2023-11-14T16:01:44-06:00 2022-12-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2022-01-01 820215955 Lewis Clark Credit Union LEWI 2087467233 604 Bryden Ave Lewiston ID 83501 David Durrant VP of Finance 2087467233 2023-11-14 1 David Durrant 999009999 1 Lisa Chaffee CPA P00193453 7012551091 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Trisha Baker 604 Bryden Ave Lewiston ID 83501 12622185 0 X www.lewisclarkcu.org X 1939 ID To be our Member's favorite financial institution by helping them achieve financial success. 6 6 50 7 5466 0 1826265 0 10803299 12207222 225006 266147 0 0 12854570 12473369 120600 126263 0 0 3502873 3801072 0 0 0 5038159 6596171 8661632 10523506 4192938 1949863 194671372 214796100 177452507 195813882 17218865 18982218 X To be our Member's favorite financial institution, to build long term member relationships, to exercise sound and ethical business practices, to help our members achieve financial success. 0 0 Lewis Clark Credit Union is a non-profit financial institution located in North Idaho providing financial services including: savings accounts, checking accounts, money market accounts, certificates of deposit, and affordable credit loans to its members. LCCU serves 19,049 members in North Idaho and Eastern Washington. LCCU is a CDFI certified institution focused on making affordable credit loans to the underserved low income tracts in the communities it serves. Besides financials services, LCCU has awarded teacher grants, scholarships, and sponsorships to help better the future of its members and the communities it serves. (Continued on Schedule O).In 2022, the credit union saw strong growth in members, deposits, and loans through the end of the COVID pandemic and the beginning stages of historic interest rate increases. The credit union continued to experience asset growth throughout 2022, resulting in a regulatory net worth of 11.82% at year-end. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 53 0 1 50 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 0 1 0 0 1 1 1 1 1 1 1 1 1 0 0 X David Durrant 2087467233 604 Bryden Ave Lewiston ID 83501 Trisha Baker CEO 40.00 X 299728 0 121749 Mary Light IT Manager 40.00 X 180950 0 114276 Amanda Nixon VP Operations/CFO 40.00 X 179962 0 50397 David Durrant VP of Lending 40.00 X 102769 0 21191 Chad Smith VP of Lending (Left Mid-Year) 40.00 X 59422 0 0 Sherri Kumm Board Chair 2.00 X X 0 0 0 Katy Miller Vice Chair 2.00 X X 0 0 0 Christina Metcalf Secretary/Treasurer 2.00 X X 0 0 0 Susan Clark Director 2.00 X 0 0 0 Gary Groff Director 2.00 X 0 0 0 Rebecca Sarmiento Director 2.00 X 0 0 0 Gary Bergen Director (Left Mid-Year) 2.00 X 0 0 0 822831 0 307613 4 0 1 0 0 Member Loan Interest Income 522100 8361258 8361258 Other Account Fees and Charges 522100 2706452 2700316 6136 Program Fees 522100 1140182 1140182 Investement in CU Prodigy 522100 -670 -670 12207222 292667 292667 2309 119987 0 148816 2309 -28829 -26520 -26520 12473369 12201756 5466 266147 X 119263 7000 690232 2061688 392277 464716 192159 30257 36000 1096763 399067 1910198 61044 190903 184950 5405 317 320283 83098 Provision for Loan Loss 1262043 Dividends Expense 817569 Other non-interest expe 153181 Association Dues 45093 10523506 2266727 1239287 14326254 8254594 2925 1167 1574692 1527536 148139466 175234315 754109 812227 10101660 1839655 6177115 8262005 15697000 14226000 5733084 5238969 194671372 214796100 356860 418116 177095647 195395766 177452507 195813882 X 0 0 0 0 17218865 18982218 17218865 18982218 194671372 214796100 X 1949863 360593 -547103 X X 0 1 X 1 0 1158620 1158620 5383671 1130350 4253321 1306089 709305 596784 2253280 2253280 8262005 Agency Securities 1500000 C Marketable Certificates of Deposit 12726000 C 14226000 Shares of Members 190495766 Borrowed Funds 4900000 195395766 X 10754033 360593 -2079929 -1719336 12473369 0 12473369 8443577 0 8443577 2079929 2079929 10523506 Part X, Line 2: The Credit Union is exempt from federal and state income taxes. Accordingly, no income tax provision has been recorded on the accompanying financial statements. Deferred tax assets and liabilities are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent. The terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit or liability that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances, and information available at the reporting date and is subject to management's judgment. The Credit Union had no unrecognized tax positions as of December 31, 2022. The Credit Union recognized no interest or penalties on the underpayment of income taxes during the year ended December 31, 2022, and had no accrued interest or penalties on the statement of financial condition as of December 31, 2022. The Credit Union has no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase during the next twelve months. The Internal Revenue Service (IRS) and certain state taxing authorities are currently revisiting what, if any, products and services provided by state chartered credit unions are subject to unrelated business income tax (UBIT). There is currently very little guidance in the IRS code on what activities should be subject to UBIT. The IRS has indicated that they are studying the issue and may issue additional guidance. As a result, at this time there is uncertainty regarding whether state chartered credit unions should pay income tax on certain types of net taxable income from activities that may be considered by taxing authorities as unrelated to the purpose for which the Credit Union was granted nontaxable status. 