2025-11-17T14:11:26+00:00 2024-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2024-01-01 356025844 Beacon Credit Union BEAC 2605637443 586 S Wabash St Wabash IN 46992 STEVEN H CARYER CHIEF FINANCIAL OFFICER 2605637443 2025-11-17 true true Michael Summers P00838533 3173834000 2025-11-17 2024 2025-03-06 01:10:19Z Dustin Cuttriss 586 S Wabash St Wabash IN 46992 71433277 false X 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 7 353 10 326829 24836 0 48734269 57797240 12921555 12576930 634269 623139 62290093 70997309 28646 0 0 22513445 23438430 0 0 35441114 43056561 57983205 66494991 4306888 4502318 1517175065 1525962996 1357399599 1363293713 159775466 162669283 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. false false Beacon provides multiple types of loan products responsive to the needs of its members including Agriculture, Commercial, Mortgage and Consumer loans. It has 11,416 individual loans totaling $1,057,726,181 Beacon Credit Union provides a superior member service experience by offering competitive deposit rates and deposit products to its members. It has 105,196 deposit accounts totaling $1,213,360,595 Beacon Credit Union provides 19 Full Service branches, 7 Loan Production offices and 2 back office facilities to meet the operational demands of over 47,000 members 0 false false false false false false false false false false true false true true true false false true false false false false false false false false false false false true false false false false false false false false false false false false false false true true false false false false true 55584 0 true 353 true true true false false false false false false false X 7 7 false false false false true true true true true false true true true true true true false true true true false false IN X Steven H Caryer 2605637443 586 S WABASH STREET WABASH IN 46992 Dennis Post Board Director 2.0 X 0 0 0 Dr Lindsay Culver Board Vice Chair 2.0 X 0 0 0 Herbert Horrom Board Chairman 2.0 X 0 0 0 Jim Yates Board Director 2.0 X 0 0 0 John Peters Secretary/Treasurer 2.0 X 0 0 0 Paul Hartman Board Director 2.0 X 0 0 0 Sarah Delbecq Board Director 2.0 X 0 0 0 Dawn Aschleman Chief Operations Officer 40.0 X 238000 0 44035 Dustin Cuttriss President/CEO 40.0 1.0 X 675078 0 57291 Lori Eltzroth Chief Administrative Officer 40.0 X 222810 0 71709 Marc Briney Chief Marketing Officer 40.0 X 214667 0 22142 Ryan Showley Chief Information Officer 40.0 X 241748 0 76611 Steve Caryer Chief Financial Officer 40.0 1.0 X 296813 0 24827 Todd Beehler Chief Strategy Officer 40.0 X 279996 0 91611 Trisha Loker Chief Credit Officer 40.0 X 210289 0 40441 Craig Bright VP, Ag Lending Operations 40.0 X 212524 0 18044 Danielle Hicks-Appleton Senior Ag Loan Officer 40.0 X 159893 0 27038 Jodie Creek Senior Ag Loan Officer 40.0 X 170857 0 22183 Kyle Kuehnert Senior Ag Loan Officer 40.0 X 157110 0 33960 Tiffany Haupert Investment Services Manager 40.0 X 242671 0 34492 3322456 0 564384 33 false true false Fiserv PO Box 934057 Atlanta GA 311934057 Core Computer System Processing 2653346 Network Solutions Inc PO box 3009 Warren PA 16365 Computer Hardware and Software 973747 SHI International Corp PO Box 952121 Dallas TX 75395 Computer Licenses and Maintenance 799585 Finastra PO Box 945120 Atlanta GA 303945120 Computer Software and Maintenance 569704 QSI 107 Schuler Drive Bardstown KS 40004 ATM Maintenance 309900 30 0 0 0 0 0 0 0 0 Income on Loans 522130 48056491 48056491 Miscellaneous Income (Fees, interchange, servicing) 522130 9740749 9740749 0 0 0 0 57797240 12594456 12594456 0 0 371542 46900 387728 48240 -16186 -1340 -17526 -17526 0 0 0 0 0 0 0 0 Miscellaneous Income 522130 326829 326829 Visa Income 522130 296310 296310 0 0 0 0 623139 70997309 70670480 326829 0 0 0 0 0 2808065 15462617 1269773 2523398 1374577 520854 349361 231889 2973401 743930 1462180 3795829 1427694 292931 290857 5658995 1029776 249794 Share Dividends Paid 21881879 Processing Expense 1639728 Miscellaneous Expense 507463 0 66494991 6887634 8107510 38351469 30963922 0 0 1001949410 1057726181 2188290 2897776 31106242 23505794 7488403 7600448 0 354499670 316321287 105810189 102345872 1517175065 1525962996 12668781 10933119 0 84000000 139000000 1260730818 1213360594 1357399599 1363293713 X 159775466 162669283 159775466 162669283 1517175065 1525962996 X 4502318 -3108488 1499988 X false true true false 3052788 3052788 17283353 13908564 3374789 10354672 9318608 1036064 415429 278622 136807 7600448 Mortgage Backed Securities 175319124 F Collateralized Mortgage Obligations 111268579 F Municipal Bonds 19399876 F SBA Loans Pools 10333708 F 316321287 Corporate One Federal Credit Union Perpetual Capital 900000 Investment in Agribank 100000 Federal Home Loan Bank Stock 6959400 Loan Servicing Rights 261632 Share Insurance Deposit 16498167 Insurance & Annuity Contracts 31408797 Goodwill 18810763 Accrued Interest Receivable 9926370 Other Assets 17480743 102345872 Federal Income Taxes Various Member Deposits 1213360594 1213360594 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part X, Line 2 The entity recognizes tax benefits only to the extent that the entity believes it is more likely than not (i.e. greater than 50 percent) that