2025-11-14T15:59:45+00:00 2024-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2024-01-01 350978599 Crane Credit Union CRAN 8128637125 1 W GATE DRIVE ODON IN 47562 ALVIN LECHER CFO 8128637125 2025-11-14 true Michael Summers P00838533 3173834000 2025-11-15 2024 2025-03-06 01:10:19Z ALVIN LECHER 1 W GATE DRIVE ODON IN 47562 63536663 false X WWW.CRANECU.ORG X 1955 IN We build life-long relationships by supporting financial needs, dreams, and possibilities. 7 0 231 0 220753 0 0 45159273 52675299 6495053 8942902 186114 152794 51840440 61770995 20400 31500 0 0 14074654 15741075 0 0 0 26981487 33792751 41076541 49565326 10763899 12205669 1044861009 1047751007 946633146 934893379 98227863 112857628 We build life-long relationships by supporting financial needs, dreams, and possibilities. false false During the year, the Credit Union granted 11,160 new loans totaling $312,052,962. In addition, total membership increased by 155 members. Overall, the Credit Union provides financial services to 68,097 members. 0 false 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 false true true false false false false false true false false false false false false false false true false false false false false true 10500 0 true 231 true true true false false false false false false false X 7 0 false false false false true true true true true false true true true true true true true true true false false false IN X ALVIN LECHER 8128637000 1 W GATE DRIVE ODON IN 47562 Bruce W Cummings Treasurer 4.0 0.0 X X 28050 0 0 Dale L Padgett Jr Vice Chairman 4.0 0.0 X X 27700 0 0 David H Frye Secretary 4.0 0.0 X X 27750 0 0 Gary E Gray Jr Chairman 4.0 0.0 X X 25500 0 0 Kenneth R Greenwell Board Member 4.0 0.0 X X 27550 0 0 Douglas R Ranard Supervisory 4.0 0.0 X 12800 0 0 Jeffery Lee Schafer Director 4.0 0.0 X 24700 0 0 Patricia Herndon Director 4.0 0.0 X 24250 0 0 Quentin D Hays Supervisory 4.0 0.0 X 11500 0 0 Susan E Jones Supervisory 4.0 0.0 X 9700 0 0 Alvin Lecher Chief Financial Officer 40.0 0.0 X 210802 0 29975 Bryan Myers Chief Operating Officer 40.0 0.0 X 189424 0 27963 Gary Michael Wiggington Chief Technology Officer 40.0 0.0 X 174565 0 30323 Kevin Sparks CEO/President 40.0 0.0 X 322307 0 37052 Danielle Combs VP of Risk Management 40.0 0.0 X 120588 0 9727 Dennis Ryan Lee VP of Operations 40.0 0.0 X 124228 0 25573 Jeremy Vehslage VP of Lending 40.0 0.0 X 130461 0 19515 Richard Harris IT Manager 40.0 0.0 X 114954 0 19870 Stacy Lengacher VP of Operations 40.0 0.0 X 123617 0 14891 1730446 0 214889 20 false true false QSI Inc 107 Schuler Dr Bardstown KY 40004 ATM 1073019 Electronic Strategies Inc 8050 Castleway Dr Indianapolis IN 46250 IT Consulting 1050672 Jack Henry & Associates 663 W Highway 60 Monett MO 65708 Core banking system 923457 Access Softek Inc 727 Alston Way Berkley CA 94710 Electronic banking 543938 CDW Direct LLC 200 N Milwaukee Ave Vernon Hills IL 600611577 IT Hardware 263958 21 0 INTEREST ON LOANS 522130 42494792 42494792 INTERCHANGE ON INCOME 522130 6326081 6326081 SERVICE CHARGES & FEES 522130 1795161 1687102 108059 LOAN FEES & CHARGES 522130 1012431 1012431 OTHER NON-INTEREST INCOME 522130 1046834 1046834 0 0 0 0 52675299 9138798 9138798 75020 55603 19417 0 19417 19417 1514169 1710065 -195896 0 -195896 -195896 SHARED BRANCHING 522130 112694 112694 LIFE INSURANCE CSV 522100 20683 20683 0 0 0 0 