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Nonprofiteer
← COLLINS COMMUNITY CREDIT UNION

Form 990 for tax year 2023

Filed by COLLINS COMMUNITY CREDIT UNION.

Totals

Total revenue
$89,145,169
Total expenses
$89,100,200
Contributions and grants received
$0
Grants paid
$247,007
Program service revenue
$81,046,972
Investment income
$8,098,197
Other revenue
$0
Total assets, end of year
$1,623,197,471
Total liabilities, end of year
$1,524,502,623
Net assets or fund balances, end of year
$98,694,848
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: INCOME ON LOANS

    total $59,333,310 · related or exempt $58,352,097 · unrelated business $981,213

  • 2b · Program service revenue: FEES/CHARGES/OTHER INCOME

    total $21,713,662 · related or exempt $21,634,591 · unrelated business $79,071

  • 3 · Investment income

    total $9,252,235 · excluded $9,252,235

  • 7a · Gross sales of assets other than inventory

    other assets $1,312,765

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

    other assets $2,466,803

  • 7c · Gain or loss

    other assets -$1,154,038

  • 7d · Net gain or loss

    total -$1,154,038 · excluded -$1,154,038

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $237,007

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $2,030,560

  • 6 · Compensation of disqualified persons

    total $60,996

  • 7 · Other salaries and wages

    total $14,668,078

  • 8 · Pension plan contributions

    total $2,318,804

  • 9 · Other employee benefits

    total $1,558,301

  • 10 · Payroll taxes

    total $1,192,208

  • 11b · Fees: legal

    total $315,505

  • 11c · Fees: accounting

    total $411,180

  • 11g · Fees: other

    total $3,093,342

  • 12 · Advertising and promotion

    total $1,000,794

  • 13 · Office expenses

    total $3,805,604

  • 14 · Information technology

    total $1,853,485

  • 16 · Occupancy

    total $3,634,062

  • 17 · Travel

    total $87,778

  • 19 · Conferences, conventions and meetings

    total $10,900

  • 20 · Interest

    total $10,824,928

  • 22 · Depreciation, depletion and amortization

    total $3,691,799

  • 23 · Insurance

    total $288,220

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBE

    total $24,362,835

  • 24b · Other expenses: LOAN SERVICES

    total $9,904,144

  • 24c · Other expenses: DEBIT AND CREDIT EXPENS

    total $1,430,895

  • 24d · Other expenses: ATM EXPENSE

    total $723,111

  • 24e · All other expenses

    total $1,585,664

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,583,582 · end of year $9,166,212

  • 2 · Savings and temporary cash investments

    beginning of year $39,300,021 · end of year $86,364,939

  • 4 · Accounts receivable

    beginning of year $1,000 · end of year $750

  • 5 · Loans and receivables from officers and key people

    beginning of year $14,451,832 · end of year $17,831,807

  • 7 · Other notes and loans receivable

    beginning of year $1,286,073,280 · end of year $1,214,170,128

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,207,758 · end of year $5,138,910

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

    $94,927,145

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

    $27,420,629

  • 10c · Land, buildings and equipment, net

    beginning of year $58,489,799 · end of year $67,506,516

  • 11 · Investments: publicly traded securities

    beginning of year $133,503,804 · end of year $124,198,442

  • 12 · Investments: other securities

    beginning of year $37,260,232 · end of year $37,196,560

  • 14 · Intangible assets

    beginning of year $6,507,293 · end of year $6,296,753

  • 15 · Other assets

    beginning of year $57,090,631 · end of year $55,326,454

  • 17 · Accounts payable and accrued expenses

    beginning of year $19,777,270 · end of year $11,624,937

  • 21 · Escrow or custodial account liability

    beginning of year $10,720,996 · end of year $9,777,306

  • 23 · Secured mortgages and notes payable

    beginning of year $236,497,622 · end of year $217,573,179

  • 25 · Other liabilities

    beginning of year $1,290,087,156 · end of year $1,285,527,201

  • 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 $94,386,188 · end of year $98,694,848

Mission and programs · 2023

Mission

OUR MISSION IS TO DEVOTE OURSELVES TO FINANCIAL SUCCESS FOR ALL.

