2022-11-14T01:38:43-00:00 2021-12-31 990 2021-01-01 420674206 Dupaco Community Credit Union DUPA 5635577600 1000 Jackson St Dubuque IA 52001 Danielle Gratton CFO 5635577600 2022-11-14 false Danielle Gratton 999009999 DUPACO DUPACO XXX-XX-XXXX 2022-11-14 2 AAL1 IAL1 2021 2022-09-23 18:48:47Z Danielle Gratton 1000 Jackson St Dubuque IA 52001 153164149 false X www.dupaco.com X 1948 IA Member-owned financial cooperative that offers a complete line of services. Dupacos vision is To be our members lifetime financial home and our mission is To improve our members financial position and build valued 9 9 708 9 744817 0 112087801 120639521 12262878 18509357 4068546 2519027 128419225 141667905 1139633 1331133 0 38679678 44032133 0 0 61166883 62295138 100986194 107658404 27433031 34009501 2430753466 2697668812 2095833459 2339911430 334920007 357757382 To improve our members financial position and build valued relationships by delivering personalized financial advice, products, and services. false false To promote thrift and financial literacy in the communities which we serve. Collaborate with our members to become their lifetime financial home while providing no/low cost financial services and competitive loan and deposit rates. false false false false false false false true false true false false false true true true true false false false false false false false false false true false true false true false false false false false false false false true true false false true 94613 0 true 708 true true true false false false false false false false X 9 9 false false false false true true true true true false true true true true true true true true true true true true IL X Danielle D Gratton CFO 5635577600 1000 Jackson St Dubuque IA 52001 X Joseph Hearn President/CEO 050.00 050.00 X 568973 0 90438 Danielle Gratton Chief Financial Officer 050.00 050.00 X 340173 0 104416 Matt Dodds Chief Operating Officer 050.00 050.00 X 323404 0 84066 Steve Ervolino Chief Information Officer 050.00 050.00 X 274088 0 78315 David Klavitter Chief Marketing Officer 050.00 050.00 X 259537 0 62758 Michael Schroeder Financial Services Manager 050.00 050.00 X 287773 0 29000 Todd Link Chief Risk Officer 050.00 050.00 X 255424 0 46694 Michael Poppen Financial Advisor 050.00 050.00 X 251729 0 25851 Lisa Bowers Chief People Officer 050.00 050.00 X 209155 0 55684 Mark McCoy SVP, Business Services 050.00 050.00 X 207358 0 16995 Suzan Martin-Hallahan Financial Advisor 050.00 050.00 X 176258 0 18259 Cole Schmelzer Senior Financial Advisor 050.00 050.00 X 170903 0 17336 Denise Dolan Director 001.00 001.00 X 0 0 1152 Jeff Gonner Director 001.00 001.00 X 0 0 619 Randy Skemp Director 001.00 001.00 X 0 0 0 Renee Poppe Director 001.00 001.00 X 0 0 0 J Stephan Chapman Director 001.00 001.00 X 0 0 0 Ron Meyers Director 001.00 001.00 X 0 0 0 Bob Wethal Director 001.00 001.00 X 0 0 0 Andy Schroeder Director 001.00 001.00 X 0 0 0 Ellen Goodmann Miller Director 001.00 001.00 X 0 0 0 3324775 631583 35 false true false Commercial Edge Construction 230 2nd St SE Ste 214 Cedar Rapids IA 52401 Construction 10241977 National Credit Union Administration 1775 Duke Street Alexandria VA 223143428 Insurance 2916062 Co-Op Financial Services PO Box 8388 Des Moines IA 50301 Card Processing 2250271 Managed Solutions Group 120 Bryant St Dubuque IA 520037407 Data Processing 2190322 Mastercard 2200 Mastercard Blvd O Fallon MO 63368 Card Processing 1806320 83 Loan Interest Income - Loans to Members 522100 73573564 73573564 Member Service Income 522100 47065957 46321140 744817 120639521 16541402 16541402 572450 572450 572450 13241760 222439 11180716 315528 2061044 -93089 1967955 Miscellaneous Income 522100 1946577 1946577 141667905 119894704 744817 16541402 1331133 0 0 0 2230754 0 32648890 3037884 3748102 2366503 0 280856 264933 0 0 0 8127231 1382343 5012965 0 4789963 0 0 0 15932698 0 6543844 143863 Draft Charges 2421434 Miscellaneous Expense 5269248 Operating Expense 7321044 Provision for Loan Loss 4804716 0 107658404 20176832 22743375 129764298 100378570 9831206 7971541 18728143 19289989 1485839434 1721444438 2407908 2883054 151997980 38150171 96447923 113847909 508630374 537541660 114794033 122305923 44133315 