133377 61770995 52392027 220753 9158215 31500 897098 12657200 139408 81630 1965739 36246 163012 1986023 980795 984826 165013 2010880 138814 15499500 3135749 274554 DATA PROCESSING FEES 3575352 PROVISION FOR LOAN LOSS 2362840 LOAN SERVICING EXPENSE 393850 EDUCATION AND PROMOTION 548422 1536875 49565326 8209639 9201959 87419190 70177225 2907839 3367114 56209 74653 2248808 2162798 0 739116973 771340342 991434 881750 41767167 29485659 11735134 12281508 164749128 152672137 0 0 9915869 9915869 17510786 15675652 1044861009 1047751007 7306819 5850033 1028563 1165010 0 126077948 75053964 812219816 852824372 946633146 934893379 X 98227863 112857628 98227863 112857628 1044861009 1047751007 12205669 2424096 0 X false true true false false true X 2813799 2813799 17202933 10972142 6230791 320186 320186 0 21430249 18193331 3236918 12281508 Federal Income Taxes MEMBERS' SHARES 852824372 852824372 X 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part IV, Line 2b Explanation of escrow agreement THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR PROPERTY TAXES AND INSURANCE FOR MEMBER LOANS. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME IS INSIGNIFICANT AND NO TAX PROVISION HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. THE CREDIT UNION'S WHOLLY OWNED SUBSIDIARIES ARE DISREGARDED ENTITIES FOR TAX PURPOSES AND ARE THEREFORE NOT SUBJECT TO FEDERAL INCOME TAX. THE CREDIT UNION MAY RECOGNIZE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS FROM UNCERTAIN TAX POSITIONS. UNRECOGNIZED TAX BENEFITS REPRESENT THE DIFFERENCES BETWEEN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN AND THE BENEFIT RECOGNIZED AND MEASURED IN THE CONSOLIDATED FINANCIAL STATEMENTS. INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS INCOME TAX EXPENSE. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS ON DECEMBER 31, 2024, AND 2023. SCHOLARSHIPS 21 31500 Schedule I, Part I, Line 2 PROCEDURES FOR MONITORING USE OF GRANT FUNDS SCHOLARSHIP FINALISTS WILL BE CHOSEN BY A SCHOLARSHIP COMMITTEE AND APPROVED BY THE BOARD OF DIRECTORS. APPLICANTS WILL BE JUDGED ON THE FOLLOWING: APPLICATION 30%, ACADEMIC PROFILE 10%, ESSAY 60%. X true true X X false true false Kevin Sparks CEO/President 269276 0 25000 0 28031 0 30500 0 6552 0 359359 0 0 0 Alvin Lecher Chief Financial Officer 180323 0 9583 0 20896 0 23000 0 6975 0 240777 0 0 0 Bryan Myers Chief Operating Officer 159564 0 8865 0 20995 0 19082 0 8881 0 217387 0 0 0 Gary Michael Wiggington Chief Technology Officer 149325 0 7936 0 17304 0 19893 0 10430 0 204888 0 0 0 Schedule J, Part I, Line 1a Travel for companions AIRFARE FOR BOARD MEMBERS' SPOUSES IS PAID BY THE CREDIT UNION. SPOUSES' MEALS ARE PAID FOR ANY CREDIT UNION EMPLOYEE OR BOARD MEMBER ON OFFICIAL CREDIT UNION BUSINESS. THESE EXPENSES WERE NOT INCLUDED IN TAXABLE INCOME TO THE BOARD MEMBER. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan CRANE CREDIT UNION (CCU) PROVIDES A SUPPLEMENTAL NONQUALIFIED RETIREMENT 457(F) PLAN TO EXECUTIVE LEVEL EMPLOYEES. THE ORGANIZATION MAKES ANNUAL CONTRIBUTIONS TO THE PLAN. THE DEPOSITS ARE OWNED BY CCU AND ARE TAX-DEFERRED UNTIL A DISTRIBUTIONS ARE MADE. DISTRIBUTIONS ARE MADE EVERY FIVE YEARS FOR ALL EXECUTIVES THAT ARE STILL ACTIVELY EMPLOYED ON THE DISTRIBUTION DATE. CONTRIBUTIONS TO THE PLAN FOR 2024 ARE AS FOLLOWS: KEVIN SPARKS, PRESIDENT - $14,800 