2023-11-15T10:41:13-00:00 2022-12-31 420714325 RSM US LLP 4650 East 53rd Street Davenport IA 528073479 990 2022-01-01 420674206 Dupaco Community Credit Union DUPA 5635577600 1000 Jackson St Dubuque IA 52001 Danielle Gratton CFO 5635577600 2023-11-15 true Danielle Gratton 999009999 Jenifer L Chase P01306883 5638884400 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Danielle Gratton 1000 Jackson St Dubuque IA 52001 163511747 false X www.dupaco.com X 1948 IA Member owned financial cooperative that offers a complete line of services. Dupacos vision is Brighter community for all, and our mission is Help members build a life worth loving. 9 7 781 9 575051 0 120639521 134230483 18509357 12562864 2519027 769009 141667905 147562356 1331133 1343164 0 44032133 53046195 0 0 62295138 73418424 107658404 127807783 34009501 19754573 2697668812 3010409376 2339911430 2718281330 357757382 292128046 Help members build a life worth loving false false To promote thrift and financial literacy in the communities which we serve. Collaborate with our members to helping build lives worth loving while providing no/low cost financial services and competitive loan and deposit rates. false false false false false false false true false true false false false true true false true false false false false false false false false false true false true false true false false true false false false false false true true true true false true 97402 0 true 781 true true true false false false false false false false X 9 7 false false false false true true true true true false false true true true true true true true true true true IL X Danielle D Gratton CFO 5635577600 1000 Jackson St Dubuque IA 52001 Joseph Hearn President/CEO 050.00 X 562999 0 97885 Danielle Gratton Chief Financial Officer 050.00 X 368228 0 113016 Matt Dodds Chief Operating Officer 050.00 X 338569 0 91002 Steve Ervolino Chief Information Officer 050.00 X 299164 0 84518 Michael Schroeder Financial Advisor 050.00 X 304191 0 30500 David Klavitter Chief Marketing Officer 050.00 X 265473 0 66233 Lisa Bowers Chief People Officer 050.00 X 237360 0 64375 Mark Hoaglin SVP, Wealth Management Insurance 050.00 X 281501 0 17201 J Stephan Chapman Director 001.00 X 1519 0 0 Ron Meyers Director, Chair 001.00 X X 1077 0 0 Ellen Goodmann Miller Director 001.00 X 687 0 0 Denise Dolan Director 001.00 X 0 0 0 Randy Skemp Director, Vice Chair 001.00 X X 0 0 0 Renee Poppe Director, Secretary 001.00 X X 0 0 0 Jeff Gonner Director 001.00 X 0 0 0 Bob Wethal Director 001.00 X 0 0 0 Andy Schroeder Director, Treasurer 001.00 X X 0 0 0 2660768 564730 45 false true false Co-Op Financial Services PO Box 8388 Des Moines IA 50301 Card Processing 2728599 Mastercard 2200 Mastercard Blvd O Fallon MO 63368 Card Processing 2168193 Data Business Equipment 10513 Buena Vista Ct Des Moines IA 50322 Branch Technology 1734532 Managed Solutions Group 120 Bryant St Dubuque IA 520037407 Data Processing 1684157 Union Hoermann Press 2175 Kerper Blvd PO Box 916 Dubuque IA 520040916 Printing Services 1038985 109 Loan Interest Income - Loans to Members 522100 89004559 89004559 Member Service Income 522100 45225924 44650873 575051 134230483 15938334 15938334 769009 769009 769009 769009 12019883 554038 15533989 415402 -3514106 138636 -3375470 -3375470 147562356 133655432 575051 13331873 1343164 0 0 0 1269796 283763 40390802 3350418 4864530 2886886 0 378791 307672 0 0 0 10338673 1347219 6235992 0 5537515 0 0 1519824 17793725 0 7955208 209655 Draft Charges 2543691 Indirect Lending Expense 3901389 Operating Expense 4492491 Provision for Loan Loss 7068298 3788281 127807783 22743375 31420806 100378570 61124785 7971541 3603492 19289989 12945810 1721444438 2171313059 2883054 3177385 162443700 39868184 113847909 122575516 537541660 393222856 122305923 118607174 49262353 92418493 2697668812 3010409376 8564170 11716197 2076473 2660749 107211686 341764149 2222059101 2362140235 2339911430 2718281330 X 357757382 292128046 357757382 292128046 2697668812 3010409376 X 19754573 -85987729 603820 X X false true X true false false false true X 14258355 14258355 110338032 17442026 92896006 37847313 22426158 15421155 122575516 Financial derivatives and other financial products Closely-held equity interests Federal income taxes Regular Shares 592628785 Member Shares 1157149536 Certificates 612361914 2362140235 X X 2 Dupaco Community Credit Union The Credit Union is exempt from income tax under Section 501c14 of the Internal Revenue Code and Section 122 of the Credit Union Act. The Credit Union accounts for uncertainty in income taxes in accordance with Accounting Standards Codification ASC 740, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the Credit Union may recognize the tax benefits from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50 likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting in interim periods. This standard did not have an impact on the consolidated financial statements and the Credit Union does not have any uncertain tax positions. The Credit Union recognizes interest and penalties on income taxes as a component of income tax expense. IV 2b Dupaco collects amounts from members with real estate loans each month via their contractual payment schedule. These funds are held in escrow until they need to be disbursed in accordance