2012-11-15T14:47:14-00:00 2011-12-31 990 2011-01-01 350779057 FORUM Credit Union FORU 3175586000 PO Box 50738 Indianapolis IN 46250 Jeff Welch 3175586000 2012-11-15 true 3128997000 2012-11-15 2011 2016-02-24 21:20:13Z Douglas True 11313 USA Parkway Fishers IN 46037 59417418 false X www.forumcu.com X 1941 IN FORUM CREDIT UNIONS MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS. 9 7 364 12 1051386 145580 0 63532675 57184205 112125 262743 1185209 997185 64830009 58444133 0 0 15713766 16164927 0 0 54449696 37228091 70163462 53393018 -5333453 5051115 945801972 909399428 854819778 813766695 90982194 95632733 FORUM IS A 501C14 EXEMPT ORGANIZATION THAT IS OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT THAT 1PROMOTE THRIFT AMONG MEMBERS AND 2PROVIDE LOW COST CREDIT FOR MEMBERS. ITS COLLECTIVE CHARGE IS TO BE AN INNOVATIVE, DYNAMIC, AND RESPONSIVE FINANCIAL SERVICES ORGANIZATION PROVIDING PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS. false false PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNON ALLOWS FOR MARKET LEADING RATES TO BE OFFERED FOR MORTGAGE LOANS, HOME EQUITY LOANS, AUTO LOANS AND PERSONAL LOANS. IN ADDITION, FORUM WORKS CLOSELY WITH THE FHA AND OTHER HOME OWNERSHIP ORGANIZATIONS TO HELP CONSUMERS REALIZE THE DREAM OF OWNING A HOME. FORUM ORIGINATES OVER 340 MILLION IN LOANS PER YEAR IN ITS EFFORTS TO MEET MEMBERS LENDING NEEDS. false false true false false false false false true false false false true true false true false false false false false false false false false false false true false true false false true true false false false false true true true true false true 20975 0 true 364 true true true false false false false false X 9 7 false false false false true true false true true false true true true true true true true true true false false IN X JULIA CLARK 3175586216 11313 USA PARKWAY FISHERS IN 46037 RICK RAMBO 005.00 X X 0 0 0 TERRI ATKINSON 005.00 X X 0 0 0 MAX FALL 005.00 X X 0 0 0 JOHN DIERDORF 005.00 X X 0 0 0 TRACY MILLS 005.00 X X 0 0 0 MARK MITCHELL 005.00 X 0 0 0 CATHY KANE 005.00 X 0 0 0 KEVIN HUNT 005.00 X 0 0 0 SANDRA HOLLINGSHEAD 005.00 X 0 0 0 JOHN GALLINA 005.00 X 0 0 0 DOUGLAS TRUE 040.00 X 209994 0 65516 MICHAEL PETERSON 040.00 X 250078 0 111044 WILLIAM DAILEY 040.00 X 409500 0 51210 JEFF WELCH 040.00 X 167530 0 63732 CHARLES ANDREW MATTINGLY 040.00 X 175289 0 63616 JENNIFER BUDREAU 040.00 X 182749 0 48605 CAMERON PIERCEFIELD 040.00 X 126219 0 28722 JIM JARZYNSKI 040.00 X 158715 0 25890 BRIAN CRUM 040.00 X 119366 0 25569 KRISTI LOWELL 040.00 X 120082 0 3678 JAMES CARR 040.00 X 153556 0 29542 RICHARD RIDENOUR 040.00 X 129268 0 14494 BENJAMEN BANKS 040.00 X 116804 0 26461 DENISE DYE 040.00 X 128362 0 26519 GARY IRVIN 001.00 X 868142 0 0 