2024-11-13T13:11:57-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 362523206 IH MISSISSIPPI VALLEY CREDIT UNION IHMI 3097936200 2500 RIVER DRIVE MOLINE IL 61265 DARLENE M REED VP TREASURER 3097936200 2024-11-12 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-12 2023 2024-10-15 13:58:12Z ALLAN HOSACK 2500 RIVER DRIVE MOLINE IL 61265 165463456 0 X WWW.IHMVCU.ORG X 1934 IL PROVIDE CONSUMER, MORTGAGE, AND BUSINESS LOANS AND DEPOSIT SERVICES TO OVER 143,655 MEMBERS. 9 9 562 11 1231971 316925 0 0 106364308 121963365 5567506 9113202 -4218 212129 111927596 131288696 62500 288828 0 0 37111480 36745555 0 0 0 55939086 84459830 93113066 121494213 18814530 9794483 2035628610 2139207809 1871475711 1963966323 164152899 175241486 IH MISSISSIPPI VALLEY CREDIT UNION IS A MEMBER OWNED COOPERATIVE DEDICATED TO HELPING OUR MEMBERS, OUR TEAM MEMBERS, AND OUR COMMUNITIES ALONG THEIR FINANCIAL PATH. 0 0 PROVIDE CONSIDERABLE CONSUMER, BUSINESS AND REAL ESTATE LOANS TO MEMBERS. PROVIDE DEPOSITORY ACCOUNTS TO APPROXIMATELY 143,655 MEMBERS. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 41028 0 1 562 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 1 0 1 1 1 1 0 X ALLAN HOSACK 3097936200 2500 RIVER DRIVE MOLINE IL 61265 KRISTIN BERRY VICE CHAIRPERSON 2.00 X X 0 0 0 JEFF CARR DIRECTOR 2.00 X 0 0 0 TIM CONSIDINE DIRECTOR 2.00 X 0 0 0 MEGAN EARLY DIRECTOR 2.00 X 0 0 0 THOMAS CHIP IRWIN BOARD SECRETARY/TREASURER 2.00 X X 0 0 0 SAM KUPRESIN BOARD CHAIRMAN 2.00 X X 0 0 0 MATT MENDANHALL DIRECTOR 2.00 X 0 0 0 MELISSA PEPPER FORMER DIRECTOR 2.00 X 0 0 0 THOMAS TERRONEZ DIRECTOR 2.00 X 0 0 0 LARRY WIEMERS DIRECTOR 2.00 X 0 0 0 BRIAN LAUFENBERG PRESIDENT/CEO 40.00 X 715961 0 40960 ALLAN HOSACK CHIEF FINANCIAL OFFICER 40.00 X 428813 0 40791 ANN MCMILLIAN CHIEF OPERATING OFFICER 40.00 X 419955 0 40791 LISA OLSON CHIEF RISK MANAGEMENT OFFICER 40.00 X 419643 0 40791 JULIE STICKNEY CHIEF RESOURCE OFFICER 40.00 X 325000 0 37159 ROBERT ROSEMAN VP INDIRECT BUSINESS DEVELOPMENT 40.00 X 358352 0 28054 AJAY SINGH SVP, LENDING 40.00 X 270706 0 35084 ANDREW GROTHE SVP, WEALTH MGMT AND INVESTMENT SERVICES 40.00 X 219365 0 30633 DANIELLE SONS SVP, FINANCE 40.00 X 218422 0 31756 JUSTIN JOHNSON SVP, SALES AND MARKETING 40.00 X 206544 0 30366 3582761 0 356385 59 0 1 0 ESTES COMPANY LLC DBA ESTES CONSTRUCTION 131 W 2ND STREET SUITE 400 DAVENPORT IA 52801 CONSTRUCTION 2734165 CU ALLIANCE 9601 JONES ROAD SUITE 108 HOUSTON TX 77065 LOAN SERVICES 1424478 HEARTLAND BUSINESS SYSTEMS 1700 STEPHEN STREET LITTLE CHUTE WI 54140 BUSINESS SYSTEMS 653306 TEXAS SERIES OF LOCKTON COMPANIES LLC 640 TAYLOR ST SUITE 1450 FORT WORTH TX 76102 RISK MANAGEMENT 519326 HURRICANE LABS LLC 3401 ENTERPRISE PL STE 105 BEACHWOOD OH 44122 CYBERSECURITY 470062 23 INTEREST ON LOANS 522100 90259602 90259602 FEE INCOME 522100 27063150 27063150 INSURANCE COMMISSIONS 524298 2229839 1236600 993239 ATM SURCHARGE FEES 522100 238732 238732 WARRANTY FEES 522100 51795 51795 2120247 2120247 121963365 8102593 8102593 212129 0 212129 212129 212129 11369 35174000 0 34174760 11369 999240 1010609 1010609 131288696 120731394 1231971 9325331 258828 30000 2509864 26469787 1970043 3543686 2252175 159939 360949 1283837 1857540 5191906 6789848 2134828 757047 5212755 3511551 INCOME TAX EXPENSE 49258 DIVIDENDS PAID TO MEMBE 29938034 PROVISION FOR LOAN LOSS 16030413 VISA CARD EXPENSES 6156412 5025513 121494213 112121654 178922687 922558 19009538 18337942 17371308 1667617011 1664539890 5693364 6322230 79804235 23167049 54572510 56637186 