2016-08-01T12:06:31-05:00 2015-12-31 390758449 Wipfli LLP PO Box 8010 Wausau WI 544028010 990 2015-01-01 390555293 Educators Credit Union EDUC 2628865900 1326 Willow Road Mt Pleasant WI 53177 Eugene Szymczak CEO 2628865900 2016-07-21 1 Mary A Coates CPA P00134220 7158453111 2016-07-21 2015 2016-12-15 16:53:06Z Eugene Szymczak 1326 Willow Road Mt Pleasant WI 53177 74864472 0 2157 X WWW.ECU.COM X 1937 WI TO PROVIDE EXCEPTIONAL, PERSONALIZED, AND CONVENIENT PRODUCTS AND SERVICES TO ASSIST OUR MEMBERS/OWNERS IN REACHING THEIR FINANCIAL GOALS. 10 5 503 12 0 0 0 0 68299817 72078748 2082328 1601089 88138 297942 70470283 73977779 314135 400342 0 0 19754534 20731127 0 0 0 39374763 39522195 59443432 60653664 11026851 13324115 1478928304 1566269014 1309902861 1384059579 169025443 182209435 THE CREDIT UNION OPERATES TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A REASONABLE RATE OF INTEREST, AND TO PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. 0 0 Lending - provide business and consumer loans and leases with balances of $1,156,886,222. Saving - provide saving, checking, CDs, IRAs and money market account with balances of $1,367,248,990. We have over 136,000 members and focus on educating them in our branches as well as through community activites. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 98077 0 1 503 1 0 0 0 0 0 0 0 0 X 10 5 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 0 X James Justman 2628865900 1326 Willow Raod Mt Pleasant WI 53177 Clarence Allen Board Member 1.00 X 2850 0 0 Elton Demeti Board Member 1.00 X 800 0 0 Milton Dockery Board Member 1.00 X 1050 0 0 William Halsey Board Member 1.00 X 2950 0 0 Paul Pelzek Board Member 1.00 X 2950 0 0 Mary Ann Smith Board Member 1.00 X 3200 0 0 Robert Stepien Board Member 1.00 X 700 0 0 Janet Days Associate Board Member 1.00 X 1800 0 0 Mary Lueneburg President 1.00 X X 5800 0 0 Cheryl Kothe Vice President 1.00 X X 2000 0 0 Brad Zautcke Secretary 1.00 X X 2850 0 0 Dave Holle Secretary (Thru March) 1.00 X X 1700 0 0 Michael Iselin Treasurer 1.00 X X 2750 0 0 Eugene Szymczak CEO 40.00 X 475179 0 12990 Michelle Gabor CFO 40.00 X 131656 0 7044 James Henderson CAO 40.00 X 189908 0 10481 Linda Hoover COO 40.00 X 204917 0 14652 Michael Mikkelson CIO 40.00 X 177398 0 17019 Peter Stein Sr VP-Human Resources 40.00 X 159822 0 20263 Glenn Brusky Branch Manager 40.00 X 115086 0 9188 James Hooper VP-Facilities 40.00 X 114650 0 24274 Diane Henderson HR Manager 40.00 X 109124 0 3810 1709140 0 119721 12 0 1 0 Bukacek Construction 2429 Summit Avenue Racine WI 53404 Construction Services 1566076 Jack Henry & Associates Inc PO Box 609 Monett MO 65708 IT Services 1409843 Edge One Inc 161 Business Park Circle Stoughton WI 53589 ATM Services 1243418 CDW Direct LLC PO Box 75723 Chicago IL 60675 IT Services 954010 Infoimage 141 Jefferson Drive Menlo Park CA 94025 Statement Services 766373 28 INTEREST ON LOANS 522100 49300059 49300059 CREDIT CARD INTERCHANGE INCOME 522100 11912441 11912441 MEMBER SERVICE FEES 522100 8436154 8436154 loan service fees 522100 1434853 1434853 Other Income 522100 596929 596929 398312 398312 72078748 2215962 2215962 478377 271820 206557 206557 206557 614873 -614873 -614873 -614873 Gift Card Income 900099 236 236 91149 91149 91385 73977779 72078748 0 1899031 X 400342 1078226 14934221 1267946 2174632 1276102 226750 233567 1461983 4451330 6584509 3034657 166709 460733 2 3456781 263839 PROVISION FOR LOAN LOSS 5982191 Dividends Paid 5626169 DEBIT AND CREDIT CARD e 2914776 Cash Back Rewards 1806843 2851356 60653664 15010591 22816823 43708486 59028470 1156886220 1231587513 1558083 2427005 80462917 32863102 45205731 47599815 108222327 117601692 81173380 64419711 27163486 20787985 1478928304 1566269014 6771151 6522882 1303131710 1377536697 1309902861 1384059579 X 0 0 0 0 169025443 182209435 169025443 182209435 1478928304 1566269014 X 13324115 -211386 71263 X X 0 1 X 1 0 8096561 8096561 39049581 10782650 28266931 545729 496085 49644 32771046 21584367 11186679 47599815 MEMBERS' SHARE AND SAVINGS ACCOUNTS 1367248990 OUTSTANDING DRAFTS PAYABLE 8990797 OTHER LIABILITIES 1296910 1377536697 1 United Way Racine County 2000 Domanik Drive Racine WI 53404 