2012-11-12T14:38:14-07:00 2011-12-31 990 2011-01-01 350702986 TEACHERS CREDIT UNION TEAC 5742328012 110 South Main Street South Bend IN 46601 Amy Sink 5742846489 2012-05-01 2011 2016-02-24 21:20:13Z Paul Marsh 110 South Main St South Bend IN 46601 125114278 0 X www.tcunet.com X 1931 IN State Chartered Credit Union 10 0 854 0 5979747 -350700 0 0 126446245 121905097 2596431 1882698 648174 691492 129690850 124479287 0 0 0 0 39563328 41391573 0 0 0 77936024 71947480 117499352 113339053 12191498 11140234 2001041257 2159963450 1840666266 1983708648 160374991 176254802 State Chartered Credit Union 0 0 In 2011, Teachers Credit Union continued to provide a superior member experience by offering competitive deposit rates and by making sensible loans to membership. Despite a slow economic recovery, four new service centers were opened that feature enhanced ATMs that offer members easy access to their accounts. Two additional locations were added by merger allowing members a greater choice in products and services. Teachers Credit Union continues to increase products and services for the benefit of its members. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 70041 0 1 854 1 1 1 0 0 0 0 0 X 10 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 IN X Paul Marsh 5742328012 110 S Main Street South Bend IN 466011805 X Vince Henderson 2 X 22350 0 0 Shirley Golichowski 2 X 23346 0 0 William Schlundt 2 X 8491 0 0 Dan Bates 1 X 5000 0 0 Bernard Diedrich 1 X 6937 0 0 Thea Kelly 2 X 16150 0 0 William Hojnacki 2 X 42822 0 0 Jeanette Moeller 2 X 93109 0 0 Roger Thornton 2 X 33645 0 0 John Myers 2 X 23225 0 0 Derrick Toran 1 X 4600 0 0 Jenny Kline 1 X 2600 0 0 Alfred Bias 2 X 30465 0 0 David Sage 2 X 40914 0 0 Karol Griffin 45 X 159267 0 31061 David Dodge 45 X 228234 0 59723 Valerie Miller 45 X 249965 0 47256 Amy Sink 45 X 236570 0 27900 Richard Rice 45 X 3023372 0 60129 Kevin Butterbaugh 45 X 285875 0 32160 Paul Marsh 45 X 349735 0 37819 Greg Danner 45 X 183590 0 35693 Richard Nettesheim 45 X 179970 0 40432 Waylon Peterson 45 X 216203 0 28958 Jeneen Crane 40 X 206402 0 18096 Randall Tarter 40 X 146466 0 13497 Panayotis Xouris 40 X 207989 0 50847 Brian Liechty 40 X 144149 0 16681 Paul Shaefer 40 X 157502 0 28973 Juan Manigault 0 X 22232 0 0 6351175 0 529225 27 1 1 0 HUB International 750 Canyon Drive Suite 450 Coppell TX 75019 Insurance Coverage Premiums 1257597 Digital Insight PO Box 515306 Los Angeles CA 90051 Internet Banking 1328961 Diebold Supply 5995 Mayfair Rd North Canton OH 44720 ATM Equipment 2957264 Meyer & Najem Inc 13099 Parkside Drive Fishers IN 46038 Construction 1482956 CDW Direct LLC 200 N Milwaukee Ave Vernon Hills IL 60061 Information Technology Equipment 2808767 81 0 Loan Interest Income 522130 87615457 87615457 0 0 Fee Income 522130 15275687 14168845 1106842 0 Other Operating Income 525990 19013953 14676190 4337763 0 0 0 0 0 121905097 3375887 3375887 0 0 0 0 0 0 0 0 0 0 765650 0 634991 0 130659 0 130659 156350 -25691 0 -840653 -652536 0 0 -840653 -652536 -1493189 -1493189 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Management Fees 541200 22200 0 22200 0 Shared Branching 561439 538633 0 538633 0 0 0 0 0 560833 124479287 118499540 5979747 0 0 0 0 0 5636578 0 23845498 3226896 6407643 2274958 0 508686 402733 0 0 5685 1117913 3933900 3497348 4350120 0 4267486 227155 0 904689 24302449 253709 4823153 563564 Provision for Loan Loss 7946126 Equipment Maintenance 52321 CU Service Dept/Loan Servicing 13579726 Other Expenses 1210717 113339053 0 0 0 30218923 34911824 105024115 242842456 0 0 5703677 5418136 2882432 3028622 0 1614176960 1634466551 162079 185337 14136903 16734533 103495028 48716023 42506716 54779005 134698384 107612716 29436551 32086378 5555529 6995301 16538988 20902591 2001041257 2159963450 8793657 9121190 0 0 0 0 0 0 0 0 0 0 151808261 139450110 0 1680064348 1835137348 1840666266 1983708648 X 0 0 0 0 160374991 176254802 160374991 176254802 2001041257 2159963450 X 11140234 4739577 X X 0 1 1 X 0 557 0 0 557 557 0 ICUPAC PO Box 503406 Indianapolis IN 46250 352034543 557 0 SchC_P1A_S00_L01 Schedule C, Part I-A, Line 1 The credit union purchases coins of America from the Indiana Credit Union League. Fundraising efforts are then used for lobbying on behalf of credit unions within the state of Indiana. 