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Nonprofiteer
← 37 KEMBA FINANCIAL CREDIT UNION

Form 990 for tax year 2023

Filed by 37 KEMBA FINANCIAL CREDIT UNION.

Totals

Total revenue
$130,544,978
Total expenses
$110,840,448
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$115,275,729
Investment income
$15,269,249
Other revenue
$0
Total assets, end of year
$2,127,675,316
Total liabilities, end of year
$1,891,291,915
Net assets or fund balances, end of year
$236,383,401
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% 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 Interest

    total $88,744,048 · related or exempt $88,744,048 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Fee Income

    total $9,700,019 · related or exempt $9,700,019 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Other Income

    total $16,635,332 · related or exempt $16,635,332 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Insurance Income

    total $118,767 · related or exempt $0 · unrelated business $118,767 · excluded $0

  • 2e · Program service revenue: Non-member Transactional income

    total $77,563 · related or exempt $0 · unrelated business $77,563 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $15,269,049 · related or exempt $15,269,049 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

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

  • 5 · Royalties

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $200

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $200

  • 7d · Net gain or loss

    total $200 · related or exempt $200 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $34,638,212

  • 5 · Compensation of officers, directors and key employees

    total $3,867,949

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $17,148,354

  • 8 · Pension plan contributions

    total $1,515,274

  • 9 · Other employee benefits

    total $5,101,840

  • 10 · Payroll taxes

    total $1,699,071

  • 11a · Fees: management

    total $457,870

  • 11b · Fees: legal

    total $111,241

  • 11c · Fees: accounting

    total $237,546

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $3,600

  • 11g · Fees: other

    total $3,025,657

  • 12 · Advertising and promotion

    total $4,395,396

  • 13 · Office expenses

    total $2,095,866

  • 14 · Information technology

    total $4,041,422

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $1,919,992

  • 17 · Travel

    total $120,286

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $192,567

  • 20 · Interest

    total $4,729,171

  • 21 · Payments to affiliates

    total $164,342

  • 22 · Depreciation, depletion and amortization

    total $4,813,328

  • 23 · Insurance

    total $105,497

  • 24a · Other expenses: Allowance for credit loss

    total $8,735,047

  • 24b · Other expenses: ATM & Debit Card Expense

    total $5,159,158

  • 24c · Other expenses: Loan Servicing Expense

    total $2,567,257

  • 24d · Other expenses: FRAUD LOSS EXPENSE

    total $2,782,935

  • 24e · All other expenses

    total $1,211,570

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,920,203 · end of year $22,194,721

  • 2 · Savings and temporary cash investments

    beginning of year $78,273,553 · end of year $98,640,888

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $5,054,469 · end of year $6,791,790

  • 5 · Loans and receivables from officers and key people

    beginning of year $20,046,736 · end of year $19,721,736

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,482,507,420 · end of year $1,585,453,726

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,248,422 · end of year $6,608,026

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

    $56,157,236

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

    $17,643,336

  • 10c · Land, buildings and equipment, net

    beginning of year $36,249,018 · end of year $38,513,900

  • 11 · Investments: publicly traded securities

    beginning of year $278,734,396 · end of year $310,042,850

  • 12 · Investments: other securities

    beginning of year $2,690,101 · end of year $2,691,115

  • 13 · Investments: program-related

    beginning of year $8,317,646 · end of year $7,909,183

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $26,033,156 · end of year $29,107,381

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,555,048 · end of year $41,090,221

  • 19 · Deferred revenue

    beginning of year $2,111,477 · end of year $1,871,605

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $42,443,356 · end of year $115,378,621

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $1,670,614,525 · end of year $1,732,951,468

  • 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 $216,350,714 · end of year $236,383,401

Mission and programs · 2023

Mission

To provide lending, savings and other financial services to qualifying members at terms generally better than those found in the market place with "cooperative-based emphasis" to our "member owners."

Activities or mission (Part I)

Provide innovative, convenient and competitively priced financial services that contribute to the well being of our members by promoting thrift and providing credit.

  • Provide financial services

As filed on the 2023 return.

Listed in Part VII

  • Mark Decello

    President/CEO

    Total calculated
    $1,061,447
    From this org
    $1,006,219
    From related orgs
    $0
    Other
    $55,228
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $666,423
    Bonus
    $304,050
    Other
    $35,746
    Deferred
    $41,798
    Nontaxable benefits
    $13,430
    Filer's total
    $1,061,447

  • Gerald Guy

    Assistant to President/CEO

    Total calculated
    $787,512
    From this org
    $742,018
    From related orgs
    $0
    Other
    $45,494
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $72,692
    Bonus
    $0
    Other
    $669,325
    Deferred
    $40,528
    Nontaxable benefits
    $4,967
    Filer's total
    $787,512

  • Donna Grimmett

    CFO

    Total calculated
    $420,049
    From this org
    $376,744
    From related orgs
    $0
    Other
    $43,305
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $294,946
    Bonus
    $53,105
    Other
    $28,693
    Deferred
    $30,433
    Nontaxable benefits
    $12,872
    Filer's total
    $420,049

  • Ken Blevins

    Chief Technology Officer

    Total calculated
    $360,239
    From this org
    $315,253
    From related orgs
    $0
    Other
    $44,986
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $252,005
    Bonus
    $47,135
    Other
    $16,113
    Deferred
    $31,650
    Nontaxable benefits
    $13,336
    Filer's total
    $360,239

