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Nonprofiteer
← BEACON CREDIT UNION

Form 990 for tax year 2022

Filed by BEACON CREDIT UNION.

Totals

Total revenue
$52,771,406
Total expenses
$47,710,753
Contributions and grants received
$0
Grants paid
$100,000
Program service revenue
$42,873,914
Investment income
$9,250,187
Other revenue
$647,305
Total assets, end of year
$1,501,055,945
Total liabilities, end of year
$1,352,447,520
Net assets or fund balances, end of year
$148,608,425
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Income on Loans

    total $32,562,908 · related or exempt $32,562,908 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Miscellaneous Income

    total $10,311,006 · related or exempt $10,311,006 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $9,194,152 · related or exempt $9,194,152 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $80,000

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $23,965

  • 7c · Gain or loss

    securities $0 · other assets $56,035

  • 7d · Net gain or loss

    total $56,035 · related or exempt $0 · unrelated business $0 · excluded $56,035

  • 11a · Other revenue: Miscellaneous Income

    total $340,010 · related or exempt $0 · unrelated business $340,010 · excluded $0

  • 11b · Other revenue: VISA Income

    total $307,295 · related or exempt $307,295 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $647,305

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,000

  • 5 · Compensation of officers, directors and key employees

    total $2,413,864

  • 7 · Other salaries and wages

    total $13,915,646

  • 8 · Pension plan contributions

    total $4,658,096

  • 9 · Other employee benefits

    total $2,488,063

  • 10 · Payroll taxes

    total $1,253,711

  • 11b · Fees: legal

    total $187,876

  • 11c · Fees: accounting

    total $211,283

  • 11f · Fees: investment management

    total $229,786

  • 11g · Fees: other

    total $2,546,877

  • 12 · Advertising and promotion

    total $721,897

  • 13 · Office expenses

    total $1,456,904

  • 14 · Information technology

    total $2,842,228

  • 16 · Occupancy

    total $1,485,865

  • 17 · Travel

    total $220,876

  • 19 · Conferences, conventions and meetings

    total $251,200

  • 20 · Interest

    total $366,296

  • 22 · Depreciation, depletion and amortization

    total $1,466,265

  • 23 · Insurance

    total $268,305

  • 24a · Other expenses: Dividends Paid

    total $8,457,287

  • 24b · Other expenses: Processing Expenses

    total $1,333,004

  • 24c · Other expenses: Miscellaneous Expense

    total $835,424

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,523,035 · end of year $7,468,724

  • 2 · Savings and temporary cash investments

    beginning of year $45,894,442 · end of year $37,028,410

  • 7 · Other notes and loans receivable

    beginning of year $905,732,324 · end of year $951,600,520

  • 10a · Land, buildings and equipment: cost or other basis

    $33,094,160

  • 10b · Land, buildings and equipment: accumulated depreciation

    $24,779,677

  • 10c · Land, buildings and equipment, net

    beginning of year $9,447,893 · end of year $8,314,483

  • 13 · Investments: program-related

    beginning of year $441,318,692 · end of year $396,938,585

  • 15 · Other assets

    beginning of year $103,819,215 · end of year $99,705,223

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,138,805 · end of year $12,849,785

  • 24 · Unsecured notes and loans payable

    end of year $45,000,000

  • 25 · Other liabilities

    beginning of year $1,304,569,570 · end of year $1,294,597,735

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $198,027,226 · end of year $148,608,425

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

This organization is a credit union exempt under IRS Code 501(c) (14) (A). It is a Cooperative Financial Institution.

  • Beacon provides multiple types of loan products responsive to the needs of its members including Agriculture loans, Mortgage loans, and Consumer loans. It has 10,599 individual loans totaling $955,333,058

  • Beacon Credit Union provides a superior member service experience by offering competitive deposit rates and deposit products to its members. It has 99,571 Savings accounts totaling $1,294,597,735

  • Beacon Credit Union provides 19 Full Service branches, 2 Drive-through only branches, 7 Loan Production offices and 3 back office facilities to meet the operational demands of over 47,000 members.

As filed on the 2022 return.

