2024-10-21T12:31:19-05:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 390555293 EDUCATORS CREDIT UNION EDUC 2628865900 1326 WILLOW ROAD MT PLEASANT WI 53177 JAMES JUSTMAN CFO 2628865900 2024-10-21 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-09-23 2023 2024-10-15 13:58:12Z JAMES JUSTMAN 1326 WILLOW ROAD MT PLEASANT WI 53177 258863987 0 2157 X WWW.ECU.COM X 1937 WI PASSIONATELY HELP PEOPLE BY EDUCATING AND ADVISING TO EARN THEIR LOYALTY. 13 13 652 13 906553 0 0 0 135818689 156559607 28157065 61871505 2825306 3074715 166801060 221505827 663542 744615 0 0 45800721 46164370 0 0 0 88333342 130559908 134797605 177468893 32003455 44036934 3107585746 3193764972 2842785113 2870306411 264800633 323458561 OUR GOAL IS TO BE THE BEST CREDIT UNION, NOT THE LARGEST. THIS CAN BE ACHIEVED BY HAVING THE MOST LOYAL MEMBERS THROUGH THEIR USE OF OUR PRODUCTS, SERVICES, TECHNOLOGY, AND WILLINGNESS TO REFER OTHERS TO EDUCATORS CREDIT UNION. 0 0 EDUCATORS CREDIT UNION PROVIDES BUSINESS AND CONSUMER LOANS AND LEASES. CURRENT LOAN PORTFOLIO IS OVER $2.2 BILLION. EDUCATORS OFFERS EDUCATIONAL SEMINARS TO HELP INFORM ITS MEMBERSHIP AND TOOLS TO HELP MAKE LARGE PURCHASES, SUCH AS HOME AND AUTOS. EDUCATORS CREDIT UNION ALSO HAS MANY FINANCIAL TOOLS TO HELP MEMBERS BUILD AND IMPROVE THEIR CREDIT SCORE TO ENSURE THEY GET THE LOWEST RATE POSSIBLE ON THEIR LOANS FOR YEARS TO COME. EDUCATORS CREDIT UNION PROVIDES VERY COMPETITIVE RATES ON SAVING, CHECKING, CDS, IRAS, AND MONEY MARKET ACCOUNTS WITH BALANCES OVER $2.8 BILLION. EDUCATORS THE CREDIT UNION GAVE BACK OVER $5.1 MILLION DOLLARS BACK TO OUR LOYAL MEMBERS THROUGH OUR MEMBER LOYALTY PROGRAM. WE ALSO HAVE GREAT BENEFITS FOR OUR MEMBERS LIKE MIND & MONEY, FINANCIAL WELLNESS TOOLS, AND FRAUD AND THEFT PROTECTION. EDUCATORS CREDIT UNION ALSO HAS A TEAM IN INVESTMENT SERVICES TO ENSURE FINANCIAL WELLNESS FOR FUTURE GENERATIONS. WE HAVE OVER 230,000 MEMBERS AND FOCUS ON EDUCATING THEM IN OUR BRANCHES AS WELL AS THROUGH COMMUNITY ACTIVITIES. EDUCATORS GAVE BACK MORE THAN $740,000 BACK TO THE COMMUNITIES IN WHICH WE SERVE. EDUCATORS CREDIT UNION ALSO AWARDED A TOTAL OF $70,000 TO 35 SCHOOL STUDENTS TO HELP OFFSET THE COST OF HIGHER EDUCATION. TO HELP ENSURE THE SECURITY OF OUR COMMUNITIES' INFORMATION, EDUCATORS CREDIT UNION OFFERS MULTIPLE SHRED DAYS THROUGHOUT OUR COMMUNITIES FREE OF CHARGE. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 161219 0 1 652 1 1 1 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 X JAMES JUSTMAN 2628865900 1326 WILLOW ROAD MT PLEASANT WI 53177 MARY LUENEBURG CHAIRPERSON 1.00 X X 3250 0 0 CHERYL KOTHE VICE CHAIRPERSON 1.00 X X 2050 0 0 BRAD ZAUTCKE TREASURER 1.00 X X 2000 0 0 MILTON DOCKERY SECRETARY 1.00 X X 850 0 0 CLARENCE ALLEN BOARD MEMBER 1.00 X 1350 0 0 SARAH FIEREK BOARD MEMBER 1.00 X 1250 0 0 WILLIAM HALSEY BOARD MEMBER 1.00 X 1800 0 0 NANCY MAJEWSKI BOARD MEMBER 1.00 X 2000 0 0 PAUL PELZEK BOARD MEMBER 1.00 X 800 0 0 JANET DAYS ASSOCIATE BOARD MEMBER 1.00 X 2100 0 0 ELTON DEMETI ASSOCIATE BOARD MEMBER 1.00 X 1050 0 0 DONALD LODGE ASSOCIATE BOARD MEMBER 1.00 X 1750 0 0 LOGAN MARTIN ASSOCIATE BOARD MEMBER 1.00 X 1700 0 0 LINDA HOOVER CEO & PRESIDENT 40.00 X 725266 0 50779 JAMES JUSTMAN CFO 40.00 X 293189 0 38916 ASHLEY MADALA VP LENDING 40.00 X 180897 0 31784 LORI GORKOWSKI VP PAYMENTS 40.00 X 183088 0 32222 DALE DREHER INFORMATION