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← DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND

Form 990 for tax year 2023

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

Totals

Total revenue
$125,422,457
Total expenses
$116,244,125
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$119,281,464
Investment income
$6,140,993
Other revenue
$0
Total assets, end of year
$2,076,967,433
Total liabilities, end of year
$1,856,835,053
Net assets or fund balances, end of year
$220,132,380
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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 $86,212,757 · related or exempt $86,212,757

  • 2b · Program service revenue: SERVICE & MEMBER FEES

    total $11,631,045 · related or exempt $11,243,270 · unrelated business $387,775

  • 2c · Program service revenue: CREDIT CARD INCOME

    total $10,874,592 · related or exempt $10,874,592

  • 2d · Program service revenue: INSURANCE COMMISSIONS

    total $2,651,222 · related or exempt $2,651,222

  • 2e · Program service revenue: INT BEARING DEPOSITS

    total $4,156,991 · related or exempt $4,156,991

  • 2f · All other program service revenue

    total $3,754,857 · related or exempt $3,754,857 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,980,389 · related or exempt $5,980,389

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $160,604

  • 7c · Gain or loss

    securities $0 · other assets $160,604

  • 7d · Net gain or loss

    total $160,604 · related or exempt $160,604

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,321,423

  • 7 · Other salaries and wages

    total $22,977,681

  • 8 · Pension plan contributions

    total $666,730

  • 9 · Other employee benefits

    total $3,137,820

  • 10 · Payroll taxes

    total $1,604,332

  • 11b · Fees: legal

    total $132,440

  • 11c · Fees: accounting

    total $281,618

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $1,174,018

  • 13 · Office expenses

    total $2,224,571

  • 14 · Information technology

    total $5,674,358

  • 16 · Occupancy

    total $4,603,776

  • 17 · Travel

    total $24,347

  • 19 · Conferences, conventions and meetings

    total $287,154

  • 20 · Interest

    total $30,056,562

  • 22 · Depreciation, depletion and amortization

    total $2,886,614

  • 23 · Insurance

    total $381,355

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $14,036,807

  • 24b · Other expenses: COLLECTIONS

    total $1,166,954

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $3,142,384

  • 24d · Other expenses: OUTSIDE SERVICES

    total $3,966,111

  • 24e · All other expenses

    total $15,497,070

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,423,824 · end of year $14,457,424

  • 2 · Savings and temporary cash investments

    beginning of year $85,700,402 · end of year $148,294,692

  • 5 · Loans and receivables from officers and key people

    beginning of year $10,604,226 · end of year $10,795,623

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,596,769,559 · end of year $1,598,511,662

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

    $69,446,432

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

    $25,097,907

  • 10c · Land, buildings and equipment, net

    beginning of year $42,613,325 · end of year $44,348,525

  • 12 · Investments: other securities

    beginning of year $251,000,325 · end of year $222,288,288

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $37,608,548 · end of year $38,271,219

  • 21 · Escrow or custodial account liability

    beginning of year $2,164,132 · end of year $2,324,283

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,827,545,355 · end of year $1,854,510,770

  • 31 · Retained earnings, endowment or other funds

    beginning of year $216,010,722 · end of year $220,132,380

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • Chip Orben

    DIRECTOR

    Total calculated
    $11,312
    From this org
    $11,312
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Donald Jackson

    VICE CHAIR

    Total calculated
    $11,312
    From this org
    $11,312
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jim Bickel

    BOARD CHAIR

    Total calculated
    $14,784
    From this org
    $14,784
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Joseph Brown

    SECRETARY/TREASURER

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Kesavan Venugopal

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Kevina Schumaker

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Mary Stroh

    DIRECTOR

    Total calculated
    $12,432
    From this org
    $12,432
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Randy Profitt

    DIRECTOR

    Total calculated
    $12,432
    From this org
    $12,432
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brad Davis

    CHIEF GROWTH OFFICER

    Total calculated
    $301,169
    From this org
    $272,924
    From related orgs
    $0
    Other
    $28,245
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $239,253
    Bonus
    $33,671
    Other
    $0
    Deferred
    $8,188
    Nontaxable benefits
    $20,057
    Filer's total
    $301,169

