2020-10-30T15:33:22-05:00 2019-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2019-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2020-10-29 1 ROBIN D HOAG CPA P00360662 2482443000 2020-10-04 104.11.88.150 2020-10-29 12:41:45 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B2EFC313AB4EEA4760135470907D022D8B217834 2019 2021-04-22 16:20:28Z KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 81263726 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 10 367 16 590148 0 0 0 63251597 72036121 5205776 6218831 3190245 3008774 71647618 81263726 0 72348 0 0 24359241 25335321 0 0 0 36202235 42629332 60561476 68037001 11086142 13226725 1262159235 1383472650 1095689416 1198801472 166469819 184671178 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 253,032 SHARE ACCOUNTS AGGREGATING OVER $1.1 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 $975 MILLION. THE CREDIT UNION HAS 89,733 LOAN ACCOUNTS. LOANS ARE PROVIDED TO 81,757 MEMBERS. COMMONWEALTH OFFERS IT'S MEMBERS AN ARRAY OF LOAN PRODUCTS TO MEET THEIR CREDT NEEDS. MISCELLANEOUS FINANCIAL SERVICES:COMMONWEALTH CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS 107,561 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 27221 0 1 367 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 0 0 0 JIM CHADWELL BOARD OF DIRECTORS 1.00 X 739 0 0 RANDY OVERSTREET BOARD OF DIRECTORS 1.00 X 1065 0 0 RANDY FAWNS BOARD OF DIRECTORS 1.00 X 3003 0 0 REGINA GRUBBS BOARD OF DIRECTORS 1.00 X 999 0 0 MARY FOSTER BOARD OF DIRECTORS 1.00 X 749 0 0 KAY JONES BOARD OF DIRECTORS 1.00 X 1294 0 0 ALEX ROSE BOARD OF DIRECTORS 1.00 X 1278 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 574145 0 225752 STEPHEN BELLAS CFO 40.00 X 278872 0 177719 DAVID YOUNG EXECUTIVE VICE PRESIDENT 40.00 X 289245 0 104951 ALAN DAVIS CHEIF LENDING OFFICER 40.00 X 230782 0 191525 PATTY SMITH CHIEF MARKETING OFFICER 40.00 X 192311 0 27903 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 40.00 X 222796 0 182640 GLORIA THOMAS CHIEF OPERATIONS OFFICER 40.00 X 207029 0 137207 DOUG GRAHAM CHIEF INFORMATION OFFICER 40.00 X 223446 0 120036 2227753 0 1167733 21 0 1 0 LOGICALIS INC 2600 TELEGRAPH RD SUITE 200 BLOOMFIELD HILLS MI 48302 FIREWALL, IPS, EDGE AND WIRELESS ROUTER 1666579 CAMEO SOLUTIONS 9078 UNION CENTRE BLVD 200 WEST CHESTER TOWNSHIP OH 45069 PHONE SYSTEM SOFTWARE, SUPPORT AND PROFE 1437568 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 606755723 INFORMATION TECHNOLOGY EQUIPMENT, SOFTWA 1397748 CROSSHAIR MEDIA PLACEMENT LLC 9300 SHELBYVILLE RD SUITE 915 LOUISVILLE KY 40222 RADIO, TV, OUTDOOR&PRINT MKTG 1206634 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING & SERVICES 1192298 53 INTEREST ON LOANS 522100 53374844 53374844 INTERCHANGE INCOME 522100 9342989 9342989 FEE INCOME 522100 7173032 7046805 126227 OTHER INCOME 522100 2145256 2145256 72036121 6218831 6218831 INS COMM MEMBER SERVICES 524298 3008774 2544853 463921 3008774 81263726 80673578 590148 0 X 68348 4000 1659811 17157184 2192749 3036570 1289007 267873 119610 1064165 1969478 2803510 2172712 3025892 184881 164377 8989517 2767431 97990 PROVISION FOR LOAN LOSS 7328530 PROCESSING FEES 5458498 LOAN SERVICING 2869063 CREDIT CARD REWARDS 