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← 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
$5,786,440
Total expenses
$5,735,719
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$4,128,942
Investment income
$289,617
Other revenue
$1,367,881
Total assets, end of year
$98,979,047
Total liabilities, end of year
$89,046,691
Net assets or fund balances, end of year
$9,932,356
Program services expenses (Part IX)
$5,735,719
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$5,735,719

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 $3,303,794 · related or exempt $3,303,794

  • 2b · Program service revenue: FEE INCOME

    total $825,148 · related or exempt $799,181 · unrelated business $25,967

  • 3 · Investment income

    total $289,617 · excluded $289,617

  • 11a · Other revenue: MISCELLANEOUS

    total $1,271,566 · related or exempt $1,271,566

  • 11b · Other revenue: ANNUITY RECEIPT

    total $96,315 · related or exempt $96,315

  • 11e · Other revenue, total

    $1,367,881

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $2,040,936 · program services $2,040,936

  • 8 · Pension plan contributions

    total $44,148 · program services $44,148

  • 9 · Other employee benefits

    total $114,643 · program services $114,643

  • 10 · Payroll taxes

    total $120,987 · program services $120,987

  • 11g · Fees: other

    total $115,926 · program services $115,926

  • 12 · Advertising and promotion

    total $6,829 · program services $6,829

  • 16 · Occupancy

    total $276,613 · program services $276,613

  • 19 · Conferences, conventions and meetings

    total $109,743 · program services $109,743

  • 20 · Interest

    total $179,545 · program services $179,545

  • 22 · Depreciation, depletion and amortization

    total $80,150 · program services $80,150

  • 23 · Insurance

    total $45,322 · program services $45,322

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $1,315,968 · program services $1,315,968

  • 24b · Other expenses: SHARE EXPENSES

    total $474,428 · program services $474,428

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $462,644 · program services $462,644

  • 24d · Other expenses: OFFICE OPERATIONS

    total $326,874 · program services $326,874

  • 24e · All other expenses

    total $20,963 · program services $20,963

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,136,779 · end of year $1,034,878

  • 2 · Savings and temporary cash investments

    beginning of year $5,781,120 · end of year $2,133,767

  • 4 · Accounts receivable

    end of year $68,576

  • 7 · Other notes and loans receivable

    beginning of year $74,747,925 · end of year $77,023,902

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,217,979 · end of year $2,017,841

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

    $3,543,810

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

    $2,528,517

  • 10c · Land, buildings and equipment, net

    beginning of year $950,625 · end of year $1,015,293

  • 12 · Investments: other securities

    beginning of year $14,710,397 · end of year $14,673,412

  • 15 · Other assets

    beginning of year $1,008,418 · end of year $1,011,378

  • 17 · Accounts payable and accrued expenses

    beginning of year $49,573 · end of year $77,801

  • 23 · Secured mortgages and notes payable

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

  • 25 · Other liabilities

    beginning of year $85,622,035 · end of year $83,968,890

  • 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 $9,881,635 · end of year $9,932,356

Mission and programs · 2022

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 12,500 MEMBERS

    Expenses $5,735,719

As filed on the 2022 return.

Listed in Part VII

  • Scott Rigney

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • John Ebert

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Scott Reckley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Damon Floyd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Charles Hoffman

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Renae Fife

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Keith Wright

    PRESIDENT & CEO

    Total calculated
    $739,221
    From this org
    $739,221
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $202,879
    Bonus
    $0
    Other
    $536,342
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $739,221

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
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202301329349302140

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