2024-11-13T16:42:28-07:00 2023-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-01-01 356025844 BEACON CREDIT UNION BEAC 2605637443 586 S Wabash Street Wabash IN 46992 Steven Caryer Chief Financial Officer 2605637443 2024-11-13 1 1 Michael Summers P00838533 3173833663 2024-11-13 2023 2024-10-15 13:58:12Z Dustin Cuttriss 586 S Wabash Street Wabash IN 46992 62364536 0 X www.beaconcu.org X State Chartered Credit Union 1931 IN This organization is a credit union exempt under IRS Code 501(c) (14) (A). It is a Cooperative Financial Institution. 7 7 309 10 335400 25923 0 0 42873914 48734269 9250187 12921555 647305 634269 52771406 62290093 100000 28646 0 0 24729380 22513445 0 0 0 22881373 35441114 47710753 57983205 5060653 4306888 1501055945 1517175065 1352447520 1357399599 148608425 159775466 This organization is a credit union exempt under IRS Code 501 (c) (14) (A). It is a Cooperative Financial Institution. The organization provides fair and competitive financial products responsive to the needs of the member-owners. 0 0 Beacon provides multiple types of loan products responsive to the needs of its members including Agriculture loans, Mortgage loans, and Consumer loans. It has 10,950 individual loans totaling $1,005,544,512 Beacon Credit Union provides a superior member service experience by offering competitive deposit rates and deposit products to its members. It has 102,997 Savings accounts totaling $1,260,730,817 Beacon Credit Union provides 19 Full Service branches, 7 Loan Production offices and 2 back office facilities to meet the operational demands of over 47,000 members. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 57319 0 1 309 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 IN X Steve Caryer 2605637443 586 S Wabash Street Wabash IN 46992 Dustin Cuttriss President/CEO 40 1 X 649966 0 55076 Dan Sparling VP of Finance 40 0 X 446994 0 119954 Kevin Willour Former President/CEO left 01/2023 40 0 X 373497 0 76011 Todd Beehler Chief Strategy Officer 40 0 X 281845 0 89680 Ryan Showley Chief Information Officer 40 0 X 244989 0 75073 Steve Caryer Chief Financial Officer 40 1.00 X 293697 0 24038 Lori Eltzroth Chief Admin Officer 40 0 X 231449 0 69255 Dawn Aschleman Chief Operations Officer 40 0 X 241784 0 44096 Trisha Loker Chief Credit Officer 40 0 X 214061 0 35768 Tiffany Haupert Investment Services Manager 40 0 X 184250 0 56429 Marc Briney Chief Marketing Officer 40 0 X 217985 0 21360 Craig Bright VP Ag Lending Operations 40 0 X 194808 0 17727 Danielle Hicks-Appleton Senior Ag Loan Officer 40 0 X 158570 0 22366 Jodie Creek Senior Ag Loan Officer 40 0 X 152568 0 20804 Herbert Horrom Chairman 2 0 X 0 0 0 John Peters Secretary/Treasurer 2 0 X 0 0 0 Dennis Post Director 2 0 X 0 0 0 Dr Lindsay Culver Director 2 0 X 0 0 0 Jim Yates Director 2 0 X 0 0 0 Sarah Delbecq Director 2 0 X 0 0 0 Paul Hartman Director 2 0 X 0 0 0 3886463 0 727637 32 1 1 0 Fiserv PO BOX 934057 Atlanta GA 311934057 Core Computer System Processing and Maintenance 2933924 Network Solutions Inc PO Box 3009 Warren PA 16365 Hardware and Software Computer Maintenance 369558 Finastra PO Box 945120 Atlanta GA 303945120 Computer Software and Maintenance 466589 SHI International Corp PO Box 952121 Dallas TX 75395 Computer Licenses and Maintenance 375818 QSI 107 Schuler Drive Bardstown KY 40004 ATM Maintenance 420635 22 0 0 0 0 0 0 0 0 Income on Loans 522130 39050396 39050396 0 0 Miscellaneous Income 522130 9683873 9683873 0 0 0 0 0 0 48734269 12910948 12910948 0 0 0 0 0 0 0 0 0 0 0 0 0 85050 0 74443 0 10607 10607 10607 0 0 0 Miscelleous Income 522130 335400 0 335400 0 Visa Income 522130 298869 298869 0 0 0 0 0 0 634269 62290093 61954693 335400 0 28646 2749272 14064434 1906021 2532236 1261482 225213 280279 194856 2511833 681628 1577475 3473207 1375593 240801 302327 3008466 1331682 237901 Share Dividends Paid 