2022-11-14T10:01:41-07:00 2021-12-31 440160260 FORVIS LLP 201 N Illinois St Indianapolis IN 46204 990 2021-01-01 356025844 BEACON CREDIT UNION BEAC 2605637443 586 S Wabash Street Wabash IN 46992 Dustin Cuttriss Chief Financial Officer 2605637443 2022-11-14 1 Michael Summers P00838533 3173833663 2022-11-14 1 11 1 AAL2 X 2021 2022-09-23 18:48:47Z Kevin Willour 586 S Wabash Street Wabash IN 46992 47611491 0 X www.beaconcu.org X 1931 IN This organization is a credit union exempt under IRS Code 501(c) (14) (A). It is a Cooperative Financial Institution. 7 7 362 10 497224 19172 0 0 45758520 40654289 4759746 5740576 163018 748512 50681284 47143377 13500 23000 0 0 20028485 20032420 0 0 0 25558990 21740746 45600975 41796166 5080309 5347211 1402627161 1514735601 1204088365 1316708375 198538796 198027226 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 10,260 individual loans totaling $909,476,208 Beacon Credit Union provides a superior member service experience by offering competitive deposit rates and deposit products to its members. It has 99,652 Savings accounts totaling $1,304,569,570 Beacon Credit Union provides 19 Full Service branches, 2 Drive-through only branches, 7 Loan Production offices and 3 back office facilities to meet the operational demands of over 46,000 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 37678 0 1 362 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 Dustin Cuttriss 2605637443 586 S Wabash Street Wabash IN 46992 Kevin Willour President/CEO 40 1 X 773257 0 108538 Todd Beehler Chief Lending Officer 40 0 X 246572 0 102008 Tiffany Haupert Investment Services Manager 40 0 X 280789 0 49488 Dustin Cuttriss Chief Financial Officer 40 1 X 262831 0 60969 Ryan Showley Chief Information Officer 40 0 X 205920 0 101964 Lori Eltzroth Chief Admin Officer 40 0 X 206351 0 95195 Dawn Aschleman Chief Operations Officer 40 0 X 213714 0 60853 Nicole Parson Mortgage Loan Originator 40 0 X 211181 0 27869 Marc Briney Chief Marketing Officer 40 0 X 189360 0 22403 Trisha Loker Senior VP, Lending 40 0 X 162618 0 41984 Craig Bright VP Ag Lending Operations 40 0 X 160404 0 14461 Jodie Creek Senior Ag Loan Officer 40 0 X 127810 0 23193 Ken Dale Chairman 2 0 X 0 0 0 John Peters Secretary/Treasurer 2 0 X 0 0 0 Herbert Horrom Director 2 0 X 0 0 0 Roger Bragg 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 3040807 0 708925 28 0 1 0 Fiserv PO BOX 934057 Atlanta GA 311934057 Core Computer System Processing and Maintenance 2024847 Network Solutions Inc PO Box 3009 Warren PA 16365 Hardware and Software Computer Maintenance 572074 Finastra PO Box 535120 Atlanta GA 30353 Computer Software and Maintenance 298035 QSI Inc 107 Schuler Dr Bardstown KY 40004 ATM and Video Equipment Maintenance 295175 SHI International Corp PO Box 952121 Dallas TX 75395 Computer Licenses and Maintenance 235842 13 0 Income on Loans 522130 31498118 31498118 0 0 Miscellaneous Income 522130 9156171 9156171 0 0 0 0 0 0 40654289 5750640 5750640 0 0 0 0 0 0 0 0 0 0 0 0 0 458050 0 468114 0 -10064 -10064 0 0 -10064 Miscellaneous Income 522130 497224 0 497224 0 VISA Income 522130 251288 251288 0 0 0 0 0 0 748512 47143377 46656217 497224 -10064 23000 2098005 13484595 720911 2564892 1164017 111925 247722 244139 2048125 606738 1401909 2419059 1478203 187649 133448 1671181 254085 Dividends Paid 8906857 Processing Expenses 1162396 Miscellaneous Expenses 817310 Provision for Loan Losses 50000 41796166 0 0 0 7240492 8523035 73663696 45894442 887327447 905732324 32913024 23465131 10816778 9447893 332488673 441318692 91090075 103819215 1402627161 1514735601 9926859 12138805 1194161506 1304569570 1204088365 1316708375 X 0 0 0 0 198538796 198027226 198538796 198027226 1402627161 1514735601 X 5347211 -7409920 0 0 0 1551139 X 0 1 X 1 0 0 3075789 3075789 0 17022984 12438955 4584029 0 0 0 0 0 12507392 10815731 1691661 0 306859 210445 96414 9447893 Mortgage Back Securities 202174917 F Collateralized Mortgage Obligations 185991356 F Certificates of Deposits 4728482 F Municipal Taxable 26888487 F SBA Loan Pools 20424433 F Certificates of Deposit 1111017 C 441318692 Corporate One Federal Credit Union Perpetual Capital 900000 Investment in AgriBank 750000 Federal Home Loan Bank stock 2715500 Loan servicing rights 506466 Share insurance deposit 15641472 Insurance and annuity contracts 39475510 Goodwill 18810763 Accrued interest receivable 5671660 Other assets 19347844 103819215 Various Member Deposits 1304569570 1304569570 X 47143377 0 0 0 0 0 47143377 0 0 0 47143377 41796166 0 0 0 0 0 41796166 0 0 0 41796166 Schedule D, Part X, Line 2 Management has evaluated their income tax positions under 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. 