIVE | AddressLine1Txt |
| City | PANAMA CITY | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 32408 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (19 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| CRAIG ELLIS | ||||||||
| BOARD CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| NANCY LUTHER | ||||||||
| BOARD VICE CHAIR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| JOSHUA SCRIBNER | ||||||||
| BOARD SECRETARY | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KRISTOPHER MCLANE | ||||||||
| BOARD TREASURER | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| ROB FERNANDEZ | ||||||||
| BOARD DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KEN WHITE | ||||||||
| BOARD DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| ANITA BORUGHTON | ||||||||
| BOARD DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| KIM JOHNS | ||||||||
| BOARD DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |||
| DAVID SOUTHALL | ||||||||
| PRESIDENT/CEO | 40.00 | $468,245 | $0 | $55,603 | Yes (X) | |||
| MICHAEL GLADDEN | ||||||||
| EVP/COO | 40.00 | $405,544 | $0 | $76,869 | Yes (X) | |||
| JEREMY HINTON | ||||||||
| SVP/CFO | 40.00 | $323,155 | $0 | $68,758 | Yes (X) | |||
| DANIEL CHAPLIK | ||||||||
| DIRECTOR OPERATIONS/LENDING/COLLECTIONS/FACILITIES | 40.00 | $241,988 | $0 | $52,446 | Yes (X) | |||
| CHARLES POWELL | ||||||||
| DIRECTOR BUSINESS & MORTGAGE LENDING | 40.00 | $234,987 | $0 | $52,998 | Yes (X) | |||
| KENNETH MITCHELL | ||||||||
| MARKET LEADER- NORTHERN PANHANDLE REGION | 40.00 | $219,158 | $0 | $41,642 | Yes (X) | |||
| ANGELIA BURNETT | ||||||||
| DIRECTOR PROJECTS | 40.00 | $173,822 | $0 | $43,012 | Yes (X) | |||
| ROBERT GUICE | ||||||||
| IT DIRECTOR | 40.00 | $150,314 | $0 | $25,956 | Yes (X) | |||
| RUTH PARKER | ||||||||
| MARKETING DIRECTOR | 40.00 | $145,590 | $0 | $27,128 | Yes (X) | |||
| JONATHAN SMILEY | ||||||||
| BUSINESS LENDING MANAGER | 40.00 | $133,371 | $0 | $33,421 | Yes (X) | |||
| TERESA ALEXANDER | ||||||||
| SENIOR ACCOUNTANT | 40.00 | $130,041 | $0 | $21,196 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $2,626,215 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $499,029 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 17 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| JACK HENRY | |||||
| 663 W HWY 60 | MONETT | MO | 65708 | TECHNOLOGY SERVICES | $1,236,176 |
| ACCESS SOFTEK | |||||
| 727 ALLSTON WAY C | BERKELEY | CA | 94710 | DIGITAL BANKING PLATFORM | $313,064 |
| MAINSTREET PROPERTIES | |||||
| 777 HUTCHINSON ROAD | CHIPLEY | FL | 32428 | MAINTENANCE | $195,270 |
| DOXIM | |||||
| 1911 WOODSLEE DRIVE | TROY | MI | 48083 | CUSTOMER COMMUNICATIONS MANAGEMENT | $187,537 |
| HONIGMAN | |||||
| 660 WOODWARD AVENUE | DETROIT | MI | 48226 | LEGAL | $155,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 12 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $165,855 | GovernmentGrantsAmt |
| Total Contributions | $165,855 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $23,727,340 | $23,727,340 | |
| FEES, CHARGES, & OTHER | 522100 | $7,079,527 | $7,079,527 | |
| FINANCE & INSURANCE | 520000 | $129,420 | $129,420 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $30,936,287 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,203,031 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,203,031 | RelatedOrExemptFuncIncomeAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $35,305,173 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $35,009,898 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $129,420 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,241,393 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,852,866 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,013,108 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $824,951 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $481,276 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $63,891 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $711,030 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,295,099 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $557,195 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,537,914 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,810,340 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $441,258 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $119,883 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,165 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,380,923 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $918,847 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $1,965,840 |