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 liability resulting from taxing authorities imposing income taxes on the net taxable income from activities deemed to be unrelated to the Credit Union's nontaxable status is not expected to have a material effect on the Credit Union's financial position or results of operations. Part XI, Line 2d - Other Adjustments: Interest and Dividends Expense -817,886. Provision for Loan Losses -1,262,043. Part XII, Line 4b - Other Adjustments: Interest and Dividends Expense 817,886. Provision for Loan Losses 1,262,043. 1 Boys & Girls Club of the Lewis Clark Valley 1021 Burrell Ave Lewiston ID 83501 826001432 501(c)(3) 10000 0 Event Sponsorship Jackson's Pay it Forward Foundation 3527 8th St C Lewiston ID 83501 331139378 501(c)(3) 12500 0 Event Sponsorship Children's Miracle Network 205 West 700 South Salt Lake City UT 84101 870387205 501(c)(3) 20000 0 Event Sponsorship 3 0 Scholarships 7 7000 Part I, Line 2: The Credit Union monitors the use of grant funds in the United States by designating 2 people within the organization with the ability to approve donations and sponsorships. All requests are reviewed for impact, use, and validity of the organization and alignment with the Credit Union's core values. X X 1 1 0 Trisha Baker CEO 251378 0 48350 0 0 0 103332 0 19436 0 422496 0 0 0 Mary Light IT Manager 150600 0 30350 0 0 0 106522 0 8594 0 296066 0 0 0 Amanda Nixon VP Operations/CFO 151612 0 28350 0 0 0 35534 0 15442 0 230938 0 0 0 Part I, Lines 4a-b The Organization deposited funds into a life insurance policy on the participant's life. During life, and subject to the policy generating sufficient values, the participant can borrow from the policy. At death, the organization recovers its premiums plus additional key-person insurance proceeds. There were no related amounts included as compensation for Trisha Baker during 2022. Chad Smith, Vice President of Lending, received compensation of $59,422 as part of a severance agreement during 2022. This amount is reported in Form 990, Part VII, Column D. Trisha Baker CEO Fund Purchase Split Dollar Life Insurance X 1550000 1527536 0 1 1 1527536 Schedule L, Part II The Exempt Organization (EO) provides supplemental retirement benefits through an arrangement the IRS refers to as "Collateral Assignment Split Dollar" (CASD). Although the IRS requires reporting in Part II, above, for loans to interested persons, CASD is not an actual loan. There is neither a transfer of funds to the participant nor an obligation for the participant to pay those funds back. Instead, the EO recovers its outlays plus interest from the underlying policy. The recovery right is a key advantage of CASD. With traditional deferred compensation, the EO pays the benefit from corporate assets, never to recover those dollars. With CASD, the EO recovers not only its outlays but also interest that takes into account the time value of money. In CASD, the EO deposits dollars directly into a life insurance policy, with the EO Holding a lien on the policy to ensure repayment. At specified times and subject to vesting requirements, the participant may borrow from the cash value of the policy to supplement retirement income (provided there are sufficient policy values). Borrowing is carefully monitored and limited to assure that the policy will remain in effect until the participants death and will pay a death benefit at least sufficient to repay the EO's outlays plus interest. Any remaining death proceeds are divided between the EO and the Executive Beneficiary as agreed upon by the parties. Form 990, Part VI, Section A, line 6 The Credit Union is a member owned financial institution. There is one class of members having equal votes. Form 990, Part VI, Section A, line 7a The membership elects the Board of Directors during the Credit Union's annual meeting. Form 990, Part VI, Section A, line 8b There are no committees with authority to act on behalf of the governing body. Form 990, Part VI, Section B, line 11b A copy of the Form 990 is provided to the full Board of Directors prior to filing. Form 990, Part VI, Section B, line 12c Annually, the Directors are required to review the current conflict of interest policy. The Board of Directors for LCCU, officers and staff are covered by the code of ethics policy. A conflict is determined by the immediate supervisor for all staff and the Board of Directors for the board. Management reviews conflicts of interest for staff, the Board of Directors reviews conflicts of interest for LCCU senior management, and supervisory committee reviews if there is a conflict of interest for the Board of Directors. If a conflict exists management will deal with the issue as confidentially as possible to resolve the conflict and the supervisory committee will do the same for the Board of Directors. If a conflict exists in a voting position, the board member must abstain from voting at the board meeting. Form 990, Part VI, Section B, line 15a The Board of Directors set the CEO salary using comparability information compiled through Compease. Compensation was last reviewed in January of 2022. The staff and other officer wages are set by the CEO based on merit and market demands. Form 990, Part VI, Section C, line 19 Governing Documents and Conflict of Interest Policy are available upon request. Form 990, Part IX, line 11g Loan Servicing Fees 930,042. Other Management Fees 140,896. State Assessment Fee 25,825. Form 990, Part XI, line 9: Unrealized gains on defined benefit pension plan -547,103. Form 990, Part XII, Line 2: The Credit Union is governed by the National Credit Union Administration. As such, regulators review the financial transactions of the Credit Union on a consistent basis. In addition, the Credit Union maintains a supervisory committee to oversee the performance of agreed upon procedures with regard to credit union financial information.