0 10340489 10340489 0 43732337 13309998 30422339 0 2549829 2170406 379423 0 46872373 33235619 13636754 0 0 0 0 54779005 0 Cashier Checks 7081405 Member Shares 1825200984 Other Liabilities 2854959 1835137348 124479287 113339053 11140234 0 0 0 0 0 0 11140234 125042308 0 0 0 703201 703201 124339107 0 140180 140180 124479287 113902074 0 0 0 703201 703201 113198873 0 140180 140180 113339053 SchD_P10_S00_L02 Schedule D, Part X, Line 2 Management has evaluated their income tax positions under guidance included in ASC740. Based on their review, management has not identified any material uncertain tax positions to be recorded or disclosed in the financial statements. SchD_P12_S00_L02d Schedule D, Part XII, Line 2d The amortization of merger deposits are classified as an expense recover ($68,210), while the audited financial statements include the line item as income. Rental expense are moved to reducing income by ($634,991) SchD_P12_S00_L04b Schedule D, Part XII, Line 4b CUSO administration fees and rental expenses for CUSO buildings is include in expenses on form 990, but are moved for audited financial reporting purposes that total $140,180. SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d The amortization of merger deposits are classified as an expense recover ($68,210), while the audited financial statements include the line item as income. Rental expense are moved to reducing income by ($634,991) SchD_P13_S00_L04b Schedule D, Part XIII, Line 4b CUSO administration fees and rental expenses for CUSO buildings is include in expenses on form 990, but are moved for audited financial reporting purposes that total $140,180. X X 1 1 X X X X X 1 1 0 Karol Griffin 120422 0 37386 0 1459 0 22646 0 8415 0 190328 0 0 0 Richard Nettesheim 52349 0 127621 0 1804 0 35225 0 5207 0 222206 0 0 0 David Dodge 173018 0 55216 0 1976 0 49951 0 9772 0 289933 0 0 0 Richard Rice 223228 0 527586 0 2281870 0 53789 0 6340 0 3092813 0 0 0 Paul Marsh 293789 0 55946 0 8599 0 28523 0 9297 0 396154 0 0 0 Kevin Butterbaugh 95469 0 190406 0 423 0 27271 0 4889 0 318458 0 0 0 Valerie Miller 181187 0 68778 0 5426 0 43656 0 3600 0 302647 0 0 0 Amy Sink 181870 0 54700 0 508 0 20255 0 7645 0 264978 0 0 0 Waylon Peterson 138949 0 77254 0 2280 0 19757 0 9201 0 247441 0 0 0 Panayotis Xouris 12902 0 195087 0 4723 0 40919 0 9928 0 263559 0 0 0 Jeneen Crane 57350 0 149052 0 192 0 13646 0 4450 0 224690 0 0 0 Greg Danner 142681 0 40910 0 809 0 27138 0 8555 0 220093 0 0 0 Paul Shaefer 34923 0 122580 0 0 0 23159 0 5814 0 186476 0 0 0 Randall Tarter 35376 0 111090 0 180 0 8142 0 5355 0 160143 0 0 0 SchJ_P01_S00_L01a Schedule J, Part I, Line 1a When traveling to the corporate annual meeting and conferences spousal expenses are covered for executive management. Country club dues are also paid for annually for the members of executive management. Any personal use is considered taxable and is reimbursed by the employee to the organization. SchJ_P01_S00_L03 Schedule J, Part I, Line 3 The organization uses an independent consulting agency for the compensation of executive management. There is a written contract that includes the terms and agreements of the CEO salary and that agreement is then approved by the board of directors. SchJ_P01_S00_L04 Schedule J, Part I, Line 4 A severance package was given to the Chief Information Officer (Kevin Butterbaugh) for $115,589 once other career opportunities presented themselves. A SERP plan was paid out to the Chief Executive Officer (Rick Rice) upon retirement in 2011. The Chief Executive Officer (Rick Rice), Chief Operating Officer (Rick Nettesheim), and the Chief Lending Officer (David Dodge) received contributions to 457 plans in 2011 for $16,500, $7,500, and $7,500. TCU Board and Management Mortgage/Auto/Lines of Credit X 3415967 3028622 0 1 1 3028622 SchL_P02_S00_L00 Schedule L, Part II All loans to executive management, officers, and the board of directors are approved and reviewed during monthly committee meetings. All loans are in line with business plan for the institution. Individual loan detail is available upon request. F990_P04_S00_L28c Form 990, Part IV, Line 28c For 2011 there