2024-11-13T08:14:52-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 366068452 VIBRANT CREDIT UNION VIBR 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO 8003235109 2024-11-11 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-11 2023 2024-10-15 13:58:12Z MATTHEW MCCOMBS 6600 44TH AVE MOLINE IL 61265 55612427 0 X WWW.VIBRANTCREDITUNION.ORG X 1935 IL WORKING TOGETHER TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL MEMBERS THROUGH EXCELLENT SERVICE. 9 9 249 8 650079 420951 0 0 31076319 39809739 4043047 2641002 12789803 4857971 47909169 47308712 0 0 0 0 18212187 17613724 0 0 0 24512347 34349416 42724534 51963140 5184635 -4654428 1031061735 1054150884 959287579 988955075 71774156 65195809 WORKING TOGETHER TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR ALL MEMBERS THROUGH EXCELLENT SERVICE. 0 0 PROVIDE CONSIDERABLE LOANS TO MEMBERS. TOTAL NUMBER OF CONSUMER AND MORTAGE LOANS OUTSTANDING WAS 16,600. PROVIDED DEPOSITORY SERVICES TO APPROXIMATELY 44,200 MEMBERS. PROVIDED CREDIT CARD SERVICES TO APPROXIMATELY 13,200 ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 22338 0 1 249 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 1 0 X MATTHEW MCCOMBS 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO 40.00 X X 634716 0 52494 KEVIN PETERSON CHIEF FINANCIAL OFFICER 40.00 X 272771 0 51082 MEGAN ANDERSON CHIEF REVENUE OFFICER 40.00 X 235796 0 44044 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 40.00 X 229166 0 23930 STEPHEN OWINGS VP SOFTWARE DATA DEVELOPMENT 40.00 X 169861 0 50743 JENNIFER BOWE SVP IT DEVELOPMENT 40.00 X 190052 0 19455 ASHLEE COOPER SVP SALES & SERVICE 40.00 X 173034 0 34241 CALE VANGENDEREN SVP LOAN PROGRAMS 40.00 X 160520 0 41854 TIFFANY HAEDT EXECUTIVE OFFICER 40.00 X 140509 0 29253 TERRY BRAHM FORMER DIRECTOR 1.00 X 0 0 0 MARK COOPER DIRECTOR 1.00 X 0 0 0 NICK KREMER VICE CHAIRMAN 1.00 X 0 0 0 ANDRES PASANTES DIRECTOR 1.00 X 0 0 0 MICHAEL PEASE DIRECTOR 1.00 X 0 0 0 JAMES JIM ED POGUE DIRECTOR 1.00 X 0 0 0 TIM SCARLETT DIRECTOR 1.00 X 0 0 0 BOB SWIFT DIRECTOR 1.00 X 0 0 0 NICK TARPEIN CHAIRMAN 1.00 X 0 0 0 JULIE VERHEECKE SECRETARY/TREASURER 1.00 X 0 0 0 2206425 0 347096 25 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 BANKING SOFTWARE AND SERVICE 2427296 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 BANKING SOFTWARE AND SERVICE 671325 LIGHTEDGE SOLUTIONS INC PO BOX 874074 KANSAS CITY MO 64187 DATA CENTER 582221 SHIFT INTERACTIVE 1220 NE STATION CROSSING GRIMES IA 50111 DATA TECHNOLOGY 446250 FIVE9 INC 4000 EXECUTIVE PARKWAY 400 SAN RAMON CA 94583 PHONE SERVICES 341222 18 LOANS INTEREST 522100 32195115 32195115 FEE INCOME 522100 6387399 6387399 LOAN FEES 522100 1149408 1149408 ATM FEES 522100 77817 24444 53373 39809739 5693215 5693215 86249 0 86249 86249 86249 4683000 7735213 -3052213 -3052213 -3052213 1165208 568502 596706 596706 OVERDRAFT CHARGES 522100 2772642 2772642 MISCELLANEOUS OPERATING INCOME 522100 1402374 1402374 4175016 47308712 43931382 650079 2727251 1543999 12532898 600548 1765709 1170570 161978 603890 1253546 920484 876943 2001561 1787016 57564 5335076 3442705 INCOME TAX EXPENSE 96269 DIVIDENDS PAID TO MEMBE 8218861 SERVICE CHARGES & VISA 4773899 PROVISION FOR LOAN LOSS 2095997 2723627 51963140 10345870 7810328 42159471 58111133 11863200 13087706 750639038 784695235 31341 