SECURITY OFFIC 40.00 X 175029 0 31050 JONATHAN HENKES VP IT 40.00 X 174109 0 21812 MAGGIE FEAGER SVP HR 40.00 X 171058 0 42090 ANGELA LANGDON VP RISK MANAGEMENT 40.00 X 156998 0 20489 KURT JOHNSON CRO 40.00 X 300138 0 65076 JOSEPH BRAZGEL CIO 40.00 X 262874 0 66618 SHANNON HUOT CHIEF EXPERIENCE OFFICER 40.00 X 217833 0 54321 RICH CHIAPETE CORPORATE ATTORNEY 40.00 X 190637 0 50651 GLENN BRUSKY VP FACILITIES 40.00 X 169996 0 30799 3223062 0 536607 45 0 1 0 ALKAMI TECHNOLOGY INC PO BOX 122223 DALLAS TX 753122223 ONLINE BANKING PROVIDER 4028251 NUSOURCE FINANCIAL 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 ITM SERVICE PROVIDER 3175311 FISERV PO BOX 934057 ATLANTA GA 311934057 CARD PROCESSOR 1606569 EDGE ONE INC 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 ATM/ITM SERVICE PROVIDER 1513410 IEMENTOR CORP 120 BISHOPS WAY STE 161 BROOKFIELD WI 53005 IT CONSULTANT/CONTRACTOR 1139939 64 INTEREST ON LOANS 522100 99308876 99308876 CREDIT CARD INTERCHANGE INCOME 522100 32571077 32571077 MEMBER SERVICE FEES 522100 14180552 14180552 INCOME FROM SALE OF LOANS 522100 5463707 5463707 LOAN FEE INCOME 522100 1791302 1791302 3244093 2429989 814104 156559607 50081473 50081473 149854 251078 -101224 -101224 -101224 27805398 15883673 27574695 4324344 230703 11559329 11790032 11790032 5300492 5208043 92449 92449 3083490 3083490 3083490 221505827 155745503 906553 64853771 744615 2543531 32961753 3650477 4408595 2600014 122756 362607 1240175 2971368 3903523 13239471 4152197 148376 1430273 23557576 4734976 432754 DIVIDENDS PAID 32948569 DEBIT AND CREDIT CARD E 18414465 PROVISION FOR LOAN LOSS 11727680 CASH BACK REWARDS 5877568 5295574 177468893 58934104 42247113 78769992 101646585 8953409 10131627 2116403607 2224569392 6702863 6296764 91255951 39935771 55202292 51320180 734899037 668747480 15649428 15145539 32071014 73660292 3107585746 3193764972 33441773 49019801 2803078 2834764 1412631 2347429 2805127631 2816104417 2842785113 2870306411 X 0 0 0 0 264800633 323458561 264800633 323458561 3107585746 3193764972 X 44036934 20026363 -5405369 X 0 1 X 1 0 0 1 X 14439561 14439561 55204052 25823426 29380626 1754489 1326918 427571 18518698 12785427 5733271 1339151 1339151 51320180 MEMBERS' SHARE AND SAVINGS ACCOUNTS 2816104417 2816104417 221756905 0 221756905 -251078 -251078 221505827 177719971 251078 251078 177468893 0 177468893 PART IV, LINE 2B: THE CREDIT UNION IS THE TRUSTEE OF CERTAIN MEMBERS' ESCROW FUNDS AND HAS FIDUCIARY RESPONSIBILITY FOR THE ADMINISTRATION AND DISTRIBUTION OF THESE FUNDS FOR MEMBERS OF THE ORGANIZATION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE -251,078. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE 251,078. 1 JUNIOR ACHIEVEMENT 11111 W LIBERTY DRIVE MILWAUKEE WI 53224 841223492 501(C)(9) 65000 0 GENERAL SUPPORT UNITED WAY OF RACINE COUNTY 2000 DOMANIK DRIVE RACINE WI 53404 390806349 501(C)(3) 63259 0 GENERAL SUPPORT MILWAUKEE PUBLIC SCHOOLS FOUNDATION 234 W GALENA ST MILWAUKEE WI 53212 391929112 501(C)(3) 30000 0 GENERAL SUPPORT HOUSING RESOURCES INC 7830 W BURLEIGH STREET MILWAUKEE WI 53222 391706658 501(C)(3) 15000 0 GENERAL SUPPORT ROC FOUNDATION INC 7044 S BALLPARK DRIVE SUITE 300 FRANKLIN WI 53132 842842277 501(C)(3) 14500 0 GENERAL SUPPORT PROHEALTH CARE 725 AMERICAN AVENUE WAUKESHA WI 53188 391314542 501(C)(3) 13000 0 GENERAL SUPPORT CITY OF RACINE PRCS 601 CARON BUTLER DR