2021-05-17T10:17:40-05:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2020-01-01 363679911 ABBOTT LABORATORIES EMPLOYEES CREDIT UNION (ALEC) ABBO 8472499431 325 TRI-STATE PARKWAY NO 1A GURNEE IL 60031 JOSEPH TROSCLAIR PRESIDENT 8472499431 2021-05-08 1 JOSEPH TROSCLAIR 999009999 MARY C GREEN P00447183 6022662248 2021-05-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JOSEPH TROSCLAIR 325 TRI-STATE PARKWAY NO 1A GURNEE IL 60031 79132502 0 X WWW.ALECU.ORG X 1990 IL TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES. 9 8 128 8 100932 61586 0 0 23668205 22823509 7607371 5550237 119011 271219 31394587 28644965 0 0 5668336 5401966 8894357 9574672 0 0 0 8290517 7989457 22853210 22966095 8541377 5678870 817233842 948904124 708020173 832445208 109213669 116458916 X TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES. OUR COMMITMENT IS (1) TO GAIN OUR MEMBERS TRUST BY PROVIDING EXCEPTIONAL MEMBER SERVICE (2) TO OFFER A WIDE ARRAY OF FINANCIAL PRODUCTS, SERVICES AND DELIVERY CHANNELS (3) TO EDUCATE OUR MEMBERS IN ALIGNMENT WITH THEIR FINANCIAL GOALS (4) TO RECOGNIZE THE PERFORMANCE, ACHIEVEMENT AND PERSONAL DEVELOPMENT OF OUR EMPLOYEES (5) TO PROTECT OUR MEMBERS' DATA AND PRIVACY (6) TO CONDUCT BUSINESS WITH THE HIGHEST STANDARDS OF ETHICS, INTEGRITY AND HONESTY. 0 0 TO PROVIDE COMPETITIVE LOANS, MARKET DEPOSIT RATES, AND EFFICIENT CHECKING SERVICES TO OUR MEMBERSHIP. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9750 0 128 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 0 0 1 1 0 1 0 0 1 1 1 1 0 X JANET OSBORN 8472499431 401 N RIVERSIDE DR SUITE 1A GURNEE IL 600315915 JOSEPH TROSCLAIR PRESIDENT 40.00 X X 450446 0 42704 JON BERNDT SENIOR VP AND CFO 40.00 X 250449 0 33212 KENNETH KEIFER SENIOR VICE PRESIDENT 40.00 X 204695 0 40699 BRUCE VAN SCHAACK SENIOR VICE PRESIDENT 40.00 X 206271 0 34061 JENNIFER PESTIKAS SENIOR VICE PRESIDENT 40.00 X 197967 0 20143 BRADY VAN HEIRSEELE SENIOR VICE PRESIDENT 40.00 X 187799 0 24163 JANET OSBORN DIRECTOR OF ACCOUNTING 40.00 X 128112 0 9600 JENNIFER DZBINSKI DIRECTOR 40.00 X 127584 0 7012 DEBORAH ZIMMERMAN SENIOR MANAGER 40.00 X 103794 0 17933 ELIZABETH SWANSON MANAGER 40.00 X 101491 0 13910 DANIELLE HERBRECHTSMEIER SENIOR MANAGER 40.00 X 103143 0 10764 DAVID MARK CHAIRMAN 2.00 X X 0 0 0 BETH MIKSA VICE CHAIR 2.00 X X 0 0 0 ROBERT REISER TREASURER 2.00 X X 0 0 0 STEVE SCROGHAM SECRETARY 2.00 X X 0 0 0 WAYNE WALLIS DIRECTOR 2.00 X 0 0 0 BEN OSTERBAAN DIRECTOR 2.00 X 0 0 0 DOAN NGUYEN DIRECTOR 2.00 X 0 0 0 MARK STOFFEL DIRECTOR 2.00 X 0 0 0 2061751 0 254201 11 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 BANKING SERVICES 2132643 CARDTRONICS PO BOX 4346 DEPT 364 HOUSTON TX 77210 ATM SERVICES 223036 CAMOSY CONSTRUCTION 43451 N US HIGHWAY 41 ZION IL 60099 CONSTRUCTION LABOR 161454 DIEBOLD PO BOX 64353 PITTSBURGH PA 15264 ATM SERVICES 151194 4 LOAN INTEREST 522100 18489153 18489153 FEES AND CHARGES 522100 4334356 4233424 100932 22823509 4390192 4390192 51647582 50487537 1160045 1160045 1160045 OTHER INCOME 522100 223713 223713 PSCU PATRONAGE INCOME 900099 47506 47506 271219 28644965 22722577 100932 5821456 5401966 1692609 5878605 143001 1340196 520261 123877 39232 108345 505684 423690 775857 844218 313620 30856 843530 111889 UBI TAXES 33461 BANKING FEES 1998152 LOAN SERVICING 981532 PROVISION FOR LOAN LOSS 483362 372152 22966095 3650919 4299740 64843085 134488558 5028903 4188062 1354791 1356547 485024083 472893578 436124 600529 16006713 2177755 14408518 13828958 191454845 250490068 33571900 48164500 17460674 18593584 817233842 948904124 5394494 6590572 4000000 702625679 821854636 708020173 832445208 X 0 0 0 0 109213669 116458916 109213669 116458916 