125937 5596611 7380962 46431545 7747564 40169237 38683981 130075667 117034112 40181300 27221490 1031061735 1054150884 187897510 187224551 555061 878503 770835008 800852021 959287579 988955075 X 0 0 0 0 71774156 65195809 71774156 65195809 1031061735 1054150884 X -4654428 -2350091 426172 X X 0 1 X 1 0 0 1 X 3195681 3195681 34233024 3782078 30450946 8482974 3689494 4793480 519866 275992 243874 38683981 MORTGAGE LOANS INVESTMENT 108266554 C FEDERAL HOME LOAN BANK STOCK 8767558 C 117034112 MEMBERS' DEPOSITS ACCOUNTS 676177152 NONMEMBER CERTIFICATES OF DEPOSIT 124674869 800852021 X PART IV, LINE 2B: VIBRANT CREDIT UNION COLLECTS AMOUNTS FROM MEMBERS WITH REAL ESTATE LOANS EACH MONTH VIA THEIR CONTRACTUAL PAYMENT SCHEDULE. THESE FUNDS ARE HELD IN ESCROW UNTIL THEY NEED TO BE DISBURSED IN ACCORDANCE WITH THE ESCROW INSTRUCTIONS FOR EACH MEMBER. AMOUNTS HELD IN ESCROW ARE FOR PROPERTY TAXES AND HOMEOWNER'S INSURANCE. PART X, LINE 2: VIBRANT CREDIT UNION (THE CREDIT UNION) IS EXEMPT FROM INCOME TAXES UNDER PROVISIONS OF THE INTERNAL REVENUE CODE AND STATES OF ILLINOIS AND IOWA TAX LAWS. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS PRODUCES THE RISK THAT CERTAIN SOURCES OF INCOME ARE NOT RELATED TO THE EXEMPT PURPOSE OF A STATE-CHARTERED CREDIT UNION AND ARE SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT). THE CREDIT UNION FILES INCOME TAX RETURNS FOR ITS UNRELATED BUSINESS INCOME. IN THE OPINION OF MANAGEMENT, ANY FURTHER LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THEY HAVE TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. X 1 1 X X X X 0 0 0 MATTHEW MCCOMBS PRESIDENT/CEO 508875 0 125481 0 360 0 19800 0 32694 0 687210 0 0 0 KEVIN PETERSON CHIEF FINANCIAL OFFICER 260395 0 11836 0 540 0 22500 0 28582 0 323853 0 0 0 MEGAN ANDERSON CHIEF REVENUE OFFICER 223600 0 11836 0 360 0 14650 0 29394 0 279840 0 0 0 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 214298 0 12493 0 2375 0 13697 0 10233 0 253096 0 0 0 STEPHEN OWINGS VP SOFTWARE DATA DEVELOPMENT 168395 0 1250 0 216 0 22500 0 28243 0 220604 0 0 0 JENNIFER BOWE SVP IT DEVELOPMENT 182067 0 7660 0 325 0 17901 0 1554 0 209507 0 0 0 ASHLEE COOPER SVP SALES & SERVICE 138335 0 34469 0 230 0 7474 0 26767 0 207275 0 0 0 CALE VANGENDEREN SVP LOAN PROGRAMS 156239 0 3945 0 336 0 12905 0 28949 0 202374 0 0 0 TIFFANY HAEDT EXECUTIVE OFFICER 133252 0 6976 0 281 0 0 0 29253 0 169762 0 0 0 PART I, LINE 1A HEALTH CLUB DUES: THIS BENEFIT IS PROVIDED TO MATTHEW MCCOMBS, CHIEF EXECUTIVE OFFICER, OF VIBRANT CREDIT UNION. THE FAIR MARKET VALUE OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J. TERRY BRAHM DIRECTOR/OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 4601151 5366029 0 1 1 MATTHEW MCCOMBS DIRECTOR/OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 3812049 4133618 0 1 1 PETER NOHELTY KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 3450000 3588059 0 1 1 13087706 FORM 990, PART VI, SECTION A, LINE 6 VIBRANT CREDIT UNION HAS MEMBERS AS PROVIDED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A VIBRANT CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE REVIEWED BY THE ORGANIZATION'S CHIEF FINANCIAL OFFICER, AND A FINAL COPY WILL BE PROVIDED TO THE BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST WHICH IS UNACCEPTABLE IS BROADLY DEFINED AS AN INSIDER TAKING ADVANTAGE