3315654 584598 19 true true false ALLIED SOLUTIONS LLC PO BOX 937 NILES MI 49120 INSURANCE 614365 CELLAR MASTERS LLC 313 E CARMEL DRIVE CARMEL IN 46032 CATERING 562709 BARNES & THORNBURG 11 SOUTH MERIDIAN ST INDIANAPOLIS IN 46204 LEGAL 286484 MERCER BELANGER 111 MONUMENT CIRCLE STE 3400 INDIANAPOLIS IN 46244 LEGAL 236124 DGU INSURANCE ASSOCIATES LLC 263 BROAD STREET RED BANK NJ 07701 INSURANCE 156006 6 INTEREST AND FEES ON LOANS 522100 39706216 39634517 71699 SERVICE FEES ON SHARE ACCOUNTS 522100 8322724 8184268 138456 DEBIT AND CREDIT CARD FEES 522210 5270350 5270350 MORTGAGE BANKING 522292 3722838 3722838 INSURANCE 524298 162077 162077 57184205 700099 700099 506304 535929 -29625 -29625 -201616 231241 437356 -437356 -437356 -437356 ACCOUNTING TAX CONSULTING 541200 70670 70670 INVESTMENT ADVISORY FEES 523930 676340 676340 OTHER FEES 230547 96844 133703 49253 49196 57 1026810 58444133 56958013 1051386 493984 0 0 0 0 2321507 0 10748233 464719 1575693 1054775 0 332856 36343 0 0 0 1636528 1086873 1428624 0 3110492 6286 0 386230 12995728 0 2552741 350722 PROVISION FOR LOAN LOSSES 5501553 COLLECTION AND OTHER LOAN EXPENSES 4252319 CORRESPONDANT SERVICE EXPENSE 375468 ASSOCIATION DUES 127257 3048071 53393018 15841750 16599376 98069084 85998033 12500 758048583 697891502 57497134 22952786 35706233 34544348 5466494 36906296 9491100 8801800 23166228 28658073 945801972 909399428 7714984 12876190 186857608 148250500 660247186 652640005 854819778 813766695 X 90982194 95632733 90982194 95632733 945801972 909399428 X 5051115 -400576 X false true true X false 2702 702 2000 2702 true INDIANA CREDIT UNION LEAGUE PAC PO BOX 50425 INDIANAPOLIS IN 46250 237305600 2000 I-A 1 FORUM CREDIT UNION CONTRIBUTES FUNDS TO THE INDIANA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE OF 2,000. FORUM ALSO PROVIDED RENTAL SPACE AND FOOD FOR A UNITED STATES CONGRESSIONAL FUNDRAISER 702. false 5658044 5658044 36755372 11573133 25182239 2330819 1658422 672397 12752899 9721231 3031668 34544348 113000 Members Share Accounts 652527005 652640005 58444133 53393018 5051115 174000 174000 5225115 X 2 THE CREDIT UNION IS STATE CHARTERED, AND IS SUBJECT TO INDIANA STATE FRANCHISE TAX. THE FRANCHISE TAX RATE IS 8.5 BASED ON NET INCOME LESS STATUTORY RESERVE TRANSFERS FOR THE YEAR. THE CREDIT UNION IS EXEMPT FROM FEDERAL INCOME TAX. FORUM SOLUTIONS.COM, LLC, FS AND FORUM PRIVATE CLIENT GROUP, LLC PCG ARE LIMITED LIABILITY COMPANIES THAT ARE CONSIDERED PART OF THE CREDIT UNION FOR TAX PURPOSES. A CONSOLIDATED STATE FRANCHISE TAX RETURN IS FILED FOR ALL ENTITIES. THE CREDIT UNION IS X 2 SUBJECT TO UNRELATED BUSINESS INCOME TAX UBIT ON CERTAIN INSURANCE AND OTHER INCOME AND THE TAXABLE INCOME OF FS AND PCG AS OF DECEMBER 31, 2011. THE CREDIT UNION HAS A UBIT LIABILITY OF 113,000 AND A STATE FRANCHISE TAX NET OPERATING LOSS CARRYFORWARD OF 17,249,000 WHICH WILL BEGIN TO EXPIRE IN 2026. A DEFERRED TAX ASSET OF 1,480,000 AND 1,883,000 WAS RECORDED AT DECEMBER 31,2011 AND 2010 RELATED TO THE FRANCHISE TAX LOSS CARRYFORWARD, AS REALIZATION IS EXPECTED PRIOR TO EXPIRATION. X 2 THERE ARE NO OTHER SIGNIFICANT DEFERRED TAX ASSETS OR LIABILITIES. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50 LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE MORE LIKELY THAN NOT TEST, NO TAX BENEFIT IS RECORDED. X X X true true false DOUGLAS TRUE 183001 25440 1553 41855 23661 275510 25440 MICHAEL PETERSON 219223 25440 5414 70640 20404 341121 25440 WILLIAM DAILEY 8042 25440 376018 21635 18575 449710 25440 JEFF WELCH 140771 25440 1319 40744 22988 231262 25440 CHARLES ANDREW MATTINGLY 148785 25440 1064 40396 23220 238905 25440 JENNIFER BUDREAU 155753 25440 1556 40550 8055 231354 25440 CAMERON PIERCEFIELD 108515 16960 744 27549 1173 154941 16960 JIM JARZYNSKI 157307 1408 5726 20164 184605 JAMES CARR 138848 14077 631 6461 23081 183098 14077 DENISE DYE 128344 18 5401 21118 154881 GARY IRVIN 868142 868142 I 4a A SEVERANCE PAYMENT WAS PAID TO WILLIAM DAILEY DURING 2011 IN THE AMOUNT OF 187,377. I 4b WILLIAM DAILEY AND MICHAEL PETERSON PARTICIPATE IN A SECTION 457F RETIREMENT PLAN. THE ORGANIZATION MADE THE FOLLOWING CONTRIBUTIONS TO THE 457F PLAN DURING THE YEAR. WILLIAM DAILEY 11,000 AND MICHAEL PETERSON 20,000. JIM JARZYNSKI RELOCATION EXPENSES X 25000 false false true KELLI DIERDORF FAMILY MEMBER OF JOHN DIERDORF,CHAIRMAN 60623 COMPENSATION AS EMPLOYEE OF FORUM CREDIT UNION false KATHLEEN PIERCEFIELD FAMILY MEMBER OF CAMERON PIERCEFIELD,CIO 71217 COMPENSATION AS EMPLOYEE OF FORUM CREDIT UNION false ANTHEM BLUE CROSS AND BLUE SHIELD SEE SUPPLEMENTAL INFO 1576376 INSURANCE PAYMENTS false CREDIT UNION CENTERS LLC SEE SUPPLEMENTAL INFO 135636 SHARED BRANCH SERVICES false IV 3 JOHN GALINA, BOARD MEMBER OF FORUM CREDIT UNION IS THE CHIEF RISK OFFICER FOR ANTHEMS PARENT COMPANY WELLPOINT, INC IV 4 KRISTI LOWELL, VP RETAIL DELIVERY IS A BOARD MEMBER OF CUCC. Form 990 Part VI 6 THERE IS ONE CLASS OF MEMBERS. CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE BOARD AND SUPERVISORY COMMITTEE MEMBERS AT THE ANNUAL MEMBERSHIP MEETING. Form 990 Part VI 7A EACH MEMBER OWNS ONE SHARE AND CAN ONLY VOTE ONCE. MEMBERS HAVE THE OPPORTUNITY TO VOTE AT THE ANNUAL MEETING ON NOMINEES FOR THE BOARD POSITIONS SELECTED BY THE NOMINATING COMMITTEE. THE BOARD APPOINTS FROM WITHIN ITSELF MEMBERS OF THE NOMINATING COMMITTEE. SHOULD A BOARD POSITION HAVE MORE THAN ONE CANDIDATE, A BALLOT WOULD BE MAILED 60 DAYS PRIOR TO THE ANNUAL MEETING TO ALL VOTING MEMBERS. THE BALLOTS MUST BE RETURNED