its tax positions will be sustained upon examination. We have evaluated the entity's tax positions and have determined that the entity does not have any material uncertain tax positions. X true true X X X false true false Dustin Cuttriss President/CEO 390821 0 43428 0 240829 0 38030 0 19261 0 732369 0 0 0 Steve Caryer Chief Financial Officer 195227 0 19940 0 81646 0 9380 0 15447 0 321640 0 0 0 Todd Beehler Chief Strategy Officer 183332 0 40155 0 56509 0 74369 0 17242 0 371607 0 0 0 Ryan Showley Chief Information Officer 190702 0 19350 0 31696 0 67213 0 9398 0 318359 0 0 0 Dawn Aschleman Chief Operations Officer 189400 0 18330 0 30270 0 44035 0 0 0 282035 0 0 0 Lori Eltzroth Chief Administrative Officer 175839 0 19300 0 27671 0 54467 0 17242 0 294519 0 0 0 Marc Briney Chief Marketing Officer 154797 0 16310 0 43560 0 7710 0 14432 0 236809 0 0 0 Trisha Loker Chief Credit Officer 170860 0 17880 0 21549 0 25786 0 14655 0 250730 0 0 0 Tiffany Haupert Investment Services Manager 242013 0 480 0 178 0 25461 0 9031 0 277163 0 0 0 Craig Bright VP, Ag Lending Operations 161355 0 47080 0 4089 0 8646 0 9398 0 230568 0 0 0 Jodie Creek Senior Ag Loan Officer 130817 0 37080 0 2960 0 6736 0 15447 0 193040 0 0 0 Danielle Hicks-Appleton Senior Ag Loan Officer 132007 0 27260 0 626 0 17640 0 9398 0 186931 0 0 0 Kyle Kuehnert Senior Ag Loan Officer 124766 0 29780 0 2564 0 17063 0 16897 0 191070 0 0 0 Schedule J, Part I, Line 1a Health or social club dues or initiation fees All employees are eligible for a 50% reimbursement of their monthly gym membership fees, up to a maximum of $20 per month Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan The following employees participated in a 457(f) plan during 2024- Dustin Cuttriss, Todd Beehler, Ryan Showley, and Lori Eltzroth. The following employees participated in a 457(B) plan during 2024 - Todd Beehler, Marc Briney and Ryan Showley The following employees participated in a REBA/Section 162 Plan - Dawn Aschleman, Todd Beehler, Marc Briney, Steve Caryer, Dustin Cuttriss, Lori Eltzroth, Trish Loker, and Ryan Showley Form 990, Part VI, Line 6 Classes of members or stockholders Each person or organization who establishes a savings/share account with a least $5 becomes a member per our Articles of Incorporation Form 990, Part VI, Line 7a Members or stockholders electing members of governing body 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, Line 7b Decisions requiring approval by members or stockholders 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, Line 11b Review of form 990 by governing body 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, Line 12c Conflict of interest policy All policies are reviewed annually by the Board of Directors. Any policy revisions require the Board read and understood all polices. Any violations of policies are reported to the employee's supervisor and/HR. Violations are reviewed with the employee by the supervisor and/or HR. Depending on the nature and seriousness of the policy, written reprimands or terminations may occur. All written review and reprimands require the employee to sign/acknowledge. The copies are retained in the employee personnel file in perpetuity. Form 990, Part VI, Line 15a Process to establish compensation of top management official Beacon Credit Union utilizes a salary administration product managed by an independent party to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by the President/CEO. Parameters are put into place at the end of each calendar year for an annual review. In this process, an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and applicable criteria. A report is also generated periodically for the CEO and is provided by HR to the Board of Directors (pulled when employment contract is up for renewal which is typically every three years). The Board of Directors will establish the CEO compensation and other benefits. An agreement will then be drafted by the Credit Union's legal counsel for the period agreed upon by the CEO and Board of Directors. The compensation review from the independent vendor was completed in 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees Beacon Credit Union utilizes a salary administration product managed by an independent party to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by the President/CEO. Parameters are put into place at the end of each calendar year for an annual review. In this process, an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and applicable criteria. Form 990, Part VI, Line 19 Required documents available to the public Beacon Credit Union 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 Other changes in net assets or fund balances Change in Pension Plan Funding in 2024 - 1499988; Total - 1499988; Plan One Financial Services Inc 641 S Miami St Wabash IN 46992 351677931 Financial Services IN 68955 6014016 Beacon Credit Union Beacon Credit Union Foundation Inc (45-3814789) 586 S Wabash St Wabash IN 46992 453814789 Private Foundation IN 501(c)(3) 7 Beacon Credit Union true true false false false false false false false false false false false false false false false false false false BEACON CREDIT UNION FOUNDATION INC (45-3814789) A 20 CASH