2022-04-25T09:27:08-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 376031888 IAA CREDIT UNION IAAC 3095572541 808 IAA DRIVE BLOOMINGTON IL 61702 T SEAN WELLS CHIEF EXECUTIVE OFFICER 3095572541 2022-04-20 1 T SEAN WELLS XXX-XX-XXXX TANYA MEDGAARDEN P01717240 5074347000 2022-04-11 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z T SEAN WELLS 808 IAA DRIVE BLOOMINGTON IL 61702 10972923 0 X WWW.IAACU.ORG X 1951 IL BUILD FINANCIAL RELATIONSHIPS TO ENRICH MEMBERS' LIVES. 9 9 0 11 36653 0 0 0 10238155 9903994 1627062 1068929 0 0 11865217 10972923 4750 4500 2185845 1406675 0 0 0 0 0 6472701 6594868 8663296 8006043 3201921 2966880 314771864 345554883 278981328 306797468 35790536 38757415 BUILD FINANCIAL RELATIONSHIPS TO ENRICH MEMBERS' LIVES. 0 0 PROVIDE CONSUMER LOANS TO 4,597 MEMBERS; PROVIDE REAL ESTATE LOANS TO 818 MEMBERS; PROVIDE VISA ACCOUNTS TO 6,218 MEMBERS. RECEIVED DEPOSITS ON SAVINGS FROM 22,617 MEMBERS; RECEIVED DEPOSITS ON DRAFT ACCOUNTS FROM 8,515 MEMBERS AND MONEY MARKET ACCOUNTS TO 2,215 MEMBERS. 0 0 1 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4718 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X BRIAN MASON VICE-PRESIDENT ACCOUNTINGSYSTEMS 3095572541 808 IAA DRIVE BLOOMINGTON IL 61702 X TOM SWEARINGEN CHAIRPERSON 0.00 X X 0 0 0 SEAN FREY VICE-CHAIRPERSON 0.00 X X 0 0 0 KRISTIN ADAMS SECRETARY 0.00 X X 0 0 0 DOUG CARROLL TREASURER 0.00 X X 0 0 0 JACOB CROW BOARD MEMBER 0.00 X 0 0 0 JOHN HENDERSON BOARD MEMBER 0.00 X 0 0 0 TASHA BUNTING BOARD MEMBER 0.00 X 0 0 0 HEATHER MOORE BOARD MEMBER 0.00 X 0 0 0 MELISSA RHODE BOARD MEMBER 0.00 X 0 0 0 0 0 0 0 0 0 0 ILLINOIS AGRICULTURAL ASSOCIATION 1701 TOWANDA AVE BLOOMINGTON IL 61701 LEASED EMPLOYEES 3945514 1 INTEREST, FEES ON LOANS 522100 7374181 7374181 INTERCHARGE INCOME 522100 2115468 2115468 OTHER MEMBER FEES 522100 377692 377692 AUTO WARRANTIES 522100 32015 32015 ATM FEES NON-MEMBERS 522100 4638 4638 9903994 1068929 1068929 10972923 9867341 36653 1068929 4500 1406675 99591 1114126 222315 5737 270063 16850 LEASED EMPLOYEE REIMBUR 3673530 LOAN SERVICING 385623 POST-RETIREMENT BENEFIT 271984 PROFESSIONAL/OUTSIDE SE 226130 308919 8006043 36684588 49902380 52963000 39780000 185435502 193760747 3698684 1890067 1396866 1808617 34548617 56052651 3743291 4250488 314771864 345554883 2465895 2572021 870237 924810 275645196 303300637 278981328 306797468 X 0 0 0 0 35790536 38757415 35790536 38757415 314771864 345554883 X 2966880 -1 X X 0 1 X 1 0 1000 1000 1000 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 WEST DIEHL ROAD P O BOX 3107 NAPERVILLE IL 60566 363092340 1000 SCHEDULE C, PART IV, ADDITIONAL INFORMATION THE ORGANIZATION'S ONLY POLITICAL ACTIVITY IS THE CONTRIBUTION TO THE CREDIT UNION POLITICAL ACTION COUNCIL (CUPAC) THAT IS REPORTED IN PARTS I-A AND I-C OF THIS SCHEDULE C. 0 1 X 1675749 369188 1306561 2022935 1520879 502056 1808617 US GOV'T AND AGENCY BONDS- HELD TO MATURITY 55349484 C PERPETUAL CONTRIBUTED CAPITAL ACCOUNTS 206367 C FEDERAL HOME LOAN BANK STOCK 496800 C 56052651 SHARES AND DEPOSITS 303300637 303300637 X 10972923 0 10972923 0 10972923 8006044 1 1 8006043 0 8006043 PART IV, LINE 2B: ESCROW LIABILITY ARRANGEMENT EXPLANATION