2025-10-30T12:51:30-05:00 2024-12-31 393647910 WIPFLI ADVISORY LLC 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2024-01-01 420190489 COLLINS COMMUNITY CREDIT UNION COLL 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 3193939000 2025-10-29 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2025-10-29 2024 2025-03-06 01:10:19Z JASON MACDONALD PO BOX 10500 CEDAR RAPIDS IA 52410 104345234 0 X WWW.COLLINSCU.ORG X 1940 IA OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 8 8 279 9 187714 0 0 0 81046972 81301657 8098197 9640363 0 0 89145169 90942020 247007 81581 0 32396201 21828947 17129192 0 0 0 67024246 43347724 89100200 92954698 44969 -2012678 1623197471 1618943170 1524502623 1520741501 98694848 98201669 OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL. 0 0 COLLINS COMMUNITY CREDIT UNION PROVIDES A FULL RANGE OF FINANCIAL PRODUCTS AND SERVICES TO ANYONE WHO LIVES OR WORKS IN BLACK HAWK, DUBUQUE, LINN, JOHNSON, POLK, AND THE SURROUNDING COUNTIES. SERVICES INCLUDE, BUT ARE NOT LIMITED TO, FINANCIAL DEPOSITS AND LOAN SERVICE ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 1 1 1 1 0 1 32520 0 1 279 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 1 1 1 1 1 0 X FINANCE DEPARTMENT - COLLINS CCU 3193939000 PO BOX 10500 CEDAR RAPIDS IA 52410 MARSHA SCHULTE CHAIRPERSON 1.00 X X 0 0 0 JON BUSE VICE CHAIRPERSON 1.00 X X 0 0 0 KARL CASSELL FINANCIAL OFFICER/B.M. (THRU 10/24) 1.00 X X 0 0 0 HEATHER FRIEDMAN SECRETARY 1.00 X X 0 0 0 ECHO BATSON BOARD MEMBER 1.00 X 0 0 0 SUSAN NELSON BOARD MEMBER 1.00 X 0 0 0 RUE PATEL BOARD MEMBER 1.00 X 0 0 0 ALEJANDRO PINO BOARD MEMBER 1.00 X 0 0 0 JEREMY PRICE BOARD MEMBER (THRU 01/24) 1.00 X 0 0 0 PAUL RUFFALO BOARD MEMBER 1.00 X 0 0 0 JASON MACDONALD CHIEF EXECUTIVE OFFICER 40.00 X 95538 0 1692 SANDRA VAUGHAN INTERIM CHIEF EXECUTIVE OFFICER 40.00 X 343212 0 37551 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 40.00 X 280373 0 39263 CHAD KELLOGG VP COMMERCIAL SERVICES 40.00 X 237042 0 85559 JOHN LEWIS VICE PRESIDENT IT/FACILITIES 40.00 X 216289 0 35019 RANDY JOHNSON SENIOR VP COMMERCIAL SERVICES 40.00 X 280247 0 106907 WILLIAM PARKINSON PRESIDENT PREFUNDING CUSO 40.00 X 259052 0 41186 THOMAS AXVIG MORTGAGE LOAN OFFICER 40.00 X 224227 0 34363 MICHAEL FLETCHER VP COMMERCIAL SERVICES 40.00 X 183372 0 51043 JEFFREY HINES VP COMMERCIAL SERVICES 40.00 X 210208 0 125367 ANDREA MCVAY VP PRIVATE BANKER 40.00 X 181119 0 16117 GEOFFREY WOODBY CHIEF INFORMATION SECURITY OFFICER 40.00 X 189790 0 19500 2700469 0 593567 22 0 1 0 FISERV 75 REMITTANCE DR SUITE 1649 CHICAGO IL 606751649 EXTERNAL DATA PROCESSING 2764114 SHAZAM 6700 PIONEER PARKWAY JOHNSTON IA 50131 EXTERNAL DATA PROCESSING 643259 DATA BUSINESS EQUIPMENT 10513 BUENA VISTA CT DES MOINES IA 50322 ATM MACHINE SERVICE AND MAINTENANCE 625307 BRADLEY & RILEY PC 2007 FIRST AVENUE SE CEDAR RAPIDS IA 52406 LEGAL SERVICES 463450 VISA USA PO BOX 742233 LOS ANGELES CA 90074 CREDIT CARD SERVICE FEES 416594 25 INCOME ON LOANS 522100 62164334 62026394 137940 FEES/CHARGES/OTHER INCOME 522100 19137323 19087549 49774 81301657 11812883 11812883 2382777 8847917 3222047 10181167 -839270 -1333250 -2172520 -2172520 90942020 