2024-11-14T17:06:41+00:00 2023-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-01-01 366066772 Alliant Credit Union ALLI 7734622000 11545 W Touhy Avenue Chicago IL 60666 KEVIN DEVLIN VP OF ACCOUNTING 7734622000 2024-11-14 true true Michael Summers P00838533 3173834000 2024-11-15 2023 2024-10-15 13:58:12Z KENNETH Schaafsma 11545 W Touhy Avenue Chicago IL 60666 1849718966 false X WWW.ALLIANTCREDITUNION.ORG X 1935 IL WE OPERATE TO BENEFIT MEMBERS. WE OPERATE WITHOUT PROFIT FOR MUTUAL PURPOSE. WE STRIVE TO BENEFIT OUR MEMBERS THROUGH HIGHER DIVIDENDS ON SAVINGS AND LOWER LOAN RATES. 10 1 1050 0 873575 85493 0 660644795 1066632888 69367466 81650769 4157953 1766585 734170214 1150050242 16000 16000 0 121566829 134382341 0 0 445391708 931914163 566974537 1066312504 167195677 83737738 18739008483 18473232789 17292467998 17179375007 1446540485 1293857782 ALLIANT CREDIT UNION OPERATES TO BENEFIT MEMBERS. ALLIANT CREDIT UNION OPERATES WITHOUT PROFIT FOR MUTUAL PURPOSE. WE STRIVE TO BENEFIT OUR MEMBERS THROUGH HIGHER DIVIDENDS ON SAVINGS AND LOWER LOAN RATES. false false LENDING SERVICES - WE OFFER VARIOUS CREDIT SOLUTIONS AT REASONABLE RATES OF INTEREST INCLUDING 1ST AND 2ND MORTGAGE, CONSUMER LOANS, CREDIT CARDS, PERSONAL LOANS AND BUSINESS LOANS. DEPOSIT PRODUCTS - WE OFFER NUMEROUS DEPOSIT PRODUCTS AT A HIGHER THAN AVERAGE INTEREST RATE INCLUDING CHECKING, SAVINGS, CERTIFICATE OF DEPOSITS, AND CUSTODIAL ACCOUNTS. INVESTMENT SERVICES - FULL SERVICE FINANCIAL ADVISORY PROGRAM OFFERING MEMBERS RETIREMENT, INSURANCE, AND INVESTMENT SERVICES. 0 false false false false false false true false true false false false true false false false false false false false false false false false false false true true false false false false false false false false false false false true false false true 309839 0 true 1050 true true true false false false false false true false X 10 1 false false false false true true false true true false false false true true true true true true true false X Kevin Devlin 7734622000 11545 W Touhy Avenue Chicago IL 60666 Dennis Devine Executive Director/CEO 40.0 1.0 X X 3117129 0 35614 Ajibola Johnson Board Member 1.0 0.0 X 48750 0 0 David Leib Chairperson 1.0 0.0 X 65417 0 0 Deepak Khandelwal (Start 022023) Board Member 1.0 0.0 X 33333 0 0 Irwin Gzesh Chairperson of Supervisory Committee 1.0 0.0 X 58750 0 0 Julian Chu Chairperson, Compensation & Talent, Board Secretary 1.0 0.0 X 58750 0 0 Kenton Chow Board Member 1.0 0.0 X 48750 0 0 Lee Achord Vice Chairperson 1.0 0.0 X 58750 0 0 Sabrina King Board Member 1.0 0.0 X 55417 0 0 Scott Wilson (End 022023) Board Member 1.0 0.0 X 19583 0 0 Sue Bettman Board Member 1.0 0.0 X 48750 0 0 Ted Davidson (End 022023) Chairperson 1.0 0.0 X 27917 0 0 Woody Woodring (Start 092023) Board Member 1.0 0.0 X 8333 0 0 Mark Lau Senior Vice President, CFO 40.0 0.0 X 664961 0 39116 Meredith Ritchie Senior Vice President, Counsel 40.0 0.0 X 741138 0 32166 Charles Krawitz Senior Vice President 40.0 0.0 X 701214 0 32166 Diane Hughes Senior Vice President 40.0 0.0 X 743564 0 27922 Harry Zhu (end 092023) Senior Vice President 40.0 0.0 