with the escrow instructions for each member. Amounts held in escrow are for property taxes and homeowners insurance. true Dupaco RW Hoefer Foundation 1000 Jackson St Dubuque IA 52001 454145438 501c3 860000 General Support Creative Adventure Lab 210 Jones St No 100 Dubuque IA 52001 263523626 501c3 80000 General Support Holy Family Catholic Schools 2005 Kane St Dubuque IA 52001 420792429 501c3 45000 General Support National Mississippi River Museum and Aquarium 350 East 3rd St Dubuque IA 52001 426072050 501c3 18750 General Support Steeple Square PO Box 3188 Dubuque IA 52001 464898142 501c3 18167 General Support Greater Dubuque Development Corporation 900 Jackson St Suite 109 Dubuque IA 52001 421263173 501c3 17000 General Support Iowa Credit Union Foundation 7745 Office Plaza Dr N Ste 170 West Des Moines IA 50266 421438113 501c3 16170 General Support Stonehill 3485 Windsor Ave Dubuque IA 52001 510141775 501c3 10000 General Support MercyOne Dubuque Foundation 250 Mercy Drive Dubuque IA 52001 262227941 501c3 10000 General Support American Red Cross 2400 Asbury Rd Dubuque IA 52001 530196605 501c3 10000 General Support Cedar Rapids Freedom Festival 609 1st Ave SW Suite 102 Cedar Rapids IA 52405 421329035 501c3 5500 General Support 11 Part I Line 2 Dupaco Community Credit Union issues all grant funds directly to the recipient organization for use at their discretion. X X true true X X X X false true false Joseph Hearn President/CEO 407724 124234 31041 97885 1978 662862 Danielle Gratton Chief Financial Officer 275634 85487 7107 113016 1978 483222 Matt Dodds Chief Operating Officer 254638 76105 7826 91002 1978 431549 Steve Ervolino Chief Information Officer 224269 72813 2082 84518 1978 385660 David Klavitter Chief Marketing Officer 200404 56583 8486 66233 1952 333658 Lisa Bowers Chief People Officer 180228 55271 1861 64375 1925 303660 Michael Schroeder Financial Advisor 303412 779 30500 1323 336014 Mark Hoaglin SVP, Wealth Management Insurance 214916 63087 3498 17201 1634 300336 Part I Line 1a Health or social club dues are paid for officers or members of the senior leadership team of Dupaco Community Credit Union as part of their compensation package. Any dues that are paid to these members are added to their W-2s at the end of the year as reportable compensation and are reported in Part VII and Schedule J. In tax year 2022, Dupaco Community Credit Union reimbursed travel expenses to industry conferences for companions to Board Members as reflective on form 990, Part VII, Section A. Part I Line 4b The following individuals participated in a non qualified retirement plan in 2022. Joe Hearn 49,290, Danielle Gratton 50,998, Matt Dodds 37,713, Steve Ervolino 33,502, Dave Klavitter 24,149, and Lisa Bowers 34,200. The dollar amount represents the contribution made by Dupaco Community Credit Union on behalf of the individuals to the plan in 2022 based on achievement of growth and member service initiatives full vesting at retirement age as an additional retention incentive for designated executives. This information is included in deferred compensation on the Form 990, Part VII and Schedule J, Part II. Part II Line C The Dupaco Board of Directors has designed the credit unions management compensation program to be competitive in the marketplace and ensure alignment of the long term interests of both manager and members. Dupaco management compensation is based on national compensation surveys and independent consultant analyses of similar sized financial institutions around the United States. The Dupaco Board Personnel Committee regularly reviews the data to ensure Dupaco is paying a fair market wage to attract and retain the best employee talent to manage a strong, stable and successful financial institution. The Personnel Committee provides annual recommendations of salary adjustments to the Board of Directors, who then votes on the recommendations. Components of management compensation packages include a large percentage of variable at risk pay, which is based on the credit unions member and employee engagement, satisfaction, and financial performance during specified time periods, as well as the credit unions business strategy as determined by the Board of Directors. Dupaco must be competitive in the financial services industry to retain long term talent. Because it cannot provide stock options offered by for profit financial institutions as a retention and performance incentive, Dupaco as a member owned cooperative provides designated executives a non qualified long term executive incentive plan. Designed to be self funding in nature through the achievement of growth and member service initiatives, the credit union will recoup the funding cost of supplemental retirement plan benefits through life insurance policy proceeds on plan participants. The retention incentive requires the participating executive to remain at the credit union until retirement age to be fully vested in the deferred compensation benefit. As an interim retention incentive leading up to a participants retirement, the plan does pay out once every five years a percentage of the vested long term executive incentive plan, which the credit union accrues annually based on goal achievement. Joe Hearn President/CEO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 7650000 