81113943 187714 9640363 81581 32396201 2058930 12105389 349073 1592160 1023640 223567 404127 5628899 499099 1249531 1823582 2490591 50267 12700 10245195 4069761 PROVISION FOR LOAN LOSS 9060101 LOAN SERVICING EXPENSE 4363072 DEBIT & CREDIT EXPENSES 1302042 ATM EXPENSES 583178 1342012 92954698 9166212 9895247 86364939 83587715 750 117915 17831807 18723397 1214170128 1220563564 5138910 3104125 88366221 22323263 67506516 66042958 124198442 114858021 37196560 35263844 6296753 6086213 55326454 60700171 1623197471 1618943170 11624937 7793865 9777306 10087246 217573179 159197425 1285527201 1343662965 1524502623 1520741501 X 98694848 98201669 0 0 0 0 98694848 98201669 1623197471 1618943170 X -2012678 1872903 -353404 X X 0 1 X 1 0 0 1 X 10869838 10869838 47070694 9539055 37531639 17911546 5386603 12524943 11186505 7397605 3788900 1327638 1327638 66042958 SHARE ACCOUNTS 212308700 MONEY MARKET ACCOUNTS 351055165 INDIVIDUAL RETIREMENT ACCOUNTS 6542869 SHARE DRAFT ACCOUNTS 345825471 CD'S AND IRA CERTIFICATES 427930760 1343662965 X PART IV, LINE 2B: COLLINS COMMUNITY CREDIT UNION COLLECTS AMOUNTS FROM MEMBERS WITH REAL ESTATE LOANS EACH MONTH VIA THEIR CONTRACTUAL PAYMENT SCHEDULE. THESE FUNDS ARE HELD IN ESCROW UNTIL THEY NEED TO BE DISBURSED IN ACCORDANCE WITH THE ESCROW INSTRUCTIONS FOR EACH MEMBER. AMOUNTS HELD IN ESCROW ARE FOR PROPERTY TAXES AND HOMEOWNER'S INSURANCE. PART X, LINE 2: COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) IS EXEMPT, BY STATUTE (INTERNAL REVENUE CODE SECTION 501(C)14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION SERVICE ORGANIZATIONS (CUSO) ARE ORGANIZED AS LIMITED LIABILITY COMPANIES (LLCS). THE HOLDING COMPANY HAS BEEN ORGANIZED AS A SINGLE-OWNER LLC AND IS CONSIDERED A DISREGARDED ENTITY FOR TAX PURPOSES. THE CREDIT UNION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) 740, WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN, SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE CREDIT UNION MAY RECOGNIZE THE TAX BENEFITS FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES, BASED ON TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH A POSITION ARE BEING MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ALSO ADDRESSES DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES ON INCOME TAXES, AND ACCOUNTING IN INTERIM PERIODS. THIS STANDARD DID NOT HAVE AN IMPACT ON THE FINANCIAL STATEMENTS AND THE CREDIT UNION BELIEVES IT DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. 1 NORTH LIBERTY COMMUNITY BETTERMENT GROUP PO BOX 77 NORTH LIBERTY IA 52317 272559163 501(C)(3) 12500 0 GENERAL SUPPORT MARION ECONOMIC DEVELOPMENT COMPANY 1225 6TH AVENUE STE 100 MARION IA 52302 421318828 501(C)(6) 6050 0 GENERAL SUPPORT 1 1 PART I, LINE 2: COLLINS COMMUNITY CREDIT UNION ISSUES ALL GRANT FUNDS DIRECTLY TO THE RECIPIENT ORGANIZATION FOR USE AT THEIR DISCRETION. X X 1 1 X X X X 0 1 0 RANDY JOHNSON SENIOR VP COMMERCIAL SERVICES 244467 0 25956 0 9824 0 91450 0 15457 0 387154 0 0 0 SANDRA VAUGHAN INTERIM CHIEF EXECUTIVE OFFICER 336462 0 400 0 6350 0 29628 0 7923 0 380763 0 0 0 JEFFREY HINES VP COMMERCIAL SERVICES 183037 0 18063 0 9108 0 104521 0 20846 0 335575 0 0 0 CHAD