were no transactions that were required to be reported based on the threshold in the instructions. TCU did invest in a Mortgage Liquidity Solution CUSO for $150,000 in which the SVP/CFO Amy Sink serves on the board. All board members of Mortgage Liquidity Solutions are comprised of partners who invested. The partnership does not trigger any other reporting requirements due to the amount falling under the thresholds required for reporting. F990_P06_S0A_L06 Form 990, Part VI, Section A, Line 6 All members are considered equal and have one vote based on voting requiements. F990_P06_S0A_L07a Form 990, Part VI, Section A, Line 7a Board Members are elected based on the policy of the credit union and board of directors. F990_P06_S0B_L11b Form 990, Part VI, Section B, Line 11b The 990 filing is prepared within the Corporate Accounting Department and is then reviewed with an external accounting firm. The return is then reviewed by the Chief Financial Officer and the Vice President of Accounting and Finance before going to the Board of Directors for approval. Any changes to the tax return or the instructions to the Form 990 from the previous year are brought to the attention of the board of directors for review. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c Teachers Credit Union reviews the conflict of interest policy annually with all members of the Board of Directors, Senior Executive Management, Vice Presidents, and Assistant Vice Presidents. All persons in these job classifications are required to complete a disclosure form with regard to accounts held, active loans, and any additional outside occupations. These documents are submitted for review to the Director of Administration. Policy includes steps to avoid conflict of interest and if changes occur regarding potential conflicts of interest, it is the responsibility of the director, committee member, or employee to report such changes to the proper channel. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 Annually there is an independent consulting agency that is used to calculate and compare management's compensation. The compensation for the Chief Executive Officer is compiled by an independent consulting agency and a written contract is used stating term and salary. The CEO salary is then approved by the Board of Directors. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 The governing documents of the credit union are available upon request. Financial statements are provided to membership in the annual report published in the first quarter of each year, or upon request. Each year credit union management reviews the conflict of interest policy and it is available upon request. F990_P07_S0A_L01a Form 990, Part VII, Section A, Line 1a Juan Manigualt served on the Board of Directors until 2010. His retirement was paid in early 2011 and is required to be reported as a payment to a former board member. F990_P11_S00_L05 Form 990, Part XI, Line 5 In 2011, Teachers Credit Union merged with Double Eleven Credit Union and New Albany Schools Credit Union, this added additional equity to the credit union of $2,950,000. Accumulated unrealized gain or losses on investments account for a net change of $1,660,710. Membership fees are added to equity for every membership account opened during the year and accounted for a net increase in funds of $128,867 in 2011. F990_P12_S00_L02c Form 990, Part XII, Line 2c The process for the selection, review, and oversight of the audit remains the same as previous years. TCU Agency LLC 110 South Main St South Bend IN 46601 300012071 Insurance Agency IN 4181911 7811947 Teachers Credit Union TCU Lending Agency LLC 110 South Main St South Bend IN 46601 010867566 Indirect Lending Agency for Autos IN 752420 2760613 Teachers Credit Union TCU Foundation 110 South Main St South Bend IN 46601 351939838 Funding of community involvement for credit union IN Private Foundation Teachers Credit Union 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TCU Foundation b 114948 Amount transferred at year end is based on membership count and total contributions made to community organization throughout the plan year. Extensions for the 990 were filed timely and accurately.