Skip to content
Nonprofiteer
← 0197 UNIVERSAL 1 CREDIT UNION INC

Form 990 for tax year 2023

Filed by 0197 UNIVERSAL 1 CREDIT UNION INC.

Totals

Total revenue
$26,354,343
Total expenses
$23,575,926
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$21,363,880
Investment income
$4,990,463
Other revenue
$0
Total assets, end of year
$417,035,587
Total liabilities, end of year
$377,657,026
Net assets or fund balances, end of year
$39,378,561
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: LOAN INTEREST & FEE INCOME

    total $18,511,198 · related or exempt $18,485,365 · unrelated business $25,833

  • 2b · Program service revenue: OTHER INCOME

    total $2,687,800 · related or exempt $2,621,895 · unrelated business $65,905

  • 2c · Program service revenue: INSURANCE INCOME

    total $164,882 · related or exempt $90,167 · unrelated business $74,715

  • 3 · Investment income

    total $5,006,552 · excluded $5,006,552

  • 7a · Gross sales of assets other than inventory

    securities $6 · other assets $9,267

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

    securities $3 · other assets $25,359

  • 7c · Gain or loss

    securities $3 · other assets -$16,092

  • 7d · Net gain or loss

    total -$16,089 · excluded -$16,089

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,763,209

  • 7 · Other salaries and wages

    total $3,614,329

  • 8 · Pension plan contributions

    total -$326,123

  • 9 · Other employee benefits

    total $657,364

  • 10 · Payroll taxes

    total $372,297

  • 11a · Fees: management

    total $238,359

  • 11b · Fees: legal

    total $124,330

  • 11c · Fees: accounting

    total $177,502

  • 11f · Fees: investment management

    total $100,654

  • 12 · Advertising and promotion

    total $270,336

  • 13 · Office expenses

    total $940,540

  • 14 · Information technology

    total $2,958,714

  • 16 · Occupancy

    total $911,700

  • 17 · Travel

    total $39,231

  • 19 · Conferences, conventions and meetings

    total $40,845

  • 20 · Interest

    total $19

  • 21 · Payments to affiliates

    total $88,147

  • 22 · Depreciation, depletion and amortization

    total $466,411

  • 23 · Insurance

    total $94,630

  • 24a · Other expenses: PROVISIONS FOR LOAN LOS

    total $6,633,534

  • 24b · Other expenses: MEMBER DIVIDEND PAID

    total $3,213,223

  • 24c · Other expenses: LOAN EXPENSE

    total $951,761

  • 24d · Other expenses: MISCELLANEOUS

    total $244,914

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,350,091 · end of year $2,422,846

  • 2 · Savings and temporary cash investments

    beginning of year $72,604,655 · end of year $53,853,819

  • 4 · Accounts receivable

    beginning of year $2,424,774 · end of year $361,988

  • 7 · Other notes and loans receivable

    beginning of year $264,264,860 · end of year $244,260,402

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,934,677 · end of year $2,667,430

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

    $24,003,469

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

    $17,062,673

  • 10c · Land, buildings and equipment, net

    beginning of year $7,426,380 · end of year $6,940,796

  • 12 · Investments: other securities

    beginning of year $90,998,076 · end of year $94,313,782

  • 15 · Other assets

    beginning of year $9,078,839 · end of year $12,214,524

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,017,518 · end of year $2,471,507

  • 21 · Escrow or custodial account liability

    beginning of year $444,388 · end of year $415,384

  • 25 · Other liabilities

    beginning of year $417,211,715 · end of year $374,770,135

  • 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 $33,408,731 · end of year $39,378,561

Mission and programs · 2023

Mission

TO ADVANCE THE CREDIT UNION IDEAL OF A MEMBER OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE: TO PROVIDE AND PROMOTE THE USE OF NUMEROUS INNOVATIVE AND HIGH QUALITY FINANCIAL SERVICES FEATURING COMPETITIVE BENEFITS AND ADVANTAGES TO HELP MEMBERS GAIN PERSONAL FINANCIAL SUCCESS; AND TO EXTEND SERVICES EMPHASIZNG FINANCIAL EDUCATION THROUGHOUT THE MEMBERSHIP AND COMMUNITY.

Activities or mission (Part I)

STATE-CHARTERED CREDIT UNION ORGANIZED TO PROVIDE MEMBERS WITH FINANCIAL SERVICES AND PRODUCTS.