  • COLLINS COMMUNITY CREDIT UNION PROVIDES A FULL RANGE OF FINANCIAL PRODUCTS AND SERVICES TO ANYONE WHO LIVES OR WORKS IN BLACK HAWK, DUBUQUE, LINN, JOHNSON, POLK AND THE SURROUNDING COUNTIES. SERVICES INCLUDE, BUT ARE NOT LIMITED TO, FINANCIAL DEPOSITS AND LOAN AND SERVICE ACCOUNTS.

As filed on the 2023 return.

Listed in Part VII

  • Echo Batson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jon Buse

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Karl Cassell

    FINANCIAL OFFICER

    Total calculated
    $0
    Hours/week
    1

  • Heather Friedman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Susan Nelson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Alejandro Pino

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jeremy Price

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Marsha Schulte

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Rue Patel

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Stefanie Rupert

    FORMER PRESIDENT/CHIEF EXECUTIVE OFFICER

    Total calculated
    $498,396
    From this org
    $455,208
    From related orgs
    $0
    Other
    $43,188
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,902
    Bonus
    $0
    Other
    $194,306
    Deferred
    $27,493
    Nontaxable benefits
    $15,695
    Filer's total
    $498,396

  • Benjamin Wickum

    CHIEF FINANCIAL OFFICER

    Total calculated
    $315,086
    From this org
    $272,475
    From related orgs
    $0
    Other
    $42,611
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,054
    Bonus
    $0
    Other
    $12,421
    Deferred
    $24,262
    Nontaxable benefits
    $18,349
    Filer's total
    $315,086

  • Sandra Vaughn

    INTERIM CHIEF EXECUTIVE OFFICER

    Total calculated
    $278,085
    From this org
    $245,311
    From related orgs
    $0
    Other
    $32,774
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,911
    Bonus
    $0
    Other
    $6,400
    Deferred
    $20,775
    Nontaxable benefits
    $11,999
    Filer's total
    $278,085

  • William Parkinson

    PRESIDENT PREFUNDING CUSO

    Total calculated
    $302,342
    From this org
    $267,937
    From related orgs
    $0
    Other
    $34,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,928
    Bonus
    $9,917
    Other
    $4,092
    Deferred
    $16,515
    Nontaxable benefits
    $17,890
    Filer's total
    $302,342

  • John Lewis

    VICE PRESIDENT IT/FACILITIES

    Total calculated
    $249,920
    From this org
    $211,640
    From related orgs
    $0
    Other
    $38,280
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,170
    Bonus
    $0
    Other
    $2,470
    Deferred
    $19,686
    Nontaxable benefits
    $18,594
    Filer's total
    $249,920

  • Randy Johnson

    SENIOR VP COMMERCIAL SERVICES

    Total calculated
    $386,730
    From this org
    $269,043
    From related orgs
    $0
    Other
    $117,687
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,300
    Bonus
    $25,000
    Other
    $17,743
    Deferred
    $91,066
    Nontaxable benefits
    $26,621
    Filer's total
    $386,730

  • Chad Kellog

    VP COMMERICAL SERVICES

    Total calculated
    $320,676
    From this org
    $231,298
    From related orgs
    $0
    Other
    $89,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,780
    Bonus
    $20,000
    Other
    $20,518
    Deferred
    $70,528
    Nontaxable benefits
    $18,850
    Filer's total
    $320,676

  • Ericson Hilbun

    FORMER DIRECTOR WEALTH MANAGEMENT

    Total calculated
    $246,228
    From this org
    $206,014
    From related orgs
    $0
    Other
    $40,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $92,463
    Bonus
    $107,706
    Other
    $5,845
    Deferred
    $19,105
    Nontaxable benefits
    $21,109
    Filer's total
    $246,228

  • Thomas Axvig

    MORTGAGE LOAN OFFICER

    Total calculated
    $234,103
    From this org
    $197,261
    From related orgs
    $0
    Other
    $36,842
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $49,500
    Bonus
    $140,864
    Other
    $6,897
    Deferred
    $17,091
    Nontaxable benefits
    $19,751
    Filer's total
    $234,103