18063109 Processing Expense 1569126 Miscellaneous Expense 367618 57983205 0 0 0 7468724 6887634 37028410 38351469 951600520 1001949410 2188290 33544558 26056155 8314483 7488403 396938585 354499670 99705223 105810189 1501055945 1517175065 12849785 12668781 45000000 84000000 1294597735 1260730818 1352447520 1357399599 X 0 0 0 0 148608425 159775466 148608425 159775466 1501055945 1517175065 X 4306888 4719510 0 0 0 2140643 X 0 1 X 1 0 0 3052788 3052788 0 17070884 13595699 3475185 0 0 0 0 0 13103415 12188996 914419 0 317471 271460 46011 7488403 Mortgage Backed Secucrities 200774344 F Collateralized Mortgage Obligations 121229137 F Municipal Bonds 19735391 F SBA Loan Pools 12760798 F 354499670 Corporate One Federal Credit Union Perpetual Capital 900000 Investment in Agribank 100000 Federal Home Loan Bank Stock 4882900 Loan Servicing Rights 207111 Share Insurance Deposit 16933124 Insurance and Annuity Contracts 40810105 Goodwill 18810763 Accrued Interest Receivable 8008428 Other Assets 15157758 105810189 Various Member Deposits 1260730818 1260730818 X Schedule D, Part X, Line 2 The entity recognizes tax benefits only to the extent that the entity believes it is more likely than not (i.e. greater than 50 percent) that its tax positions will be sustained upon examination. We have evaluated the entity's tax positions and have determined that the entity does not have any material uncertain tax positions. 1 Beacon Credit Union Foundation Inc 586 S Wabash Street Wabash IN 46992 453814789 501(c)(3) 25000 book Funding Operations and program activities 1 0 Schedule I, Part I, Line 2 Sch 1, Part 1, Line 2 Beacon Credit Union Foundation, Inc. is a Foundation separate from Beacon Credit Union. The governing body abides by the bylaws set in place for Beacon Credit Union Foundation, Inc. and each donation is reviewed and agreed upon by the Board of Directors. X 1 1 X X X 0 1 0 Dustin Cuttriss President/CEO 361728 0 48840 0 239398 0 37293 0 17783 0 705042 0 0 Todd Beehler Chief Strategy Officer 180853 0 48460 0 52531 0 72246 0 17433 0 371523 0 0 Kevin Willour Former President/CEO 247676 0 51000 0 74821 0 74871 0 1140 0 449508 0 Tiffany Haupert Investment Services Manager 183400 0 460 0 390 0 46926 0 9503 0 240679 0 Ryan Showley Chief Information Officer 183793 0 31500 0 29696 0 65570 0 9503 0 320062 0 Lori Eltzroth Chief Admin Officer 172553 0 31500 0 27396 0 51646 0 17608 0 300703 0 Dawn Aschleman Chief Operations Officer 181900 0 29860 0 30024 0 44096 0 0 0 285880 0 Trisha Loker Chief Credit Officer 163379 0 29360 0 21322 0 20953 0 14815 0 249829 0 Dan Sparling VP of Finance 121320 0 9500 0 376590 0 45654 0 13883 0 566947 0 Craig Bright VP Ag Lending Operations 155672 0 35250 0 3886 0 8049 0 9678 0 212535 0 Marc Briney Chief Marketing Officer 149513 0 26740 0 41732 0 7477 0 13883 0 239345 0 Jodie Creek Senior Ag Loan Officer 125265 0 24680 0 2623 0 5989 0 14815 0 173372 0 Steve Caryer Chief Financial Officer 187131 0 26120 0 80446 0 9223 0 14815 0 317735 0 Danielle Hicks-Appleton Senior Ag Loan Officer 130678 0 27790 0 102 0 11643 0 10723 0 180936 0 Schedule J, Part I, Line 1a All employees are eligible for a 50% reimbursement of their monthly gym membership fees, up to a maximum of $20 per month. Schedule J, Part I, Line 4 The following employees participated in a 457(f) plan during 2023- Dustin Cuttriss, Todd Beehler, Kevin Willour, Ryan Showley, Lori Eltzroth, and Dan Sparling. The following employees participated in a REBA/Section 162 Plan - Dawn Aschleman, Todd Beehler, Marc Briney, Steve Caryer, Dustin Cuttriss, Lori Eltzroth, Trish Loker, Ryan Showley and Kevin Willour. Willour retired in 2023 Form 990, Part IV, Line 26 The Credit Union does offer loans to its interested persons based on the same terms and conditions as offered to other members of the Credit Union. Per exception as indicated