FIVE DAYS PRIOR TO THE ANNUAL MEETING. ALL BALLOTS WOULD BE VERIFIED AND TALLIED. THE RESULTS OF THE BALLOTS WOULD BE ANNOUNCED AT THE ANNUAL MEETING. Form 990 Part VI 11B THE FORM 990 IS PREPARED INTERNALLY AND REVIEWED BY AN INDEPENDENT TAX RETURN PREPARER. SENIOR MANAGEMENT AND THE TREASURER CONDUCTS THE INITIAL REVIEW OF THE FORM 990. THE BOARD TREASURER THEN PROVIDES COPIES OF THE RETURN TO THE BOARD AND RESPONDS TO ANY QUESTIONS THAT ARISE. Form 990 Part VI 12C BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN ANNUALLY TO DISCLOSE POTENTIAL CONFLICTS. INTERESTED BOARD MEMBERS DO NOT PARTICIPATE IN VOTING ON MATTERS WHERE CONFLICTS OF INTEREST EXIST. THE BOARD CHAIRMAN ENSURES THIS PRACTICE IS UPHELD. LIKEWISE, OFFICERS AND KEY EMPLOYEES WITH CONFLICTS OF INTEREST SHALL DISCLOSE THE MATTER WITH CEO AND CHAIRMAN OF THE BOARD OF DIRECTORS. THE INDIVIDUAL SHALL MAKE NO DECISION OR TAKE ANY ACTION WITH RESPECT TO THE MATTER UNLESS AUTHORIZED BY THE CEO AND/OR BOARD OF DIRECTORS. THE OFFICER, DIRECTOR, OR KEY EMPLOYEE MAY BE ASKED TO RESIGN OR END THE CONFLICT. Form 990 Part VI 15A THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS THE CEOS SALARY AND BENEFITS ANNUALLY. APPROXIMATELY EVERY THREE YEARS THE COMMITTEE USES COMPENSATION SURVEYS WITH CRITERIA ON SIMILAR SIZE ORGANIZATIONS IN ITS DECISION MAKING PROCESS. ALL DELIBERATONS AND DECISIONS REGARDING THE COMPENSATION AND BENEFITS ARE INCLUDED IN THE COMMITTEE MINUTES. THIS WAS UNDERTAKEN IN 2011 FOR THE NEW CEO. Form 990 Part VI 15B SALARIES FOR OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE HR DEPARTMENT. ANNUAL ADJUSTMENTS TO SALARIES ARE BASED ON RESULTS OF PERFORMANCE REVIEWS. THE COMPARABILITY DATA IS USED WHEN A POSITION HAS BEEN FILLED. THIS PROCESS WAS LAST UNDERTAKEN IN 2011. Form 990 Part VI 19 A SUMMARY OF THE FINANCIAL STATEMENTS ARE AVAILABLE AT EACH BRANCH LOCATION. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. Form 990 Part XI 5 NET UNREALIZED GAINS LOSSES ON INVESTMENTS 174,000 INCOME TAX EXPENSE RECORDED ON AUDITED FINANCIAL STATEMENTS 622,739 CHANGE IN UNREALIZED POSTRETIREMENT BENEFIT TRANSITION OBLIGATION 48,163 Form 990 Part VI Section A Line 6 THERE IS ONE CLASS OF MEMBERS. CREDIT UNION MEMBERS HAVE THE RIGHT TO ELECT THE BOARD AND SUPERVISORY COMMITTEE MEMBERS AT THE ANNUAL MEMBERSHIP MEETING. Form 990 Part VI Section A Line 7A EACH MEMBER OWNS ONE SHARE AND CAN ONLY VOTE ONCE. MEMBERS HAVE THE OPPORTUNITY TO VOTE AT THE ANNUAL MEETING ON NOMINEES FOR THE BOARD POSITIONS SELECTED BY THE NOMINATING COMMITTEE. THE BOARD APPOINTS FROM WITHIN ITSELF MEMBERS OF THE NOMINATING COMMITTEE. SHOULD A BOARD POSITION HAVE MORE THAN ONE CANDIDATE, A BALLOT WOULD BE MAILED 60 DAYS PRIOR TO THE ANNUAL MEETING