RACINE WI 53403 396005581 GOVERNMENT 10000 0 GENERAL SUPPORT UNITED WAY OF RACINE COUNTY 2000 DOMINIK DR RACINE WI 53404 390806349 501(C)(3) 7500 0 GENERAL SUPPORT 88 NINE RADIO MILWAUKEE 220 E PITTSBURGH AVE MILWAUKEE WI 53204 201257939 501(C)(3) 6500 0 GENERAL SUPPORT 7 2 PART I, LINE 2: BRANCH MANAGERS HAVE THE ABILITY TO APPROVE GRANTS TO A CERTAIN AMOUNT, AFTER THAT AMOUNT, THE GRANTS WOULD HAVE TO BE APPROVED BY THEIR MANAGER. LARGER GRANTS ARE APPROVED BY SENIOR MANAGEMENT AND ARE CONSIDERED COMMUNITY BENEFIT CONTRIBUTIONS. X X X 0 0 0 LINDA HOOVER CEO & PRESIDENT 655681 0 62385 0 7200 0 41250 0 9529 0 776045 0 0 0 KURT JOHNSON CRO 273171 0 26967 0 0 0 38757 0 26319 0 365214 0 0 0 JAMES JUSTMAN CFO 267055 0 26134 0 0 0 37334 0 1582 0 332105 0 0 0 JOSEPH BRAZGEL CIO 238399 0 24475 0 0 0 34799 0 31819 0 329492 0 0 0 SHANNON HUOT CHIEF EXPERIENCE OFFICER 198280 0 19553 0 0 0 28127 0 26194 0 272154 0 0 0 RICH CHIAPETE CORPORATE ATTORNEY 173221 0 17416 0 0 0 24697 0 25954 0 241288 0 0 0 LORI GORKOWSKI VP PAYMENTS 164615 0 18473 0 0 0 23420 0 8802 0 215310 0 0 0 MAGGIE FEAGER SVP HR 155424 0 15634 0 0 0 22168 0 19922 0 213148 0 0 0 ASHLEY MADALA VP LENDING 164998 0 15899 0 0 0 22861 0 8923 0 212681 0 0 0 DALE DREHER INFORMATION SECURITY OFFIC 159799 0 15230 0 0 0 22127 0 8923 0 206079 0 0 0 GLENN BRUSKY VP FACILITIES 153598 0 16279 0 119 0 21996 0 8803 0 200795 0 0 0 JONATHAN HENKES VP IT 158903 0 15206 0 0 0 21764 0 48 0 195921 0 0 0 ANGELA LANGDON VP RISK MANAGEMENT 142904 0 14094 0 0 0 20441 0 48 0 177487 0 0 0 CHERYL KOTHE BOARD VICE CHAIR 16706 SHIRTS FOR STAFF FOR GIFTS AND SPECIAL EVENTS. EMBROIDERY AND SCREEN PRINTING SERVICES FOR SHIRTS THAT STAFF PURCHASE FROM ELITE APPAREL LLC, OWNED BY CHERYL KOTHE. 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B A MERGER IN WHICH EDUCATORS CREDIT UNION WAS NOT THE SURVIVING CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 8B MINUTES ARE NOT TAKEN FOR SUBCOMMITTEES OF THE BOARD, WITH THE EXCEPTION OF THE ALM COMMITTEE AND THE AUDIT COMMITTEE. THE ACTIONS RECOMMENDED BY THE SUBCOMMITTEES ARE PRESENTED TO THE FULL BOARD FOR APPROVAL AND INCLUDED IN THEIR MINUTES. FORM 990, PART VI, SECTION B, LINE 11B INFORMATION IS GATHERED BY THE CONTROLLER AND THE HUMAN RESOURCES MANAGER. THE FORM 990 IS REVIEWED BY THE CFO AND THE CONTROLLER. A COPY OF THE 990 IS PROVIDED TO THE BOARD AFTER SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES ARE REQUIRED ANNUALLY TO SIGN THE OATH OF OFFICE AND REPORT ANY CONFLICTS OF INTEREST. THE ORGANIZATION ENCOURAGES EMPLOYEES TO DISCUSS POTENTIAL CONFLICTS WITH THEIR MANAGER, HUMAN RESOURCES, INTERNAL AUDIT, OR BY REPORTING TO OUR ANONYMOUS FRAUD LINE. ALL REPORTS ARE INVESTIGATED AND ADDRESSED AS NECESSARY. EMPLOYEE AND BOARD MEMBER ACCOUNTS ARE PERIODICALLY REVIEWED FOR ANY IRREGULARITIES THAT WOULD POINT TO A VIOLATION OF THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION OBTAINS ANNUAL SALARY DATA FROM A THIRD-PARTY VENDOR. THE BUDGETING PROCESS AND BOARD APPROVE PERCENTAGE INCREASE FOR OVERALL SALARY INCREASES. ANNUAL INCREASES ARE GIVEN BASED ON SALARY RANGE, POSITION IN RANGE, PERFORMANCE, LENGTH OF EMPLOYMENT, TIME IN POSITION, AND THE BOARD APPROVED AVERAGE PERCENTAGE INCREASE. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ONE-TIME ADJUSTMENT TO UNDIVIDED EARNINGS - EARLY ADOPTION OF CECL -5,405,369.