← DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND

Form 990 for tax year 2022

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

Totals

Total revenue: $98,960,156
Total expenses: $84,117,171
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $93,694,103
Investment income: $5,266,053
Other revenue: $0
Total assets, end of year: $2,045,720,209
Total liabilities, end of year: $1,829,709,487
Net assets or fund balances, end of year: $216,010,722
Program services expenses (Part IX): not reported
Management and general expenses: not reported
Fundraising expenses: not reported
Program service expenses (Part III): not reported

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 - LOANS

total $65,069,121 · related or exempt $65,069,121
2b · Program service revenue: SERVICE & MEMBER FEES

total $10,486,272 · related or exempt $10,081,967 · unrelated business $404,305
2c · Program service revenue: CREDIT CARD INCOME

total $10,176,401 · related or exempt $10,176,401
2d · Program service revenue: INSURANCE COMMISSIONS

total $2,095,313 · related or exempt $2,095,313
2e · Program service revenue: INT BEARING DEPOSITS

total $1,148,056 · related or exempt $1,148,056
2f · All other program service revenue

total $4,718,940 · related or exempt $4,718,940
3 · Investment income

total $4,653,302 · related or exempt $4,653,302
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6b · Less rental expenses

real property $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0
7a · Gross sales of assets other than inventory

other assets $612,751
7c · Gain or loss

other assets $612,751
7d · Net gain or loss

total $612,751 · related or exempt $612,751
8a · Fundraising events: gross income

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0
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 $2,349,240
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $19,465,063
8 · Pension plan contributions

total $535,710
9 · Other employee benefits

total $4,646,681
10 · Payroll taxes

total $1,272,490
11a · Fees: management

total $0
11b · Fees: legal

total $87,946
11c · Fees: accounting

total $275,930
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 $968,062
13 · Office expenses

total $2,024,386
14 · Information technology

total $4,769,200
15 · Royalties

total $0
16 · Occupancy

total $4,496,457
17 · Travel

total $16,690
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $253,106
20 · Interest

total $10,109,400
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $3,362,373
23 · Insurance

total $465,213
24a · Other expenses: BAD DEBT EXPENSE

total $9,529,955
24b · Other expenses: COLLECTIONS

total $1,042,224
24c · Other expenses: LOAN SERVICING EXPENSE

total $3,126,926
24d · Other expenses: OUTSIDE SERVICES

total $3,588,786
24e · All other expenses

total $11,731,333

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $19,110,702 · end of year $21,423,824
2 · Savings and temporary cash investments

beginning of year $114,881,440 · end of year $85,700,402
3 · Pledges and grants receivable

beginning of year $0 · end of year $0
4 · Accounts receivable

beginning of year $0 · end of year $0
5 · Loans and receivables from officers and key people

beginning of year $11,641,287 · end of year $10,604,226
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $1,423,218,917 · end of year $1,596,769,559
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $0 · end of year $0
10a · Land, buildings and equipment: cost or other basis

$65,398,392
10b · Land, buildings and equipment: accumulated depreciation

$22,785,067
10c · Land, buildings and equipment, net

beginning of year $42,616,352 · end of year $42,613,325
11 · Investments: publicly traded securities

beginning of year $0 · end of year $0
12 · Investments: other securities

beginning of year $319,505,472 · end of year $251,000,325
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 $33,191,105 · end of year $37,608,548
17 · Accounts payable and accrued expenses

beginning of year $0 · end of year $0
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 $1,941,933 · end of year $2,164,132
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 $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $1,728,222,524 · end of year $1,827,545,355
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 $234,000,818 · end of year $216,010,722

Mission and programs · 2022

Mission

STATE CHARTERED AND FEDERALLY INSURED CREDIT UNION WHICH GRANTS CONSUMER LOANS INCLUDING CREDIT CARDS AND OPEN-END CREDIT, MORTGAGE LOANS AND BUSINESS LOANS TO ITS MEMBERS.

Activities or mission (Part I)

STATE CHARTERED AND FEDERALLY INSURED CREDIT UNION WHICH GRANTS CONSUMER LOANS INCLUDING CREDIT CARDS, MORTGAGE LOANS, AND BUSINESS LOANS TO ITS MEMBERS.

