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Nonprofiteer
← INDIANA UNIVERSITY CREDIT UNION

Form 990 for tax year 2023

Filed by INDIANA UNIVERSITY CREDIT UNION.

Totals

Total revenue
$74,827,152
Total expenses
$62,883,030
Contributions and grants received
$0
Grants paid
$43,000
Program service revenue
$66,911,316
Investment income
$7,898,938
Other revenue
$16,898
Total assets, end of year
$1,671,616,966
Total liabilities, end of year
$167,252,425
Net assets or fund balances, end of year
$1,504,364,541
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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Loan interest income

    total $54,437,181 · related or exempt $54,437,181 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Debit and credit card interchange income

    total $7,044,588 · related or exempt $7,044,588 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Overdraft and return fee income

    total $2,414,675 · related or exempt $2,414,675 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Corporate life insurance income

    total $896,653 · related or exempt $896,653 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Account transfer fees

    total $442,620 · related or exempt $442,620 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,675,599 · related or exempt $1,675,599 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $7,898,938 · related or exempt $7,898,938 · 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

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

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

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

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

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

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

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

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

  • 11d · All other revenue

    total $16,898 · related or exempt $0 · unrelated business $16,898 · excluded $0

  • 11e · Other revenue, total

    $16,898

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $43,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,679,482

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $11,947,234

  • 8 · Pension plan contributions

    total $1,020,233

  • 9 · Other employee benefits

    total $2,585,494

  • 10 · Payroll taxes

    total $1,025,355

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $46,682

  • 11c · Fees: accounting

    total $345,070

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $1,374,366

  • 13 · Office expenses

    total $1,345,851

  • 14 · Information technology

    total $4,491,925

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $916,622

  • 17 · Travel

    total $208,793

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $157,679

  • 20 · Interest

    total $24,948,147

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,670,353

  • 23 · Insurance

    total $188,080

  • 24a · Other expenses: ATM debit and credit card exp

    total $3,798,558

  • 24b · Other expenses: Provision for credit losses

    total $1,432,940

  • 24c · Other expenses: Statement processing

    total $397,171

  • 24d · Other expenses: State financial institutions tax

    total $198,700

  • 24e · All other expenses

    total $2,061,295

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,666,152 · end of year $6,841,349

  • 2 · Savings and temporary cash investments

    beginning of year $72,341,059 · end of year $104,842,746

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,290,359 · end of year $4,806,630

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,153,620 · end of year $1,317,846

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,134,584,411 · end of year $1,259,117,985

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,304,019 · end of year $1,885,437

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

    $35,636,934

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

    $17,709,818

  • 10c · Land, buildings and equipment, net

    beginning of year $17,650,949 · end of year $17,927,116

  • 11 · Investments: publicly traded securities

    beginning of year $273,654,233 · end of year $246,553,178

  • 12 · Investments: other securities

    beginning of year $4,725,000 · end of year $5,175,000

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $47,105,451 · end of year $23,149,679

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,115,824 · end of year $3,378,292

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $80,000,000 · end of year $150,000,000

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $10,066,021 · end of year $13,874,133

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,297,874,238 · end of year $1,312,842,416

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

    beginning of year $66,862,447 · end of year $74,329,689

  • 31 · Retained earnings, endowment or other funds

    beginning of year $106,556,723 · end of year $117,192,436

Mission and programs · 2023

Mission

Credit union programs. All activities are state chartered credit union activities which are exempt under section 501(c)(14).

Activities or mission (Part I)

State chartered credit union

  • Credit union programs. All activities are state chartered credit union activities which are exempt under section 501(c)(14).

As filed on the 2023 return.

Listed in Part VII

  • Bryan W Price

    President and CEO

    Total calculated
    $824,550
    From this org
    $744,849
    From related orgs
    $0
    Other
    $79,701
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $716,292
    Bonus
    $28,557
    Other
    $0
    Deferred
    $55,500
    Nontaxable benefits
    $24,201
    Filer's total
    $824,550

  • Andrew Allard

    SVP, Chief Operating Officer

    Total calculated
    $374,145
    From this org
    $309,757
    From related orgs
    $0
    Other
    $64,388
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,067
    Bonus
    $12,690
    Other
    $0
    Deferred
    $31,206
    Nontaxable benefits
    $33,182
    Filer's total
    $374,145

