2024-04-27T11:26:57-04:00 2023-12-31 990 2023-01-01 620553259 BOWATER EMPLOYEES CREDIT UNION % Matthew Holden BOWA 4233367268 PO BOX 359 CALHOUN TN 373090359 LaKota Pierce Chief Financial Officer 2024-04-27 2023 2023-04-26 12:10:37Z Matthew Holden PO BOX 359 CALHOUN TN 373090359 15164063 false X X 1954 TN STATE CHARTERED CREDIT UNION MUTUALLY OWNED BY OUR 19,491 MEMBERS TO PROMOTE THRIFT ISSUE SHARES AND MAINTAIN ACCOUNTS AND MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. 7 7 74 10 0 0 0 0 12130251 15164063 30906 0 0 0 12161157 15164063 0 0 742203 2172838 4146436 4488407 0 0 0 4785680 5487367 9674319 12148612 2486838 3015451 258960499 255580708 238909479 232904823 20051020 22675885 STATE CHARTERED CREDIT UNION MUTUALLY OWNED BY OUR 19,491 MEMBERS TO PROMOTE THRIFT ISSUE SHARES AND MAINTAIN ACCOUNTS AND MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. false false 12148612 0 15164063 OPERATED DURING 2023 AS A STATE CHARTERED CREDIT UNION THAT IS MUTUALLY OWNED BY 19,491 MEMBERS TO PROMOTE THRIFT ISSUE SHARES AND MAINTAIN ACCOUNTS AND MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. ALL OF OUR REVENUES AND EXPENSES ARE RELATED TO THIS PURPOSE. 0 0 0 0 0 0 0 0 0 12148612 false false true false false false false false false false true false true false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 2489 0 true 74 true false false false false false false false 0 false false false false false false false X 7 7 false false false false true true false true true false false true true true true true false true true false TN X LaKota Pierce 4233035608 1040 King Street SE Cleveland TN 37311 Matthew Holden CEO 40.00 0.00 X 182368 0 37783 David Lattimore Chairman 2.00 0.00 X 0 0 0 Jamie Creekmore Treasurer 2.00 0.00 X 0 0 0 Travis Giles Vice Chairperson 2.00 0.00 X 0 0 0 Clara Pat Burger Director 2.00 0.00 X 0 0 0 Jean Ann Toomey Secretary 2.00 0.00 X 0 0 0 Thomas J Elliott Director 2.00 0.00 X 6667 0 0 Todd Harris Director 2.00 0.00 X 0 0 0 189035 0 37783 4 false true false 0 0 0 0 0 0 0 0 LOAN INTEREST 522100 10754211 10754211 0 0 INVESTMENT INTEREST 522100 718861 718861 0 0 FEE INCOME 522100 1487994 1487994 0 0 OTHER OPERATING INCOME 522100 2212222 2212222 0 0 SEE SCHEDULE O 522100 -174 -174 0 0 -9051 -9051 0 0 15164063 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15164063 15164063 0 0 0 0 0 0 0 0 2172838 2172838 189035 189035 0 0 0 0 0 0 3062945 3062945 0 0 285009 285009 0 0 705144 705144 0 0 246274 246274 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 257252 257252 0 0 0 0 0 0 0 0 0 0 106622 106622 0 0 43773 43773 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OFFICE OPERATIONS 767209 767209 0 0 EDUCATION & PROMOTION 217944 217944 0 0 LOAN SERVICING 479961 479961 0 0 PROFESSIONAL & OUTSIDE SERVICES 2595249 2595249 0 0 1019357 1019357 0 0 12148612 12148612 0 0 0 0 0 0 4840274 4525012 2092310 10988262 0 0 0 0 0 0 0 0 168257769 181180087 0 0 266499 304887 9621141 3648818 6172152 5972323 0 0 0 0 71065747 45773796 0 0 6265748 