1947309 1398496 68037001 12215033 13023816 119984062 147513702 3762793 3068910 10452990 887330650 964947680 1830030 2644054 65300487 30001215 32388833 35299272 168887899 145189466 6317900 7110900 7998577 10721107 21443458 43500753 1262159235 1383472650 19536792 22579381 30000000 0 1046152624 1176222091 1095689416 1198801472 X 0 0 0 0 166469819 184671178 166469819 184671178 1262159235 1383472650 X 13226725 4194400 780234 X X 0 1 X 1 0 5757851 5757851 38379150 18796814 19582336 19945389 10888736 9056653 1218097 315665 902432 35299272 SHARE 452198564 INDIVIDUAL RETIREMENT ACCOUNTS/ CERTIFICATES 21231271 MONEY MARKET 185263990 SHARE DRAFT 185728845 CERTIFICATE OF DEPOSIT 331799421 1176222091 X 82264959 1001233 1001233 81263726 0 81263726 68037001 0 68037001 0 68037001 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)14), FROM FEDERAL INCOME TAXES AND KENTUCKY BUSINESS TAX. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION 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. IN THE OPINION OF MANAGEMENT, ANY 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. THE CREDIT UNION'S OPEN AUDIT PERIOD IS THE THREE YEAR PERIOD ENDED DECEMBER 31, 2019. 1 UNIVERSITY OF LOUISVILLE 2301 S 3RD ST LOUISVILLE KY 40292 237078461 GOVERNMENT ENTITY 27642 TO PROMOTE EDUCATION AMERICAN HEART ASSOCIATION GREAT RIVERS AFFILIATE PO BOX 4002902 DES MOINES IA 503402902 135613797 501(C)(3) 20706 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) 20000 YMCA AFTERSCHOOL SPONSORSHIP 2 1 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 465606 0 108539 0 0 0 101273 0 124479 0 799897 0 0 0 STEPHEN BELLAS CFO 238966 0 39906 0 0 0 52479 0 125240 0 456591 0 0 0 DAVID YOUNG EXECUTIVE VICE PRESIDENT 245588 0 43657 0 0 0 52365 0 52586 0 394196 0 0 0 ALAN DAVIS CHEIF LENDING OFFICER 196358 0 34424 0 0 0 42036 0 149489 0 422307 0 0 0 PATTY SMITH CHIEF MARKETING OFFICER 161962 0 30349 0 0 0 12687 0 15216 0 220214 0 0 0 KAREN MAXFIELD CHEIF HUMAN RESOURCES OFFI 190923 0 31873 0 0 0 40762 0 141878 0 405436 0 0 0 GLORIA THOMAS CHIEF OPERATIONS OFFICER 176378 0 30651 0 0 0 37378 0 99829 0 344236 0 0 0 DOUG GRAHAM CHIEF INFORMATION OFFICER 196708 0 26738 0 0 0 40907 0 79129 0 343482 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. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLAN, 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 OWNERS OF THE POLICIES AND HAS ASSIGNED THE LIFE INSURANCE POLICY AS COLLATERAL TO THE CREDIT UNION AS SECURITY FOR THE REPAYMENT OF THE PREMIUMS. KAREN HARBIN PRESIDENT/CEO SUPPLEMENTAL RETIREMENT BENEFIT X 10377589 10452990 0 1 1 10452990 SCH L, PART II THE CREDIT UNION MAINTAINS A SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT BENEFIT FOR THE CEO, KAREN HARBIN. UNDER THE SUPPLEMENTAL SPLIT DOLLAR LIFE INSURANCE RETIREMENT PLAN, 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 POLICY 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 107,561 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 11G OTHER 1,064,165. FORM 990, PART IX, LINE 24E U OF L PARTNERSHIP 886,403. OTHER 512,093. FORM 990, PART XI, LINE 9: NET CHANGE IN DEFINED BENEFIT PENSION PLAN 780,234. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.