  • Chris Hawk

    SVP, CFO

    Total calculated
    $339,609
    From this org
    $278,133
    From related orgs
    $0
    Other
    $61,476
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,218
    Bonus
    $9,915
    Other
    $0
    Deferred
    $28,293
    Nontaxable benefits
    $33,182
    Filer's total
    $339,608

  • Julie Ragsdale

    SVP, Chief Administrative Officer

    Total calculated
    $336,813
    From this org
    $284,116
    From related orgs
    $0
    Other
    $52,697
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $273,105
    Bonus
    $11,011
    Other
    $0
    Deferred
    $28,496
    Nontaxable benefits
    $24,201
    Filer's total
    $336,813

  • Sarah Rogers

    SVP Business Services

    Total calculated
    $291,113
    From this org
    $234,361
    From related orgs
    $0
    Other
    $56,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,530
    Bonus
    $9,831
    Other
    $0
    Deferred
    $23,570
    Nontaxable benefits
    $33,182
    Filer's total
    $291,113

  • David Sipes

    SVP Chief Marketing Officer

    Total calculated
    $257,945
    From this org
    $214,852
    From related orgs
    $0
    Other
    $43,093
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,557
    Bonus
    $8,295
    Other
    $0
    Deferred
    $21,435
    Nontaxable benefits
    $21,658
    Filer's total
    $257,945

  • Teddie Gambler

    SVP Chief Information Officer

    Total calculated
    $247,875
    From this org
    $212,757
    From related orgs
    $0
    Other
    $35,118
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,240
    Bonus
    $8,517
    Other
    $0
    Deferred
    $21,511
    Nontaxable benefits
    $13,607
    Filer's total
    $247,875

  • Anthony Rastall

    VP Business Services

    Total calculated
    $208,590
    From this org
    $159,013
    From related orgs
    $0
    Other
    $49,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,190
    Bonus
    $6,823
    Other
    $0
    Deferred
    $16,395
    Nontaxable benefits
    $33,182
    Filer's total
    $208,590

  • Amy Doan

    VP Business Services

    Total calculated
    $193,136
    From this org
    $155,541
    From related orgs
    $0
    Other
    $37,595
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,900
    Bonus
    $6,641
    Other
    $0
    Deferred
    $15,937
    Nontaxable benefits
    $21,658
    Filer's total
    $193,136

  • Trish Ierino

    VP Sales and Service

    Total calculated
    $180,187
    From this org
    $141,648
    From related orgs
    $0
    Other
    $38,539
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,716
    Bonus
    $5,932
    Other
    $0
    Deferred
    $14,338
    Nontaxable benefits
    $24,201
    Filer's total
    $180,187

  • Lori Forrester

    VP Member Service Support

    Total calculated
    $178,641
    From this org
    $140,262
    From related orgs
    $0
    Other
    $38,379
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,424
    Bonus
    $5,838
    Other
    $0
    Deferred
    $14,178
    Nontaxable benefits
    $24,201
    Filer's total
    $178,641

  • Scott Trilling

    VP Business Services

    Total calculated
    $175,798
    From this org
    $167,704
    From related orgs
    $0
    Other
    $8,094
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,489
    Bonus
    $9,215
    Other
    $0
    Deferred
    $8,094
    Nontaxable benefits
    $0
    Filer's total
    $178,798

  • Neil Powell

    Board Treasurer

    Total calculated
    $1,907
    From this org
    $1,907
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Doris Sims

    Board Chair

    Total calculated
    $1,686
    From this org
    $1,686
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Brad Heim

    Board Vice Chair

    Total calculated
    $1,439
    From this org
    $1,439
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Scott Smart

    Director

    Total calculated
    $1,346
    From this org
    $1,346
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Shatoyia Moss

    Director

    Total calculated
    $1,054
    From this org
    $1,054
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jon Barada

    Board Secretary

    Total calculated
    $0
    Hours/week
    2

  • Dennis Cromwell

    Board Past Chair

    Total calculated
    $0
    Hours/week
    2

  • Kim Milford

    Director

    Total calculated
    $0
    Hours/week
    2

  • Veda Walcott

    Director

    Total calculated
    $0
    Hours/week
    2

  • Denvil Duncan

    Director

    Total calculated
    $0
    Hours/week
    2

  • Andrea Mobley

    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

  • 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 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
The Credit Union pays for Board member companion travel within specified policy limits.

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

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • IU Credit Union Investment Services Inc

    C · Member investment services · IN · 100% owned · share of income $504,423 · share of assets $261,369 · controlled entity

    Directly controlled by Indiana University CU

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.0
Source object
202423169349304062

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