49262353 2430753466 2697668812 9948162 8564170 1543234 2076473 107350000 107211686 1976992063 2222059101 2095833459 2339911430 X 334920007 357757382 334920007 357757382 2430753466 2697668812 X 34009501 -14689000 3516874 X false true X true true true false true X 12745287 12745287 101399319 14897032 86502287 37853374 23253139 14600335 113847909 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Regular Shares 567253712 Member Shares 1083067861 Certificates 571737528 2222059101 X 141667905 141667905 141667905 107636307 107636307 22097 22097 107658404 X 2 The Credit Union is exempt, under Internal Revenue Code IRC 501c14, from federal and state income taxes. The Credit Union has filed tax returns in the past for activities it has deemed taxable. The taxing authorities have the ability to assess taxes, penalties and interest for any years for which no tax return was filed. In the opinion of management, any liability resulting from taxing authorities imposing income taxes on the net taxable income from activities potentially deemed to be unrelated to the Credit Unions exempt purpose is not expected to have a material effect on the Credit Unions financial position or results of operations. The Credit Union evaluated its tax positions and determined no uncertain tax positions exist as of December 31, 2021 and 2020. The Credit Unions 2017 through 2020 tax years are open for examination by federal and state taxing authorities. IV 2b Dupaco 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 homeowners insurance. XII 4b Noncontrolling interest of 22,097 represents the 10 minority interest by Voices Master Tenant, LLC in Dupaco Voices, LLC that is not attributable to Dupaco Community Credit Union and Subsidiary. true Dupaco RW Hoefer Foundation 1000 Jackson St Dubuque IA 52001 454145438 501c3 860000 General Support Creative Adventure Lab 210 Jones St No 100 Dubuque IA 52001 263523626 501c3 74000 General Support Holy Family Catholic Schools 2005 Kane St Dubuque IA 52001 420792429 501c3 45000 General Support National Mississippi River Museum and Aquarium 350 East 3rd St Dubuque IA 52001 426072050 501c3 18750 General Support Northern Lights Hockey LLC 1800 Admiral Sheehy Dr Dubuque IA 52001 271316015 501c6 17550 General Support Greater Dubuque Development Corporation 900 Jackson St Suite 109 Dubuque IA 52001 421263173 501c3 17000 General Support Steeple Square PO Box 3188 Dubuque IA 52001 464898142 501c3 16667 General Support Dubuque Museum of Art 701 Locust St Dubuque IA 52001 421071185 501c3 11000 General Support MercyOne Dubuque Foundation 250 Mercy Drive Dubuque IA 52001 262227941 501c3 10450 General Support American Red Cross 2400 Asbury Rd Dubuque IA 52001 530196605 501c3 10000 General Support The Miracle League of Dubuque 3409 Daniels St Dubuque IA 52001 812454858 501c3 10000 General Support Stonehill 3485 Windsor Ave Dubuque IA 52001 510141775 501c3 10000 General Support Dubuque Symphony Orchestra 2728 Asbury Rd Suite 900 Dubuque IA 52001 237429727 501c3 9000 General Support Legion Park Event Center PO Box 503 Platteville WI 53818 822002935 501c3 8334 General Support Clarke University 15550 Clarke Dr Dubuque IA 52001 420680408 501c3 5800 General Support Grow Cedar Valley 360 Westfield Ave Waterloo IA 50701 421241941 501c6 5550 General Support 14 2 X X true true X X X X X false true false Joseph Hearn President/CEO 404964 140809 23200 90438 2240 661651 Danielle Gratton Chief Financial Officer 255838 78967 5368 104416 2240 446829 Matt Dodds Chief Operating Officer 242975 74063 6366 84066 2240 409710 Steve Ervolino Chief Information Officer 211480 61366 1242 78315 2240 354643 David Klavitter Chief Marketing Officer 195096 58371 6070 62758 2186 324481 Lisa Bowers Chief People Officer 160379 48240 536 55684 2133 266972 Todd Link Chief Risk Officer 146475 46420 62529 46694 1977 304095 Michael Schroeder Financial Services Manager 287356 417 29000 1056 317829 Michael Poppen Financial Advisor 251539 190 25851 1096 278676 Mark McCoy SVP, Business Services 172431 34603 323 16995 1813 226165 Cole Schmelzer Senior Financial Advisor 170392 511 17336 1755 189994 Suzan Martin-Hallahan Financial Advisor 175164 1094 18259 1497 196014 Part I Line 1a Health or social