2025-10-07T11:18:49+00:00 2024-12-31 350921680 CROWE LLP 4801 Olympia Park Plaza Suite 4000 Louisville KY 402412098 990 2024-01-01 610360420 Transcend Credit Union TRAN 5024593000 3740 Bardstown Road Louisville KY 40218 MATTHEW LANCASTER VP/CFO 5024593000 2025-10-07 true true RACHEL SPURLOCK P00520729 5023263996 2025-10-07 2024 2025-03-06 01:10:19Z Richard Reese 3740 Bardstown Road Louisville KY 40218 30810736 false X www.transcendcu.com X 1934 KY THE PURPOSE OF THIS CREDIT UNION SHALL BE TO PROMOTE THRIFT AND TO PROVIDE CREDIT TO ITS MEMBERS. 9 9 83 15 107100 52485 0 21153577 25104934 2965127 5305905 363860 399897 24482564 30810736 5500 15198 0 7223477 7785067 0 0 14166591 18770072 21395568 26570337 3086996 4240399 519269898 540184102 455437425 471607795 63832473 68576307 THE PURPOSE OF THIS CREDIT UNION SHALL BE TO PROMOTE THRIFT AND TO PROVIDE CREDIT FOR ITS MEMBERS. false false TRANSCEND CREDIT UNION (THE "CREDIT UNION") IS A STATE CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS. THE CREDIT UNION PROVIDES MORTGAGE, VEHICLE AND OTHER CONSUMER LOANS TO ITS MEMBERS. THE CREDIT UNION ALSO OFFERS A VARIETY OF ACCOUNTS FOR MEMBERS TO TRANSACT AND SAVE, INCLUDING SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. AS A MEMBER-OWNED ORGANIZATION, THE CREDIT UNION STRIVES TO PROVIDE COMPETITIVE INTEREST AND DIVIDEND RATES TO ITS MEMBERS AND CONVENIENT WAYS FOR MEMBERS TO ACCESS THEIR ACCOUNTS, INCLUDING ONLINE AND MOBILE BANKING AND SHARED BRANCHING SERVICES. THE CREDIT UNION OFFERS CREDIT LIFE AND DISABILITY INSURANCE TO ITS MEMBERS WHEN THEY FINANCE A VEHICLE OR OPEN A CREDIT CARD. THIS INSURANCE WOULD PAY OFF THE LOAN IN THE CASE OF A DEATH OR DISABILITY. THE CREDIT UNION OFFERS AUTO WARRANTIES AT FAIR PRICES TO ITS MEMBERS. THESE WARRANTIES ARE COMPREHENSIVE AND HELP WITH THE COSTS OF REPAIR OF THE VEHICLE. 0 false false false false false false false false false false true false false false true true true false 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 false false false false false false true 7005 0 true 83 true true true false false false false false false false X 9 9 false false false false true true false true true false true true true true true true true true true false false false X MATTHEW LANCASTER 5024549240 3740 Bardstown Road Louisville KY 40218 JACKIE WHITE SECRETARY 1.0 X X 0 0 0 MARK BOOKER CHAIR 1.0 X X 0 0 0 RICHARD DOWDELL VICE CHAIR 1.0 X X 0 0 0 SHERYL DISTLER TREASURER 1.0 X X 0 0 0 CINDY HALL BOARD MEMBER 1.0 X 0 0 0 CORA BROWN BOARD MEMBER 1.0 X 0 0 0 DOUG O'CONNELL BOARD MEMBER 1.0 X 0 0 0 KEVIN ROBERTS BOARD MEMBER 1.0 X 0 0 0 VANESSA HAULK BOARD MEMBER 1.0 X 0 0 0 BRANDEN BLEDSOE SVP/Operations 40.0 X 263373 0 38837 MATTHEW LANCASTER VP/FINANCE AND CONTROLLER 40.0 X 217562 0 35510 RICHARD REESE PRESIDENT/CEO 40.0 X 813887 0 413618 VICKIE SHELLENBERG EXECUTIVE VICE PRESIDENT 40.0 X 344749 0 87257 CHARLES NEWMAN DIRECTOR OF IT 40.0 X 152375 0 25253 JAMES STOPHER CHIEF RETAIL BANKING OFFICER 40.0 X 166212 0 24207 MATTHEW HOLBROOK CHIEF LENDING OFFICER 40.0 X 211983 0 15394 MELISSA ESKEW Chief Administration Officer 40.0 X 144128 0 17750 Paula