CREDIT UNION PROGRAMS. ALL ACTIVITIES ARE STATE CHARTERED CREDIT UNION ACTIVITIES WHICH ARE EXEMPT UNDER SECTION 501(C)(14)

As filed on the 2022 return.

Listed in Part VII

Rick SilversRICK SILVERS

CEO

Total calculated

$740,515

From this org

$698,712

From related orgs

$0

Other

$41,803

Hours/week

45

Schedule J breakdown matched by us

Base

$539,181

Bonus

$150,381

Other

$9,150

Deferred

$9,150

Nontaxable benefits

$32,653

Filer's total

$740,515
David MannDAVID MANN

CHIEF FINANCIAL OFFICER

Total calculated

$350,390

From this org

$331,248

From related orgs

$0

Other

$19,142

Hours/week

45

Schedule J breakdown matched by us

Base

$259,289

Bonus

$61,770

Other

$10,189

Deferred

$7,468

Nontaxable benefits

$11,674

Filer's total

$350,390
Patricia KnorrPATRICIA KNORR

CHIEF DEVELOPMENT OFFICER

Total calculated

$312,812

From this org

$286,085

From related orgs

$0

Other

$26,727

Hours/week

45

Schedule J breakdown matched by us

Base

$221,579

Bonus

$54,974

Other

$9,532

Deferred

$6,847

Nontaxable benefits

$19,880

Filer's total

$312,812
Brad DavisBRAD DAVIS

CHIEF GROWTH OFFICER

Total calculated

$297,808

From this org

$273,027

From related orgs

$0

Other

$24,781

Hours/week

45

Schedule J breakdown matched by us

Base

$211,785

Bonus

$52,241

Other

$9,001

Deferred

$8,078

Nontaxable benefits

$16,703

Filer's total

$297,808
Paul AdrianPAUL ADRIAN

CHIEF INFORMATION OFFICER

Total calculated

$278,810

From this org

$258,831

From related orgs

$0

Other

$19,979

Hours/week

45

Schedule J breakdown matched by us

Base

$201,631

Bonus

$48,647

Other

$8,553

Deferred

$7,552

Nontaxable benefits

$12,427

Filer's total

$278,810
Christopher BottorffCHRISTOPHER BOTTORFF

S.I. REGIONAL PRESIDENT & CSO

Total calculated

$263,065

From this org

$245,261

From related orgs

$0

Other

$17,804

Hours/week

45

Schedule J breakdown matched by us

Base

$183,575

Bonus

$52,534

Other

$9,152

Deferred

$4,342

Nontaxable benefits

$13,462

Filer's total

$263,065
Doug SharkeyDOUG SHARKEY

SVP Mortgage Loan Delivery

Total calculated

$206,003

From this org

$183,825

From related orgs

$0

Other

$22,178

Hours/week

45

Schedule J breakdown matched by us

Base

$157,763

Bonus

$26,062

Other

$0

Deferred

$4,835

Nontaxable benefits

$17,343

Filer's total

$206,003
Karl KissingerKARL KISSINGER

SVP BUSINESS SERVICES

Total calculated

$194,788

From this org

$167,515

From related orgs

$0

Other

$27,273

Hours/week

45

Schedule J breakdown matched by us

Base

$139,953

Bonus

$27,562

Other

$0

Deferred

$4,500

Nontaxable benefits

$22,773

Filer's total

$194,788
Melissa JewellMELISSA JEWELL

SVP TEAM MEMBER EXPERIENCE

Total calculated

$179,997

From this org

$163,782

From related orgs

$0

Other

$16,215

Hours/week

45

Schedule J breakdown matched by us

Base

$138,203

Bonus

$25,579

Other

$0

Deferred

$4,197

Nontaxable benefits

$12,018

Filer's total

$179,997
Robert FischvogtROBERT FISCHVOGT

PRESIDENT FINANCIAL SERVICES

Total calculated

$163,626

From this org

$142,565

From related orgs

$0

Other

$21,061

Hours/week

45

Schedule J breakdown matched by us

Base

$125,137

Bonus

$17,428

Other

$0

Deferred

$4,299

Nontaxable benefits