X 814914 0 27750 Kenneth Schaafsma Senior Vice President 40.0 0.0 X 679449 0 27316 Neeru Arora Senior Vice President 40.0 0.0 X 855296 0 14951 Sumeet Grover Senior Vice President 40.0 0.0 X 721495 0 27750 9571660 0 264751 442 false true false World Wide Technology LLC 1 World Wide Way Saint Louis MO 63146 Technology Consulting - CAPEX 960651 Zennify Inc 2775 W Navigator Drive Suite 100 Meridian ID 83642 Technology Consulting - CAPEX 670140 LTIMINDTREE LTD 25 Independence Blvd STE 401 Warren NJ 07059 Temp Expense 665935 PROTIVITI INC 2884 Sand Hill Road STE 200 Menlo Park CA 94025 Technology Consulting - CAPEX 495324 VISA USA INC PO BOX 742233 Chicago IL 900742233 Business Consulting - OPEX 480000 16 0 Loan Interest Income 522130 1025259433 1025259433 Service Fees 522130 5457122 5457122 Investment Services 522130 4697763 4697763 Interchange Income 522130 7291376 7291376 Insurance Income 522130 1728398 853060 875338 22198796 22198796 0 0 1066632888 67463124 67464887 -1763 0 0 713856369 699668724 0 14187645 14187645 14187645 Misc Income 522130 1766585 1766585 0 0 0 0 1766585 1150050242 1149176667 873575 0 16000 5162623 105086863 8833225 1418929 13880701 925454 466728 7316483 17583763 5422444 20525708 1531544 882517 353272 667775725 10393570 497224 Provision for Loan Loss 170164199 Mortgage Servicing Fees 7081930 Credit Card Servicing Fees 3288204 ATM Servicing Fees 4059705 13645693 1066312504 0 362321470 219935517 0 85039623 96705439 0 0 0 0 14880065202 14840284106 0 11375986 12519526 156457177 132172588 25969108 24284589 2355755323 2507573072 502500 502500 0 1017979271 771428040 18739008483 18473232789 116210540 143086470 370522 1932498 0 0 17175886936 17034356039 17292467998 17179375007 X 1446540485 1293857782 1446540485 1293857782 18739008483 18473232789 X 83737738 7227128 -243647569 X false true X true false false true X 8511229 7063073 1448156 8469718 7486112 983606 139097330 117623403 21473927 378900 378900 24284589 Member and Non Member Shares 14429205243 FHLB Borrowings 1282000000 Clearing 6828199 Investment Derivative 90172644 PROGRAM ADVANCES 1218000000 OTHER 8149953 17034356039 Schedule D, Part X, Line 2 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part IV, Line 2b Explanation of escrow agreement THE AMOUNT INCLUDED IN PART X LINE 21 IS RELATED TO ESCROW BALANCES FOR TAXES AND INSURANCE PAID ON BEHALF OF THE MEMBER FOR MORTGAGE LOANS ON RESIDENTIAL PROPERTY. true College Scholarship 8 16000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. THE APPLICANT MUST BE AN ALLIANT MEMBER IN GOOD STANDING AND HAVE AN ALLIANT SAVINGS ACCOUNT IN HIS/HER NAME. THE APPLICANT MUST PROVIDE PROOF OF ENROLLMENT AT AN ACCREDITED COLLEGE, UNIVERSITY, OR VOCATIONAL/TECHNICAL INSTITUTION DURING THE FALL SEMESTER (MINIMUM 12 CREDIT HOURS PER SEMESTER, GRADUATE PROGRAMS DO NOT QUALIFY). ALLIANT EMPLOYEES, MEMBERS OF THE BOARD OF DIRECTORS, SCHOLARSHIP COMMITTEE MEMBERS, AND THEIR FAMILY MEMBERS OF THE SAME HOUSEHOLD ARE NOT ELIGIBLE. X X X false false false Dennis Devine Executive Director/CEO 896563 0 2208875 0 11691 0 27750 0 7864 0 3152743 0 0 0 Meredith Ritchie