6836341 258960499 255580708 2985080 4264182 0 0 0 0 0 0 0 0 0 0 0 0 5035473 0 230888926 228640641 238909479 232904823 X 0 0 0 0 20051020 22675885 20051020 22675885 258960499 255580708 3015451 0 0 0 0 -390586 X false true X true false 1000 0 0 0 0 0 0 Part I | PartandLinenumber:,Explanation:| Part1ALine1,FUNDS DONATED TO TENNESSEE CREDIT UNION LEAGUE PAC| 1474387 1474387 5260965 1579481 3681484 39235 34471 4764 2846555 2034866 811688 5972323 HELD-TO-MATURITY SECURITIES 39719548 C S&L'S MUTUAL SAVINGS BANK 2480000 C LOANS TO INV IN NATURAL PERSON CU 449000 C CORPORATE CREDIT UNIONS 940451 C NCUSIF DEPOSIT 2184796 C 45773795 SHARE DRAFTS 47016020 REGULAR SHARES 88460787 MONEY MARKET SHARES 15617918 SHARE CERTIFICATES 51332363 IRA KEOGH ACCOUNTS 21445629 ALL OTHER SHARES 4767924 228640641 15164063 0 15164063 0 15164063 12148612 0 12148612 0 12148612 X X X Matthew Holden CEO 173902 0 8466 0 108 0 22206 0 15577 0 220259 0 0 0 Part VI, Line 6 A STATE CHARTERED CREDIT UNION IS GOVERNED BY ITS CHARTER AND BYLAWS. THE CHARTER AND BYLAWS CALL FOR AN ANNUAL ELECTION OF DIRECTORS BY THE MEMBERS. Part VI, Line 7a THE CHARTER AND BYLAWS CALL FOR AN ANNUAL ELECTION OF DIRECTORS BY THE MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE IRRESPECTIVE OF THE NUMBER OF SHARES DEPOSITS. THE CANDIDATES FOR DIRECTOR ARE NOMINATED BY A NOMINATING COMMITTEE APPOINTED BY THE BOARD OF DIRECTORS. THE DIRECTORS ARE ELECTED AT AN ANNUAL MEETING CALLED FOR IN THE BYLAWS. Part VI, Line 12c THE CREDIT UNION HAS A WRITTEN CONFLICT OF INTEREST POLICY. ALL OFFICERS DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY ANY INTEREST THAT COULD GIVE RISE TO CONFLICTS. ALL MATERIAL CONTRACTS ARE APPROVED BY THE BOARD OF DIRECTORS. Part VI, Line 15 THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION FOR THE CEO MANAGEMENT AND STAFF BASED ON AN ANNUAL SURVEY OF COMPENSATION OF CREDIT UNIONS OF COMPARABLE SIZE AND JOB CLASSIFICATIONS AND OTHER FACTORS. THE OVERALL COMPENSATION PLAN INCLUDING CEO AND MANAGEMENT COMPENSATION IS REVIEWED APPROVED BY THE BOARD OF DIRECTORS. FOR STAFF THE CEO AND OR DEPARTMENT MANAGERS COMPLETE AN ANNUAL EMPLOYEE EVALUATIONS AND ARE AUTHORIZED TO SET STAFF COMPENSATION WITHIN THE RANGE APPROVED BY THE PERSONNEL COMMITTEE AND BOARD OF DIRECTORS. Part VI, Line 19 WRITTEN COPIES OF THE CREDIT UNION'S BYLAWS ARE PROVIDED TO MEMBERS UPON REQUEST. FINANCIAL REPORTS ARE POSTED IN THE LOBBY FOR MEMBERS' REVIEW. UPON REQUEST A COPY OF THE CREDIT UNION'S ANNUAL FORM 990 IS PROVIDED TO ANY MEMBER OR NON-MEMBER THAT REQUESTS A COPY. Part XI, Line 9 | Description:, Explanation:, Amount:| CECL onetime adjustment to retained earnings., CECL adoption adjustment, $-399802| NET CHANGE IN UNREALIZED LOSS ON SECURITIES AVAILABLE FOR SALE, MUTUALLY OWNED BY OUR 19,491 MEMBERS-FUNDS NOT CURRENTLY NEEDED FOR LIQUIDITY LOANS ARE TEMP INVESTE, $9216| Part XI Line 9 | Explanation:| CECL One time adjustment to retained earnings Part VIII Line 2 | Explanation:| LOSS ON DISPOSITION OF ASSETS