$16,762

Filer's total

$163,626
John FinneyJOHN FINNEY

VP RETAIL

Total calculated

$157,357

From this org

$132,415

From related orgs

$0

Other

$24,942

Hours/week

45

Schedule J breakdown matched by us

Base

$118,139

Bonus

$14,276

Other

$0

Deferred

$4,061

Nontaxable benefits

$20,881

Filer's total

$157,357
Jim BickelJIM BICKEL

BOARD CHAIR

Total calculated

$14,784

From this org

$14,784

From related orgs

$0

Other

$0

Hours/week

1.33
Donald JacksonDONALD JACKSON

VICE CHAIR

Total calculated

$12,432

From this org

$12,432

From related orgs

$0

Other

$0

Hours/week

2.02
Mary StrohMARY STROH

DIRECTOR

Total calculated

$12,432

From this org

$12,432

From related orgs

$0

Other

$0

Hours/week

2.12
Randy ProfittRANDY PROFITT

DIRECTOR

Total calculated

$12,432

From this org

$12,432

From related orgs

$0

Other

$0

Hours/week

2
Brian McBroomBRIAN MCBROOM

DIRECTOR

Total calculated

$10,752

From this org

$10,752

From related orgs

$0

Other

$0

Hours/week

2.12
Joseph BrownJOSEPH BROWN

SECRETARY/TREASURER

Total calculated

$10,752

From this org

$10,752

From related orgs

$0

Other

$0

Hours/week

2.06
Kesavan VenugopalKESAVAN VENUGOPAL

DIRECTOR

Total calculated

$10,752

From this org

$10,752

From related orgs

$0

Other

$0

Hours/week

1.64
Kevina SchumakerKEVINA SCHUMAKER

DIRECTOR

Total calculated

$10,752

From this org

$10,752

From related orgs

$0

Other

$0

Hours/week

1.87
Whitney Amuchaste GuiWHITNEY AMUCHASTE GUI

DIRECTOR

Total calculated

$7,168

From this org

$7,168

From related orgs

$0

Other

$0

Hours/week

2.16
Lorette BurdLORETTE BURD

DIRECTOR

Total calculated

$3,584

From this org

$3,584

From related orgs

$0

Other

$0

Hours/week

1.1

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 · Health or social club dues or initiation fees
2 · Substantiation required before reimbursing expenses
3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan

Answered no

1b · Written policy on the line-1a expenses
4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 1: REIMBURSEMENT OF EXPENSES: CENTRA CREDIT UNION DOES NOT HAVE A WRITTEN POLICY REGARDING PAYMENT OR REIMBURSEMENT OF THE EXPENSES DESCRIBED IN 1A. HOWEVER, THE ORGANIZATION DID REQUIRE SUBSTANTIATION PRIOR TO REIMBURSING THE EXPENSES INCURRED. RICK SILVERS RECEIVED CLUB DUES AND THAT WAS TREATED AS TAXABLE INCOME. SCHEDULE J, PART I, LINE 4B PARTICIPATION IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: CENTRA CREDIT UNION PARTICIPATES IN A 457(F) PLAN. RICK SILVERS PARTICIPATED AND HAD FUNDS ADDED IN 2022. IN ADDITION THE INDIVIDUALS LISTED BELOW ALSO PARTICIPATE IN SPLIT DOLLAR LIFE INSURANCE PLANS: - BRAD DAVIS - PARTICIA KNORR - DAVID MANN - NORB ADRIAN - RICK SILVERS

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.

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.

CENTRA FINANCIAL SERVICES LLC

BANKING · IN · income $2,763,511 · assets $9,341,809

Directly controlled by Centra CU
CFS TITLE LLC

TITLE SERVICE · IN · income $1,047,004 · assets $3,003,770

Directly controlled by CENTRA CU

Provenance

Return type: form_990
Tax year: 2022
Filed: 15 May 2023
IRS schema version: 2022v5.0
Source object: 202341359349305879

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.