Senior Vice President, Counsel 318936 0 410952 0 11250 0 27750 0 4416 0 773304 0 0 0 Mark Lau Senior Vice President, CFO 337227 0 315965 0 11769 0 27750 0 11366 0 704077 0 0 0 Neeru Arora Senior Vice President 355296 0 500000 0 0 0 6554 0 8397 0 870247 0 0 0 Diane Hughes Senior Vice President 347314 0 385000 0 11250 0 26365 0 1557 0 771486 0 0 0 Sumeet Grover Senior Vice President 382074 0 327500 0 11921 0 27750 0 0 0 749245 0 0 0 Charles Krawitz Senior Vice President 357974 0 331009 0 12231 0 27750 0 4416 0 733380 0 0 0 Kenneth Schaafsma Senior Vice President 336046 0 343005 0 398 0 16500 0 10816 0 706765 0 0 0 Harry Zhu (end 092023) Senior Vice President 277046 0 526618 0 11250 0 27750 0 0 0 842664 0 0 0 Form 990, Part VI, Line 6 Classes of members or stockholders THERE IS ONLY ONE CLASS OF MEMBERSHIP WITHIN THE CREDIT UNION. ORGANIZATION AND TRUST ACCOUNTS ARE ALLOWED WITH OWNERSHIP SPECIFICALLY TIED BACK TO THE INDIVIDUAL. THE ONLY ORGANIZATION ACCOUNTS ALLOWED WITHIN THE BYLAWS OF ALLIANT ARE NOT FOR PROFIT ENTITIES AND/OR ASSOCIATIONS. FOR PURPOSES OF VOTING, EACH FULL SHARE ($5) IS AFFORDED ONE VOTE WITH RESPECT TO REGULAR SHARES. THEREFORE, INDIVIDUAL ACCOUNTS CAN HAVE MULTIPLE VOTES BASED UPON THE VALUE OF THE ACCOUNT RELATIVE TO INDIVIDUAL FULL $5 INCREMENTS. FOR TRUST AND ORGANIZATIONAL ACCOUNTS, EACH ACCOUNT IS AFFORDED ONE VOTE NO MATTER THE DOLLAR AMOUNT OF THE ACCOUNT. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THERE IS ONLY ONE CLASS OF MEMBERSHIP WITHIN THE CREDIT UNION. ORGANIZATION AND TRUST ACCOUNTS ARE ALLOWED WITH OWNERSHIP SPECIFICALLY TIED BACK TO THE INDIVIDUAL. THE ONLY ORGANIZATION ACCOUNTS ALLOWED WITHIN THE BYLAWS OF ALLIANT ARE NOT FOR PROFIT ENTITIES AND/OR ASSOCIATIONS. FOR PURPOSES OF VOTING, EACH FULL SHARE ($5) IS AFFORDED ONE VOTE WITH RESPECT TO REGULAR SHARES. THEREFORE, INDIVIDUAL ACCOUNTS CAN HAVE MULTIPLE VOTES BASED UPON THE VALUE OF THE ACCOUNT RELATIVE TO INDIVIDUAL FULL $5 INCREMENTS. FOR TRUST AND ORGANIZATIONAL ACCOUNTS, EACH ACCOUNT IS AFFORDED ONE VOTE NO MATTER THE DOLLAR AMOUNT OF THE ACCOUNT. Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE MANAGER OF FINANCIAL REPORTING. A FINAL REVIEW OF THE FORM 990 IS COMPLETED AND SIGNED OFF BY THE VICE PRESIDENT OF ACCOUNTING. ONCE THE RETURN IS COMPLETED AND FILED, MANAGEMENT COMMUNICATES TO THE BOARD OF DIRECTORS THAT WE HAVE MET THE FILING REQUIREMENTS OF THE FORM 990 WITH THE IRS BUT A COPY IS NOT PROVIDED. THE FORM 990 IS ALSO REVIEWED BY AN INDEPENDENT ACCOUNTING FIRM. Form 990, Part VI, Line 12c Conflict of interest policy ALLIANT CREDIT UNION REGULARLY MONITORS AND ENFORCES THE COMPLIANCE OF OUR CONFLICT OF INTEREST POLICY THROUGH PERIODIC AUDITS AND ENFORCEMENT OF VENDOR MANAGEMENT POLICIES. ALL ALLIANT EMPLOYEES AND BOARD MEMBERS ARE SUBJECT TO THIS POLICY. THE CONFLICT OF INTEREST REVIEW PROCESS IS COMPLETED BY ALLIANT'S GENERAL COUNSEL AND CHIEF ETHICS OFFICER. IF A CONFLICT OF INTEREST WOULD OCCUR, THE INDIVIDUAL WOULD RECUSE THEMSELVES FROM THE MATTER. IF A BOARD MEMBER HAS A CONFLICT OF INTEREST, THE INDIVIDUAL WOULD ANNOUNCE TO THE BOARD MEMBERS