  • David Mann

    CHIEF FINANCIAL OFFICER

    Total calculated
    $368,808
    From this org
    $346,049
    From related orgs
    $0
    Other
    $22,759
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $305,815
    Bonus
    $40,234
    Other
    $0
    Deferred
    $8,266
    Nontaxable benefits
    $14,493
    Filer's total
    $368,808

  • Patricia Knorr

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $314,227
    From this org
    $283,123
    From related orgs
    $0
    Other
    $31,104
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $247,732
    Bonus
    $35,391
    Other
    $0
    Deferred
    $7,432
    Nontaxable benefits
    $23,672
    Filer's total
    $314,227

  • Paul Adrian

    CHIEF INFORMATION OFFICER

    Total calculated
    $269,796
    From this org
    $252,455
    From related orgs
    $0
    Other
    $17,341
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $220,897
    Bonus
    $31,558
    Other
    $0
    Deferred
    $6,627
    Nontaxable benefits
    $10,714
    Filer's total
    $269,796

  • Rick Silvers

    CEO

    Total calculated
    $734,908
    From this org
    $688,817
    From related orgs
    $0
    Other
    $46,091
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $579,354
    Bonus
    $100,463
    Other
    $9,000
    Deferred
    $9,900
    Nontaxable benefits
    $36,191
    Filer's total
    $734,908

  • Swaminathan Seetharaman

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $207,747
    From this org
    $178,962
    From related orgs
    $0
    Other
    $28,785
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $178,962
    Bonus
    $0
    Other
    $0
    Deferred
    $3,525
    Nontaxable benefits
    $25,260
    Filer's total
    $207,747

  • Brent Parks

    SVP TECHNOLOGY

    Total calculated
    $212,001
    From this org
    $178,683
    From related orgs
    $0
    Other
    $33,318
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $170,743
    Bonus
    $7,940
    Other
    $0
    Deferred
    $2,680
    Nontaxable benefits
    $30,638
    Filer's total
    $212,001

  • Carl Fry

    SVP FINANCE

    Total calculated
    $189,306
    From this org
    $171,616
    From related orgs
    $0
    Other
    $17,690
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $154,341
    Bonus
    $17,275
    Other
    $0
    Deferred
    $5,148
    Nontaxable benefits
    $12,542
    Filer's total
    $189,306

  • Doug Sharkey

    SVP MORTGAGE LOAN DELIVERY

    Total calculated
    $218,597
    From this org
    $206,424
    From related orgs
    $0
    Other
    $12,173
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $182,135
    Bonus
    $24,289
    Other
    $0
    Deferred
    $5,478
    Nontaxable benefits
    $6,695
    Filer's total
    $218,597

  • Karl Kissinger

    SVP BUSINESS SERVICES

    Total calculated
    $231,179
    From this org
    $189,208
    From related orgs
    $0
    Other
    $41,971
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $169,619
    Bonus
    $19,589
    Other
    $0
    Deferred
    $5,102
    Nontaxable benefits
    $36,869
    Filer's total
    $231,179

  • Melissa Jewell

    SVP TEAM MEMBER EXPERIENCE

    Total calculated
    $202,261
    From this org
    $185,054
    From related orgs
    $0
    Other
    $17,207
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $163,950
    Bonus
    $21,104
    Other
    $0
    Deferred
    $4,932
    Nontaxable benefits
    $12,275
    Filer's total
    $202,261

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 1a Health or social club dues or initiation fees
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 Supplemental nonqualified retirement plan
PARTICIPATION IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: CENTRA CREDIT UNION PARTICIPATES IN A 457(F) PLAN. TODD CHECK PARTICIPATED AND NO FUNDS WERE ADDED IN 2023. 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 $2,968,662 · assets $11,376,514

    Directly controlled by CENTRA CU

  • CFS TITLE LLC

    TITLE SERVICE · IN · income $1,178,944 · assets $2,535,478

    Directly controlled by CENTRA CU

Provenance

Return type
form_990
Tax year
2023
Filed
13 May 2024
IRS schema version
2023v5.0
Source object
202441349349305234

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