| LOAN SERVICING | $908,020 |
| MISCELLANEOUS | $418,862 |
| ASSOCIATION DUES | $119,537 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $96,085 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $32,767,483 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,230,331 | BOYAmt |
| EOY | $4,871,778 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,465,416 | BOYAmt |
| EOY | $88,346,124 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $912,220 | BOYAmt |
| EOY | $1,433,860 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,802,751 | BOYAmt |
| EOY | $8,344,853 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $369,778,044 | BOYAmt |
| EOY | $446,786,410 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $615,471 | BOYAmt |
| EOY | $1,175,977 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $25,589,124 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $6,252,756 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $11,855,482 | BOYAmt |
| EOY | $19,336,368 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,337,840 | BOYAmt |
| EOY | $19,112,240 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,153,000 | BOYAmt |
| EOY | $1,535,252 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $15,603,017 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,246,363 | BOYAmt |
| EOY | $8,492,053 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $428,396,918 | BOYAmt |
| EOY | $615,037,932 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,300,854 | BOYAmt |
| EOY | $5,485,686 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $13,000,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $382,571,275 | BOYAmt |
| EOY | $554,883,729 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $388,872,129 | BOYAmt |
| EOY | $573,369,415 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $39,524,789 | BOYAmt |
| EOY | $41,668,517 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $39,524,789 | BOYAmt |
| EOY | $41,668,517 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $428,396,918 | BOYAmt |
| EOY | $615,037,932 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,537,690 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$393,962 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $7,312,607 | OtherCostOrOtherBasisAmt |
| Book Value | $7,312,607 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $13,452,708 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,823,846 | DepreciationAmt |
| Book Value | $10,628,862 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $3,886,363 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,877,043 | DepreciationAmt |
| Book Value | $1,009,320 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $937,446 | OtherCostOrOtherBasisAmt |
| Depreciation | $551,867 | DepreciationAmt |
| Book Value | $385,579 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $19,336,368 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER DEPOSITS | Desc |
| Amt | $554,883,729 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $554,883,729 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $35,305,173 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $35,305,173 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $35,305,173 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $32,767,483 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $32,767,483 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $32,767,483 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (11 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DAVID SOUTHALL | ||||||||||||||
| PRESIDENT/CEO | $331,553 | $0 | $90,692 | $0 | $46,000 | $0 | $51,750 | $0 | $3,853 | $0 | $523,848 | $0 | $0 | $0 |
| MICHAEL GLADDEN | ||||||||||||||
| EVP/COO | $279,512 | $0 | $64,547 | $0 | $61,485 | $0 | $51,750 | $0 | $25,119 | $0 | $482,413 | $0 | $0 | $0 |
| JEREMY HINTON | ||||||||||||||
| SVP/CFO | $228,847 | $0 | $53,989 | $0 | $40,319 | $0 | $49,339 | $0 | $19,419 | $0 | $391,913 | $0 | $0 | $0 |
| DANIEL CHAPLIK | ||||||||||||||
| DIRECTOR OPERATIONS/LENDING/COLLECTI | $169,597 | $0 | $36,569 | $0 | $35,822 | $0 | $37,749 | $0 | $14,697 | $0 | $294,434 | $0 | $0 | $0 |
| CHARLES POWELL | ||||||||||||||
| DIRECTOR BUSINESS & MORTGAGE LENDING | $165,284 | $0 | $36,569 | $0 | $33,134 | $0 | $36,807 | $0 | $16,191 | $0 | $287,985 | $0 | $0 | $0 |
| KENNETH MITCHELL | ||||||||||||||
| MARKET LEADER- NORTHERN PANHANDLE RE | $165,611 | $0 | $35,306 | $0 | $18,241 | $0 | $33,884 | $0 | $7,758 | $0 | $260,800 | $0 | $0 | $0 |
