2011-11-10T17:00:11-06:00 2010-12-31 CROWE HORWATH LLP 3815 River Crossing Parkway Suite 300 Indianapolis IN 462400977 990 2010-01-01 350779057 FORUM CREDIT UNION FORU 3175586000 PO Box 50738 Indianapolis IN 46250 JEFF WELCH 2011-11-10 true 3175698989 2010 2016-02-24 21:20:13Z MIKE PETERSON 11313 USA Parkway Fishers IN 46037 65683988 false X WWW.FORUMCU.COM X 1941 IN FORUM CREDIT UNION IS A 501(C)(14) ORGANIZATION WHOSE MISSION IS TO BE AN INNOVATIVE, DYNAMIC, RESPONSIVE FINANCIAL SERVICES ORGANIZATION THAT PROVIDES PRODUCTS AND SERVICES THAT CREATE VALUE FOR ITS MEMBERS. 9 8 340 12 1207426 0 0 0 71992178 63532675 -1149701 112125 1786284 1185209 72628761 64830009 0 0 0 0 15512921 15713766 0 0 0 55609827 54449696 71122748 70163462 1506013 -5333453 1001314254 945801972 905758633 854819778 95555621 90982194 FORUM CREDIT UNION IS A STATE CHARTERED CREDIT UNION WITHOUT CAPITAL STOCK THAT IS OPERATED FOR MUTUAL PURPOSES AND WITHOUT PROFIT. FORUM QUALIFIES AS A 501(C)(14) CORPORATION EXEMPT FROM INCOME TAX ON INCOME FROM SERVICES THAT 1) PROMOTE THRIFT AMONG MEMBERS AND 2) PROVIDE LOW COST CREDIT FOR MEMBERS THROUGH MUTUAL NONPROFIT OPERATIONS. 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 PROVIDING LOW COST CREDIT FOR MEMBERS IS THE BASIC FUNCTION OF A CREDIT UNION. THE COOPERATIVE NATURE OF THE CREDIT UNION 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 $275 MILLION IN LOANS PER YEAR IN ITS EFFORTS TO MEET MEMBERS' LENDING NEEDS. TO PROMOTE THRIFT AND RESPONSIBLE USE OF CREDIT WITHIN THE MEMBERSHIP, FORUM PROVIDES SEVERAL FINANCIAL EDUCATION OPPORTUNITIES INCLUDING FINANCIAL ACCOUNTABILITY PARTNERS, FINANCIAL PEACE SEMINARS, ONLINE BUDGETING TOOLS, IN-BRANCH ACTIVITIES AND PROMOTIONS GEARED TO FINANCIAL EDUCATION. THOUSANDS OF MEMBERS EACH YEAR PARTICIPATE IN THESE ACTIVITIES OR ACCESS THIS INFORMATION. IN ADDITION, FORUM PROVIDES A VARIETY OF INNOVATIVE SAVINGS ACCOUNTS DESIGNED TO ENCOURAGE SYSTEMATIC SAVINGS WHICH HAS GENERATED OVER $10 MILLION IN PERSONAL SAVINGS. FORUM ALSO PROVIDES LENDING AND DEPOSITORY SERVICES FOR SMALL BUSINESS OWNERS. FORUM OFFERS SEVERAL TYPES OF COMMERCIAL LOANS INCLUDING SEVERAL OF THE SMALL BUSINESS ADMINISTRATION (SBA) LOANS TO HELP SMALL BUSINESS OWNERS GROW THEIR BUSINESSES. MOST PROMINENT IS THE SBA 504 PROGRAM WHICH IS DESIGNED TO HELP SMALL BUSINESS OWNERS PURCHASE COMMERCIAL REAL ESTATE FOR THEIR BUSINESS ACTIVITIES. FORUM CURRENTLY WORKS WITH OVER 3,300 SMALL BUSINESS OWNERS PROVIDING A VARIETY OF PRODUCTS AND SERVICES. false false true false 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 false false false false false true true true true false true 29873 0 true 340 true true true false false false false false X 9 8 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 JIM JARZYNSKI 40 X 154377 0 23501 MICHAEL PETERSON 40 X 171806 0 86685 CHARLES ANDREW