2013-09-12T10:34:38-05:00 2012-12-31 431592217 J TENBRINK & ASSOCIATES 11272 S RIDGEVIEW RD OLATHE KS 66061 990 2012-01-01 480625190 QUEST CREDIT UNION QUES 7852335556 PO BOX 1128 TOPEKA KS 666011128 VICKIE HURT 7852335556 2013-09-12 1 P00638199 9138946214 2012 2016-02-24 21:20:13Z VICKIE HURT PO BOX 1128 TOPEKA KS 666011128 11014416 0 X WWW.QUEST-CU.ORG X 1974 KS QUEST CREDIT UNION WILL EXCEED MEMBER EXPECTATIONS IN OUR COMMITMENT TO THEIR FINANCIAL SUCCESS. 9 9 76 15 42072 -18770 0 0 8468005 8187731 2549792 2612431 85099 186654 11102896 10986816 0 0 98622 97466 3047096 3318156 0 0 0 7168449 6370062 10314167 9785684 788729 1201132 258144432 265791454 235097897 241323671 23046535 24467783 X QUEST CREDIT UNION WILL EXCEED MEMBER EXPECTATIONS IN OUR COMMITMENT TO THEIR FINANCIAL SUCCESS. 0 0 PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 32,087 MEMBERS. PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2012, THERE WERE 9,930 LOANS OUTSTANDING TOTALING $90,071,459. PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $1,985,067 FOR THE YEAR. IN 2012, THE CREDIT UNION ADDED MOBILE BANKING SERVICES FOR MEMBERS. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7763 0 1 76 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 X DAVID LINDERMAN 7852335556 610 SW 10TH STREET TOPEKA KS 666121673 BOBB COLLIE 2.00 X 0 0 0 WILLIAM MIKE LACKEY 2.00 X 0 0 0 BRYAN VARGAS 2.00 X 0 0 0 GELENE SAVAGE 2.00 X 0 0 0 BRADFORD DEITER 2.00 X 0 0 0 DONALD FRICK 2.00 X 0 0 0 BRADFORD DEITER 2.00 X 0 0 0 JO ANN GOEDEKE 2.00 X 0 0 0 TERRY HEIDNER 2.00 X 0 0 0 GARY COLCHER 40.00 X X 123399 0 123367 VICKIE HURT 40.00 X 120043 0 106975 DENNIS CURRY 40.00 X 109206 0 17021 352648 0 247363 3 0 1 0 0 INTEREST ON LOANS 522100 5873992 5873992 FEES & OTHER INCOME 522100 2271667 2271667 NON-MEMBER ATM FEES 522100 28344 28344 WARRANTY SALES 522100 10950 10950 OTHER INSURANCE SERVICES 522100 2778 2778 8187731 2621839 2621839 186654 186654 18192 27600 -9408 -9408 -9408 10986816 10944744 42072 0 97466 600011 2103465 113595 305843 195242 2414 116347 62569 233353 257712 1522673 243016 85671 506794 87106 MEMBER DIVIDENDS 1985067 PROVISION FOR LOAN LOSS 739191 LOAN SERVICING 232376 NCUSIF ASSESSMENTS 225499 70274 9785684 3983784 4945387 30962878 25805175 138616 118804 95469109 88780884 386277 471375 10394967 4582297 6159868 5812670 116126721 129547786 1191569 6353875 3725610 3955498 258144432 265791454 470322 1886606 269214 278023 234358361 239159042 235097897 241323671 X 0 0 0 0 23046535 24467783 23046535 24467783 258144432 265791454 X 1201132 220787 -671 X 0 1 X 1 0 0 1 X 1078853 1078853 6157976 2126863 4031113 521139 491676 29463 2624853 1962139 662714 12146 1619 10527 5812670 MEMBER SHARE DEPOSITS 239159042 239159042 X 10986816 0 10986816 0 10986816 9785684 0 9785684 0 9785684 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR INSURANCE AND PROPERTY TAXES RELATED TO MEMBER REAL ESTATE LOANS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CREDIT UNION IS EXEMPT BY STATUTE FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR CERTAIN PRODUCTS AND SERVICES SUCH AS FINANCIAL MEMBER SERVICES, CAR WARRANTIES, AND GUARANTEED AUTO PROTECTION (GAP) INSURANCE WHICH HAS BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS RELEASED IN 2007, TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES IS SUBJECT TO INCOME TAXES UNDER THE UNRELATED BUSINESS INCOME TAX (UBIT) REGULATIONS. RECENT COURT DECISIONS HAVE BEEN RENDERED IN RESPONSE TO LEGAL CHALLENGES FROM INDIVIDUAL CREDIT UNIONS AGAINST THE IRS DIRECTED AT THE TECHNICAL ADVICE MEMORANDUM RELEASED IN 2007. THE TWO COURT RULINGS REJECTED THE IRS'S ANALYSIS OF HOW UBIT SHOULD APPLY TO CREDIT UNIONS BY DETERMINING THAT THE ABOVE PRODUCTS AND SERVICES WERE SUBSTANTIALLY RELATED TO CREDIT UNIONS' TAX-EXEMPT PURPOSE AND THEREFORE, NOT SUBJECT TO UBIT. THE IRS HAS APPEALED ONE OF THE COURT RULINGS. CREDIT UNION MANAGEMENT ACCEPTS THE LEGAL DECISIONS RENDERED BY THE COURTS AND HAS CHOSEN NOT TO CONSIDER THE ABOVE MENTIONED PRODUCTS AND SERVICES TO BE SUBJECT TO UBIT. THE CREDIT UNION HAS FILED THE 990 AND 990-T TAX RETURNS UP TO 2012 EXCLUDING THOSE PRODUCTS AND SERVICES, AND INTENDS TO FILE THE 2012 990 AND 990-T TAX RETURNS UNDER THE SAME APPROACH. THE 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 ESTIMATED LIABILITY RECORDED AND ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING ADDITIONAL TAXES, PENALTIES, AND INTEREST ON THE TAXES DUE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIOD IN PROGRESS. THE CREDIT UNION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2008. X X X X 0 1 0 GARY COLCHER 123399 0 0 0 0 0 109948 0 13419 0 246766 0 0 0 VICKIE HURT 120043 0 0 0 0 0 100233 0 6742 0 227018 0 0 0 PART I, LINE 3 THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS PERFORMANCE AND DETERMINES COMPENSATION FOR BOTH OF THE CO-PRESIDENT'S/CEO'S USING VARIOUS INFORMATION, INCLUDING THE COMPEASE SALARY ADMINISTRATION PROGRAM. PART I, LINE 4B THE CREDIT UNION MAINTAINS SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS FOR KEY SENIOR EXECITIVES IF THEY REMAIN EMPLOYED BY THE CREDIT UNION FOR A SPECIFIED PERIOD OF TIME. THE ESTIMATED LIABILITY UNDER THE AGREEMENTS IS BEING ACCRUED AS DEFINED IN THE PLANS OVER THE REMAINING YEARS OF SERVICE. THE CONTRIBUTIONS INTO THE PLANS ARE ACCRUED AS COMPENSATION EXPENSE AND FUNDED ON A CURRENT BASIS. THE APPLICABLE EXECUTIVES AND AMOUNTS EXPENSED IN 2012 ARE LISTED BELOW: GARY COLCHER, CO-PRESIDENT/CEO/DIRECTOR - $89,775 VICKIE HURT, CO-PRESIDENT/CEO - $88,327 NO AMOUNTS WERE PAID OUT IN 2012. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS MUTUALLY OWNED BY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE CREDIT UNION MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN SIGNIFICANT CHANGES ARE SUBJECT TO APPROVAL BY THE CREDIT UNION MEMBERS; HOWEVER, NO SUCH CHANGES WERE MADE DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11 THE RESPONSIBILITY FOR REVIEWING THE FORM 990 IS DELEGATED TO THE CO-PRESIDENT/CEO, WHO IN TURN, REVIEWS DETAILS WITH OTHER CREDIT UNION MANAGEMENT BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS PERFORMANCE AND DETERMINES COMPENSATION FOR BOTH OF THE CO-PRESIDENT'S/CEO'S USING VARIOUS INFORMATION, INCLUDING THE COMPEASE SALARY ADMINISTRATION PROGRAM. ALL OTHER MANAGEMENT COMPENSATION IS PRESENTED AS PART OF THE BUDGET PACKAGE TO THE BOARD OF DIRECTORS FOR APPROVAL. THE BOARD'S DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE PRESENTED AT THE ANNUAL MEETING AND ARE AVAILABLE UPON REQUEST. IN ADDITION, THE NCUA WEBSITE POSTS FINANCIAL INFORMATION AS PART OF THE QUARTERLY CALL REPORTS. OTHER DOCUMENTS, POLICIES, AND PROCEDURES ARE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: OTHER ADJUSTMENTS TO UNDIVIDED EARNINGS -671.