Jackson Director of Human Resources 40.0 X 127948 0 16351 2442217 0 674177 16 false true false JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 SOFTWARE CORE PROCESSOR 638414 QSI INC 107 SCHULER DR BARDSTOWN KY 40004 CASH RECYCLERS & ATM 328916 MATRIX INTEGRATION LLC 417 MAIN ST JASPER IN 47546 COMPUTER NETWORK MAINTENANCE 199287 LEVEL 3 COMMUNICATIONS PO BOX 910182 DENVER CO 802910182 COMMUNICATIONS SERVICE PROVIDER 154407 MATLY DIGITAL SOLUTIONS LLC 3432 PRESTON HWY LOUISVILLE KY 40213 PRINT MARKETING 129728 5 0 INTEREST ON LOANS 522291 18504580 18504580 FEES AND SERVICE CHARGES 522130 3175771 3156705 19066 CREDIT CARD INCOME 522210 2671481 2671481 INSURANCE COMMISSION REVENUE 524298 733843 645809 88034 LOAN ORGINATION REVENUE ON SOLD LOANS 522291 19259 19259 0 0 0 0 25104934 5305905 5305905 0 0 0 0 0 OTHER INCOME 522130 399897 399897 0 0 0 0 399897 30810736 25397731 107100 5305905 15198 1883133 4463593 608275 437793 392273 60733 87000 210909 529138 569719 745748 852469 37954 96362 11100671 582444 LOAN SERVICING 2120046 OPERATIONAL EXPENSE 970492 DEBIT CARD/ATM EXPENSE 777680 TRAINING AND DEVELOPMENT 28707 0 26570337 39123018 44589335 32736000 43888000 3357249 5160641 0 0 0 0 366619821 383789775 4314401 3998329 22700609 9360547 13513177 13340062 51487581 37105973 0 0 8118651 8311987 519269898 540184102 4697179 5194175 0 0 30111636 28111710 420628610 438301910 455437425 471607795 X 63832473 68576307 63832473 68576307 519269898 540184102 X 4240399 32687 470748 X false true true false 4347162 4347162 11097569 3381526 7716043 204079 105290 98789 7051799 5873731 1178068 13340062 Federal Income Taxes MISCELLANEOUS LIABILITIES 105505 MEMBERS SHARE AND DEPOSITS 437747624 LEASE LIABILITY 448781 438301910 X 30843423 32687 0 32687 30810736 0 0 30810736 26570337 0 0 26570337 0 0 26570337 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The Credit Union is exempt from most federal, state, and local taxes under the provisions of the Internal Revenue Code and state tax laws. However, the Credit Union is subject to unrelated business income tax. The Income Taxes Topic of the FASB ASC clarifies accounting for uncertainty in income taxes reported in the financial statements. The interpretation provides criteria for assessment of individual tax positions and a process for recognition and measurement of uncertain tax positions. Tax positions are evaluated on whether they meet the "more likely than not" standard for sustainability on examination by tax authorities. Management has determined there are no material uncertain tax positions. X X X X false true false RICHARD REESE PRESIDENT/CEO 630308 0 168700 0 14879 0 398338 0 15280 0 1227505 0 0 0 VICKIE SHELLENBERG EXECUTIVE VICE PRESIDENT 260965 0 78700 0 5084 0 66231 0 21026 0 432006 0 0 0 BRANDEN BLEDSOE SVP/Operations 217138 0 35600 0 10635 0 16865 0 21972 0 302210 0 0 0 MATTHEW LANCASTER VP/FINANCE AND CONTROLLER 178260 0 28800 0 10502 0 13961 0 21549 0 253072 0 0 0 MATTHEW HOLBROOK CHIEF LENDING OFFICER 181112 0 23300 0 7571 0 13713 0 1681 0 227377 0 0 0 JAMES STOPHER CHIEF RETAIL BANKING OFFICER 135586 0 23000 0 7626 0 11431 0 12776 0 