126670639 142979801 25328018 28229645 1923867 1829267 22441047 23366257 2035628610 2139207809 22543546 26419845 58764 43620 167451150 122000000 1681422251 1815502858 1871475711 1963966323 X 0 0 0 0 164152899 175241486 164152899 175241486 2035628610 2139207809 X 9794483 1268992 25112 X X 0 1 X 1 0 15000 0 0 15000 15000 1 CREDIT UNION PAC 1807 W DIEHL ROAD PO BOX 3107 NAPERVILLE IL 605667107 361255150 15000 0 PART I-A, LINE 1: IH MISSISSIPPI VALLEY CREDIT UNION MADE A $15,000 POLITICAL ACTION COMMITTEE CONTRIBUTION TO THE CREDIT UNION POLITICAL ACTION COMMITTEE (CUPAC) TO SUPPORT CREDIT UNION ISSUES. 0 1 X 12255588 12255588 48574657 13184115 35390542 17904795 9982934 7921861 1069195 1069195 56637186 MEMBER SHARES AND CERTIFICATES 1811622926 OUTSTANDING CHECKS 3879932 1815502858 X PART IV, LINE 2B: IH MISSISSIPPI VALLEY CREDIT UNION HOLDS ESCROW ACCOUNTS FOR ITS MEMBERS IN WHICH IT PAYS FOR ITEMS LIKE PRIVATE MORTGAGE INSURANCE, REAL ESTATE TAXES, AND HOMEOWNERS INSURANCE. PART X, LINE 2: IH MISSISSIPPI VALLEY CREDIT UNION (THE CREDIT UNION) IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION, AND THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES OTHER THAN UNRELATED BUSINESS INCOME TAX. 1 WESTERN ILLINOIS UNIVERSITY FOUNDATION 1 UNIVERSITY CIRCLE SHERMAN HALL 303 MACOMB IL 61455 376046814 501(C)(3) 8500 0 CORPORATE DONATION LIVING LANDS & WATERS 17624 ROUTE 84 N EAST MOLINE IL 61244 364244353 501(C)(3) 10000 0 CORPORATE DONATION CREDIT UNION NATIONAL ASSOCIATION 99 M STREET SE 300 WASHINGTON DC 20003 237065623 501(C)(6) 15000 0 CORPORATE DONATION THE GRAY MATTERS COLLECTIVE 5318 16TH AVENUE MOLINE IL 61265 872125550 501(C)(3) 5250 0 CORPORATE DONATION ILLINOIS CREDIT UNION LEAGUE 1807 W DIEHL ROAD NAPERVILLE IL 60563 363304223 501(C)(6) 26000 0 CORPORATE DONATION NATIONAL CREDIT UNION FOUNDATION INC 5710 MINERAL POINT ROAD PO BOX 4 MADISON WI 53705 391383650 501(C)(3) 7500 0 CORPORATE DONATION BOYS AND GIRLS CLUBS OF THE MISSISSIPPI VALLEY INC 338 6TH STREET MOLINE IL 61265 363838421 501(C)(3) 18000 0 CORPORATE DONATION 5 2 STUDENT SCHOLARSHIPS 13 30000 2023 CLASS SCHOLARSHIPS PART I, LINE 2: IH MISSISSIPPI VALLEY CREDIT UNION (THE CREDIT UNION) PROVIDES GRANTS TO ORGANIZATIONS THAT THEY KNOW AND TRUST AND VET ORGANIZATIONS THAT THEY ARE NOT FAMILIAR WITH. THE FUNDS ARE USED AT THE RECIPIENT ORGANIZATIONS DISCRETION. THE CREDIT UNION PAYS ALL STUDENT SCHOLARSHIPS DIRECTLY TO THE SCHOOL OF THE STUDENT'S CHOICE. X X 1 1 X X X X 0 0 0 BRIAN LAUFENBERG PRESIDENT/CEO 540438 0 158100 0 17423 0 23026 0 17934 0 756921 0 0 0 ALLAN HOSACK CHIEF FINANCIAL OFFICER 323606 0 81917 0 23290 0 22857 0 17934 0 469604 0 0 0 ANN MCMILLIAN CHIEF OPERATING OFFICER 321526 0 81917 0 16512 0 22857 0 17934 0 460746 0 0 0 LISA OLSON CHIEF RISK MANAGEMENT OFFICER 321526 0 81917 0 16200 0 22857 0 17934 0 460434 0 0 0 ROBERT ROSEMAN VP INDIRECT BUSINESS DEVELOPMENT 137445 0 220355 0 552 0 10306 0 17748 0 386406 0 0 0 JULIE STICKNEY CHIEF RESOURCE OFFICER 268152 0 39856 0 16992 0 19583 0 17576 0 362159 0 0 0 AJAY SINGH SVP, LENDING 233339 0 37367 0 0 0 17150 0 17934 0 305790 0 0 0 DANIELLE SONS SVP, FINANCE 188485 0 29697 0 240 0 13987 0 17769 0 250178 0 0 0 ANDREW GROTHE SVP, WEALTH MGMT AND INVESTMENT SERV 182695 0 35638 0 1032 0 13569 0 17064 0 249998 0 0 0 JUSTIN JOHNSON SVP, SALES AND MARKETING 177613 0 22690 0 6241 0 12933 0 17433 0 236910 0 0 0 PART I, LINE 1A IN TAX YEAR 2023, IH MISSISSIPPI VALLEY CREDIT UNION (THE CREDIT UNION) INCURRED GOLF MEMBERSHIP