KELLOGG VP COMMERCIAL SERVICES 202153 0 23275 0 11614 0 70700 0 14859 0 322601 0 0 0 BENJAMIN WICKUM CHIEF FINANCIAL OFFICER 271523 0 400 0 8450 0 24896 0 14367 0 319636 0 0 0 WILLIAM PARKINSON PRESIDENT PREFUNDING CUSO 258652 0 400 0 0 0 18664 0 22522 0 300238 0 0 0 THOMAS AXVIG MORTGAGE LOAN OFFICER 26277 0 197950 0 0 0 20254 0 14109 0 258590 0 0 0 JOHN LEWIS VICE PRESIDENT IT/FACILITIES 215889 0 400 0 0 0 20087 0 14932 0 251308 0 0 0 MICHAEL FLETCHER VP COMMERCIAL SERVICES 170009 0 13363 0 0 0 36184 0 14859 0 234415 0 0 0 GEOFFREY WOODBY CHIEF INFORMATION SECURITY OFFICER 189390 0 400 0 0 0 16949 0 2551 0 209290 0 0 0 ANDREA MCVAY VP PRIVATE BANKER 148859 0 22751 0 9509 0 15445 0 672 0 197236 0 0 0 PART I, LINE 1A IN TAX YEAR 2024, COLLINS COMMUNITY CREDIT UNION PROVIDED BOTH TAX INDEMNIFICATION AND GROSS-UP PAYMENTS AND HEALTH OR SOCIAL CLUB DUES TO BENJAMIN WICKUM, CHAD KELLOGG, JEFFREY HINES, MICK FLETCHER, ANDREA MCVAY, AND RANDY JOHNSON. BOTH OF THESE BENEFITS ARE INCLUDED IN THEIR PART VII AND SCHEDULE J REPORTABLE COMPENSATION. PART I, LINE 4B NON-QUALIFIED RETIREMENT PLAN DESCRIPTION: THE FOLLOWING EXECUTIVES PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY COLLINS COMMUNITY CREDIT UNION. THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE SERP PLAN. THE DEFINED BENEFIT ACCRUAL AMOUNTS SHOWN BELOW ARE INCLUDED ON FORM 990, PART VII AND SCHEDULE J, PART II: MICHAEL FLETCHER - $85,174 DEFINED BENEFIT ACCRUAL JEFFREY HINES - $75,000 DEFINED BENEFIT ACCRUAL RANDY JOHNSON - $66,667 DEFINED BENEFIT ACCRUAL CHAD KELLOGG - $50,000 DEFINED BENEFIT ACCRUAL BENJAMIN WICKUM OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 6012985 4218126 0 1 1 JOHN LEWIS KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 3444000 2613747 0 1 1 SANDRA VAUGHAN OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 4100000 2357152 0 1 1 STEFANIE RUPERT OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 13400167 9534372 0 1 1 18723397 JOHN HUNTER SCHULTE FAMILY MEMBER OF MARSHA SCHULTE 58719 COMPENSATION 0 FORM 990, SCH L, PART II: COLLINS COMMUNITY CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE INTERNAL REVENUE SERVICE REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THESE ARE NON-TRADITIONAL LOANS IN THAT THE RECIPIENT CONTROLS WHERE THE LOAN PROCEEDS ARE BEING SENT. LOAN PROCEEDS ARE SOLELY FOR THE PAYMENT OF REGULARLY SCHEDULED PRINCIPAL PAYMENTS. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, 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 PROVIDED TO THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 COLLINS COMMUNITY CREDIT UNION HAS MEMBERS AS SPECIFIED BY THEIR BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A COLLINS COMMUNITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 8B COLLINS COMMUNITY CREDIT UNION DOES NOT HAVE THE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE CHIEF FINANCIAL OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C COLLINS COMMUNITY CREDIT UNION'S (THE CREDIT UNION) CONFLICT OF INTEREST POLICY IS APPLICABLE TO DIRECTORS, OFFICERS, AND EMPLOYEES. ALL NEW EMPLOYEES AND BOARD OF DIRECTORS MUST READ AND SIGN A CREDIT UNION BRIBERY