390806349 501(c)(3) 78300 General Support Racine Family YMCA 725 Lake Ave Racine WI 53403 390807254 501(c)(3) 52500 General Support River Bend Nature Center 3600 N Green Bay Rd Racine WI 53404 455347146 501(c)(3) 25250 General Support Kids First Fund PO Box 044654 Racine WI 53406 510188377 501(c)(3) 25000 General Support Atonement Lutheran Church 2915 Wright Ave Racine WI 53405 390918401 501(c)(3) 25000 General Support Scherrer Cares PO Box 740 Burlington WI 53105 472757965 501(c)(3) 15000 General Support United Way of Greater Milwaukee Box 88110 Milwaukee WI 53288 390806190 501(c)(3) 14527 General Support Oak Creek Public Library Foundation 8620 S Howell Ave Oak Creek WI 53154 455169633 501(c)(3) 6700 General Support Brewcity Bruisers 400 W Kilbourn Ave Milwaukee WI 53203 271354334 501(c)(3) 6000 General Support Children's Hospital of Wisconsin 9000 W Wisconsin Ave 410 Wauwatosa WI 53226 391500075 501(c)(3) 5624 General Support MDA 330 S Executive Dr suite 100A Brookfield WI 53005 131665552 501(c)(3) 5537 General Support Ronald McDonald House Chaities of Eastern WI 8948 W Watertown Plank Rd Milwaukee WI 53226 391433107 501(c)(3) 5535 General Support Halo Inc 2000 DeKoven Ave Racine WI 53403 202041432 501(c)(3) 5350 General Support 13 0 Part I, Line 2: Branch managers have the ability to approve grants to a certain amount, after that amount, the grants would have to be approved by their manager. Larger grants are approved by senior management and are considered community benefit contributions. X X 1 1 X X X 0 1 0 Eugene Szymczak CEO 428242 0 28020 0 18917 0 6625 0 6365 0 488169 0 0 0 James Henderson CAO 168554 0 11080 0 10274 0 4605 0 5876 0 200389 0 0 0 Linda Hoover COO 182403 0 12185 0 10329 0 5235 0 9417 0 219569 0 0 0 Michael Mikkelson CIO 165916 0 11130 0 352 0 2418 0 14601 0 194417 0 0 0 Peter Stein Sr VP-Human Resources 143476 0 9766 0 6580 0 4152 0 16111 0 180085 0 0 0 Part I, Line 4b Eugene Szymczak- $24,000 James Henderson - $24,000 Michelle Gabor - $6,698 Mike Mikkelson - $16,393 Form 990, Part VI, Section A, line 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). Form 990, Part VI, Section A, line 7a THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. Form 990, Part VI, Section A, line 7b A merger in which Educators Credit Union was not the surviving credit union. Form 990, Part VI, Section A, line 8b MINUTES ARE NOT TAKEN FOR SUBCOMMITTEES OF THE BOARD, WITH THE EXCEPTION OF THE ALM COMMITTEE and the audit committee. THE ACTIONS RECOMMENDED BY THE SUBCOMMITTEES ARE PRESENTED TO THE FULL BOARD FOR APPROVAL AND INCLUDED IN THEIR MINUTES. Form 990, Part VI, Section B, line 11 INFORMATION IS GATHERED BY THE ACCOUNTING MANAGER AND THE HUMAN RESOURCES MANAGER. THE FORM 990 IS REVIEWED BY THE CFO AND THE AUDIT MANAGER. A COPY OF THE 990 IS PROVIDED TO THE BOARD. Form 990, Part VI, Section B, line 12c Employees are required annually to sign the oath of office and report any conflicts of interest. The organization encourages employees to discuss potential conflicts with their manager, Human Resources, Internal Audit, or by reporting to our anonymous fraud line. All reports are investigated and addressed as necessary. Employee and board member accounts are periodically reviewed for any irregularities that would point to a violation of the policy. Form 990, Part VI, Section B, line 15 The organization obtains ANNUAL SALARY DATA FROM A 3RD PARTY VENDOR. THE BUDGETING PROCESS AND BOARD APPROVE PERCENTAGE INCREASE FOR OVERALL SALARY INCREASES. ANNUAL INCREASES ARE GIVEN BASED ON SALARY RANGE, POSITION IN RANGE, PERFOMANCE, LENGTH OF EMPLOYMENT, TIME IN POSITION, AND THE BOARD APPROVED AVERAGE PERCENTAGE INCREASE. Form 990, Part VI, Section C, line 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUESTS. Form 990, Part IX, line 24e LOAN SERVICING 1,459,176. Miscellaneous Expense 1,392,180. Form 990, Part XI, line 9: Market Adjustment on Foreclosed Assets -85,826. Equity in Merger 157,089. Form 990, Part XII, Line 2c: The board is in charge of oversight of the audit process. There has been no change in the oversight process from the prior year. 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