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← DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND

Form 990 for tax year 2024

Filed by DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND.

Totals

Total revenue
$144,540,713
Total expenses
$135,991,974
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$135,401,681
Investment income
$9,139,032
Other revenue
$0
Total assets, end of year
$2,126,245,937
Total liabilities, end of year
$1,897,484,606
Net assets or fund balances, end of year
$228,761,331
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

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: INTEREST - LOANS

    total $97,368,159 · related or exempt $97,368,159

  • 2b · Program service revenue: SERVICE & MEMBER FEES

    total $12,483,152 · related or exempt $11,354,853 · unrelated business $1,128,299

  • 2c · Program service revenue: CREDIT CARD INCOME

    total $11,555,325 · related or exempt $11,555,325

  • 2d · Program service revenue: INSURANCE COMMISSIONS

    total $2,886,310 · related or exempt $2,886,310

  • 2e · Program service revenue: INT BEARING DEPOSITS

    total $6,811,789 · related or exempt $6,811,789

  • 2f · All other program service revenue

    total $4,296,946 · related or exempt $4,296,946 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $6,736,549 · related or exempt $6,736,549

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $2,402,483

  • 7c · Gain or loss

    securities $0 · other assets $2,402,483

  • 7d · Net gain or loss

    total $2,402,483 · related or exempt $2,402,483

  • 8c · Net income from fundraising events

    total $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,411,345

  • 7 · Other salaries and wages

    total $25,719,388

  • 8 · Pension plan contributions

    total $775,018

  • 9 · Other employee benefits

    total $3,867,627

  • 10 · Payroll taxes

    total $1,979,387

  • 11b · Fees: legal

    total $681,725

  • 11c · Fees: accounting

    total $174,017

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $329,002

  • 13 · Office expenses

    total $2,077,666

  • 14 · Information technology

    total $6,659,911

  • 16 · Occupancy

    total $4,602,385

  • 19 · Conferences, conventions and meetings

    total $384,529

  • 20 · Interest

    total $39,107,068

  • 22 · Depreciation, depletion and amortization

    total $3,765,567

  • 23 · Insurance

    total $607,966

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $15,631,325

  • 24b · Other expenses: COLLECTIONS

    total $1,177,235

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $3,663,341

  • 24d · Other expenses: OUTSIDE SERVICES

    total $4,243,284

  • 24e · All other expenses

    total $18,134,188

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,457,424 · end of year $19,615,806

  • 2 · Savings and temporary cash investments

    beginning of year $148,294,692 · end of year $158,105,590

  • 5 · Loans and receivables from officers and key people

    beginning of year $10,795,623 · end of year $11,837,810

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $1,598,511,662 · end of year $1,607,966,562

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

    $73,787,453

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

    $28,751,718

  • 10c · Land, buildings and equipment, net

    beginning of year $44,348,525 · end of year $45,035,735

  • 12 · Investments: other securities

    beginning of year $222,288,288 · end of year $242,788,276

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $38,271,219 · end of year $40,896,158

  • 21 · Escrow or custodial account liability

    beginning of year $2,324,283 · end of year $2,547,843

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,854,510,770 · end of year $1,894,936,763

  • 31 · Retained earnings, endowment or other funds

    beginning of year $220,132,380 · end of year $228,761,331

Mission and programs · 2024

Mission

STATE CHARTERED AND FEDERALLY INSURED CREDIT UNION WHICH GRANTS CONSUMER LOANS INCLUDING CREDIT CARDS AND OPEN-END CREDIT, MORTGAGE LOANS AND BUSINESS LOANS TO ITS MEMBERS.

Activities or mission (Part I)

STATE CHARTERED AND FEDERALLY INSURED CREDIT UNION WHICH GRANTS CONSUMER LOANS INCLUDING CREDIT CARDS, MORTGAGE LOANS, AND BUSINESS LOANS TO ITS MEMBERS.

  • CREDIT UNION PROGRAMS. ALL ACTIVITIES ARE STATE CHARTERED CREDIT UNION ACTIVITIES WHICH ARE EXEMPT UNDER SECTION 501(C)(14)

As filed on the 2024 return.

Listed in Part VII

  • Christopher Orben

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.7

  • Donald Jackson

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • Gina Pleak

    Director

    Total calculated
    $7,168
    From this org
    $7,168
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Jim Bickel

    SECRETARY/TREASURER

    Total calculated
    $13,216
    From this org
    $13,216
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Jody Heazlitt

    Supervisory Chair

    Total calculated
    $12,432
    From this org
    $12,432
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Joseph Brown

    BOARD VICE PRESIDENT

    Total calculated
    $11,872
    From this org
    $11,872
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.3

  • Kesavan Venugopal

    DIRECTOR

    Total calculated
    $11,872
    From this org
    $11,872
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • Kevina Schumaker

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Mary Stroh

    DIRECTOR

    Total calculated
    $10,752
    From this org
    $10,752
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Michael Fleetwood

    Supervisory Committee Member

    Total calculated
    $4,032
    From this org
    $4,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Randy Profitt

    BOARD CHAIR

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.1

  • S Shawnn Storms

    Supervisory Committee Member

    Total calculated
    $4,032
    From this org
    $4,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Shannon Jenkins

    Supervisory Committee Member

    Total calculated
    $2,688
    From this org
    $2,688
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.4

