2022-11-14T17:07:17-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 366068452 VIBRANT CREDIT UNION VIBR 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO 8003235109 2022-11-14 1 MATTHEW MCCOMBS XXX-XX-XXXX JENIFER L CHASE P01306883 5638884000 2022-11-14 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z X MATTHEW MCCOMBS 6600 44TH AVE MOLINE IL 61265 207987047 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 8 309 8 2173008 617798 0 0 32353540 30796947 5552505 5246039 12264859 14293433 50170904 50336419 13130 0 0 0 16569273 17045658 0 0 0 26767736 23531668 43350139 40577326 6820765 9759093 954829688 1061532656 871020976 971145232 83808712 90387424 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 26,982. PROVIDED DEPOSITORY SERVICES TO APPROXIMATELY 55,636 MEMBERS. PROVIDED CREDIT CARD SERVICES TO APPROXIMATELY 13,319 MEMBERS. 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 54 0 1 309 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 1 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X MATTHEW MCCOMBS 8003235109 6600 44TH AVE MOLINE IL 61265 MATTHEW MCCOMBS PRESIDENT/CEO & SECRETARY 40.00 X X 469295 0 56910 TERRY BRAHM TREASURER 1.00 X X 0 0 0 MARK COOPER DIRECTOR 1.00 X 0 0 0 NICK KREMER DIRECTOR 1.00 X 0 0 0 MICHAEL PEASE DIRECTOR 1.00 X 0 0 0 BRENT PETERSON VICE CHAIRMAN 1.00 X X 0 0 0 TIM SCARLETT DIRECTOR 1.00 X 0 0 0 NICK TARPEIN CHAIRMAN 1.00 X X 0 0 0 KEVIN WOLFE DIRECTOR 1.00 X 0 0 0 MEGAN ANDERSON CHIEF OPERATIONS OFFICER 40.00 X 186854 0 37917 JOHN ERNST CHIEF BUSINESS OFFICER 40.00 X 161821 0 36336 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 40.00 X 203060 0 34496 JAMES ALLISON MORTGAGE LOAN OFFICER 40.00 X 165656 0 24299 AARON OHLENSEHLEN AGENCY PRESIDENT 40.00 X 146765 0 30668 ASHLEE COOPER VP OF CREDIT ADMINISTRATION 40.00 X 130498 0 25612 AUSTIN TAYLOR VP OF LOAN PROGRAM 40.00 X 131925 0 12979 JENNIFER BOWE SVP IT & DEVELOPMENT 40.00 X 129456 0 11590 1725330 0 270807 23 0 1 0 RUSSELL CONSTRUCTION CO INC 4700 E 53RD STREET DAVENPORT IA 52807 CONSTRUCTION 9610092 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 BANKING SOFTWARE AND SERVICE 2535502 NORTHPOINT COMMERCIAL CREDIT LLC 100 WASHINGTON AVENUE SOUTH SUITE MINNEAPOLIS MN 55401 EQUIPMENT LOAN FINANCING 1265633 AUTO APPROVE LLC 3923 RANCHERO DRIVE ANN ARBOR MI 48108 AUTO INSURANCE REFINANCING 998701 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 BANKING SOFTWARE AND SERVICE 693365 37 LOANS INTEREST 522100 28686256 28686256 LOAN FEES 522100 2011058 2011058 ATM FEES 522100 99633 25959 73674 30796947 2058999 2058999 15091 0 15091 15091 15091 9144439 151693229 7240242 150410386 1904197 1282843 3187040 3187040 CHECKING FEE INCOME 522100 4917141 4917141 MISCELLANEOUS OPERATING INCOME 522100 3502367 3502367 OVERDRAFT CHARGES 522100 2298206 2298206 3560628 1461294 2099334 14278342 50336419 42902281 2173008 5261130 1186689 12507899 532594 1756029 1062447 160422 1040323 908164 1198754 2014237 1704057 16976 706644 2274644 4693 UNRELATED BUSINESS INCO 1552582 SERVICE CHARGES & VISA 5019212 DIVIDENDS PAID TO MEMBE 3041373 DATA PROCESSING EXPENSE 3006753 882834 40577326 X 3001000 2050749 63171379 31968903 50907 41852 5813200 9263200 728495627 789751741 8290986 6099395 50469452 18983312 22072880 31486140 97790845 154260268 26142864 36610408 954829688 1061532656 82615599 123186641 789614 843029 787615763 847115562 871020976 971145232 X 0 0 0 0 83808712 90387424 83808712 90387424 954829688 1061532656 X 9759093 -3662518 482137 X X 0 1 X 1 0 0 1 X 3388511 3388511 21716085 9965426 11750659 24433271 8298265 16135006 931585 719621 211964 31486140 MORTGAGE LOANS INVESTMENT 146216790 C FEDERAL HOME LOAN BANK STOCK 6490450 C MORTGAGE LOANS HELD FOR SALE 1553028 C 154260268 MEMBERS' DEPOSITS ACCOUNTS 689872886 NONMEMBER CERTIFICATES OF DEPOSIT 137738446 DISCOUNT WINDOW LOAN 19504230 847115562 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 IS EXEMPT FROM INCOME TAXES UNDER PROVISIONS OF THE INTERNAL REVENUE CODE AND STATES OF ILLINOIS AND IOWA TAX LAWS. THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE 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. VARIOUS LEGAL CLAIMS ALSO ARISE FROM TIME TO TIME IN THE NORMAL COURSE OF BUSINESS WHICH, IN THE OPINION OF MANAGEMENT, WILL HAVE NO MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. GENERALLY, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL OR STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2018. X 0 0 X X X X 0 0 0 MATTHEW MCCOMBS PRESIDENT/CEO & SECRETARY 386042 0 83200 0 53 0 17400 0 39510 0 526205 0 0 0 PETER NOHELTY CHIEF TECHNOLOGY OFFICER 203007 0 0 0 53 0 12291 0 22205 0 237556 0 0 0 MEGAN ANDERSON CHIEF OPERATIONS OFFICER 186801 0 0 0 53 0 11642 0 26275 0 224771 0 0 0 JOHN ERNST CHIEF BUSINESS OFFICER 161768 0 0 0 53 0 10131 0 26205 0 198157 0 0 0 JAMES ALLISON MORTGAGE LOAN OFFICER 165603 0 0 0 53 0 10060 0 14239 0 189955 0 0 0 AARON OHLENSEHLEN AGENCY PRESIDENT 146712 0 0 0 53 0 9114 0 21554 0 177433 0 0 0 ASHLEE COOPER VP OF CREDIT ADMINISTRATION 130445 0 0 0 53 0 6539 0 19073 0 156110 0 0 0 PART I, LINE 1A HEALTH CLUB DUES: THIS BENEFIT IS PROVIDED TO ONE TOP MANAGEMENT OFFICIAL 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 4601151 0 1 1 MATT MCCOMBS DIRECTOR/OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 1212049 1212049 0 1 1 PETER NOHELTY KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 3450000 3450000 0 1 1 9263200 FORM 990, PART VI, SECTION A, LINE 5 A MATERIAL DIVERSION OF VIBRANT CREDIT UNION'S ASSETS DID OCCUR DURING THE CALENDAR YEAR 2021. DETAILS ARE NOT CURRENTLY BEING DISCLOSED DUE TO AN ONGOING CRIMINAL INVESTIGATION. DETAILS CAN BE PROVIDED TO THE INTERNAL REVENUE SERVICE UPON REQUEST. FORM 990, PART VI, SECTION A, LINE 6 VIBRANT CREDIT UNION MEMBERS 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 CONTROLLER, AND A FINAL COPY WILL BE PROVIDED TO THE BOARD PRIOR TO FILING. 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 INTERNAL AUDIT DEPARTMENT. INDIRECT CONFLICTS COULD INVOLVE SITUATIONS AS ROUTINE AS THE INSIDER OR SPOUSE MAINTAINING A NORMAL CONSUMER RELATIONSHIP WITH THE CREDIT UNION. THESE SITUATIONS ARE ROUTINELY DISCLOSED TO EXAMINERS AND AUDITORS IN THE NORMAL COURSE OF THEIR REVIEW OF OPERATIONS AND SHOULD BE CONSIDERED NORMAL FOR THE FINANCIAL SERVICES INDUSTRY. THE INSIDER IN THIS CASE RECEIVES NO MATERIAL SPECIAL CONSIDERATION AND PAYS THE SAME RATES AND GETS THE SAME SERVICE AS A REGULAR MEMBER. DIRECT CONFLICTS OF INTEREST NORMALLY INVOLVE A SITUATION WHICH WILL BENEFIT THE INSIDER FINANCIALLY. A DIRECTOR WHO PURCHASES A PROPERTY WITH INSIDER CONFIDENTIAL INFORMATION, KNOWING THE CREDIT UNION IS PLANNING TO DEVELOP IT AS A BRANCH OFFICE WOULD HAVE VIOLATED HIS FIDUCIARY DUTY AS A DIRECTOR AND CREATE A CONFLICT. AN EMPLOYEE WHO RECEIVED COMMISSIONS FROM A COMPANY THAT THE CREDIT UNION DID BUSINESS WITH AS A RESULT OF THE ACTIONS OF SAID EMPLOYEE WOULD BE IN CONFLICT. THE NUMBER OF EXAMPLES IS TOO NUMEROUS TO LIST, BUT THE MAIN DETERMINANT WOULD BE IF THE INSIDER BENEFITED EITHER DIRECTLY OR INDIRECTLY BECAUSE OF THEIR UNIQUE POSITION AS AN INSIDER. IN SOME SITUATIONS, A BOARD MEMBER MAY BE ENGAGED IN SERVICES OR BUSINESS ACTIVITIES FOR WHICH VIBRANT CREDIT UNION HAS A NEED. IN THESE INSTANCES, VIBRANT CREDIT UNION MAY ENGAGE IN THESE SERVICES OR ACTIVITIES WITH THE REVIEW AND APPROVAL OF THE BOARD. APPROVAL BY THE BOARD FOR THE SERVICES BEING PROVIDED WILL BE DOCUMENTED IN MONTHLY MINUTES. 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 IN JANUARY, THE EXECUTIVE COMMITTEE COMPLETES THE PRESIDENT/CEO'S ANNUAL REVIEW BASED ON THE COMPENSATION PHILOSOPHY PLAN THAT HAS BEEN APPROVED AND ESTABLISHED. BASED ON THE COMPENSATION PHILOSOPHY PLAN, THE PRESIDENT/CEO'S COMPENSATION IS DETERMINED AND APPROVED BY THE EXECUTIVE COMMITTEE AND DOCUMENTED THROUGH THE MEETING'S MINUTES. 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 X, COLUMN (A), LINES 1 & 2: IN 2021, VIBRANT CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN COLUMN (B) (END OF YEAR) FOR LINES 1 (CASH - NON-INTEREST-BEARING) AND 2 (SAVINGS AND TEMPORARY CASH INVESTMENTS) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990 IN LINES 2 (SAVINGS AND TEMPORARY CASH INVESTMENTS) AND 1 (CASH - NON-INTEREST-BEARING), RESPECTIVELY. CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR BEGINNING OF YEAR AMOUNTS LISTED IN COLUMN (A) OF PART X. FORM 990, PART XI, LINE 9: DEFINED BENEFIT PLAN NET ASSET 482,137. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 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