2021-08-24T09:55:40-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2021-08-10 1 KAREN HARBIN 999009999 ROBIN D HOAG CPA P00360662 2482443000 2021-08-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 82648583 0 X WWW.CCUKY.ORG X 1951 KY VISION: GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE. MISSION: "WE BETTER LIVES THROUGH OUR PASSION TO SERVE." 11 10 361 16 838342 0 0 0 72036121 75463633 6218831 4241905 3008774 2943045 81263726 82648583 72348 390126 0 0 25335321 26947228 0 0 0 42629332 46463493 68037001 73800847 13226725 8847736 1383472650 1651235047 1198801472 1451892049 184671178 199342998 X THE CREDIT UNION'S VISION IS "GROWTH INSPIRED BY ENGAGEMENT, EMPOWERMENT, AND EXTRAORDINARY SERVICE." COMMONWEALTH PROVIDES ITS MEMBERS WITH A SAFE PLACE TO SAVE AND A SOURCE OF CREDIT IN A NOT-FOR-PROFIT CONTEXT. WE STRIVE TO IMPROVE THE LIVES OF THOSE WE SERVE BY HELPING THEM ACHIEVE THEIR DREAMS THROUGH FINANCIAL HEALTH AND SUCCESS. 0 0 SHARES:THE CREDIT UNION HAS 261,984 SHARE ACCOUNTS AGGREGATING OVER $1.4 BILLION. COMMONWEALTH CREDIT UNION HAS A MYRIAD OF SAVINGS OPTIONS FROM WHICH MEMBERS CAN SELECT FROM TO GROW THEIR FUTURES. LOANS:COMMONWEALTH CREDIT UNION'S LOAN PORTFOLIO EXCEEDS $1.15 BILLION. THE CREDIT UNION HAS 88,105 LOAN ACCOUNTS. LOANS ARE PROVIDED TO 80,385 MEMBERS. COMMONWEALTH OFFERS ITS MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDIT NEEDS. MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 110,113 MEMBERS. THESE INCLUDE ONLINE BANKING, MOBILE BANKING, BILL PAYMENT, REMOTE AND MOBILE DEPOSIT AND OTHER ELECTRONIC SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 28402 0 1 361 1 1 1 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X KAREN HARBIN CEO 5025644775 417 HIGH STREET FRANKFORT KY 40601 DONNIE RODGERS II BOARD OF DIRECTORS 1.00 X 1316 0 0 JIM CHADWELL BOARD OF DIRECTORS 1.00 X 0 0 0 RANDY OVERSTREET BOARD OF DIRECTORS 1.00 X 0 0 0 RANDY FAWNS BOARD OF DIRECTORS VICE CHAIRPERSON 1.00 X 0 0 0 REGINA GRUBBS BOARD OF DIRECTORS CHAIRPERSON 1.00 X 0 0 0 MARY FOSTER BOARD OF DIRECTORS 1.00 X 0 0 0 KAY JONES BOARD OF DIRECTORS 1.00 X 0 0 0 ALEX ROSE BOARD OF DIRECTORS 1.00 X 0 0 0 BILL LEACH BOARD OF DIRECTORS 1.00 X 0 0 0 KENNETH BLACKWELL BOARD OF DIRECTORS 1.00 X 0 0 0 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 40.00 X X 609578 0 230559 ROB ELLIS BOARD OF DIRECTORS 1.00 X 0 0 0 STEPHEN BELLAS CFO 40.00 X 296247 0 140356 DAVID YOUNG EXECUTIVE VICE PRESIDENT 40.00 X 304024 0 150751 ALAN DAVIS CHEIF LENDING OFFICER 40.00 X 255535 0 246262 PATTY SMITH CHIEF MARKETING OFFICER 40.00 X 201418 0 40603 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 40.00 X 233708 0 257217 GLORIA THOMAS CHIEF OPERATIONS OFFICER 40.00 X 231226 0 89575 DOUG GRAHAM CHIEF INFORMATION OFFICER 40.00 X 246239 0 243210 2379291 0 1398533 32 0 1 0 LOGICALIS INC 2600 TELEGRAPH RD SUITE 200 BLOOMFIELD HILLS MI 48302 FIREWALL, IPS, EDGE AND WIRELESS ROUTER 2222973 QSI INC 107 SCHULER DR BARDSTOWN KY 40004 ATM, ITM/ATM MACHINES, PARTS & SUPPLIES, 1633891 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING & SERVICES 1476311 CROSSHAIR MEDIA PLACEMENT LLC 9300 SHELBYVILLE RD SUITE 915 LOUISVILLE KY 40222 RADIO, TV, OUTDOOR&PRINT MKTG 1267294 JACK HENRY & ASSOCIATES INC PO BOX 509 MONETT MO 65708 SYSTEM MAINTENANCE EXPENSES 1150847 55 INTEREST ON LOANS 522100 55148100 55148100 