8882103 false true true Danielle Gratton CFO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 1500000 1741589 false true true Matt Dodds COO FUND PURCHASE OF CASH VALUE OF LIFE INSURANCE POLICIES X 2000000 2322118 false true true 12945810 Leslie Biver Family member of Director 85422 Employment false Christy Decker Family member of Director 53216 Employment false Jason Skemp Family member of Director 145125 Employment false Part II Line C The amounts reported here are included because they are split dollar life insurance policies. Form 990, Part VI, Section A, Line 6 Dupaco Community Credit Union has members as specified by their bylaws. Form 990, Part VI, Section A, Line 7a The members of Dupaco Community Credit Union elect the Board of Directors on an annual basis. Form 990, Part VI, Section A, Line 7b The members of Dupaco Community Credit Union have the right to elect the Board of Directors. The decision to merge or acquire another financial institution is also subject to approval by the membership. Form 990, Part VI, Section B, Line 11b Every voting member of the board of directors received a full copy of the final 2022 990 tax return for Dupaco Community Credit Union to review prior to the submission of the return to the IRS. Any questions that the board members had in regards to the return were discussed. Form 990, Part VI, Section B, Line 12c Dupaco annually requires all directors to complete a conflict of interest form where any member accounts or organizations that would potentially impair their independence with Dupaco Community Credit Union are listed and conflicts would be reviewed by the Board. Dupaco Community Credit Unions Employee Handbook, which is approved by the Board of directors annually, discusses the Conflict of Interest policy in which employees sign an acknowledgement stating they have read and understood the Handbook. Employees are directed to discuss potential conflicts with the Human Resources department. Upon completion of each, the various forms are kept in the administration office under a locked file cabinet. Form 990, Part VI, Section B, Line 15 The Dupaco Board of Directors has designated the Dupaco management compensation program to be competitive in the marketplace and ensure alignment of the long term interests of both managers and members. Dupaco top management officials as well as other officers and key employees compensation is based on national compensation surveys and independent consultant analyses of similar sized financial institutions around the United States. The Dupaco Board of Directors Personnel Committee regularly reviews this data to ensure Dupaco is paying a fair market wage to attract and retain employee talent for these positions to manage a strong, stable and successful financial institution. The personnel committee provides annual recommendations of salary adjustments to the Board of Directors, who then votes on the recommendations. These approvals are documented in the personnel committee and board minutes. Components of management compensation packages include a large percentage of variable at risk pay, which is based on the credit unions annual member staff engagement, satisfaction, and financial performance, as well as the credit unions business strategy as determined by the Board of Directors on an annual basis. Form 990, Part VI, Section C, Line 19 Dupacos governing documents, conflict of interest policy, and financial statements are posted at each branch location and are also available upon request. Form 990, Part XI, Line 5 Securities available for sale are accounted for at fair value and the unrealized holding gains and losses are presented as a separate component of accumulated other comprehensive income. The change in unrealized gain and loss on securities available for sale was a decrease of 69,310,000. Form 990, Part XI, Line 9 A capital contribution of 603,820 is reflected in noncontrolling interest that represents the 10 minority interest by Voices Master Tenant, LLC in Dupaco Voices, LLC that is not attributable to Dupaco Community Credit Union and Subsidiary. Form 990, Part XII, Line 2c The oversight and selection process has not changed from the prior tax year. Dupaco Holding LLC 1000 Jackson St Dubuque IA 52001 391873865 Holding Company IA 44241 40439639 Dupaco Community Credit Union Dupaco Insurance Services LLC 1000 Jackson St Dubuque IA 52001 421024767 Insurance Services IA 3306095 659551 Dupaco Holding LLC Dupaco Initiatives LLC 1000 Jackson St Dubuque IA 52001 843308356 Leverage Lender IA 55350 5545031 Dupaco Holding LLC Dupaco RW Hoefer Foundation 1000 Jackson St Dubuque IA 52001 454145438 See supplemental informatoin IA 501c3 PF Dupaco Community Credit Union true Dupaco Voices LLC 1000 Jackson St Dubuque IA 52001 833182855 Real Estate IA N/A false false Dupaco Real Estate Management LLC 1000 Jackson St Dubuque IA 52001 833176346 Real Estate IA N/A C Corp 1.00000 true false true false true false false false false false false true false false true true false true false false Dupaco RW Hoefer Foundation b 860000 Fair Market Value Dupaco Real Estate Management LLC o 129275 Fair Market Value Part II Line 1b The encouragement of education, promotion of charity, and to contribute to organizations or causes which enhance the quality of life.