FUNDS FOR ESCROW ITEMS-BORROWER SHALL PAY TO LENDER ON THE DAY PERIODIC PAYMENTS ARE DUE UNDER THE NOTE, UNTIL THE NOTE IS PAID IN FULL, A SUM (THE "FUNDS") TO PROVIDE FOR PAYMENT OF AMOUNTS DUE FOR (A) TAXES AND ASSESSMENTS AND OTHER ITEMS WHICH CAN ATTAIN PRIORITY OVER THIS SECURITY INSTRUMENT AS A LIEN OR ENCUMBRANCE ON THE PROPERTY, (B) LEASEHOLD PAYMENTS OR GROUND RENTS ON THE PROPERTY, IF ANY, (C) PREMIUMS FOR ANY AND ALL INSURANCE REQUIRED BY LENDER UNDER SECTION 5, AND (D) MORTGAGE INSURANCE PREMIUMS, IF ANY, OR ANY SUMS PAYABLE BY BORROWER TO LENDER IN LIEU OF THE PAYMENT OF MORTGAGE INSURANCE PREMIUMS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 10. THESE ITEMS ARE CALLED "ESCROW ITEMS". AT ORIGINATION OR AT ANY TIME DURING TERM OF THE LOAN, LENDER MAY REQUIRE THAT COMMUNITY ASSOCIATION DUES, FEES, AND ASSESSMENTS, IF ANY, BE ESCROWED BY BORROWER, AND SUCH DUES, FEES, AND ASSESSMENTS SHALL BE AN ESCROW ITEM. BORROWER SHALL PROMPTLY FURNISH TO LENDER ALL NOTICES OF AMOUNTS TO BE PAID UNDER THIS SECTION. BORROWER SHALL PAY LENDER THE FUNDS FOR ESCROW ITEMS UNLESS LENDER WAIVES. BORROWER'S OBLIGATION TO PAY THE FUNDS FOR ANY OR ALL ESCROW ITEMS-LENDER MAY WAIVE BORROWER'S OBLIGATION TO PAY TO LENDER FUNDS FOR ANY OR ALL ESCROW ITEMS AT ANY TIME. ANY SUCH WAIVER MAY ONLY BE IN WRITING. IN THE EVENT OF SUCH WAIVER, BORROWER SHALL PAY DIRECTLY, WHEN AND WHERE PAYABLE, THE AMOUNTS DUE FOR ANY ESCROW ITEMS FOR WHICH PAYMENT OF FUNDS HAS BEEN WAIVED BY LENDER, AND IF LENDER REQUIRES, SHALL FURNISH TO LENDER RECEIPTS EVIDENCING SUCH PAYMENT WITHIN SUCH TIME PERIOD AS LENDER MAY REQUIRE. BORROWER'S OBLIGATION TO MAKE SUCH PAYMENTS AND TO PROVIDE RECEIPTS SHALL FOR ALL PURPOSES BE DEEMED TO BE A COVENANT AND AGREEMENT CONTAINED IN THIS SECURITY INSTRUMENT, AS THE PHRASE "COVENANT AND AGREEMENT" IS USED IN SECTION 9. IF BORROWER IS OBLIGATED TO PAY ESCROW ITEMS DIRECTLY, PURSUANT TO A WAIVER, AND BORROWER FAILS TO PAY THE AMOUNT DUE FOR AN ESCROW ITEM, LENDER MAY EXERCISE ITS RIGHTS UNDER SECTION 9 AND PAY SUCH AMOUNT AND BORROWER SHALL THEN BE OBLIGATED UNDER SECTION 9 TO REPAY TO LENDER ANY SUCH AMOUNT. LENDER MAY REVOKE THE WAIVER AS TO ANY OR ALL ESCROW ITEMS AT ANY TIME BY A NOTICE GIVEN IN ACCORDANCE WITH SECTION 15 AND, UPON SUCH REVOCATION, BORROWER SHALL PAY TO LENDER ALL FUNDS, AND IN SUCH AMOUNTS THAT ARE THEN REQUIRED UNDER THIS SECTION 3. LENDER MAY, AT ANY TIME, COLLECT AND HOLD FUNDS IN AN AMOUNT (A) SUFFICIENT TO PERMIT LENDER TO APPLY THE FUNDS AT THE TIME SPECIFIED UNDER RESPA, AND (B) NOT TO EXCEED THE MAXIMUM AMOUNT A LENDER CAN REQUIRE UNDER RESPA. LENDER SHALL ESTIMATE THE AMOUNT OF FUNDS DUE ON THE BASIS OF CURRENT DATA AND REASONABLE ESTIMATES OF EXPENDITURES OF FUTURE ESCROW ITEMS OR OTHERWISE IN ACCORDANCE WITH APPLICABLE LAW. THE FUNDS SHALL BE HELD IN AN INSTITUTION WHOSE DEPOSITS ARE INSURED BY A FEDERAL AGENCY, INSTRUMENTALITY, OR ENTITY (INCLUDING LENDER, IF LENDER IS AN INSTITUTION WHOSE DEPOSITS ARE SO INSURED) OR IN ANY FEDERAL HOME LOAN BANK. LENDER SHALL APPLY THE FUNDS TO PAY THE ESCROW ITEMS NO LATER THAN THE TIME SPECIFIED UNDER RESPA. LENDER SHALL NOT CHARGE BORROWER FOR HOLDING