817233842 948904124 X 5678870 1384350 182027 X X 0 1 X 1 0 1809709 1809709 7699066 303794 7395272 214084 83599 130485 6283854 1790362 4493492 13828958 CERTIFICATE OF DEPOSITS 31348000 C FEDERAL HOME LOAN BANK STOCK (FHLB) 1816500 C FEDERAL HOME LOAN BANK TERM DEPOSIT 15000000 C 48164500 MEMBERS' SHARE AND SAVINGS ACCOUNT 821479829 DEFERRED COMPENSATION LIABILITY 374807 821854636 X 28826992 182027 182027 28644965 0 28644965 22966095 0 22966095 0 22966095 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 CONSIDERED TO BE UNRELATED TO THE CREDIT UNION'S NONTAXABLE STATUS IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2020 AND 2019. THE CREDIT UNION'S 2017 THROUGH 2019 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF LIFE INSURANCE POLICIES 182,027. X X X X 0 1 0 JOSEPH TROSCLAIR PRESIDENT 323818 0 125454 0 1174 0 34047 0 8657 0 493150 0 0 0 JON BERNDT SENIOR VP AND CFO 209638 0 38405 0 2406 0 20351 0 12861 0 283661 0 0 0 KENNETH KEIFER SENIOR VICE PRESIDENT 170439 0 32572 0 1684 0 28282 0 12417 0 245394 0 0 0 BRUCE VAN SCHAACK SENIOR VICE PRESIDENT 169399 0 34624 0 2248 0 20503 0 13558 0 240332 0 0 0 JENNIFER PESTIKAS SENIOR VICE PRESIDENT 161562 0 36019 0 386 0 11191 0 8952 0 218110 0 0 0 BRADY VAN HEIRSEELE SENIOR VICE PRESIDENT 155847 0 31620 0 332 0 12907 0 11256 0 211962 0 0 0 PART I, LINE 4B JOSEPH TROSCLAIR PARTICIPATES IN A SPLIT DOLLAR LIFE INSURANCE AGREEMENT. THE CREDIT UNION DEPOSITED FUNDS INTO A LIFE INSURANCE POLICY ON THE PARTICIPANT'S LIFE. DURING LIFE, AND SUBJECT TO THE POLICY GENERATING SUFFICIENT VALUES, THE PARTICIPANT CAN BORROW FROM THE POLICY. AT DEATH, THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST PLUS ADDITIONAL KEY-PERSON INSURANCE PROCEEDS. JOSEPH M TROSCLAIR PRESIDENT SPLIT DOLLAR LIFE INSURANCE X 1385663 1356547 0 1 1 1356547 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS. THE CREDIT UNION'S PRIMARY FIELDS OF MEMBERSHIP FOR LENDING AND SAVINGS ACTIVITIES ARE EMPLOYEES, RETIREES, AND THE FAMILY MEMBERS OF ABBOTT LABORATORIES; ABBVIE, INC.; AND THE CREDIT UNION'S EMPLOYEES, RETIREES, AND THEIR FAMILY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF THE ORGANIZATION IS ELECTED BY ITS MEMBERS FORM 990, PART VI, SECTION A, LINE 7B ELECTION OF DIRECTORS AND PROPOSALS FOR MERGERS/VOLUNTARY DISSOLUTION IS VOTED ON BY MEMBERS. HOWEVER, MEMBERS MAY VOTE BY PROXY. CHANGES TO THE CORPORATE CHARTER AND BYLAWS REQUIRE APPROVAL OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 8B THE CREDIT UNION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE A DRAFT IS AVAILABLE, IT IS REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 THE ORGANIZATIONS CODE OF ETHICS POLICY INCLUDES ITS POSITION ON CONFLICT OF INTEREST. THE CODE OF ETHICS POLICY IS REQUIRED TO BE SIGNED ANNUALLY BY ALL EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD. THEY OBTAINED SURVEY'S WHICH THEN THE DATA IS COMPARED AT THE POSITION LEVEL. INCLUDING FACTORS SUCH AS THE NUMBER OF SERVICES, NUMBER OF MEMBERS AND NUMBER OF LOANS. COMPENSATION IS BASED ON ANALYSIS OF THIS DATA. THIS INFORMATION IS KEPT IN THE PAYROLL FILE AND THE CEO'S PERSONNEL FILE. REGARDING THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES, THE CEO RECOMMENDS CHANGES IN COMPENSATION TO THE COMPENSATION COMMITTEE OF THE BOARD, USING INDIVIDUAL COMPENSATION REPORTS PROVIDED BY ALEC'S INDEPENDENT COMPENSATION CONSULTANT. ONCE APPROVED BY THE COMPENSATION COMMITTEE, THE CEO NOTIFIES HR FOR PAYROLL PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CASH SURRENDER VALUE OF LIFE INSURANCE POLICIES 182,027. FORM 990, PAGE 12, PART XII, LINE 2C THE BOARD OF DIRECTORS OVERSEES THE AUDITED FINANCIAL STATEMENTS.