  • Shernette Henry

    VP Human Resources

    Total calculated
    $330,386
    From this org
    $287,267
    From related orgs
    $0
    Other
    $43,119
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $221,677
    Bonus
    $41,373
    Other
    $24,217
    Deferred
    $29,995
    Nontaxable benefits
    $13,124
    Filer's total
    $330,386

  • Amy Peterman

    Chief Operating Officer

    Total calculated
    $326,822
    From this org
    $288,172
    From related orgs
    $0
    Other
    $38,650
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $243,988
    Bonus
    $35,430
    Other
    $8,754
    Deferred
    $27,279
    Nontaxable benefits
    $11,371
    Filer's total
    $326,822

  • Raid Jarrar

    Chief Lending Officer

    Total calculated
    $312,322
    From this org
    $280,339
    From related orgs
    $0
    Other
    $31,983
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,152
    Bonus
    $34,913
    Other
    $83,273
    Deferred
    $22,105
    Nontaxable benefits
    $9,879
    Filer's total
    $312,322

  • Douglas La Tour

    VP Risk

    Total calculated
    $264,706
    From this org
    $233,767
    From related orgs
    $0
    Other
    $30,939
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $176,521
    Bonus
    $31,010
    Other
    $26,235
    Deferred
    $21,297
    Nontaxable benefits
    $9,643
    Filer's total
    $264,706

  • Derek Sears

    Director of Wealth Management

    Total calculated
    $259,005
    From this org
    $220,984
    From related orgs
    $0
    Other
    $38,021
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,164
    Bonus
    $77,159
    Other
    $11,662
    Deferred
    $18,209
    Nontaxable benefits
    $19,811
    Filer's total
    $259,005

  • Marco Capalino

    Chief Marketing Officer

    Total calculated
    $247,694
    From this org
    $220,152
    From related orgs
    $0
    Other
    $27,542
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,957
    Bonus
    $19,520
    Other
    $3,675
    Deferred
    $20,394
    Nontaxable benefits
    $7,148
    Filer's total
    $247,694

  • Janet Oiler

    VP of Accounting/Controller

    Total calculated
    $246,966
    From this org
    $213,975
    From related orgs
    $0
    Other
    $32,991
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $172,281
    Bonus
    $29,969
    Other
    $11,724
    Deferred
    $19,717
    Nontaxable benefits
    $13,275
    Filer's total
    $246,966

  • Mark Seymour

    Vice President Commercial Business and Loss Prevention

    Total calculated
    $200,198
    From this org
    $181,956
    From related orgs
    $0
    Other
    $18,242
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $44,729
    Bonus
    $27,731
    Other
    $109,495
    Deferred
    $14,865
    Nontaxable benefits
    $3,378
    Filer's total
    $200,198

  • Gretchen Bartholomew

    VP of Operations and Payment Strategy

    Total calculated
    $199,720
    From this org
    $171,539
    From related orgs
    $0
    Other
    $28,181
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $152,441
    Bonus
    $16,414
    Other
    $2,684
    Deferred
    $14,844
    Nontaxable benefits
    $13,337
    Filer's total
    $199,720

  • David Ty Barksdale

    Business Services and SBA Lending Manager

    Total calculated
    $187,833
    From this org
    $163,877
    From related orgs
    $0
    Other
    $23,956
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $130,064
    Bonus
    $25,786
    Other
    $8,028
    Deferred
    $11,115
    Nontaxable benefits
    $12,840
    Filer's total
    $187,833

  • Frank Broering

    Director of Network Services

    Total calculated
    $187,403
    From this org
    $153,359
    From related orgs
    $0
    Other
    $34,044
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $147,435
    Bonus
    $1,800
    Other
    $4,124
    Deferred
    $14,232
    Nontaxable benefits
    $19,812
    Filer's total
    $187,403

  • Scott Reed

    Director of Commercial Credit

    Total calculated
    $184,280
    From this org
    $169,552
    From related orgs
    $0
    Other
    $14,728
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $155,880
    Bonus
    $10,536
    Other
    $3,136
    Deferred
    $14,728
    Nontaxable benefits
    $0
    Filer's total
    $184,280

  • Donna Folberth

    Chairwoman

    Total calculated
    $0
    Hours/week
    5

  • Mike Slaper

    Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • John Elden

    Secretary

    Total calculated
    $0
    Hours/week
    5

  • Steve Perdue

    Treasurer

    Total calculated
    $0
    Hours/week
    5

  • Emmet Apolinario

    Director

    Total calculated
    $0
    Hours/week
    5

  • Rick Mariotti

    Director

    Total calculated
    $0
    Hours/week
    5

  • Maria Guthrie

    Director

    Total calculated
    $0
    Hours/week
    5

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 · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 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

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Tax indemnification and gross-up payment made to current employee Gerald Guy as part of a retirement package.
Schedule J, Part I, Line 3
The board utilizes a credit union compensation expert to assist in establishing salary and total pay for President/CEO. Compensation adjustments for officers and associates other than the CEO/President are reviewed by the Chief Human Resources Officer and President/CEO, compared to industry standards and set to align with market wages.
Schedule J, Part I, Line 4
Severance packages were issued to terminated associates.

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
2023
Filed
2 May 2024
IRS schema version
2023v5.0
Source object
202401239349301960

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