1 Beacon Credit Union Foundation Inc 586 S Wabash Street Wabash IN 46992 453814789 501(c)(3) 23000 book Funding operations and program activities. 1 0 Schedule I, Part I, 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 X X 0 1 0 Kevin Willour President/CEO 285180 0 71268 0 416809 0 94189 0 14349 0 881795 0 393574 0 Tiffany Haupert Investment Services Manager 280121 0 420 0 248 0 40260 0 9228 0 330277 0 0 0 Dustin Cuttriss Chief Financial Officer 206448 0 44321 0 12062 0 43879 0 17090 0 323800 0 0 0 Todd Beehler Chief Lending Officer 183846 0 51046 0 11680 0 85093 0 16915 0 348580 0 0 0 Dawn Aschleman Chief Operations Officer 159900 0 42957 0 10857 0 60853 0 0 0 274567 0 0 0 Nicole Parson Mortgage Loan Originator 210008 0 380 0 793 0 18641 0 9228 0 239050 0 0 0 Lori Eltzroth Chief Admin Officer 156371 0 35401 0 14579 0 78280 0 16915 0 301546 0 0 0 Ryan Showley Chief Information Officer 157103 0 39870 0 8947 0 88701 0 13263 0 307884 0 0 0 Marc Briney Chief Marketing Officer 131184 0 49066 0 9110 0 8965 0 13438 0 211763 0 0 0 Trisha Loker Senior VP, Lending 141302 0 18070 0 3246 0 27635 0 14349 0 204602 0 0 0 Craig Bright VP Ag Lending Operations 140398 0 16470 0 3536 0 4445 0 10016 0 174865 0 0 0 Jodie Creek Senior Ag Loan Officer 109899 0 15470 0 2441 0 8844 0 14349 0 151003 0 0 0 Schedule J, Part I, Line 4 The following employees participated in a 457(f) during 2021. Kevin Willour, Todd Beehler, Dustin Cuttriss, Ryan Showley, Lori Eltzroth, and Dan Sparling. There were no contributions made during 2021. Kevin Willour received a 2021 distribution from the 457(f) plan, and amount is included within Part II, Column B(iii). 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 2 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 account with at 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 a prior board approval. If a Board of Director's 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 that they have read and understand all policies. Any violations of policies are reported to the employee supervisor and/or Human Resources. Violations are reviewed with the employee by the supervisor and/or Human Resources and depending on the nature and seriousness of the policy, written reprimands or termination may occur. All written review and reprimands require the employee to sign/acknowledge and copies are retained in the employee personnel file in perpetuity. Form 990, Part VI, Section B, Line 15 Beacon Credit Union utilizes 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 and parameters are put into place at the end of each calendar year during the annual review process in which an employee's compensation may increase based on their past performance and where their current salary falls within the range for the position and other applicable criteria. A "Compease" report is also generated periodically for the CEO and is provided by Human Resources to the Board of Directors (pulled when employment contract is up for renewal typically every three years.) The Board of Directors will establish the CEO compensation and other benefits level and an agreement will 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 The organization 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 $1,551,139 was the change in Pension Plan Funding during 2021. Plan One Financial Services Inc 641 South Miami Street Wabash IN 46992 351677931 Financial Services IN 221738 5815610 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 23000 Cash Beacon Credit Union Foundation Inc a-i 6 Cash