Totals
- Total revenue
- $95,569,110
- Total expenses
- $74,186,755
- Contributions and grants received
- $0
- Grants paid
- $165,000
- Program service revenue
- $90,365,155
- Investment income
- $3,040,581
- Other revenue
- $2,163,374
- Total assets, end of year
- $1,997,992,008
- Total liabilities, end of year
- $1,775,840,505
- Net assets or fund balances, end of year
- $222,151,503
- 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: INTEREST AND FEES ON LOANS
total $70,149,649 · related or exempt $70,149,649 · unrelated business $0 · excluded $0
-
2b · Program service revenue: SERVICE FEE ON SHARE ACCOUNTS
total $4,377,726 · related or exempt $4,291,046 · unrelated business $86,680 · excluded $0
-
2c · Program service revenue: DEBIT CARD AND CREDIT CARD FEES
total $9,909,403 · related or exempt $9,909,403 · unrelated business $0 · excluded $0
-
2d · Program service revenue: MORTGAGE BANKING
total $4,703,901 · related or exempt $4,703,901 · unrelated business $0 · excluded $0
-
2e · Program service revenue: INSURANCE
total $1,224,476 · related or exempt $1,178,934 · unrelated business $45,542 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $2,329,170 · related or exempt $0 · unrelated business $0 · excluded $2,329,170
-
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
-
6a · Gross rents
real property $530,714 · personal property $0
-
6b · Less rental expenses
real property $413,573 · personal property $0
-
6c · Rental income or loss
real property $117,141 · personal property $0
-
6d · Net rental income or loss
total $117,141 · related or exempt $0 · unrelated business -$189,438 · excluded $306,579
-
7a · Gross sales of assets other than inventory
securities $16,099,000 · other assets $76,934
-
7b · Less cost or other basis and sales expenses
securities $15,367,320 · other assets $97,203
-
7c · Gain or loss
securities $731,680 · other assets -$20,269
-
7d · Net gain or loss
total $711,411 · related or exempt $711,411 · unrelated business $0 · excluded $0
-
11a · Other revenue: INVESTMENT ADVISORY SERVICES
total $2,035,035 · related or exempt $0 · unrelated business $2,035,035 · excluded $0
-
11b · Other revenue: OTHER REVENUE
total $11,198 · related or exempt -$12,490 · unrelated business $23,688 · excluded $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$2,046,233
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $165,000
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
5 · Compensation of officers, directors and key employees
total $2,834,793
-
7 · Other salaries and wages
total $24,692,215
-
8 · Pension plan contributions
total $1,093,478
-
9 · Other employee benefits
total $3,461,627
-
10 · Payroll taxes
total $1,970,717
-
11b · Fees: legal
total $79,871
-
11c · Fees: accounting
total $182,755
-
12 · Advertising and promotion
total $2,533,938
-
13 · Office expenses
total $1,156,482
-
14 · Information technology
total $3,978,960
-
16 · Occupancy
total $3,606,649
-
17 · Travel
total $38,217
-
19 · Conferences, conventions and meetings
total $554,723
-
20 · Interest
total $9,236,277
-
22 · Depreciation, depletion and amortization
total $3,362,052
-
23 · Insurance
total $293,543
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $4,266,436
-
24b · Other expenses: COLLECTIONS AND LOAN EXPENSES
total $7,527,495
-
24c · Other expenses: CORRESPONDENT SERVICE EXPENSE
total $492,760
-
24d · Other expenses: INCOME TAX
total $950,237
-
24e · All other expenses
total $1,708,530
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $6,761,149 · end of year $7,033,264
-
2 · Savings and temporary cash investments
beginning of year $298,308,439 · end of year $107,265,083
-
7 · Other notes and loans receivable
beginning of year $1,465,660,683 · end of year $1,776,964,824
-
10a · Land, buildings and equipment: cost or other basis
$77,728,368
-
10b · Land, buildings and equipment: accumulated depreciation
$45,261,841
-
10c · Land, buildings and equipment, net
beginning of year $32,830,799 · end of year $32,466,527
-
11 · Investments: publicly traded securities
beginning of year $36,920,881 · end of year $27,243,587
-
12 · Investments: other securities
beginning of year $7,761,200 · end of year $9,317,900
-
13 · Investments: program-related
beginning of year $0
-
14 · Intangible assets
beginning of year $0
-
15 · Other assets
beginning of year $31,074,762 · end of year $37,700,823
-
17 · Accounts payable and accrued expenses
beginning of year $20,107,776 · end of year $25,677,936
-
23 · Secured mortgages and notes payable
beginning of year $85,000,000 · end of year $125,000,000
-
25 · Other liabilities
beginning of year $1,572,862,267 · end of year $1,625,162,569
-
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 $201,347,870 · end of year $222,151,503
Mission and programs · 2022
Mission
FORUM IS A 501(C)(14) EXEMPT ORGANIZATION THAT IS OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT THAT 1)PROMOTES THRIFT AMONG MEMBERS AND 2)PROVIDES LOW COST CREDIT FOR MEMBERS. ITS COLLECTIVE CHARGE IS TO BE AN INNOVATIVE, DYNAMIC, AND RESPONSIVE FINANCIAL SERVICES ORGANIZATION PROVIDING PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS.
