2025-12-12T12:59:04-06:00 2025-02-02 994260840 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2025-01-01 610671028 COMMONWEALTH CREDIT UNION COMM 5025644775 PO BOX 978 FRANKFORT KY 406020978 KAREN HARBIN CEO 5025644775 2025-12-11 1 0 AUBREY CLEGG P01076395 2482443000 2025-12-11 2024 2025-03-06 01:10:19Z X KAREN HARBIN PO BOX 978 FRANKFORT KY 406020978 14658808 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." X 9 8 371 13 19426 0 0 0 142610585 13134623 13170116 1524185 3749756 0 159530457 14658808 941203 103000 0 0 37881091 4042633 0 0 0 98228627 8949712 137050921 13095345 22479536 1563463 2470693541 0 2234561127 0 236132414 0 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 1 CMMONWEALTH CREDIT UNION PROVIDES DEPOSIT, LOAN AND VARIOUS OTHER FINANCIAL SERVICES TO ITS MEMBERS. EFFECTIVE FEBRUARY 3, 2025, COMMONWEALTH CREDIT UNION CONVERTED FROM STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 1 371 1 1 1 0 0 0 0 0 0 0 X 9 8 0 0 1 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 KAREN HARBIN CEO/PRESIDENT/BOARD MEMBER 40.00 X X 85280 0 59408 DONNIE RODGERS II VICE CHAIRPERSON 1.00 X 0 0 0 DOUGLAS SMITH BOARD OF DIRECTORS 1.00 X 0 0 0 JAMES CHADWELL BOARD OF DIRECTORS 1.00 X 0 0 0 KAY JONES BOARD OF DIRECTORS 1.00 X 0 0 0 KENNETH BLACKWELL BOARD OF DIRECTORS 1.00 X 0 0 0 MARY FOSTER BOARD OF DIRECTORS 1.00 X 0 0 0 REGINA GRUBBS BOARD OF DIRECTORS 1.00 X 86 0 0 ROBIN ELLIS SECRETARY/TREASURER 1.00 X 0 0 0 THOMAS RANDY FAWNS CHAIRPERSON 1.00 X 0 0 0 JOSEPH BREWER BOARD OF DIRECTORS 1.00 X 0 0 0 JACQUELINE DUVALL BOARD OF DIRECTORS 1.00 X 0 0 0 CARMINE IACCARINO BOARD OF DIRECTORS 1.00 X 0 0 0 STEPHEN BELLAS CFO 40.00 X 43852 0 24841 129218 0 84249 0 0 0 0 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 VISA PROCESSING SERVICES 407428 AMPLIFI LOYALTY SOLUTIONS LLC 1240 EAST DIEHL RD STE 400 NAPIERVILLE IL 60563 CREDIT CARD POINT REDEMPTIONS 205844 LUMIN DIGITAL INC 3001 BISHOP DR STE 110 SAN RAMON CA 94583 DIGITAL SERVICES 168956 CDW DIRECT LLC PO BOX 75723 CHICAGO IL 60675 COMPUTER EQUIPMENT, SOFTWARE LICENSING & 168926 SECURITAS TECHNOLOGY CORP 3800 TABS DR UNIONTOWN OH 44685 ALARM MONITORING SERVICES & MAINTENANCE 142652 10 INTEREST ON LOANS 522100 10531191 10531191 INTERCHANGE INCOME 522100 1140092 1140092 FEE INCOME 522100 1125631 1125631 OTHER INCOME 522100 318283 318283 FINANCE AND INSURANCE 520000 19426 19426 13134623 1524185 1524185 14658808 14639382 19426 0 X 103000 213467 2617395 265483 707798 238490 23434 20904 71079 74561 278406 410053 309347 7917 12895 4960005 478156 12651 CREDIT CARD REWARDS 932684 PROCESSING FEES 690630 LOAN SERVICING 322645 PROVISION FOR LOAN LOSS 165111 179234 13095345 21068553 0 249020887 0 0 22316642 0 18067278 0 0 1781248846 0 0 3230300 0 0 40953940 0 272285277 0 14770900 0 0 4795647 0 42935271 0 2470693541 0 35533355 70000000 2129027772 0 2234561127 0 X 0 0 0 0 236132414 0 236132414 0 2470693541 0 X 1563463 6449228 -244145105 X 0 0 0 0 X 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 STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 0 UNIVERSITY OF LOUISVILLE FOUNDATION INC 215 CENTRAL AVE STE 212 LOUISVILLE KY 40208 237078461 501(C)(3) 103000 0 TO SUPPORT A TRANSFORMATIVE IMPACT ON CAMPUS TODAY AND CHART THE COURSE FOR A STRONGER COMMUNITY IN THE YEARS TO COME. 1 0 TOTAL MEMBER LOANS, NET OF ALLOWANCE FOR CREDIT LOSSES 2025-02-02 1801909972 ACTUAL BALANCE SHEET VALUE 610671028 COMMONWEALTH FEDERAL CREDIT UNION PO BOX 978 FRANKFORT KY 406020978 501(C)(1) CASH AND CASH EQUIVALENTS 2025-02-02 354881985 ACTUAL BALANCE SHEET VALUE 610671028 COMMONWEALTH