INTERCHANGE INCOME 522100 9982210 9982210 FEE INCOME 522100 8105341 8105341 OTHER INCOME 522100 1389640 1389640 FINANCE AND INSURANCE 520000 838342 838342 75463633 4241905 4241905 INS COMM MEMBER SERVICE 522100 2943045 2943045 2943045 82648583 81810241 838342 0 X 390126 1732831 18777548 1750005 3399881 1286963 165998 156646 1250035 1658708 3712909 2849895 3491047 76615 48279 9983276 3475781 95876 PROVISION FOR LOAN LOSS 7422931 PROCESSING FEES 5391370 LOAN SERVICING 3128638 CREDIT CARD REWARDS 1581597 1973892 73800847 13023816 19846033 147513702 175321938 3068910 9135471 10452990 17245892 964947680 1139228408 2644054 2817887 69237212 32016636 35299272 37220576 145189466 150092069 7110900 45594982 10721107 10582046 43500753 44149745 1383472650 1651235047 22579381 25815380 1176222091 1426076669 1198801472 1451892049 X 0 0 0 0 184671178 199342998 184671178 199342998 1383472650 1651235047 X 8847736 8002903 -2178819 X X 0 1 X 1 0 6740634 6740634 40666033 16697951 23968082 21421309 15313935 6107374 409236 4750 404486 37220576 SHARE 559699203 INDIVIDUAL RETIREMENT ACCOUNTS/ CERTIFICATES 22080602 MONEY MARKET 239834510 SHARE DRAFT 244447872 CERTIFICATE OF DEPOSIT 360014482 1426076669 X 85260151 2611568 2611568 82648583 0 82648583 73800847 0 73800847 0 73800847 PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATECHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 503402902 135613797 501(C)(3) 26334 GALA AND SPONSORSHIP YOUNG MEN'S CHRISTIAN ASSOCIATIOIN OF CENTRAL KY DBA YMCA OF CENTRAL KENT 381 WEST LOUDON AVE LEXINGTON KY 40508 610444842 501(C)(3) 11667 YMCA AFTERSCHOOL SPONSORSHIP YOUNG MEN'S CHRISTIAN ASSOCIATIOIN OF CENTRAL KY DBA YMCA OF CENTRAL KENT 381 WEST LOUDON AVE LEXINGTON KY 40508 610444842 501(C)(3) 20000 YMCA CORE PROGRAMS SPONSORSHIP KY FINANCIAL EMPOWERMENT COMMISSION 5111 COMMERCE CROSSING DR 210 LOUISVILLE KY 40229 843265189 501(C)(3) 57125 TEACH FINANCIAL LITERACY AMERICAN RED CROSS 1450 NEWTOWN PIKE LEXINGTON KY 40511 530196605 501(C)(3) 55000 DISASTER BLASTER, CORPORATE SPONSORSHIP MAKE-A-WISH FOUNDATION 710 EAST MAIN ST LEXINGTON KY 40502 341471131 501(C)(3) 20000 PARTNERSHIP LOUISVILLE URBAN LEAGUE SPONSORSHIP 1535 WEST BROADWAY LOUISVILLE KY 40203 610444771 501(C)(3) 200000 LUL SPORTS AND LEARNING GIFT 7 PART I, LINE 2: THESE ARE PHILANTHROPIC CONTRIBUTIONS, NOT GRANTS. THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. X 1 0 X X X X 0 1 0 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 482217 0 127361 0 0 0 111548 0 119011 0 840137 0 0 0 ALAN DAVIS CHEIF LENDING OFFICER 215759 0 39776 0 0 0 48270 0 197992 0 501797 0 0 0 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 194916 0 38792 0 0 0 44313 0 212904 0 490925 0 0 0 DOUG GRAHAM CHIEF INFORMATION OFFICER 208632 0 37607 0 0 0 46790 0 196420 0 489449 0 0 0 DAVID YOUNG EXECUTIVE VICE PRESIDENT 254121 0 49903 0 0 0 57281 0 93470 0 454775 0 0 0 STEPHEN BELLAS CFO 245849 0 50398 0 0 0 57436 0 82920 0 436603 0 0 0 GLORIA THOMAS CHIEF OPERATIONS OFFICER 195004 0 36222 0 0 0 43318 0 46257 0 320801 0 0 0 PATTY SMITH CHIEF MARKETING OFFICER 166096 0 35322 0 0 0 16173 0 24430 0 242021 0 0 0 PART I, LINE 1A A PER DIEM IS PAID FOR MEALS FOR BOARD MEMBERS' TRAVEL COMPANIONS. PART I, LINE 4B THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF MARKETING OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. KAREN HARBIN PRESIDENT/CEO SUPPLEMENTAL RETIREMENT BENEFIT X 10377589 10665639 0 1 1 STEVE BELLAS CHIEF FINANCIAL OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 4287637 4363751 0 1 1 PATRICIA SMITH CHIEF MARKETING OFFICER SUPPLEMENTAL RETIREMENT BENEFIT X 2177841 2216502 0 1 1 17245892 SCH L, PART II THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN, THE CHIEF FINANCIAL OFFICER, STEVE BELLAS, AND THE CHIEF MARKETING OFFICER, PATRICIA SMITH. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLANS, THE CREDIT UNION HAS FUNDED AN ANNUITY ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVE. THE EXECUTIVE IS THE SOLE OWNER OF THE POLICY AND HAS ASSIGNED THE LIFE INSURANCE POLICIES AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. FORM 990, PART VI, SECTION A, LINE 6 ANY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS A MEMBER. IN TOTAL, THERE ARE 110,113 MEMBERS OF THE CREDIT UNION. ELGIBILITY TO JOIN COMMONWEALTH CREDIT UNION IS AS FOLLOWS: IF A PERSON OR SOMEONE THEY ARE RELATED TO LIVES, WORKS, WORSHIPS, ATTENDS SCHOOL OR VOLUNTEERS IN THE KIPDA AND BLUEGRASS REGIONS, WHICH INCLUDES THE FOLLOWING 24 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, POWELL, SCOTT, SHELBY, SPENCER, TRIMBLE, AND WOODFORD. FORM 990, PART VI, SECTION A, LINE 7A COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT AN ANNUAL MEETING HELD IN JANUARY OF EACH YEAR. EACH PRIMARY MEMBER IS ENTITLED TO ONE VOTE TO ELECT THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE ELECTION AND REMOVAL OR MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO APPROVAL BY THE MEMBERS AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B COMMONWEALTH CREDIT UNION BOARD OF DIRECTORS WERE PROVIDED WITH A COPY OF THE FORM PRIOR TO THE BOARD MEETING. THEY WERE ASKED TO REVIEW THE FORM AND CONTACT THE CEO WITH QUESTIONS. AT THE BOARD MEETING, THE CEO PROVIDED EXPLANATIONS AND ANSWERED QUESTIONS FROM THE BOARD DURING THE REVIEW OF THE FORM. FORM 990, PART VI, SECTION B, LINE 12C A STATEMENT OF THE CREDIT UNION'S COMPLIANCE WITH KENTUCKY REVISED STATUE 290.195 IS INCLUDED IN THE ASSOCIATE HANDBOOK WHICH EACH EMPLOYEE SIGNS AS HAVING READ AND AGREES TO ABIDE BY KRS290.195 WHICH PROVIDES THAT NO DIRECTOR, OFFICER OR ASSOCIATES PARTICIPATE IN INTERESTS THAT COULD GIVE RISE TO CONFLICT. ALSO, AT THE BEGINNING OF EACH YEAR, EVERY EMPLOYEE MUST SIGN A CONFLICT OF INTEREST POLICY. THE HUMAN RESOURCE DEPARTMENT ENSURES THAT EACH EMPLOYEE SIGNS AND AGREES TO THIS POLICY AND MONITORS THAT IT IS DONE. FORM 990, PART VI, SECTION B, LINE 15 INTEGRITY HR IS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARIES, LEVELS, AND OVERALL COMPENSATION. INTEGRITY HR USES SEVERAL SOURCES OF COMPARABLE DATA INCLUDING CUNA SALARY SURVEYS, AS WELL AS LOCAL, REGIONAL AND NATIONAL SALARY DATA. IN ADDITION TO INTEGRITY HR, CARDWELL CONSULTANTS WAS ALSO USED FOR COMPENSATION STUDIES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIALS ARE MADE AVAILABLE AND DISTRIBUTED TO THE PUBLIC EVERY YEAR AT THE ANNUAL MEETING IN PAMPHLET FORM. GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIALS WOULD ALSO BE DISTRIBUTED ON A REQUEST BASIS TO THE PUBLIC. FORM 990, PART IX, LINE 24E U OF L PARTNERSHIP 991,639. MISCELLANEOUS 894,439. EDUCATION 87,814. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN -2,178,819. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.