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← DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND

Form 990 for tax year 2024

Filed by DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND.

Totals

Total revenue
$5,790,902
Total expenses
$5,614,053
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,253,405
Investment income
$1,027,112
Other revenue
$510,385
Total assets, end of year
$95,981,726
Total liabilities, end of year
$85,783,789
Net assets or fund balances, end of year
$10,197,937
Program services expenses (Part IX)
$5,614,053
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$5,614,053

Program services were 100.0% 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: LOAN INCOME

    total $3,509,575 · related or exempt $3,509,575

  • 2b · Program service revenue: FEE INCOME

    total $743,830 · related or exempt $721,334 · unrelated business $22,496

  • 3 · Investment income

    total $1,027,112 · excluded $1,027,112

  • 11a · Other revenue: MISCELLANEOUS

    total $466,191 · excluded $466,191

  • 11b · Other revenue: ANNUITY RECEIPT

    total $44,194 · excluded $44,194

  • 11e · Other revenue, total

    $510,385

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,931,502 · program services $1,931,502

  • 8 · Pension plan contributions

    total $131,031 · program services $131,031

  • 9 · Other employee benefits

    total $130,028 · program services $130,028

  • 10 · Payroll taxes

    total $107,955 · program services $107,955

  • 11g · Fees: other

    total $127,541 · program services $127,541

  • 12 · Advertising and promotion

    total $9,881 · program services $9,881

  • 16 · Occupancy

    total $242,436 · program services $242,436

  • 19 · Conferences, conventions and meetings

    total $39,204 · program services $39,204

  • 20 · Interest

    total $654,479 · program services $654,479

  • 22 · Depreciation, depletion and amortization

    total $72,024 · program services $72,024

  • 23 · Insurance

    total $46,877 · program services $46,877

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $923,122 · program services $923,122

  • 24b · Other expenses: SHARE EXPENSES

    total $488,639 · program services $488,639

  • 24c · Other expenses: OFFICE OPERATIONS

    total $381,903 · program services $381,903

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $307,903 · program services $307,903

  • 24e · All other expenses

    total $19,528 · program services $19,528

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $703,568 · end of year $883,790

  • 2 · Savings and temporary cash investments

    beginning of year $6,711,215 · end of year $17,064,663

  • 4 · Accounts receivable

    beginning of year $61,360 · end of year $61,964

  • 7 · Other notes and loans receivable

    beginning of year $65,547,240 · end of year $53,529,918

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,394,145 · end of year $1,110,257

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

    $3,593,406

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

    $2,656,157

  • 10c · Land, buildings and equipment, net

    beginning of year $998,822 · end of year $937,249

  • 12 · Investments: other securities

    beginning of year $18,149,278 · end of year $21,428,289

  • 15 · Other assets

    beginning of year $986,765 · end of year $965,596

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,528 · end of year $55,985

  • 23 · Secured mortgages and notes payable

    beginning of year $5,000,000 · end of year $5,000,000

  • 25 · Other liabilities

    beginning of year $79,507,777 · end of year $80,727,804

  • 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 $10,021,088 · end of year $10,197,937

Mission and programs · 2024

Mission

STATE CHARTERED CREDIT UNION TO PROVIDE LOAN AND DEPOSIT SERVICES TO MEMBERS.

Activities or mission (Part I)

STATE CHARTERED CREDIT UNION

  • LOAN AND SHARE SERVICES TO APPROXIMATELY 10,000 MEMBERS

    Expenses $5,614,053

As filed on the 2024 return.

Listed in Part VII

  • Scott Rigney

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Ebert

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Scott Reckley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles Hoffman

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Renae Fife

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Keith Wright

    PRESIDENT & CEO

    Total calculated
    $850,969
    From this org
    $850,969
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,279
    Bonus
    $0
    Other
    $642,690
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $850,969

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 · 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

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202511349349309316

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