AND APPLYING THE FUNDS, ANNUALLY ANALYZING THE ESCROW ACCOUNT, OR VERIFYING THE ESCROW ITEMS, UNLESS LENDER PAYS BORROWER INTEREST ON THE FUNDS AND APPLICABLE LAW PERMITS LENDER TO MAKE SUCH A CHARGE. UNLESS AN AGREEMENT IS MADE IN WRITING OR APPLICABLE LAW REQUIRES INTEREST TO BE PAID ON THE FUNDS, LENDER SHALL NOT BE REQUIRED TO PAY BORROWER ANY INTEREST OR EARNINGS ON THE FUNDS. BORROWER AND LENDER CAN AGREE IN WRITING, HOWEVER, THAT INTEREST SHALL BE PAID ON THE FUNDS. LENDER SHALL GIVE TO BORROWER, WITHOUT CHARGE, AN ANNUAL ACCOUNTING OF THE FUNDS AS REQUIRED BY RESPA. IF THERE IS A SURPLUS OF FUNDS HELD IN ESCROW, AS DEFINED UNDER RESPA, LENDER SHALL ACCOUNT TO BORROWER FOR THE EXCESS FUNDS IN ACCORDANCE WITH RESPA. IF THERE IS A SHORTAGE OF FUNDS HELD IN ESCROW, AS DEFINDED UNDER RESPA, LENDER SHALL NOTIFY BORROWER AS REQUIRED BY RESPA, AND BORROWER SHALL PAY TO LENDER THE AMOUNT NECESSARY TO MAKE UP THE SHORTAGE IN ACCORDANCE WITH RESPA, BUT IN NO MORE THAN 12 MONTHLY PAYMENTS. IF THERE IS A DEFICIENCY OF FUNDS HELD IN ESCROW, AS DEFINED UNDER RESPA, LENDER SHALL NOTIFY BORROWER AS REQUIRED BY RESPA, AND BORROWER SHALL PAY TO LENDER THE AMOUNT NECESARY TO MAKE UP THE DEFICIENCY IN ACCORDANCE WITH RESPA, BUT IN NO MORE THAN 12 MONTHLY PAYMENTS. UPON PAYMENT IN FULL OF ALL SUMS SECURED BY THIS SECURITY INSTRUMENT, LENDER SHALL PROMPTLY REFUND TO BORROWER ANY FUNDS HELD BY LENDER. PART X - FIN 48 FOOTNOTE PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. MEMBERSHIP IS LIMITED TO EMPLOYEES, RETIREES, AND FAMILY MEMBERS OF CERTAIN EMPLOYERS. FORM 990, PART VI, SECTION A, LINE 7A VOTING IS BASED ON A ONE MEMBER, ONE VOTE BASIS. FORM 990, PART VI, SECTION A, LINE 7B NECESSARY ACTIONS ARE APPROVED AT THE CREDIT UNION'S ANNUAL MEETING FORM 990, PART VI, SECTION B, LINE 11B RETURN WILL BE REVIEWED BY THE ACCOUNTING MANAGER AS WELL AS REVIEWED BY BOARD MEMBERS FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION IS REQUIRED TO ADHERE TO THE CODE OF ETHICAL BUSINESS CONDUCT POLICY DEVELOPED BY ILLINOIS AGRICULTURAL ASSOCIATION (IAA) FOR IAA AND ITS AFFILIATES. ARTICLE VI OF THIS POLICY RELATES TO CONFLICT-OF-INTEREST RULES. THE MANAGEMENT TEAM IS REQUIRED ANNUALLY TO READ THIS POLICY AND SIGN A FORM STATING, "TO THE BEST OF MY KNOWLEDGE AND BELIEF, NEITHER I NOR MY FAMILY (AS DEFINED IN THE CODE), HAS BEEN INVOLVED IN ANY ACTIVITY WHICH MIGHT VIOLATE THE REQUIREMENTS SET FORTH IN ARTICLE VI OF THE CODE". IF THE PRECEDING STATEMENT IS NOT TRUE WITHOUT EXCEPTION, THEN THE RESPONDENT MUST FILE A WRITTEN EXCEPTION WITH GENERAL COUNSEL. NO SUCH ACTIVITIES WERE REPORTED IN 2021. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CREDIT UNION EMPLOYEES IS DETERMINED BY THE ILLINOIS AGRICULTURAL ASSOCIATION (IAA). ALL COMPENSATION ADJUSTMENTS MUST BE APPROVED BY IAA. COMPENSATION IS DETERMINED ANNUALY BY IAA USING COMPARISON SALARY DATA FROM WITHIN THE INDUSTRY. FORM 990, PART VI, SECTION C, LINE 19 INFORMATION WOULD BE PROVIDED UPON REQUEST FORM 990, PART XI, LINE 9: ROUNDING -1. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSEEING THE AUDIT AND SELECTING AN INDEPENDENT AUDITOR HAS NOT CHANGED FROM THE PRIOR YEAR.