| ANGELIA BURNETT | ||||||||||||||
| DIRECTOR PROJECTS | $150,400 | $0 | $17,017 | $0 | $6,405 | $0 | $25,315 | $0 | $17,697 | $0 | $216,834 | $0 | $0 | $0 |
| ROBERT GUICE | ||||||||||||||
| IT DIRECTOR | $141,948 | $0 | $0 | $0 | $8,366 | $0 | $22,953 | $0 | $3,003 | $0 | $176,270 | $0 | $0 | $0 |
| RUTH PARKER | ||||||||||||||
| MARKETING DIRECTOR | $113,172 | $0 | $15,576 | $0 | $16,842 | $0 | $22,480 | $0 | $4,648 | $0 | $172,718 | $0 | $0 | $0 |
| JONATHAN SMILEY | ||||||||||||||
| BUSINESS LENDING MANAGER | $113,199 | $0 | $12,540 | $0 | $7,632 | $0 | $20,830 | $0 | $12,591 | $0 | $166,792 | $0 | $0 | $0 |
| TERESA ALEXANDER | ||||||||||||||
| SENIOR ACCOUNTANT | $106,255 | $0 | $10,508 | $0 | $13,278 | $0 | $19,610 | $0 | $1,586 | $0 | $151,237 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | DAVID SOUTHALL, PRESIDENT/CEO, PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2024. DAVID SOUTHALL, MICHAEL GLADDEN, DANIEL CHAPLIK, CHARLES POWELL, JEREMY HINTON, AND KENNETH MITCHELL PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. 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 (FOR SOME), PLUS KEY-PERSON INSURANCE PROCEEDS. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp (7 entries)
| Relationship With OrgRelationshipWithOrgTxt | Loan PurposeLoanPurposeTxt | Loan From OrganizationLoanFromOrganizationInd | Original PrincipalOriginalPrincipalAmt | Balance DueBalanceDueAmt | DefaultDefaultInd | Board Or Committee ApprovalBoardOrCommitteeApprovalInd | Written AgreementWrittenAgreementInd |
|---|---|---|---|---|---|---|---|
| DAVID SOUTHALL | |||||||
| PRESIDENT/CEO | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $390,000 | $2,400,001 | 0 | Yes (1) | Yes (1) |
| MICHAEL GLADDEN | |||||||
| EVP/COO | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $260,000 | $1,700,000 | 0 | Yes (1) | Yes (1) |
| DANIEL CHAPLIK | |||||||
| DIRECTOR OPERATIONS/LENDING/COLLECTIONS | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $60,000 | $360,000 | 0 | Yes (1) | Yes (1) |
| CHARLES POWELL | |||||||
| DIRECTOR BUSINESS & MORTGAGE LENDING | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $70,000 | $420,000 | 0 | Yes (1) | Yes (1) |
| JEREMY HINTON | |||||||
| SVP/CFO | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $110,000 | $1,023,265 | 0 | Yes (1) | Yes (1) |
| KENNETH MITCHELL | |||||||
| MARKET LEADER | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $1,184,490 | $1,210,335 | 0 | Yes (1) | Yes (1) |
| KAREN HURST | |||||||
| FORMER SVP | SPLIT DOLLAR RETIREMENT PLAN | Yes (X) | $125,000 | $1,231,252 | 0 | Yes (1) | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $8,344,853 | TotalBalanceDueAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | FORM 990, SCH L, PART II | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST (FOR SOME), 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. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE ORGANIZATION IS A COOPERATIVE CREDIT UNION OWNED BY ITS MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ORGANIZATION'S MEMBERS ELECT THE BOARD OF DIRECTORS AT AN ANNUAL MEETING. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. |
| FORM 990, PART VI, SECTION B, LINE 11B | ANNUAL TAX RETURNS ARE REVIEWED BY OFFICERS AND BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE ENFORCEMENT OF CONFLICTS OF INTEREST ARE CARRIED OUT BY THE ORGANIZATION. ANY CONFLICTS OF INTERESTS RELATED TO OFFICERS AND DIRECTORS ARE REPORTED TO THE STATE AS PART OF ANNUAL REGULATORY AUDIT. |
| FORM 990, PART VI, SECTION B, LINE 15 | COMPENSATION FOR TOP OFFICIAL (CEO) IS COMPRISED OF BOTH A CREDIT UNION AND BANK PEER COMPARISON SURVEY. THE SURVEY IS PRESENTED TO THE BOARD OF DIRECTORS AND THE BOARD APPROVES THE SALARY OF THE CEO. THE CEO CONTRACT IS WRITTEN AND APPROVED BY THE BOARD OF DIRECTORS. COMPENSATION FOR OFFICERS AND KEY EMPLOYEES IS DETERMINED USING CREDIT UNION AND BANK PEER COMPARISON SURVEY. THE INFORMATION IS PRESENTED TO THE BOARD OF DIRECTORS AND A SALARY RANGE OR INCREASES ARE APPROVED BY THE BOARD OF DIRECTORS. THE CEO THEN APPROVES ALL SALARY INCREASES BASED ON BOARD GUIDELINES. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS, BYLAWS, AND COPIES OF TAX RETURNS ARE MADE AVAILABLE UPON REQUEST. THESE DOCUMENTS ARE PROVIDED IN COPY FORMAT WITHIN REASONABLE TIME FRAMES. |
| FORM 990, PART IX, LINE 24E | OPERATING FEE 96,085. |
| FORM 990, PART XII, LINE 2C: | THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. |