  • Jeffrey Hines

    VP COMMERICAL SERVICES

    Total calculated
    $333,789
    From this org
    $203,286
    From related orgs
    $0
    Other
    $130,503
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,521
    Bonus
    $13,000
    Other
    $19,765
    Deferred
    $104,182
    Nontaxable benefits
    $26,321
    Filer's total
    $333,789

  • Michael Fletcher

    VP COMMERICAL SERVICES

    Total calculated
    $286,955
    From this org
    $186,991
    From related orgs
    $0
    Other
    $99,964
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,023
    Bonus
    $13,000
    Other
    $10,968
    Deferred
    $77,336
    Nontaxable benefits
    $22,628
    Filer's total
    $286,955

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 · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
IN TAX YEAR 2023, COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) PROVIDED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS TO BENJAMIN WICKUM, RANDY JOHNSON, CHAD KELLOGG, JEFFREY HINES, AND MICHAEL FLETCHER. THE CREDIT UNION ALSO PROVIDED HEALTH AND SOCIAL CLUB DUES TO STEPHANIE RUPERT, BENJAMIN WICKUM, RANDY JOHNSON, CHAD KELLOGG, JEFFREY HINES, AND MICHAEL FLETCHER. BOTH OF THESE BENEFITS ARE INCLUDED IN THEIR PART VII AND SCHEDULE J REPORTABLE COMPENSATION.
PART I, LINE 4A:
COLLINS COMMUNITY CREDIT UNION (THE CREDIT UNION) PAID STEFANIE RUPERT, FORMER CHIEF EXECUTIVE OFFICER, $83,939 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. THE CREDIT UNION ALSO PAID ERICSON HILBUN, FORMER DIRECTOR WEALTH MANAGEMENT, $5,769 IN SEVERANCE PAYMENTS DURING CALENDAR YEAR 2023. THESE AMOUNTS ARE REPORTED ON FORM 990, PART VII AND SCHEDULE J, PART II AS OTHER REPORTABLE COMPENSATION.
PART I, LINE 4B:
THE FOLLOWING EXECUTIVES PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP) SPONSORED BY COLLINS COMMUNITY CREDIT UNION. THERE WERE NO CONTRIBUTIONS TO OR DISTRIBUTIONS FROM THE SERP PLAN. THE DEFINED BENEFIT ACCRUAL AMOUNTS SHOWN BELOW ARE INCLUDED ON FORM 990, PART VII AND SCHEDULE J, PART II: MICHAEL FLETCHER - $60,000 DEFINED BENEFIT ACCRUAL JEFFREY HINES - $85,714 DEFINED BENEFIT ACCRUAL RANDY JOHNSON - $66,667 DEFINED BENEFIT ACCRUAL CHAD KELLOGG - $50,000 DEFINED BENEFIT ACCRUAL

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.

  • 1150 PROPERTIES LLC

    INACTIVE · IA · income $0 · assets $0

    Directly controlled by COLLINS COMMUNITY CU

  • COLLINS HOLDING COMPANY CUSO LLC

    HOLDING COMPANY · IA · income $0 · assets $26,350,032

    Directly controlled by COLLINS COMMUNITY CU

  • COLLINS LOAN SERVICES LLC

    COMMERCIAL LOANS · IA · income $1,601,557 · assets $57,859,451

    Directly controlled by COLLINS HOLDING COMPANY

  • COURSEMARK LLC

    EXECUTIVE BENEFITS · IA · income -$741,058 · assets $571,931

    Directly controlled by COLLINS HOLDING COMPANY

  • COLLINS INSURANCE SERVICES

    INSURANCE SERVICES · IA · income $215,742 · assets $6,559,082

    Directly controlled by COLLINS HOLDING COMPANY

Related partnerships

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

  • NORTHTOWNE MARKET LOT 7 LLC

    RELATED · PROPERTY MANAGEMENT · IA · 75% owned · share of income $494,950 · share of assets $11,854,015

    Directly controlled by COLLINS HOLDING COMPANY CUSO LLC

Provenance

Return type
form_990
Tax year
2023
Filed
27 August 2024
IRS schema version
2023v5.1
Source object
202442419349300809

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