POLICY THAT OUTLINES EMPLOYEE AND DIRECTOR CODE OF CONDUCT AND REQUIRES DISCLOSURE OF ANY CONFLICTS OF INTEREST. A CONFLICT OF INTEREST ARISES WHENEVER THE EMPLOYEE HAS THE OPPORTUNITY TO INFLUENCE THE CREDIT UNION'S OPERATIONS OR BUSINESS DECISIONS IN WAYS THAT COULD RESULT IN A PERSONAL FINANCIAL BENEFIT TO THE EMPLOYEE OR A MEMBER OF AN EMPLOYEE'S IMMEDIATE FAMILY. THE CREDIT UNION CONSISTENTLY MONITORS AND ENFORCES THE POLICY THROUGH AN ANNUAL DISCLOSURE THAT IS PROVIDED SHORTLY AFTER EVERY ANNUAL MEETING. THESE DISCLOSURES ARE REVIEWED BY HUMAN RESOURCES, WITH ANY POTENTIAL CONFLICTS ESCALATED TO THE AUDIT COMMITTEE OR BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE DISCUSSED AND RESEARCHED TO DETERMINE THE EXTENT OF THE POTENTIAL CONFLICT. CORRECTIVE ACTION IS TAKEN TO REMOVE THE CONFLICT OR REMOVE THE INDIVIDUAL FROM THE ROLE/RESPONSIBILITY. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION CREATED A HUMAN RESOURCES COMMITTEE THAT IS HEADED UP BY THE VICE PRESIDENT OF HUMAN RESOURCES AND INCLUDES AN EXTERNAL BOARD MEMBER. THE HUMAN RESOURCES COMMITTEE WORKS WITH AN EXTERNAL PARTY (SKYWALK GROUP) TO GET COMPENSATION INFORMATION AND COMPARABLE DATA FROM WITHIN THE INDUSTRY AND ACROSS A BROADER SPECTRUM WITHIN THE GEOGRAPHIC REGION. THE BOARD CHAIR WORKED WITH A CONSULTANT (DDJ MYERS) AND USED COMPENSATION SURVEYS TO PROVIDE RECOMMENDATIONS ON THE EXECUTIVE OFFICER'S COMPENSATION. THIS PROCESS LAST OCCURRED IN AUGUST 2024. COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS THEN DETERMINED BY THE CHIEF EXECUTIVE OFFICER BASED ON PERFORMANCE REVIEWS AND COMPETITOR COMPARISONS. THE CHIEF EXECUTIVE OFFICER USES, MARKET SURVEYS, AI, AND 990 REPORTS FROM COMPARABLE ORGANIZATIONS WHEN DETERMINING COMPENSATION OF THE OTHER OFFICERS AND KEY EMPLOYEES. THE COMPENSATION DECISIONS ARE THIS PROCESS LAST OCCURRED IN AUGUST 2024. FORM 990, PART VI, SECTION C, LINE 19 COLLINS COMMUNITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE SECTION 6104. FORM 990, PART XI, LINE 9: CHANGE IN DEFINED BENEFIT PENSION PLAN 21,063. CHANGE IN POSTRETIREMENT BENEFIT PLAN -232,779. CHANGE IN NONCONTROLLING INTEREST IN SUBSIDIARY -141,688. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 1150 PROPERTIES LLC PO BOX 10500 CEDAR RAPIDS IA 52410 420190489 INACTIVE IA 0 0 COLLINS COMMUNITY CREDIT UNION COLLINS HOLDING COMPANY CUSO LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831864057 HOLDING COMPANY IA 11781 23575296 COLLINS COMMUNITY CREDIT UNION COLLINS LOAN SERVICES LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831888678 COMMERCIAL LOANS IA 3435439 63728446 COLLINS HOLDING COMPANY COURSEMARK LLC PO BOX 10500 CEDAR RAPIDS IA 52410 861904712 EXECUTIVE BENEFITS IA 421118 549826 COLLINS HOLDING COMPANY COLLINS INSURANCE SERVICES PO BOX 10500 CEDAR RAPIDS IA 52410 834368530 INSURANCE SERVICES IA 754817 6187003 COLLINS HOLDING COMPANY NORTHTOWNE MARKET LOT 7 LLC PO BOX 10500 CEDAR RAPIDS IA 52410 831991439 PROPERTY MANAGEMENT IA COLLINS HOLDING COMPANY CUSO LLC RELATED 1651864 15634497 0 0 0.75000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 NORTHTOWNE MARKET LOT 7 LLC K 1161550 FAIR MARKET VALUE