OF THEIR UNIQUE POSITION FOR PERSONAL GAIN AT THE EXPENSE OF THE CREDIT UNION. INSIDERS ARE BROADLY DEFINED AS BOARD MEMBERS, COMMITTEE MEMBERS, MANAGEMENT, STAFF, AND SUBSTANTIAL THIRD PARTY VENDORS, AND ARE MORE THOROUGHLY DEFINED BELOW. THE TEST FOR DETERMINING WHO IS AN INSIDER REQUIRES THE FOLLOWING TWO BASIC ELEMENTS: - THE EXISTENCE OF A RELATIONSHIP GIVING ACCESS, DIRECTLY OR INDIRECTLY TO INFORMATION INTENDED TO BE AVAILABLE ONLY FOR A CORPORATE PURPOSE AND NOT FOR THE PERSONAL BENEFIT OF ANYONE. - THE INHERENT UNFAIRNESS INVOLVED WHERE AN INSIDER TAKES ADVANTAGE OF SUCH INFORMATION KNOWING IT IS UNAVAILABLE TO THOSE WITH WHOM HE/SHE IS DEALING. TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST, IT WILL BE NECESSARY FOR EVERY INSIDER TO PROVIDE AN ANNUAL STATEMENT OUTLINING SPECIFIC RELATIONS AND SITUATIONS. ALL NEW HIRES AND NEW DIRECTORS WILL COMPLETE THE CONFLICT OF INTEREST STATEMENTS PRIOR TO EMPLOYMENT OR ELECTION. THE PRESIDENT/CEO OR HIS/HER DESIGNEE WILL BE RESPONSIBLE FOR THE COLLECTION AND RETENTION OF ALL DIRECTORS, MANAGEMENT, AND EMPLOYEE STATEMENTS. REVIEW OF DIRECTOR, MANAGEMENT, AND EMPLOYEE STATEMENTS IS THE RESPONSIBILITY OF THE AUDIT DEPARTMENT. EACH SITUATION MUST BE HANDLED ON A CASE BY CASE BASIS BY THE BOARD OF DIRECTORS, PRESIDENT/CEO, AND OUTSIDE COUNSEL, IF REQUIRED. FORM 990, PART VI, SECTION B, LINE 15A THE EXECUTIVE COMMITTEE PARTNERED WITH A THIRD PARTY EXECUTIVE COMPENSATION FIRM KNOWN AS PEARL MEYER TO CONDUCT A REVIEW OF THE CHIEF EXECUTIVE OFFICER'S TOTAL COMPENSATION PACKAGE. AS A PART OF THE SCOPE OF THAT ENGAGEMENT, PEARL MEYER ALSO PROVIDED CONSULTATION TO THE EXECUTIVE COMMITTEE REGARDING COMMON COMPENSATION PRACTICES, MARKET DATA, PEER COMPARISONS DATA, AND GUIDED DISCUSSION AROUND THE COMMITTEE'S EXPECTATIONS AND DESIRES WHEN IT COMES TO THE CHIEF EXECUTIVE OFFICER'S COMPENSATION PHILOSOPHY. AS AN OUTCOME OF THAT ENGAGEMENT, THE EXECUTIVE COMMITTEE DEFINED AND CREATED THE VIBRANT CREDIT UNION CHIEF EXECUTIVE OFFICER COMPENSATION PHILOSOPHY. THE PHILOSOPHY OUTLINES THE INTENT OF THE CHIEF EXECUTIVE OFFICER'S TOTAL COMPENSATION PLAN ALONG WITH A DEFINED TARGET AT THE MEDIAN OF THE MARKETPLACE IN WHICH VIBRANT COMPETES FOR EXECUTIVE TALENT. THE EXECUTIVE COMMITTEE USED THE SALARY SURVEY DATA PROVIDED BY PEARL MEYER TO ESTABLISH THE CHIEF EXECUTIVE OFFICER'S 2022 COMPENSATION. PEARL MEYER USED THE PEARL MEYER CREDIT UNION COMPENSATION SURVEY, CREDIT UNION EXECUTIVE SOCIETY EXECUTIVE COMPENSATION SURVEY, AND THE NATIONAL BANKING SURVEY. THE SAME PRINCIPLES AS OUTLINED IN THE PHILOSOPHY ARE USED ANNUALLY BY THE EXECUTIVE COMMITTEE TO PROPOSE AND APPROVE THE CHIEF EXECUTIVE OFFICER'S ANNUAL COMPENSATION. THE BOARD CHAIR WILL BRING TO THE EXECUTIVE COMMITTEE A RECOMMENDATION FOR THE CHIEF EXECUTIVE OFFICER'S ANNUAL COMPENSATION, THE RECOMMENDATION IS DISCUSSED, TAKEN TO VOTE, AND THE DECISION IS CAPTURED IN MEETING MINUTES. THE CHIEF EXECUTIVE OFFICER'S LAST APPROVED ANNUAL COMPENSATION CHANGE OCCURRED DURING THE EXECUTIVE COMMITTEE'S JULY 17, 2023 MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: DEFINED BENEFIT PLAN NET ASSET 395,289. CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION 30,883. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 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