  • LENDING TO CREDIT UNION MEMBERS: WE PROVIDED 7,427 CREDIT CARD AND LINE OF CREDIT LOANS; 7,546 VEHICLE LOANS; 1,241 MORTGAGE LOANS; AND 521 OTHER LOANS TO MEMBERS IN 2023

  • PROVIDING FINANCIAL SERVICES TO CREDIT UNION MEMBERS: WE PROVIDED 30,601 CHECKING ACCOUNTS; 36,258 SAVINGS ACCOUNTS; 1,038 MONEY MARKET ACCOUNTS; 1,281 RETIREMENT ACCOUNTS; 2,616 CERTIFICATES OF DEPOSIT; AND 3,116 OTHER ACCOUNTS TO MEMBERS IN 2023.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jessica O Jones

    PRESIDENT/CEO

    Total calculated
    $401,612
    From this org
    $371,949
    From related orgs
    $0
    Other
    $29,663
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $331,627
    Bonus
    $40,000
    Other
    $322
    Deferred
    $26,400
    Nontaxable benefits
    $3,263
    Filer's total
    $401,612

  • Thomas J Hickey

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Jeffrey W Gammell

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rosemary D Domansky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael P Thonnerieux

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Nancy J Stapp

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jason A Kershner

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kathryn M Lewis

    TREASURE/CFO

    Total calculated
    $201,251
    From this org
    $159,948
    From related orgs
    $0
    Other
    $41,303
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $140,325
    Bonus
    $19,300
    Other
    $323
    Deferred
    $13,206
    Nontaxable benefits
    $28,097
    Filer's total
    $201,251

  • Lisa N Schaefer

    CHIEF OPERATIONS OFFICER

    Total calculated
    $201,800
    From this org
    $157,555
    From related orgs
    $0
    Other
    $44,245
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $138,109
    Bonus
    $19,300
    Other
    $146
    Deferred
    $13,206
    Nontaxable benefits
    $31,039
    Filer's total
    $201,800

  • Daniel L Gouge

    VP-DIGITAL STRATEGY

    Total calculated
    $150,123
    From this org
    $107,079
    From related orgs
    $0
    Other
    $43,044
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $90,191
    Bonus
    $16,300
    Other
    $588
    Deferred
    $9,409
    Nontaxable benefits
    $33,635
    Filer's total
    $150,123

  • Michael L Hardwick

    CHIEF INFORMATION OFFICER

    Total calculated
    $179,475
    From this org
    $164,991
    From related orgs
    $0
    Other
    $14,484
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $145,691
    Bonus
    $19,300
    Other
    $0
    Deferred
    $13,199
    Nontaxable benefits
    $1,285
    Filer's total
    $179,475

  • Karen N Shroyer

    CAO

    Total calculated
    $152,985
    From this org
    $140,631
    From related orgs
    $0
    Other
    $12,354
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $126,008
    Bonus
    $14,300
    Other
    $323
    Deferred
    $11,225
    Nontaxable benefits
    $1,129
    Filer's total
    $152,985

  • Carol J Kucera

    EXECUTIVE ADMIN ASST

    Total calculated
    $46,993
    From this org
    $44,705
    From related orgs
    $0
    Other
    $2,288
    Hours/week
    36

  • Ceedra Allen

    VP-COMPLIANCE

    Total calculated
    $89,334
    From this org
    $64,851
    From related orgs
    $0
    Other
    $24,483
    Hours/week
    36

  • Molly L Fennell

    VP-OPERATIONS

    Total calculated
    $132,973
    From this org
    $96,376
    From related orgs
    $0
    Other
    $36,597
    Hours/week
    36

  • Lawrence J Fernandez

    VP-LENDING

    Total calculated
    $127,102
    From this org
    $113,444
    From related orgs
    $0
    Other
    $13,658
    Hours/week
    36

  • Amber Beard

    VP-HUMAN RESOURCES

    Total calculated
    $47,645
    From this org
    $43,138
    From related orgs
    $0
    Other
    $4,507
    Hours/week
    36

  • Rodney Pinkney

    VP-RISK MANAGEMENT

    Total calculated
    $31,916
    From this org
    $29,557
    From related orgs
    $0
    Other
    $2,359
    Hours/week
    36

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
BOARD OF DIRECTORS COMPANIONS RECEIVED A 1099-NEC IF THEIR TRAVEL EXPENSES WERE GREATER THAN $600.
PART I, LINE 4B
THE CREDIT UNION HAS SUPPLEMENTAL NONQUALIFIED DEFERRED COMPENSATION AGREEMENTS WITH CERTAIN KEY OFFICERS. THE AGREEMENTS GENERALLY PROVIDE BENEFITS IN A LUMP SUM PAYMENT AT CERTAIN DATES DEFINED IN THE INDIVIDUAL AGREEMENTS. THE DATES ESTABLISHED APPROXIMATE THE RETIREMENT DATE OF THE INDIVIDUAL OFFICER. PARTICIPANTS ARE JESSICA JONES, KATHRYN LEWIS, LISA SCHAEFER AND MICHAEL HARDWICK. DURING 2023 NO EMPLOYER CONTRIBUTIONS WERE MADE.

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
16 October 2024
IRS schema version
2023v5.1
Source object
202412979349301521

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.