TO ALL VOTING MEMBERS. THE BALLOTS MUST BE RETURNED FIVE DAYS PRIOR TO THE ANNUAL MEETING. ALL BALLOTS WOULD BE VERIFIED AND TALLIED. THE RESULTS OF THE BALLOTS WOULD BE ANNOUNCED AT THE ANNUAL MEETING. Form 990 Part VI Section B Line 11B THE FORM 990 IS PREPARED INTERNALLY AND REVIEWED BY AN INDEPENDENT TAX RETURN PREPARER. SENIOR MANAGEMENT AND THE TREASURER CONDUCTS THE INITIAL REVIEW OF THE FORM 990. THE BOARD TREASURER THEN PROVIDES COPIES OF THE RETURN TO THE BOARD AND RESPONDS TO ANY QUESTIONS THAT ARISE. Form 990 Part VI Section B Line 12C BOARD MEMBERS, OFFICERS, AND KEY EMPLOYEES REVIEW THE CONFLICT OF INTEREST POLICY AND SIGN ANNUALLY TO DISCLOSE POTENTIAL CONFLICTS. INTERESTED BOARD MEMBERS DO NOT PARTICIPATE IN VOTING ON MATTERS WHERE CONFLICTS OF INTEREST EXIST. THE BOARD CHAIRMAN ENSURES THIS PRACTICE IS UPHELD. LIKEWISE, OFFICERS AND KEY EMPLOYEES WITH CONFLICTS OF INTEREST SHALL DISCLOSE THE MATTER WITH CEO AND CHAIRMAN OF THE BOARD OF DIRECTORS. THE INDIVIDUAL SHALL MAKE NO DECISION OR TAKE ANY ACTION WITH RESPECT TO THE MATTER UNLESS AUTHORIZED BY THE CEO AND/OR BOARD OF DIRECTORS. THE OFFICER, DIRECTOR, OR KEY EMPLOYEE MAY BE ASKED TO RESIGN OR END THE CONFLICT. Form 990 Part VI Section B Line 15A THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS THE CEOS SALARY AND BENEFITS ANNUALLY. APPROXIMATELY EVERY THREE YEARS THE COMMITTEE USES COMPENSATION SURVEYS WITH CRITERIA ON SIMILAR SIZE ORGANIZATIONS IN ITS DECISION MAKING PROCESS. ALL DELIBERATONS AND DECISIONS REGARDING THE COMPENSATION AND BENEFITS ARE INCLUDED IN THE COMMITTEE MINUTES. THIS WAS UNDERTAKEN IN 2011 FOR THE NEW CEO. Form 990 Part VI Section B Line 15B SALARIES FOR OFFICERS AND KEY EMPLOYEES ARE REVIEWED ANNUALLY BY THE HR DEPARTMENT. ANNUAL ADJUSTMENTS TO SALARIES ARE BASED ON RESULTS OF PERFORMANCE REVIEWS. THE COMPARABILITY DATA IS USED WHEN A POSITION HAS BEEN FILLED. THIS PROCESS WAS LAST UNDERTAKEN IN 2011. Form 990 Part VI Section B Line 19 A SUMMARY OF THE FINANCIAL STATEMENTS ARE AVAILABLE AT EACH BRANCH LOCATION. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. Form 990 Part XI Line 5 NET UNREALIZED GAINS LOSSES ON INVESTMENTS 174,000 INCOME TAX EXPENSE RECORDED ON AUDITED FINANCIAL STATEMENTS 622,739 CHANGE IN UNREALIZED POSTRETIREMENT BENEFIT TRANSITION OBLIGATION 48,163 FORUM SOLUTIONSCOM LLC PO BOX 50738 INDIANAPOLIS IN 46250 350779057 Software sales IN 128055 4311351 NA FORUM PRIVATE CLIENT GROUP LLC PO BOX 50738 INDIANAPOLIS IN 46250 208174999 Investment Mgmt IN 747010 113510 NA FIMI INC 11313 USA PARKWAY FISHERS IN 46037 351714970 MORTGAGE LOAN SERVICE IN N/A C Corp 70023 3131300 1.00000 false false false false false false false false false false true false true true false false false false