club dues are paid for officers or members of the senior leadership team of Dupaco Community Credit Union as part of their compensation package. Any dues that are paid to these members are added to their W-2s at the end of the year as reportable compensation. Part II Line C The Dupaco Board of Directors has designed the credit unions management compensation program to be competitive in the marketplace and ensure alignment of the long term interests of both manager and members. Dupaco management compensation is based on national compensation surveys and independent consultant analyses of similar sized financial institutions around the United States. The Dupaco Board Personnel Committee regularly reviews the data to ensure Dupaco is paying a fair market wage to attract and retain the best employee talent to manage a strong, stable and successful financial institution. The Personnel Committee provides annual recommendations of salary adjustments to the Board of Directors, who then votes on the recommendations. Components of management compensation packages include a large percentage of variable at risk pay, which is based on the credit unions member and employee engagement, satisfaction, and financial performance during specified time periods, as well as the credit unions business strategy as determined by the Board of Directors. Dupaco must be competitive in the financial services industry to retain long term talent. Because it cannot provide stock options offered by for profit financial institutions as a retention and performance incentive, Dupaco as a member owned cooperative provides designated executives a non qualified long term executive incentive plan. Designed to be self funding in nature through the achievement of growth and member service initiatives, the credit union will recoup the funding cost of supplemental retirement plan benefits through life insurance policy proceeds on plan participants. The retention incentive requires the participating executive to remain at the credit union until retirement age to be fully vested in the deferred compensation benefit. As an interim retention incentive leading up to a participants retirement, the plan does pay out once every five years a percentage of the vested long term executive incentive plan, which the credit union accrues annually based on goal achievement. Joe Hearn President/CEO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 7650000 8623401 false true true Danielle Gratton CFO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 1500000 1690863 false true true Matt Dodds COO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 2000000 2254484 false true true David Klavitter CMO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 1850000 2085398 false true true Todd Link CRO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 1150000 1296328 false true true Steve Ervolino CIO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 2100000 2262252 false true true Lisa Bowers CPO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 1000000 1077263 false true true 19289989 Part II Line C The organization deposited funds into a life insurance policy on the participants life. During life, and subject to the policy generating sufficient values, the participant can borrow from the policy. At death, the organization recovers its premiums plus interest plus additional key person insurance proceeds. Form 990, Part VI, Section A, Line 6 Membership of Dupaco Community Credit Union includes all eligible persons described below that have an account at the Credit Union. Form 990, Part VI, Section A, Line 7a Membership of Dupaco Community Credit Union shall consist of and be limited to such natural persons and entities eligible by law and as approved from time to time by, and recorded at the office of, the Superintendent of Credit Unions. To be eligible to be a Dupaco member, you must live or work within our 112 county charter area in Iowa, Northwest Illinois, and Southwest Wisconsin. Form 990, Part VI, Section Aa, Line 7b There shall be an annual meeting of the members on a date designated by the board of directors. Twenty two members shall constitute a quorum. If a quorum is not present