2024-11-15T15:53:13-06:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 370643547 LAND OF LINCOLN CREDIT UNION LAND 2178643030 1435 N WATER ST DECATUR IL 62526 CHRIS SMITH CFO 2178643030 2024-11-15 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-11-12 2023 2024-10-15 13:58:12Z ROBERT ARES 1435 N WATER ST DECATUR IL 62526 34205915 0 X WWW.LLCU.ORG X COOPERATIVE 1947 IL TO PROVIDE EDUCATION AND SERVICES TO OUR MEMBERS SO THEY CAN ACHIEVE FINANCIAL SUCCESS. 9 9 197 9 10100 3873 0 29699 20713492 24738984 1652345 2492781 84660 67176 22450497 27328640 101647 132502 0 0 8129462 9210172 0 0 0 10937201 15262512 19168310 24605186 3282187 2723454 380839730 450797421 351108159 416149858 29731571 34647563 TO PROVIDE EDUCATION AND SERVICES TO OUR MEMBERS SO THEY CAN ACHIEVE FINANCIAL SUCCESS. 0 0 PROVIDED 7,464 CONSUMER LOANS TO MEMBERS. PROVIDED MORTGAGE LOANS TO 261 MEMBERS. PROVIDED SAVINGS VEHICLES AND OTHER FINANCIAL SERVICES TO 38,263 MEMBERS. 0 1 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6434 0 1 197 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 0 1 1 1 1 1 0 X CHRIS SMITH 2178643030 4850 E PROSPERITY PL DECATUR IL 62521 TONY BROWN CHAIR 1.00 X X 0 0 0 DAVID VENTER VICE CHAIR 0.50 X X 0 0 0 CHARLES PHILLIPS TREASURER 0.50 X X 0 0 0 RUTH WALLER TREASURER (THRU 02/2023) 0.50 X X 0 0 0 LANDON PAGE SECRETARY (THRU 02/2023) 0.50 X X 0 0 0 KYLE RISBY SECRETARY 0.50 X X 0 0 0 ROBERT ALLEN BOARD MEMBER 0.50 X 0 0 0 MARK CRAWFORD BOARD MEMBER 0.50 X 0 0 0 TONI CURRIE BOARD MEMBER 0.50 X 0 0 0 CALVIN GREEN BOARD MEMBER (THRU 02/2023) 0.50 X 0 0 0 NICOLE PINKSTON BOARD MEMBER 0.50 X 0 0 0 JOE RIDDER BOARD MEMBER 0.50 X 0 0 0 ROBERT ARES PRESIDENT/CEO 45.00 X 283159 0 28270 BEVERLY DAVIS COO 45.00 X 201438 0 15471 CHRIS SMITH CFO 45.00 X 134849 0 21561 BRANDI BINKLEY CHIEF HUMAN RESOURCES OFFICER 45.00 X 103272 0 16414 HOWARD MARTIN CLO 45.00 X 167705 0 10752 BEN AUSTIN CIO 45.00 X 162935 0 26753 TODD HOGAN FAC. MAN./SECURITY OFF (THRU 09/2023) 45.00 X 137765 0 7501 CALYLA HITTMEIER CMO 45.00 X 107843 0 16089 1298966 0 142811 11 0 1 0 0 29699 29699 INTEREST ON LOANS 522100 15187052 15187052 FEE INCOME 522100 4590927 4590927 CREDIT AND DEBIT CARD FEE INCOME 522100 2674854 2674854 INSURANCE INCOME 524298 1253899 1243799 10100 INTERCHANGE INCOME 522100 700883 700883 331369 331369 24738984 2139601 2139601 67176 0 67176 67176 67176 7209455 21000 6860740 16535 348715 4465 353180 353180 27328640 24728884 10100 2559957 132502 684748 6806066 377906 784525 556927 533120 110055 529704 1191401 2349845 786238 848646 162767 167150 886607 17048 DIVIDENDS ON MEMBER SHA 3374712 DEBIT CARD EXPENSE 1476087 LOAN SERVICING EXPENSE 1169502 PROVISION FOR LOAN LOSS 1022681 636949 24605186 3550255 4214605 4710718 8505874 991956 1448593 2710556 2709160 243412212 303563939 437793 1508502 24045403 11940978 11235396 12104425 99365457 92031128 4467233 3153833 221951 9010952 9736203 12546410 380839730 450797421 1807030 1813902 5000000 