Listed in Part VII

  • Kevin Willour

    President/CEO

    Total calculated
    $922,337
    From this org
    $818,989
    From related orgs
    $0
    Other
    $103,348
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $96,080
    Bonus
    $54,000
    Other
    $668,909
    Deferred
    $88,999
    Nontaxable benefits
    $14,349
    Filer's total
    $922,337

  • Dustin Cuttriss

    Executive Vice President

    Total calculated
    $369,957
    From this org
    $323,444
    From related orgs
    $0
    Other
    $46,513
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $260,259
    Bonus
    $30,320
    Other
    $32,865
    Deferred
    $29,110
    Nontaxable benefits
    $17,403
    Filer's total
    $369,957

  • Todd Beehler

    Chief Lending Officer

    Total calculated
    $335,281
    From this org
    $266,974
    From related orgs
    $0
    Other
    $68,307
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,235
    Bonus
    $45,355
    Other
    $30,384
    Deferred
    $51,404
    Nontaxable benefits
    $16,903
    Filer's total
    $335,281

  • Tiffany Haupert

    Investment Services Manager

    Total calculated
    $304,478
    From this org
    $253,391
    From related orgs
    $0
    Other
    $51,087
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,590
    Bonus
    $440
    Other
    $360
    Deferred
    $41,860
    Nontaxable benefits
    $9,228
    Filer's total
    $304,478

  • Ryan Showley

    Chief Information Officer

    Total calculated
    $297,544
    From this org
    $224,992
    From related orgs
    $0
    Other
    $72,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,551
    Bonus
    $25,500
    Other
    $28,941
    Deferred
    $63,014
    Nontaxable benefits
    $9,538
    Filer's total
    $297,544

  • Lori Eltzroth

    Chief Admin Officer

    Total calculated
    $282,835
    From this org
    $215,185
    From related orgs
    $0
    Other
    $67,650
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,894
    Bonus
    $28,000
    Other
    $24,291
    Deferred
    $50,747
    Nontaxable benefits
    $16,903
    Filer's total
    $282,835

  • Dawn Aschleman

    Chief Operations Officer

    Total calculated
    $263,887
    From this org
    $222,638
    From related orgs
    $0
    Other
    $41,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,900
    Bonus
    $22,840
    Other
    $29,898
    Deferred
    $41,249
    Nontaxable benefits
    $0
    Filer's total
    $263,887

  • Marc Briney

    Chief Marketing Officer

    Total calculated
    $215,537
    From this org
    $196,737
    From related orgs
    $0
    Other
    $18,800
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,409
    Bonus
    $21,720
    Other
    $35,608
    Deferred
    $5,287
    Nontaxable benefits
    $13,513
    Filer's total
    $215,537

  • Trisha Loker

    Senior VP, Lending

    Total calculated
    $213,479
    From this org
    $183,927
    From related orgs
    $0
    Other
    $29,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,301
    Bonus
    $22,340
    Other
    $3,285
    Deferred
    $15,204
    Nontaxable benefits
    $14,349
    Filer's total
    $213,479

  • Craig Bright

    VP Ag Lending Operations

    Total calculated
    $189,210
    From this org
    $171,203
    From related orgs
    $0
    Other
    $18,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,772
    Bonus
    $20,240
    Other
    $4,191
    Deferred
    $8,779
    Nontaxable benefits
    $9,228
    Filer's total
    $189,210

  • Dan Sparling

    VP of Finance

    Total calculated
    $187,209
    From this org
    $130,248
    From related orgs
    $0
    Other
    $56,961
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,965
    Bonus
    $7,500
    Other
    $6,783
    Deferred
    $43,448
    Nontaxable benefits
    $13,513
    Filer's total
    $187,209

  • Jodie Creek

    Senior Ag Loan Officer

    Total calculated
    $161,191
    From this org
    $138,922
    From related orgs
    $0
    Other
    $22,269
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $117,646
    Bonus
    $18,740
    Other
    $2,536
    Deferred
    $7,920
    Nontaxable benefits
    $14,349
    Filer's total
    $161,191

  • Steve Caryer

    Chief Financial Officer

    Total calculated
    $153,288
    From this org
    $144,905
    From related orgs
    $0
    Other
    $8,383
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $144,029
    Bonus
    $100
    Other
    $776
    Deferred
    $8,383
    Nontaxable benefits
    $0
    Filer's total
    $153,288

  • Herbert Horrom

    Chairman

    Total calculated
    $0
    Hours/week
    2

  • John Peters

    Secretary/Treasurer

    Total calculated
    $0
    Hours/week
    2

  • Roger Bragg

    Director

    Total calculated
    $0
    Hours/week
    2

  • Dr Lindsay Culver

    Director

    Total calculated
    $0
    Hours/week
    2

  • Jim Yates

    Director

    Total calculated
    $0
    Hours/week
    2

  • Sarah Delbecq

    Director

    Total calculated
    $0
    Hours/week
    2

  • Paul Hartman

    Director

    Total calculated
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4
The following employees participated in a 457(f) during 2022. Todd Beehler, Dustin Cuttriss, Ryan Showley, Lori Eltzroth, and Dan Sparling. There were no contributions made during 2022.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Plan One Financial Services Inc

    Financial Services · IN · income $28,981 · assets $5,844,591

    Directly controlled by Beacon Credit Union

Provenance

Return type
form_990
Tax year
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202313179349301901

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