on the date first designated for annual or special meetings of the credit union, the meetings shall be adjourned for not more than 15 days, and a second notice shall be mailed to or posted for all members stating the time and place of the adjourned meeting and those members present at such adjourned meeting shall constitute a quorum for the transaction of all business. Form 990, Part VI, Section B, Line 11b Every voting member of the board of directors received a full copy of the final 2021 990 tax return for Dupaco Community Credit Union to review prior to the submission of the return to the IRS. Any questions that the board members had in regards to the return were discussed. Form 990, Part VI, Section B, Line 12c Dupaco annually requires all directors to complete a conflict of interest form where any member accounts or organizations that would potentially impair their independence with Dupaco Community Credit Union are listed. Dupaco Community Credit Unions Employee Handbook discusses the Conflict of Interest policy in which employees sign an acknowledgement stating they have read and understood the Handbook. Upon completion of each, the various forms are kept in the administration office under a locked file cabinet. Form 990, Part VI, Section B, Line 15 The Dupaco Board of Directors has designated the Dupaco management compensation program to be competitive in the marketplace and ensure alignment of the long term interests of both managers and members. Dupaco management compensation is based on national compensation surveys and independent consultant analyses of similar sized financial institutions around the United States. The Dupaco Board of Directors Personnel Committee regularly reviews this data to ensure Dupaco is paying a fair market wage to attract and retain the best employee talent to manage a strong, stable and successful financial institution. The personnel committee provides annual recommendations of salary adjustments to the Board of Directors, who then votes on the recommendations. Components of management compensation packages include a large percentage of variable at risk pay, which is based on the credit unions member staff engagement, satisfaction, and financial performance during specified time periods, as well as the credit unions business strategy as determined by the Board of Directors. Form 990, Part VI, Section C, Line 19 Dupacos governing documents, conflict of interest policy, and financial statements are posted at each branch location and are also available upon request. Form 990, Part XI, Line 5 Securities available for sale are accounted for at fair value and the unrealized holding gains and losses are presented as a separate component of accumulated other comprehensive income. The change in unrealized gain and loss on securities available for sale was a decrease of 14,689,000. Form 990, Part XI, Line 9 A capital contribution of 3,516,874 is reflected in noncontrolling interest that represents the 10 minority interest by Voices Master Tenant, LLC in Dupaco Voices, LLC that is not attributable to Dupaco Community Credit Union and Subsidiary. Dupaco Holding LLC 1000 Jackson St Dubuque IA 52001 391873865 Holding Company IA 75316 41991003 Dupaco Community Credit Union Dupaco Insurance Services LLC 1000 Jackson St Dubuque IA 52001 421024767 Insurance Services IA 2467983 354940 Dupaco Holding LLC Dupaco Initiatives LLC 1000 Jackson St Dubuque IA 52001 843308356 Leverage Lender IA 55355 5645152 Dupaco Holding LLC Dupaco RW Hoefer Foundation 1000 Jackson St Dubuque IA 52001 454145438 The encouragement of education, promotion of charity, and to contribute to organizations or causes w IA 501c3 PF N/A true Dupaco Voices LLC 1000 Jackson St Dubuque IA 52001 833182855 Real Estate IA N/A false false Dupaco Real Estate Management LLC 1000 Jackson St Dubuque IA 52001 833176346 Real Estate IA N/A false false true false true false false false false false false true false false true true false true false false Dupaco RW Hoefer Foundation b 860000 Cash Donation Dupaco Insurance Services LLC o 186000 Shared Support Fee Dupaco Real Estate Management LLC o 278190 Shared Support Fee Dupaco Holding LLC b 6636485 Capital Contribution