DURING THE BOARD MEETING THAT THEY ARE RECUSING THEMSELVES FROM THE MATTER AT HAND. Form 990, Part VI, Line 15a Process to establish compensation of top management official COMPENSATION OF ALL POSITIONS WITHIN THE CREDIT UNION ARE BENCHMARKED AGAINST THE EXTERNAL MARKET USING AN OUTSIDE SERVICE. ADDITIONALLY AND WHERE AVAILABLE, SURVEY DATA WITH COMPARABLE POSITIONS IN COMPARABLE MARKETS IS USED FOR COMPARISON AND BENCHMARKING. COMPENSATON STRATEGY FOR POSITIONS OTHER THAN OFFICER LEVEL POSITIONS ARE REVIEWED BY THE FUNCTIONAL SENIOR VICE PRESIDENT AND VICE PRESIDENTS. FOR OFFICER LEVEL POSITIONS, THE COMPENSATION IS REVIEWED AND CONFIRMED BY THE CEO AND CHAIRPERSON OF THE COMPENSATION AND TALENT COMMITTEE. THE CEO'S COMPENSATION IS VALIDATED AND RECOMMENDED FOR APPROVAL THROUGH THE CHAIRPERSON OF BOD AND THE BOARD'S COMPENSATION AND TALENT COMMITTEE. THE LAST REVIEW WAS COMPLETED IN SEPTEMBER 2023 AND BY AON. Form 990, Part VI, Line 15b Process to establish compensation of other employees COMPENSATION OF ALL POSITIONS WITHIN THE CREDIT UNION ARE BENCHMARKED AGAINST THE EXTERNAL MARKET USING AN OUTSIDE SERVICE. ADDITIONALLY AND WHERE AVAILABLE, SURVEY DATA WITH COMPARABLE POSITIONS IN COMPARABLE MARKETS IS USED FOR COMPARISON AND BENCHMARKING. COMPENSATON STRATEGY FOR POSITIONS OTHER THAN OFFICER LEVEL POSITIONS ARE REVIEWED BY THE FUNCTIONAL SENIOR VICE PRESIDENT AND VICE PRESIDENTS. FOR OFFICER LEVEL POSITIONS, THE COMPENSATION IS REVIEWED AND CONFIRMED BY THE CEO AND CHAIRPERSON OF THE COMPENSATION AND TALENT COMMITTEE. THE CEO'S COMPENSATION IS VALIDATED AND RECOMMENDED FOR APPROVAL THROUGH THE CHAIRPERSON OF BOD AND THE BOARD'S COMPENSATION AND TALENT COMMITTEE. THE LAST REVIEW WAS COMPLETED IN SEPTEMBER 2023 AND BY AON. Form 990, Part VI, Line 19 Required documents available to the public THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE READILY AVAILABLE TO THE GENERAL PUBLIC. IF THOSE DOCUMENTS WERE SPECIFICALLY REQUESTED, A COPY WOULD BE PROVIDED TO THE MEMBER. THE FINANCIAL INFORMATION IS AVAILABLE IN A NUMBER OF WAYS. AN ANNUAL REPORT OF UNAUDITED INFORMATION IS AVAILABLE ON THE CREDIT UNION'S WEBSITE. IN ADDITION, SPECIFIC FINANCIAL INFORMATION IS REQUIRED PER REGULATORY AUTHORITY TO BE FILED QUARTERLY WITH THE NATIONAL CREDIT UNION ASSOCIATION AND THE ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION. THIS INFORMATION IS AVAILABLE TO THE GENERAL PUBLIC THROUGH A THIRD PARTY SITE. IN ADDITION, AN ANNUAL REPORT IS PROVIDED TO A MEMBER UPON SPECIFIC REQUEST. Form 990, Part VIII, Line 2f Other Program Service Revenue Other - Total Revenue: 22198796, Related or Exempt Function Revenue: 22198796, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances CECL TRANSITION PROVISION - -XXX-XX-XXXX; Form 990, Part XII, Line 2b Alliant Credit Union does have an audit performed at the June 30 fiscal year end financial statements. Alliant Credit Union FOUNDATION 11545 W Touhy Avenue Chicago IL 60666 711052113 Private FDN IL 501(c)(3) PF NA false false false false false false false false false false false false false false true true false false false false