Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Loan Interest Income - Loans to Members

  total $89,004,559 · related or exempt $89,004,559

• 2b · Program service revenue: Member Service Income

  total $45,225,924 · related or exempt $44,650,873 · unrelated business $575,051

• 3 · Investment income

  total $15,938,334 · excluded $15,938,334

• 6a · Gross rents

  real property $769,009

• 6c · Rental income or loss

  real property $769,009

• 6d · Net rental income or loss

  total $769,009 · excluded $769,009

• 7a · Gross sales of assets other than inventory

  securities $12,019,883 · other assets $554,038

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

  securities $15,533,989 · other assets $415,402

• 7c · Gain or loss

  securities -$3,514,106 · other assets $138,636

• 7d · Net gain or loss

  total -$3,375,470 · excluded -$3,375,470

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $1,343,164

• 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 $1,269,796

• 6 · Compensation of disqualified persons

  total $283,763

• 7 · Other salaries and wages

  total $40,390,802

• 8 · Pension plan contributions

  total $3,350,418

• 9 · Other employee benefits

  total $4,864,530

• 10 · Payroll taxes

  total $2,886,886

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $378,791

• 11c · Fees: accounting

  total $307,672

• 11d · Fees: lobbying

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $0

• 12 · Advertising and promotion

  total $10,338,673

• 13 · Office expenses

  total $1,347,219

• 14 · Information technology

  total $6,235,992

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $5,537,515

• 17 · Travel

  total $0

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $1,519,824

• 20 · Interest

  total $17,793,725

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $7,955,208

• 23 · Insurance

  total $209,655

• 24a · Other expenses: Draft Charges

  total $2,543,691

• 24b · Other expenses: Indirect Lending Expense

  total $3,901,389

• 24c · Other expenses: Operating Expense

  total $4,492,491

• 24d · Other expenses: Provision for Loan Loss

  total $7,068,298

• 24e · All other expenses

  total $3,788,281

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $22,743,375 · end of year $31,420,806

• 2 · Savings and temporary cash investments

  beginning of year $100,378,570 · end of year $61,124,785

• 4 · Accounts receivable

  beginning of year $7,971,541 · end of year $3,603,492

• 5 · Loans and receivables from officers and key people

  beginning of year $19,289,989 · end of year $12,945,810

• 7 · Other notes and loans receivable

  beginning of year $1,721,444,438 · end of year $2,171,313,059

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,883,054 · end of year $3,177,385

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

  $162,443,700

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

  $39,868,184

• 10c · Land, buildings and equipment, net

  beginning of year $113,847,909 · end of year $122,575,516

• 11 · Investments: publicly traded securities

  beginning of year $537,541,660 · end of year $393,222,856

• 13 · Investments: program-related

  beginning of year $122,305,923 · end of year $118,607,174

• 15 · Other assets

  beginning of year $49,262,353 · end of year $92,418,493

• 17 · Accounts payable and accrued expenses

  beginning of year $8,564,170 · end of year $11,716,197

• 21 · Escrow or custodial account liability

  beginning of year $2,076,473 · end of year $2,660,749

• 23 · Secured mortgages and notes payable

  beginning of year $107,211,686 · end of year $341,764,149

• 25 · Other liabilities

  beginning of year $2,222,059,101 · end of year $2,362,140,235

• 31 · Retained earnings, endowment or other funds

  beginning of year $357,757,382 · end of year $292,128,046

The filer's explanations (Part III)

Part I Line 1a

Health or social club dues are paid for officers or members of the senior leadership team of Dupaco Community Credit Union as part of their compensation package. Any dues that are paid to these members are added to their W-2s at the end of the year as reportable compensation and are reported in Part VII and Schedule J. In tax year 2022, Dupaco Community Credit Union reimbursed travel expenses to industry conferences for companions to Board Members as reflective on form 990, Part VII, Section A.

Part I Line 4b

The following individuals participated in a non qualified retirement plan in 2022. Joe Hearn 49,290, Danielle Gratton 50,998, Matt Dodds 37,713, Steve Ervolino 33,502, Dave Klavitter 24,149, and Lisa Bowers 34,200. The dollar amount represents the contribution made by Dupaco Community Credit Union on behalf of the individuals to the plan in 2022 based on achievement of growth and member service initiatives full vesting at retirement age as an additional retention incentive for designated executives. This information is included in deferred compensation on the Form 990, Part VII and Schedule J, Part II.

Part II Line C

The Dupaco Board of Directors has designed the credit unions management compensation program to be competitive in the marketplace and ensure alignment of the long term interests of both manager and members. Dupaco management compensation is based on national compensation surveys and independent consultant analyses of similar sized financial institutions around the United States. The Dupaco Board Personnel Committee regularly reviews the data to ensure Dupaco is paying a fair market wage to attract and retain the best employee talent to manage a strong, stable and successful financial institution. The Personnel Committee provides annual recommendations of salary adjustments to the Board of Directors, who then votes on the recommendations. Components of management compensation packages include a large percentage of variable at risk pay, which is based on the credit unions member and employee engagement, satisfaction, and financial performance during specified time periods, as well as the credit unions business strategy as determined by the Board of Directors. Dupaco must be competitive in the financial services industry to retain long term talent. Because it cannot provide stock options offered by for profit financial institutions as a retention and performance incentive, Dupaco as a member owned cooperative provides designated executives a non qualified long term executive incentive plan. Designed to be self funding in nature through the achievement of growth and member service initiatives, the credit union will recoup the funding cost of supplemental retirement plan benefits through life insurance policy proceeds on plan participants. The retention incentive requires the participating executive to remain at the credit union until retirement age to be fully vested in the deferred compensation benefit. As an interim retention incentive leading up to a participants retirement, the plan does pay out once every five years a percentage of the vested long term executive incentive plan, which the credit union accrues annually based on goal achievement.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• Dupaco Holding LLC

  Holding Company · IA · income $44,241 · assets $40,439,639

  Directly controlled by Dupaco Community Credit Union

• Dupaco Insurance Services LLC

  Insurance Services · IA · income $3,306,095 · assets $659,551

  Directly controlled by Dupaco Holding LLC

• Dupaco Initiatives LLC

  Leverage Lender · IA · income $55,350 · assets $5,545,031

  Directly controlled by Dupaco Holding LLC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• Dupaco Voices LLC

  Real Estate · IA

Related corporations and trusts

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

• Dupaco Real Estate Management LLC

  C Corp · Real Estate · IA · 100% owned · controlled entity