MATTINGLY 40 X 144789 0 54110 JENNIFER BUDREAU 40 X 149542 0 37189 DOUGLAS TRUE 40 X 174124 0 54246 WILLIAM DAILEY 40 X 195610 0 170404 GARY IRVIN 40 X 683249 0 385601 TRACY MILLS 5 X 0 0 0 MARK MITCHELL 5 X 0 0 0 CATHY KANE 5 X 0 0 0 KEVIN HUNT 5 X 0 0 0 SANDRA HOLLINGSHEAD 5 X 0 0 0 RICK RAMBO 5 X X 0 0 0 TERRI ATKINSON 5 X X 0 0 0 MAX FALL 5 X X 0 0 0 JOHN DIERDORF 5 X X 0 0 0 DENISE DYE 40 X 126381 0 24063 NICHOLAS SPIRRISON 40 X 124616 0 10014 1924494 0 845813 14 false true false VINE & TABLE GOURMET MARKET 313 EAST CARMEL DRIVE CARMEL IN 46032 CATERING SERVICES 535176 ALLIED SOLUTIONS LLC PO BOX 937 NILES MI 49120 INSURANCE SERVICES 364079 MERCER BELANGER 111 MONUMENT CIRCLE STE 3400 INDIANAPOLIS IN 462440942 LEGAL SERVICES 356245 INDIANA RECOVERY SERVICES LLC PO BOX 871 WESTFIELD IN 46074 RECOVERY SERVICES 233151 DGU INSURANCE ASSOCIATES LLC 236 BROAD STREET RED BANK NJ 07701 INSURANCE SERVICES 204622 6 0 INTEREST AND FEES ON LOANS 522100 45941462 45866455 75007 SERVICES FEES ON SHARE ACCOUNTS 522100 9710977 9562632 148345 DEBIT AND CREDIT CARD FEES 4843955 4843955 MORTGAGE BANKING 2901716 2901716 INSURANCE 524298 134565 134565 0 0 0 0 63532675 672177 672177 0 0 370312 293927 76385 0 76385 84612 -8227 560052 0 -560052 -560052 -560052 0 0 0 ACCOUNTING & TAX CONSULTING 541200 90968 90968 INVESTMENT ADVISORY FEES - FORUM PCG 523930 551903 551903 HCE & FORUM SOLUTIONS 541610 18987 18987 446966 343927 103039 0 1108824 64830009 63518685 1207426 103898 0 0 0 0 3795616 0 9243745 333984 1426623 913798 0 294537 178200 0 0 0 0 1542064 1117933 1303485 0 3360366 13290 0 401833 17131327 0 2617320 378771 PROVISIONS FOR LOAN LOSSES 18046917 COLLECTION AND OTHER LOAN EXPENSES 4460022 CORRESPONDENCE SERVICE EXPENSE 374111 ASSOCIATION DUES 162459 SHARED BRANCH EXPENSE 124606 2942455 70163462 0 0 0 14420135 15841750 80004311 98069084 25000 12500 821877670 758048583 56754621 21048388 37776995 35706233 2119584 5466494 10059600 9491100 0 35030959 23166228 1001314254 945801972 9554946 7714984 204665146 186857608 691538541 660247186 905758633 854819778 X 95555621 90982194 95555621 90982194 1001314254 945801972 X -5333453 760026 X false true true X false 2000 0 0 2000 2000 true INDIANA CREDIT UNION LEAGUE PAC PO BOX 50425 INDIANAPOLIS IN 46250 237305600 2000 0 0 0 Description of political campaign activities Schedule C, Part I-A, Line 1 FORUM CREDIT UNION CONTRIBUTES FUNDS TO THE INDIANA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE. 5658044 5658044 36729647 10399204 26330443 2807943 1995469 812474 11558987 8653715 2905272 0 35706233 0 MEMBERS' SHARE ACCOUNTS 660247186 660247186 64830009 70163462 -5333453 235000 0 235000 -5098453 65625061 235000 560052 795052 64830009 0 0 64830009 70723514 560052 560052 70163462 0 0 70163462 FIN 48 (ASC 740) footnote Schedule D, Part X, Line 2 THE CREDIT UNION IS STATE CHARTERED, AND IS SUBJECT