190419 0 0 0 CHARLES NEWMAN DIRECTOR OF IT 140378 0 11300 0 697 0 10811 0 14442 0 177628 0 0 0 MELISSA ESKEW Chief Administration Officer 127094 0 9600 0 7434 0 9938 0 7812 0 161878 0 0 0 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan RICHARD REESE PARTICIPATES IN A 457(F) PLAN. THERE IS A SERP AGREEMENT THAT LAYS OUT VARIOUS TIMELINES AND PAYOUTS BASED ON EMPLOYMENT TENURE. $331,660 IS THE SERP ACCRUAL FOR THE YEAR. Form 990, Part IV, Line 9 CREDIT COUNSELING (FREE) THE FILING ORGANIZATION PROVIDES FREE CREDIT COUNSELING TO ALL MEMBERS. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Board may appoint an executive committee consisting of not less than three (3) directors. Subject to any limitations or conditions prescribed by the Board or otherwise set forth in KRS Chapter 286.6 and applicable laws governing nonprofit corporations, the executive committee may be authorized to act for the Board in any capacity the Board may otherwise act. The Board may authorize other committees to transact specified business on their behalf; this authority is limited to the scope and parameters set by the Board and must be clearly stated at the onset of the assignment. Form 990, Part VI, Line 6 Classes of members or stockholders The credit union shall have members. A person shall not be eligible for membership unless they satisfy the field of membership requirements set forth herein. The field of membership of this credit union is limited to: Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer, Trimble, Daviess, Anderson, Franklin, Woodford, Mercer, Boyle, Lincoln, Garrard, Jessamine, Fayette, Scott, Harrison, Bourbon, Nicholas, Clark, Madison, Powell, and Estill Counties, in Kentucky. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The initial board of directors shall be selected by the subscribers to the Articles of Incorporation of the credit union and shall serve until the first annual meeting of members or until the election of their successors, whichever is later. All subsequent directors shall be elected by the members at the annual meeting. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND REVIEWED BY THE VP/CFO PRIOR TO PROVIDING A COPY TO THE REMAINDER OF THE BOARD. AFTER REVIEW AND DISCUSSION &/OR QUESTIONS AND CORRECTIONS, THE COMPLETE AND FINAL FORM 990 IS EFILED. Form 990, Part VI, Line 12c Conflict of interest policy THE ORGANIZATION HAS AN ANNUAL FORM TO DISCLOSE ALL CONFLICTS OF INTEREST FOR EACH BOARD MEMBER TO COMPLETE. THE ORGANIZATION ALSO HAS A FORM TO COMPLETE THROUGHOUT THE YEAR AS APPLICABLE. Form 990, Part VI, Line 15a Process to establish compensation of top management official THE COMPENSATION OF THE PRESIDENT/CEO IS DETERMINED ON AN ANNUAL BASIS. THE COMPENSATION WAS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. PRIOR TO MAKING ITS DETERMINATION, THE BOARD OF DIRECTORS OBTAINED AND RELIED UPON A STUDY CONDUCTED BY D. HILTON ASSOCIATES, INC. , WHICH IS DETERMINED TO BE APPROPRIATE DATA AS TO COMPARABILITY. THE BASIS FOR DETERMINATION WAS ADEQUATELY DOCUMENTED IN THE MINUTES. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLES - 470748;