  • Brad Davis

    CHIEF GROWTH OFFICER

    Total calculated
    $343,298
    From this org
    $315,966
    From related orgs
    $0
    Other
    $27,332
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $255,545
    Bonus
    $60,421
    Other
    $0
    Deferred
    $9,181
    Nontaxable benefits
    $18,151
    Filer's total
    $343,298

  • David Mann

    CHIEF FINANCIAL OFFICER

    Total calculated
    $421,966
    From this org
    $402,668
    From related orgs
    $0
    Other
    $19,298
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $327,397
    Bonus
    $75,271
    Other
    $0
    Deferred
    $9,471
    Nontaxable benefits
    $9,827
    Filer's total
    $421,966

  • Patricia Knorr

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $206,121
    From this org
    $196,577
    From related orgs
    $0
    Other
    $9,544
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $65,563
    Bonus
    $59,456
    Other
    $71,558
    Deferred
    $1,967
    Nontaxable benefits
    $7,577
    Filer's total
    $206,121

  • Paul Adrian

    CHIEF INFORMATION OFFICER

    Total calculated
    $146,785
    From this org
    $138,655
    From related orgs
    $0
    Other
    $8,130
    Hours/week
    45

  • Rick Silvers

    PRESIDENT & CEO

    Total calculated
    $849,188
    From this org
    $813,397
    From related orgs
    $0
    Other
    $35,791
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $620,453
    Bonus
    $192,944
    Other
    $0
    Deferred
    $9,900
    Nontaxable benefits
    $25,891
    Filer's total
    $849,188

  • Swaminathan Seetharaman

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $318,324
    From this org
    $287,992
    From related orgs
    $0
    Other
    $30,332
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $243,541
    Bonus
    $44,451
    Other
    $0
    Deferred
    $7,351
    Nontaxable benefits
    $22,981
    Filer's total
    $318,324

  • Brent Parks

    SVP TECHNOLOGY

    Total calculated
    $231,320
    From this org
    $209,125
    From related orgs
    $0
    Other
    $22,195
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $181,148
    Bonus
    $27,977
    Other
    $0
    Deferred
    $3,048
    Nontaxable benefits
    $19,147
    Filer's total
    $231,320

  • Carl Fry

    SVP FINANCE

    Total calculated
    $206,235
    From this org
    $192,919
    From related orgs
    $0
    Other
    $13,316
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $167,533
    Bonus
    $25,386
    Other
    $0
    Deferred
    $5,056
    Nontaxable benefits
    $8,260
    Filer's total
    $206,235

  • Doug Sharkey

    SVP MORTGAGE LOAN DELIVERY

    Total calculated
    $244,316
    From this org
    $221,068
    From related orgs
    $0
    Other
    $23,248
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $192,041
    Bonus
    $29,027
    Other
    $0
    Deferred
    $5,769
    Nontaxable benefits
    $17,479
    Filer's total
    $244,316

  • Karl Kissinger

    SVP BUSINESS SERVICES

    Total calculated
    $230,180
    From this org
    $207,780
    From related orgs
    $0
    Other
    $22,400
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $180,980
    Bonus
    $26,800
    Other
    $0
    Deferred
    $5,429
    Nontaxable benefits
    $16,971
    Filer's total
    $230,180

  • Melissa Jewell

    SVP TEAM MEMBER EXPERIENCE

    Total calculated
    $216,520
    From this org
    $200,717
    From related orgs
    $0
    Other
    $15,803
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $174,313
    Bonus
    $26,404
    Other
    $0
    Deferred
    $6,021
    Nontaxable benefits
    $9,782
    Filer's total
    $216,520

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 · Health or social club dues or initiation fees
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Health or social club dues or initiation fees
CENTRA CREDIT UNION DOES NOT HAVE A WRITTEN POLICY REGARDING PAYMENT OR REIMBURSEMENT OF THE EXPENSES DESCRIBED IN 1A. HOWEVER, THE ORGANIZATION DID REQUIRE SUBSTANTIATION PRIOR TO REIMBURSING THE EXPENSES INCURRED. RICK SILVERS, DAVE MANN, BRAD DAVIS, AND SWAMI SEETHARAMAN RECEIVED CLUB DUES AND THAT WAS TREATED AS TAXABLE INCOME.
Schedule J, Part I, Line 1b Written policy regarding payment or reimbursement of expenses
Board reviewed and approved.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
PARTICIPATION IN SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: CENTRA CREDIT UNION PARTICIPATES IN A 457(F) PLAN. TODD CHECK, AQUISITION AGREEMENT OF TITLE COMPANY, AND SWAMINATHAN SEETHARAMAN, SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, PARTICIPATED. IN ADDITION THE INDIVIDUALS LISTED BELOW ALSO PARTICIPATE IN SPLIT DOLLAR LIFE INSURANCE PLANS: - BRAD DAVIS - PARTICIA KNORR - DAVID MANN - NORB ADRIAN - RICK SILVERS - DAN ROBBINS

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.

  • CENTRA FINANCIAL SERVICES LLC

    BANKING · IN · income $3,387,785 · assets $11,708,638

    Directly controlled by CENTRA CU

  • CFS TITLE LLC

    TITLE SERVICE · IN · income $1,321,441 · assets $2,561,979

    Directly controlled by CENTRA CU

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202511359349313156

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