Activities or mission (Part I)
FORUM CREDIT UNION'S MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS.
-
PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNION ALLOWS FOR MARKET LENDING RATES TO BE OFFERED FOR MORTGAGE LOANS, HOME EQUITY LOANS AND PERSONAL LOANS. IN ADDITION, FORUM WORKS CLOSELY WITH THE FHA AND OTHER HOME OWNERSHIP ORGANIZATIONS TO HELP CONSUMERS REALIZE THE DREAM OF OWNING A HOME. FORUM ORIGINATED OVER $1 BILLION IN LOANS THIS YEAR IN ITS EFFORTS TO MEET THE MEMBERS' LENDING NEEDS.
-
TO PROMOTE THRIFT AND RESPONSIBLE USE OF CREDIT WITHIN THE MEMBERSHIP, FORUM PROVIDES SEVERAL FINANCIAL EDUCATION OPPORTUNITIES INCLUDING FINANCIAL LITERACY CONTENT ON THE WEBSITE, FINANCIAL LITERACY VIDEOS, FINANCIAL SEMINARS, ONLINE BUDGETING TOOLS, IN BRANCH ACTIVITIES AND PROMOTIONS GEARED TO FINANCIAL EDUCATION. IN ADDITION, FORUM PROVIDES A VARIETY OF INNOVATIVE SAVINGS ACCOUNTS DESIGNED TO ENCOURAGE SYSTEMATIC SAVINGS WHICH HAS GENERATED OVER $26 MILLION IN PERSONAL SAVINGS.
-
FORUM PROVIDES LENDING AND DEPOSITORY SERVICES FOR SMALL BUSINESS OWNERS. FORUM OFFERS SEVERAL TYPES OF COMMERCIAL LOANS INCLUDING SEVERAL OF THE SMALL BUSINESS ADMINISTRATION (SBA) LOANS TO HELP SMALL BUSINESS OWNERS GROW THEIR BUSINESSES. FORUM CURRENTLY WORKS WITH OVER 4,500 SMALL BUSINESS OWNERS PROVIDING A VARIETY OF PRODUCTS AND SERVICES.
As filed on the 2022 return.
Listed in Part VII
-
Jeffry WelchJEFFRY WELCH
CHIEF FINANCIAL OFFICER
- Total calculated
- $1,019,144
- From this org
- $984,532
- From related orgs
- $0
- Other
- $34,612
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $306,043
- Bonus
- $50,000
- Other
- $628,488
- Deferred
- $9,726
- Nontaxable benefits
- $24,887
- Filer's total
- $1,019,144
-
Douglas TrueDOUGLAS TRUE
CHIEF EXECUTIVE OFFICER
- Total calculated
- $700,265
- From this org
- $633,726
- From related orgs
- $0
- Other
- $66,539
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $459,242
- Bonus
- $170,271
- Other
- $4,212
- Deferred
- $34,225
- Nontaxable benefits
- $32,315
- Filer's total
- $700,265
-
Benjamen BanksBENJAMEN BANKS
FINANCIAL ADVISOR- PCG
- Total calculated
- $449,238
- From this org
- $386,336
- From related orgs
- $0
- Other
- $62,902
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $386,336
- Bonus
- $0
- Other
- $0
- Deferred
- $33,835
- Nontaxable benefits
- $29,067
- Filer's total
- $449,238
-
Charles Andrew MattinglyCHARLES ANDREW MATTINGLY
CHIEF OPERATING OFFICER
- Total calculated
- $372,826
- From this org
- $314,567
- From related orgs
- $0
- Other
- $58,259
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $260,298
- Bonus
- $50,000
- Other
- $4,269
- Deferred
- $26,635
- Nontaxable benefits
- $31,624
- Filer's total
- $372,826
-
Jennifer BudreauJENNIFER BUDREAU
CHIEF OPERATING OFFICER
- Total calculated
- $371,491
- From this org
- $326,329
- From related orgs
- $0
- Other
- $45,162
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $270,628
- Bonus
- $50,000
- Other
- $5,700
- Deferred
- $30,166
- Nontaxable benefits
- $14,997
- Filer's total
- $371,491
-
Cameron PiercefieldCAMERON PIERCEFIELD
CHIEF TECHNOLOGY AND RISK OFFICER
- Total calculated
- $362,451
- From this org
- $323,818
- From related orgs
- $0
- Other
- $38,633
- Hours/week
- 40 + 1 related
Schedule J breakdown matched by us
- Base
- $270,950
- Bonus
- $50,000
- Other
- $2,868
- Deferred
- $25,425
- Nontaxable benefits
- $13,208
- Filer's total
- $362,451
-
Michelle AdrianMICHELLE ADRIAN
MORTGAGE ORIGINATOR
- Total calculated
- $360,706
- From this org
- $332,738
- From related orgs
- $0
- Other
- $27,968
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $332,738
- Bonus
- $0
- Other
- $0
- Deferred
- $26,383