0 344301129 414335956 351108159 416149858 X 0 0 0 0 29731571 34647563 29731571 34647563 380839730 450797421 X 2723454 2819182 -626644 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000 1000 1000 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 W DIEHL ROAD NAPERVILLE IL 60566 363092340 1000 PART I-A, LINE 1: CONTRIBUTED TO THE CREDIT UNION POLITICAL ACTION COMMITTEE 1880594 1880594 13893314 5303773 8589541 281575 218937 62638 7989920 6418268 1571652 12104425 MEMBERS' SHARE AND SAVINGS ACCOUNTS 414335956 414335956 27496246 172071 172071 27324175 4465 4465 27328640 24600721 -4465 -4465 24605186 0 24605186 PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 172,071. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS 13,000. GAIN ON OREO SALES -8,535. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FIXED ASSETS -13,000. GAIN ON OREO SALES 8,535. 1 DECATUR SCHOOL DISTRICT 101 WEST CERRO GORDO STREET DECATUR IL 62523 376003703 GOV'T 20000 0 ORGANIZATION SUPPORT EMPOWERMENT OPPORTUNITY CENTER 360 E MARIETTA STREET DECATUR IL 62521 370864527 501(C)(3) 20000 0 ORGANIZATION SUPPORT VANDALIA SCHOOL DISTRICT 1109 N 8TH STREET VANDALIA IL 62471 376006838 GOV'T 20000 0 ORGANIZATION SUPPORT CITY OF DECATUR 1 GARY K ANDERSON PLAZA DECATUR IL 62523 376001308 GOV'T 10940 0 ORGANIZATION SUPPORT NOKOMIS PUBLIC LIBRARY 100 N SPRUCE STREET NOKOMIS IL 62075 376001680 GOV'T 10000 0 ORGANIZATION SUPPORT 5 0 PART I, LINE 2: THE ORGANIZATION KEEPS RECORD OF THE GRANTS IT PAYS TO OTHER ORGANIZATIONS. X X X 1 1 0 ROBERT ARES PRESIDENT/CEO 228289 0 34508 0 20362 0 15304 0 12966 0 311429 0 0 0 BEVERLY DAVIS COO 161568 0 31385 0 8485 0 12175 0 3296 0 216909 0 0 0 BEN AUSTIN CIO 135905 0 22225 0 4805 0 10544 0 16209 0 189688 0 0 0 HOWARD MARTIN CLO 140761 0 21060 0 5884 0 9848 0 904 0 178457 0 0 0 CHRIS SMITH CFO 111499 0 17250 0 6100 0 7515 0 14046 0 156410 0 0 0 PART I, LINES 4A-B SOME VP'S HAVE A 457F PLAN AVAILABLE TO THEM TO ENCOURAGE THEM TO REMAIN WITH THE CREDIT UNION. EACH CONTRIBUTION HAS A VESTING SCHEDULE. NO CONTRIBUTIONS WERE MADE TO THE PLAN IN 2023. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. THE ORGANIZATION DID TRANSITION ROBERT ARES AND BEVERLY DAVIS INTO A SPLIT DOLLAR LIFE INSURANCE AGREEMENT UNDER WHICH THE ORGANIZATION WILL MAKE PAYMENTS FOR THE POLICY OWNED BY THE TWO OFFICERS. FURTHER DETAILS ARE PROVIDED IN THE ACCOMPANYING SCHEDULE L. PART I, LINE 4A: TODD HOGAN RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $50,752 DURING 2023. ROBERT ARES PRESIDENT/CEO SPLIT DOLLAR LIFE INSURANCE X 1627160 1613080 0 1 1 BEVERLY DAVIS COO SPLIT DOLLAR LIFE INSURANCE X 1107552 1096080 0 1 1 2709160 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE THAT HAD 38,263 MEMBERS AS OF DECEMBER 31, 2023. MEMBERS OWNING ONE SHARE QUALIFY TO ELECT THE GOVERNING BODY, APPROVE CHANGES TO THE CHARTER AND RECEIVE THEIR SHARE OF NET ASSETS IF THE CREDIT UNION WERE TO DISSOLVE. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HOLDS AN ANNUAL MEETING TO ELECT DIRECTORS, WITH ALL MEMBERS MAINTAINING ONE OR MORE SHARES ELIGIBLE TO PARTICIPATE. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE BY-LAWS AND ARTICLES OF INCORPORATION REQUIRE APPROVAL BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FILED FORM 990 IS PROVIDED FOR REVIEW TO THE BOARD OF DIRECTORS AT THE FIRST BOARD MEETING SUBSEQUENT TO FILING THE FORM. FORM 990, PART VI, SECTION B, LINE 12C ON AT LEAST A QUARTERLY BASIS THE CFO REVIEWS ACCOUNTS OF BOARD MEMBERS, KEY EMPLOYEES, AND IMMEDIATE FAMILY MEMBERS, AS WELL AS MONITORING INVOICES PAID BY THE CREDIT UNION. IN ADDITION, EMPLOYEE ACCOUNTS ARE REVIEWED AS PART OF THE ANNUAL FINANCIAL AUDIT. THE CREDIT UNION MAINTAINS THE FOLLOWING CREDIT UNION CONFLICT OF INTEREST POLICY: ALL EMPLOYEES, OFFICERS, DIRECTORS, COMMITTEE MEMBERS, AGENTS OR ATTORNEYS (HEREINAFTER "CREDIT UNION OFFICIAL") OF THIS CREDIT UNION (HEREINAFTER "CREDIT UNION") ARE PROHIBITED FROM (1) SOLICITING FOR THEMSELVES OR FOR A THIRD PARTY (OTHER THAN THE CREDIT UNION ITSELF) ANYTHING OF VALUE FROM ANYONE IN RETURN FOR ANY BUSINESS, SERVICE OR CONFIDENTIAL INFORMATION OF THE CREDIT UNION AND FROM (2) ACCEPTING ANYTHING OF VALUE (OTHER THAN BONAFIDE SALARY, WAGES, FEES OR OTHER COMPENSATION PAID, OR EXPENSES PAID OR REIMBURSED IN THE USUAL COURSE OF BUSINESS) FROM ANYONE IN CONNECTION WITH THE BUSINESS OF THE CREDIT UNION EITHER BEFORE OR AFTER A TRANSACTION IS DISCUSSED OR CONSUMMATED. CREDIT UNION OFFICIALS ARE PROHIBITED FROM SELF-DEALING OR OTHERWISE TRADING ON THEIR POSITIONS WITH THE CREDIT UNION OR ACCEPTING FROM ONE DOING OR SEEKING TO DO BUSINESS WITH THE CREDIT UNION A BUSINESS OPPORTUNITY NOT AVAILABLE TO OTHER PERSONS OR MADE AVAILABLE BECAUSE OF SUCH OFFICIALS' POSITIONS WITH THE CREDIT UNION. CREDIT UNION OFFICIALS MUST DISCLOSE TO THE CREDIT UNION ALL POTENTIAL CONFLICTS OF INTEREST, INCLUDING THOSE IN WHICH THEY HAVE BEEN INADVERTENTLY PLACED DUE TO EITHER BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, SUPPLIERS, BUSINESS ASSOCIATES, OR COMPETITORS OF THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 15 THE SALARY COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS SALARIES BY POSITION ANNUALLY AND THE CEO AND HR DEPARTMENT USE PEER DATA FROM INDUSTRY TRADE ORGANIZATIONS TO DETERMINE APPROPRIATE PAY FOR EACH POSITION. THE BOARD SET THE SALARY OF THE CEO AND AFFIRMS THE OVERALL ANNUAL SALARY ADJUSTMENT FACTOR RECOMMENDED BY THE CEO FOR THE REMAINING EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST, FINANCIAL STATEMENTS, GOVERNING DOCUMENTS, AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE. IN ADDITION, QUARTERLY CALL REPORT DATA IS AVAILABLE ON THE SHARE INSURER'S WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 172,071. OTHER CHANGE IN OCI - RECLASS ADJUSTMENT FOR GAINS REALIZED IN NET INCOME -348,715. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE - ASU NO. 2016-13 -450,000.