on Page 3 of the instructions for Schedule L, the Credit Union does not need to list the loans from the Credit Union to the member. Form 990, Part VI, Section A, Line 6 Each person or organization who establishes a savings/share account with a least $25 becomes a member per our Articles of Incorporation. Form 990, Part VI, Section A, Line 7a Each member is entitled to one vote to elect members to the Board of Directors and Supervisory Committee per the Articles of Incorporation. Form 990, Part VI, Section A, Line 7b Changes to the Articles of Incorporation require a vote by our membership. Changes to the Articles of Incorporation are also subject to the Board of Directors' approval prior to being brought to the membership for a vote. Form 990, Part VI, Section B, Line 11b The Board of Directors will be provided a copy of the 990 tax return prior to the return being filed. The standard board meeting is scheduled prior to the form 990 completion and filing. A detailed review is also performed by an independent accounting firm. Form 990, Part VI, Section B, Line 12c All policies are reviewed annually by the Board of Directors. Any policy revisions require Board approval. If a Board of Directors Member has a conflict of interest, they abstain from discussion and voting on the item(s) arising from the conflict. All policies are made readily available to all employees at any time via the company intranet. All newly hired employees are provided with a complete set of policies at orientation and are required to sign an acknowledgement of receipt and acknowledge they have read and understood all polices. Any violations of policies are reported to the employee's supervisor and/HR. Violations are reviewed with the employee by the supervisor and/or HR. Depending on the nature and seriousness of the policy, written reprimeands or terminations may occur. All written review and reprimands require the empoloyee to sign/acknowledge. The copies are retained in the employee personnel file in perpetuity. Form 990, Part VI, Section B, Line 15 Beacon Credit Union utilized the salary administration product "Compease" as managed by an independent party, Koker, Goodwin, and Associates to determine appropriate salary ranges for each employee position based on responsibilities, education, number of employees supervised, etc. Salary ranges are then approved by the President/CEO. Parameters are put into place at the end of each calendar year for an annual review. In this process, an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and applicable criteria. A "Compease" report is also generated periodically for the CEO and is provided by HR to the Board of Directors (pulled when employment contract is up for renewal which is typically every three years). The Board of Directors will establish the CEO compensation and other benefits. An agreement will then be drafted by the Credit Union's legal counsel for the period agreed upon by the CEO and Board of Directors. Form 990, Part VI, Section C, Line 19 Beacon Credit Union does not make its governing documents or conflicts of interest policy available to the public. When requested by members, financial statements are made available to the public. An annual report containing year end financial statements are published and made available upon request. Form 990, Part XI, Line 9 The $2,140,643 was the change in pension plan funding during 2023. Plan One Financial Services Inc 641 South Miami Street Wabash IN 46992 351677931 Financial Services IN 100470 5945061 Beacon Credit Union Beacon Credit Union Foundation Inc 586 S Wabash Street Wabash IN 46992 453814789 Private Foundation IN 501 (c) (3) PF Beacon Credit Union 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Beacon Credit Union Foundation Inc b 25000 Cash Beacon Credit Union Foundation Inc a-i 75 Cash