DUES FOR LISA MILANO, BRIAN LAUFENBERG, ANN MCMILLAN, ANDREW GROTHE, AJAY SINGH, CHAD ERVIN, AND JUSTIN JOHNSON. THE AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J. IN TAX YEAR 2023, THE CREDIT UNION REIMBURSED CERTAIN TRAVEL EXPENSES FOR THE COMPANIONS OF BRIAN LAUFENBERG, TIM CONSIDINE, SAM KUPRESIN, JEFF CARR, LARRY WEIMERS, CHIP IRWIN, TOM KALE, AND MATT MENDENHALL. THE AMOUNTS ARE INCLUDED IN REPORTABLE COMPENSATION IN PART VII AND SCHEDULE J. BRIAN LAUFENBERG OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 10960000 11702815 0 1 1 ANN MCMILLIAN KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 1680000 1966855 0 1 1 LISA OLSON KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 1003363 1171461 0 1 1 ALLAN HOSACK OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 2277784 2530177 0 1 1 17371308 FORM 990, PART VI, SECTION A, LINE 6 IH MISSISSIPPI VALLEY CREDIT UNION HAS MEMBERS AS SPECIFIED BY ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A IH MISSISSIPPI VALLEY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER PROVIDED A COPY OF THE FINAL VERSION OF FORM 990 TO THE CHIEF FINANCIAL OFFICER BEFORE IT WAS FILED. THE CFO, ALLAN HOSACK, REVIEWED THE FORM 990 BEFORE IT WAS FILED. THE FORM 990 IS THEN PROVIDED TO THE BOARD OF DIRECTORS AND SUPERVISORY COMMITTEE MEMBERS OF IH MISSISSIPPI VALLEY CREDIT UNION FOR REVIEW PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT AND OTHER KEY EMPLOYEE'S COMPENSATION BASED UPON COMPARATIVE MARKET RESEARCH AND SALARY INFORMATION. THE COMPENSATION OF THE OTHER HIGH LEVEL OFFICERS AND KEY EMPLOYEES IS BASED UPON COMPENSATION SURVEYS. AN OUTSIDE CONSULTING FIRM PRESENTS ALL DATA AND LEADS THE CONVERSATION DURING THE COMPENSATION COMMITTEE MEETING. ONCE THE COMPENSATION IS DETERMINED, THE DECISIONS ARE CONTEMPORANEOUSLY DOCUMENTED IN BOARD MINUTES AND BY THE CONSULTING FIRM. THE COMPENSATION MEETINGS ARE HELD IN DECEMBER OF EACH YEAR, FOR CHANGES TO BE EFFECTIVE IN THE FOLLOWING JANUARY. THIS PROCESS LAST OCCURRED IN DECEMBER 2023. FORM 990, PART VI, SECTION C, LINE 19 IH MISSISSIPPI VALLEY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION 25,112. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED SINCE THE PRIOR TAX YEAR. FORM 990, PART I, LINES 14 & 17: IN 2023, IH MISSISSIPPI VALLEY CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE 2022 COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN 2022 FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE 2023 AMOUNTS LISTED IN THE 2023 COLUMN OF PART I AND PART IX. FORM 990, PART X, COLUMN (A), LINES 17 & 21: IN 2023, IH MISSISSIPPI VALLEY CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN COLUMN (B) (END OF YEAR) FOR LINE 21 (ESCROW OR CUSTODIAL ACCOUNT LIABILITY) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990 IN LINE 17 (ACCOUNTS PAYABLE AND ACCRUED EXPENSES), RESPECTIVELY. CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE 2023 BEGINNING OF YEAR AMOUNTS LISTED IN COLUMN (A) OF PART X. MEMBERS FINANCIAL LLC 2500 RIVER DRIVE MOLINE IL 61265 320091317 HOLDING COMPANY IL 1319 3431231 IH MISSISSIPPI VALLEY CREDIT UNION MEMBERS PROPERTY MANAGEMENT LLC 2500 RIVER DRIVE MOLINE IL 61265 260224070 PROPERTY MANAGEMENT IL 56048 2726548 MEMBERS FINANCIAL LLC MEMBERS INSURANCE SERVICES LLC 2500 RIVER DRIVE MOLINE IL 61265 320091314 INSURANCE IL 318288 678774 MEMBERS FINANCIAL LLC MEMBERS AUTO SOLUTIONS 2500 RIVER DRIVE MOLINE IL 61265 854085855 AUTO SOLUTIONS IL -53387 132846 MEMBERS FINANCIAL LLC