FEDERAL CREDIT UNION PO BOX 978 FRANKFORT KY 406020978 501(C)(1) TOTAL INVESTMENTS 2025-02-02 273046606 ACTUAL BALANCE SHEET VALUE 610671028 COMMONWEALTH FEDERAL CREDIT UNION PO BOX 978 FRANKFORT KY 406020978 501(C)(1) TOTAL FIXED ASSETS 2025-02-02 40441800 ACTUAL BALANCE SHEET VALUE 610671028 COMMONWEALTH FEDERAL CREDIT UNION PO BOX 978 FRANKFORT KY 406020978 501(C)(1) TOTAL OTHER ASSETS 2025-02-02 71321696 ACTUAL BALANCE SHEET VALUE 610671028 COMMONWEALTH FEDERAL CREDIT UNION PO BOX 978 FRANKFORT KY 406020978 501(C)(1) 1 1 0 0 PART II, LINE 2E: PERSON(S) INVOLVED: ALL DIRECTORS, OFFICERS AND EMPLOYEES WILL RESUME THEIR ROLES AND POSITIONS WITH THE CREDIT UNION SUBSEQUENT TO THE CONVERSION TO A FEDERAL CHARTER. PART II, LINE 2E: EXPLANATION OF INVOLVEMENT: EFFECTIVE FEBRUARY 3, 2025, COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION. ALL SERVICES SHALL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. THEREFORE, ALL BOARD MEMBERS AND EMPLOYEES RESUMED THEIR ROLES UNDER THE FEDERALLY CHARTERED CREDIT UNION. AS A FEDERALLY CHARTERED CREDIT UNION UNDER 501(C)(1), THE ORGANIZATION WILL NO LONGER BE REQUIRED TO FILE FORM 990. THE ASSETS CITED IN SCHEDULE N, PART II ARE REPORTED AT THE VALUES PRESENTED IN THE BALANCE SHEET AS OF FEBRUARY 2, 2025. SINCE THE CREDIT UNION'S OPERATIONS WILL CONTINUE AS THEY DID PRIOR TO THE TRANSITION TO A FEDERAL CREDIT UNION, A SPECIAL VALUATION WAS NOT WARRANTED. FORM 990, PART III, LINE 3 COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. AS A FEDERALLY CHARTERED CREDIT UNION UNDER 501(C)(1), THE ORGANIZATION WILL NO LONGER BE REQUIRED TO FILE FORM 990. FORM 990, PART VI, SECTION A, LINE 4 COMMONWEALTH CREDIT UNION CONVERTED FROM A STATE CHARTERED CREDIT UNION TO A FEDERALLY CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. ALL SERVICES WILL CONTINUE WITHOUT INTERRUPTION UNDER THE NEW FEDERAL CHARTER. GOVERNING DOCUMENTS WERE UPDATED AS NEEDED TO ADDRESS THE CHARTER CONVERSION. 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 130,195 MEMBERS OF THE CREDIT UNION. ELIGIBILITY 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 25 COUNTIES: ANDERSON, BOURBON, BOYLE, BULLITT, CLARK, ESTILL, FAYETTE, FRANKLIN, GARRARD, HARRISON, HENRY, JEFFERSON, JESSAMINE, LINCOLN, MADISON, MERCER, NICHOLAS, OLDHAM, OWEN, 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 MARCH 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. COMMONWEALTH CREDIT UNION INITIATED A CONVERSION FROM A KENTUCKY STATE-CHARTERED CREDIT UNION TO A FEDERALLY-CHARTERED CREDIT UNION EFFECTIVE FEBRUARY 3, 2025. A SPECIAL MEMBER VOTE WAS HELD ON NOVEMBER 19, 2024. THE MEMBERS VOTED IN FAVOR OF THE CONVERSION, WITH 79.53% OF THE MEMBERSHIP VOTING IN FAVOR OF THE CONVERSION TO A FEDERAL CHARTER. 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 ASSOCIATE 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 RESOURCES 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 MARSH MCLENNAN AGENCY WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT REVIEW OF THE POSITIONS, SALARY STRUCTURES, LEVELS, AND OVERALL COMPENSATION STRATEGY. IN ADDITION, PARC COMPENSATION CONSULTING WAS USED AS AN OUTSIDE CONSULTANT TO PROVIDE AN INDEPENDENT COMPENSATION REVIEW OF EXECUTIVE POSITIONS. 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 UPON REQUEST TO THE PUBLIC. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 71,079. FORM 990, PART IX, LINE 24E MISCELLANEOUS 161,653. EDUCATION 17,509. U OF L PARTNERSHIP 72. FORM 990, PART XI, LINE 9: NET ASSETS AT TIME OF CONVERSION TO FEDERALLY CHARTERED CREDIT UNION -244,145,105.