TO INDIANA STATE FRANCHISE TAX. THE FRANCHISE TAX RATE IS 8.50% BASED ON NET INCOME LESS THE STATUTORY RESERVE TRANSFERS FOR THE YEAR. THE CREDIT UNION IS EXEMPT FROM FEDERAL INCOME TAX. FORUM SOLUTIONS.COM, LLC, HEALTH CARE ECONOMICS, LLC, AND FORUM PRIVATE CLIENT GROUP, LLC, 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 ALSO SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT) ON CERTAIN INSURANCE AND OTHER INCOME AND THE TAXABLE INCOME OF FORUM SOLUTIONS.COM, LLC, HEALTH CARE ECONOMICS, LLC, AND FORUM PRIVATE CLIENT GROUP, LLC. AS OF DECEMBER 31, 2010, THE CREDIT UNION HAS A UBIT NET OPERATING LOSS CARRYFORWARD OF $54, WHICH WILL BEGIN TO EXPIRE IN 2029; AND A STATE FRANCHISE TAX NET OPERATING LOSS CARRYFORWARD OF $22,154, WHICH WILL BEGIN TO EXPIRE IN 2026. A VALUATION ALLOWANCE FULLY OFFSETS THE DEFERRED TAX ASSET RELATED TO THE UBIT LOSS CARRYFORWARD DUE TO UNCERTAIN REALIZABILITY. A DEFERRED TAX ASSET OF $1,883 AND $1,488 WAS RECORDED AT DECEMBER 31, 2010 AND 2009 RELATED TO THE FRANCHISE TAX LOSS CARRYFORWARD, AS REALIZATION IS EXPECTED PRIOR TO EXPIRATION. 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 false true X X X true true false JIM JARZYNSKI 145594 0 7500 0 1283 0 3500 0 20001 0 177878 0 7500 0 MICHAEL PETERSON 152987 0 13605 0 5214 0 66467 0 20218 0 258491 0 13605 0 CHARLES ANDREW MATTINGLY 129985 0 14060 0 744 0 29276 0 24834 0 198899 0 14060 0 JENNIFER BUDREAU 134043 0 14060 0 1439 0 29234 0 7955 0 186731 0 14060 0 DOUGLAS TRUE 156129 0 16728 0 1267 0 30025 0 24221 0 228370 0 16728 0 WILLIAM DAILEY 171813 0 18063 0 5734 0 150567 0 19837 0 366014 0 18063 0 GARY IRVIN 309765 0 0 0 373484 0 362366 0 23235 0 1068850 0 0 0 DENISE DYE 126364 0 0 0 17 0 3572 0 20491 0 150444 0 0 0 Tax indemnification and gross-up payments Schedule J, Part I, Line 1a ALL MEMBERS OF THE EXECUTIVE TEAM RECEIVE GROSS UP PAYMENTS RELATED TO LONG TERM DISABILITY BENEFITS. THIS BENEFIT IS TREATED AS TAXABLE, AND INCLUDED ON W-2 COMPENSATION. Health or social club dues or initiation fees Schedule J, Part I, Line 1a THE ORGANIZATION PAYS SOCIAL CLUB DUES FOR GARY IRVIN AND WILLIAM DAILEY. THIS IS TREATED AS TAXABLE COMPENSATION TO THE INDIVIDUALS. Written policy regarding payment or reimbursement of expenses Schedule J, Part I, Line 1b SENIOR OFFICERS DETERMINE IF PAYMENT SHOULD OCCUR AND FUNDS ARE INCLUDED IN THE ANNUAL BUDGET. THE CFO APPROVES ALL REIMBURSEMENTS. Severance or change-of-control payment Schedule J, Part I, Line 4a A SEVERANCE PAYMENT WAS PAID TO GARY IRVIN DURING 2010 IN THE AMOUNT OF $257,926 IN SETTLEMENT OF HIS CONTRACT. Supplemental nonqualified retirement plan Schedule J, Part I, Line 4b GARY IRVIN, WILLIAM DAILEY, AND MICHAEL PETERSON PARTICIPATE IN A SECTION 457(F) RETIREMENT PLAN. THE ORGANIZATION MADE THE FOLLOWING CONTRIBUTIONS TO THE 457(F) PLAN DURING THE YEAR: GARY IRVIN = $340,000; WILLIAM DAILEY = $108,000; AND MICHAEL PETERSON = $20,000. JIM JARZYNSKI X 25000 12500 false false true 12500 KELLI DIERDORF FAMILY MEMBER OF JOHN DIERDORF, CHAIRMAN OF DIRECTORS OF FORUM CREDIT UNION 54000 COMPENSATION AS EMPLOYEE OF FORUM CREDIT UNION false Classes of members or stockholders 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. Members or stockholders electing members of governing body 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. Review of form 990 by governing body Form 990, Part VI, Section B, Line 11b THE FORM 990 IS PREPARED BY AN INDEPENDENT TAX RETURN PREPARER. SENIOR MANAGEMENT CONDUCTS THE INITIAL REVIEW OF THE FORM 990. THE BOARD TREASURER THEN PROVIDES COPIES OF THE RETURN TO EACH MEMBER OF THE GOVERNING BODY AT THE FOLLOWING BOARD MEETING AND RESPONDS TO ANY QUESTIONS THAT ARISE. Conflict of interest policy 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 THE PRESIDENT 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 BOARD OF DIRECTORS. THE OFFICER, DIRECTOR, OR KEY EMPLOYEE MAY BE ASKED TO RESIGN OR END THE CONFLICT. Process used to establish compensation of top management official Form 990, Part VI, Section B, Line 15a THE COMPENSATION COMMITTEE OF THE BOARD REVIEWS THE CEO'S 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 DELIBERATIONS AND DECISIONS REGARDING COMPENSATION AND BENEFITS ARE INCLUDED IN THE COMMITTEE MINUTES. THIS WAS LAST UNDERTAKEN IN 2008. THIS WILL BE UNDERTAKEN AGAIN IN 2011 DURING THE SEARCH FOR A NEW CEO. Public Disclosure Form 990, Part VI, Section C, 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 (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME. PROCESS USED TO ESTABLISH COMPENSATION OF OTHER OFFICERS/KEY EMPLOYEES FORM 990, PART VI, SECTION B, LINE 15B SALARIES FOR OFFICER POSITIONS ARE REVIEWED ANNUALLY BY THE HR DEPARTMENT. ANNUAL ADJUSTMENTS TO SALARIES ARE BASED ON RESULTS OF PERFORMANCE REVIEW. THE COMPARABILITY DATA IS USED WHEN AN OFFICER POSITION HAS BEEN FILLED. THIS PROCESS WAS LAST UNDERTAKEN DURING 2010. Other changes in net assets or fund balances Form 990, Part XI, Line 5 NET UNREALIZED GAINS (LOSSES) ON INVESTMENTS - 235000; INCOME TAX BENEFIT RECORDED ON AUDITED FINANCIAL STATEMENTS - 403688; CHANGE IN UNREALIZED POSTRETIREMENT BENEFIT TRANSITION OBLIGATION - 121338; FORUM SOLUTIONSCOM LLC PO BOX 50738 INDIANAPOLIS IN 46250 350779057 SOFTWARE SALES IN 162480 4198145 NA HEALTH CARE ECONOMICS LLC PO BOX 50738 INDIANAPOLIS IN 46250 350779057 CONSULTING IN 2263 5351 NA FORUM PRIVATE CLIENT GROUP LLC PO BOX 50738 INDIANAPOLIS IN 46250 350779057 INVESTMENT MANAGEMENT IN 642870 70595 NA FIMI INC 11313 USA PARKWAY FISHERS IN 46037 351714970 MORTGAGE LOAN SERVICE IN NA C CORPORATION 53496 3130646 1 false false false false false false false false false false true false true true false false false false