- Nontaxable benefits
- $1,585
- Filer's total
- $360,706
-
Tammy MarrsTAMMY MARRS
FINANCIAL ADVISOR
- Total calculated
- $334,656
- From this org
- $280,350
- From related orgs
- $0
- Other
- $54,306
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $280,350
- Bonus
- $0
- Other
- $0
- Deferred
- $25,080
- Nontaxable benefits
- $29,226
- Filer's total
- $334,656
-
Jim CarrJIM CARR
SENIOR VICE PRESIDENT - COMMERCIAL & INVESTMENT SERVICES
- Total calculated
- $325,859
- From this org
- $279,722
- From related orgs
- $0
- Other
- $46,137
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $275,339
- Bonus
- $0
- Other
- $4,382
- Deferred
- $14,779
- Nontaxable benefits
- $31,359
- Filer's total
- $325,859
-
Andrew SpirrisonANDREW SPIRRISON
SENIOR VICE PRESIDENT - MEMBER EXPERIENCE
- Total calculated
- $287,029
- From this org
- $227,782
- From related orgs
- $0
- Other
- $59,247
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $224,622
- Bonus
- $0
- Other
- $3,160
- Deferred
- $29,093
- Nontaxable benefits
- $30,154
- Filer's total
- $287,029
-
Rick RamboRICK RAMBO
TREASURER
- Total calculated
- $1,563
- From this org
- $1,563
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5 + 1 related
-
Chris HagenowCHRIS HAGENOW
SECRETARY
- Total calculated
- $1,480
- From this org
- $1,480
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Kelly WilsonKELLY WILSON
DIRECTOR
- Total calculated
- $1,092
- From this org
- $1,092
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5 + 1 related
-
John GallinaJOHN GALLINA
DIRECTOR
- Total calculated
- $848
- From this org
- $848
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Kevin HuntKEVIN HUNT
CHAIRMAN
- Total calculated
- $834
- From this org
- $834
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Lori WinklerLORI WINKLER
DIRECTOR
- Total calculated
- $747
- From this org
- $747
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Tracy MillsTRACY MILLS
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 5
-
Jodee CurtisJODEE CURTIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
-
Donna WilkinsonDONNA WILKINSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 5
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
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Written employment contract
- 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 1a
- KEVIN HUNT, CHAIRMAN; RICK RAMBO, TREASURER; CHRIS HAGENOW, SECRETARY; JOHN GALLINA,DIRCTOR; LORI WINKLER, DIRECTOR AND KELLY WILSON, DIRECTOR RECEIVED A BENEFIT FOR TRAVEL FOR COMPANIONS. THE APPROPRIATE TAX FORMS WERE FILED BASED ON THE APPROPRIATE THRESHOLDS.
- Schedule J, Part I, Line 4
- JEFFRY WELCH PARTICIPATES IN A SEPARATE 457(F) DEFERRED COMPENSATION PLAN. THE ORGANIZATION MADE $0 CONTRIBUTIONS TO THE PLAN. THERE WAS A $624,000 DISTRIBUTION TO JEFFRY WELCH DURING THE YEAR. THIS AMOUNT WAS INCLUDED IN HIS OTHER REPORTABLE COMPENSATION ON SCHEDULE J, PART II, AND INCLUDED ON HIS W-2. THIS PAYMENT WAS THE FINAL PAYMENT UNDER THE PLAN.
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
-
FORUM CREDIT UNION FOUNDATION INC
$165,000
SCHOLARSHIP AND TEACHER GRANTS
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.
-
FORUM CREDIT UNION FOUNDATION INC
501(C)(3) · EDUCATIONAL GRANTS AND SCHOLARSHIPS · IN · controlled entity
Directly controlled by FORUM CREDIT UNION
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.
-
FORUM PRIVATE CLIENT GROUP LLC
INVESTMENT MGMT & INSURANCE REFERRAL · IN · income $2,058,815 · assets $617,459
Directly controlled by FORUM CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 6 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202333179349301768
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