GARY MICHEL WIGGINTON, VP IT - $8,203 DANIELLE COMBS, VP RISK MANAGEMENT - $17,806 JEREMY VEHSLAGE, VP OF MEMBER EXPERIENCE - $22,044 MARISSA LYNCH, AVP OF HR - $14,124 ALVIN LECHER, CFO - $42,600 BRYAN MYERS, COO - $19,831 MIKE WIGGINGTON VP OF IT PRIMARY RESIDENCE X 170000 123881 false false true BRYAN MYERS CHIEF OPERATING OFFICER AUTO X 29000 3295 false false true BRYAN MYERS CHIEF OPERATING OFFICER PRIMARY RESIDENCE X 132450 81895 false false true DEREK WOLFE EXECUTIVE PRIMARY RESIDENCE X 240000 178685 false false true DANIELLE COMBS EXECUTIVE AUTO X 40072 21249 false false true DANIELLE COMBS EXECUTIVE PRIMARY RESIDENCE X 224000 175336 false false true KEVIN SPARKS CHIEF EXECUTIVE OFFICER PRIMARY RESIDENCE X 323874 322722 false false true KEVIN SPARKS CHIEF EXECUTIVE OFFICER AUTO X 26937 20919 false false true JEREMY VEHSLAGE EXECUTIVE AUTO X 67861 53425 false false true JEREMY VEHSLAGE EXECUTIVE PRIMARY RESIDENCE X 492500 460386 false false true JEREMY VEHSLAGE EXECUTIVE HELOC X 28364 23425 false false true RYAN LEE EXECUTIVE AUTO X 30700 8960 false false true RYAN LEE EXECUTIVE PRIMARY RESIDENCE X 133000 65099 false false true DAVID FRYE BOARD MEMBER PRIMARY RESIDENCE X 160000 42614 false false true QUENTIN HAYS BOARD MEMBER PRIMARY RESIDENCE X 384000 380887 false false true QUENTIN HAYS BOARD MEMBER SECONDARY RESIDENCE X 133799 44731 false false true SUSAN JONES BOARD MEMBER PRIMARY RESIDENCE X 156000 155289 false false true 2162798 Form 990, Part VI, Line 6 Classes of members or stockholders The credit union has members. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Each member is entitled to one vote on all matters brought to vote at the annual meeting. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders Membership vote is required for mergers and charter conversions. Form 990, Part VI, Line 11b Review of form 990 by governing body Form 990 is prepared by an outside accounting firm, then reviewed by the credit union's CFO and President prior to filing with the IRS. Form 990, Part VI, Line 12c Conflict of interest policy The organization's officers, directors, and all employees are required to annually disclose any actual or potential conflicts of interest they may have with the organization. If there is a known conflict, that individual is restricted from performing transactions on certain accounts. If a conflict arises with a Board Member, the respective Board Member will abstain from any related discussion, vote, or similar action on the matter. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Board of Directors reviews and approves the President/CEO's compensation annually. Human Resources uses a system called Compease to gather data from other institutions to determine the President/CEO's compensation based on a range from comparable organizations. This process is documented in board minutes. Form 990, Part VI, Line 19 Required documents available to the public The credit union's governing documents and conflict of interest policy are not made available to the public. Financial statements are posted quarterly in credit union branches. Form 990, Part VI, Line 8B Governing Body and Management AS AUTHORIZED BY THE ACT, THE BOARD APPOINTS AN EXECUTIVE COMMITTEE OF NOT FEWER THAN THREE DIRECTORS TO SERVE AT ITS PLEASURE, TO ACT FOR IT WITH RESPECT TO THE BOARD'S SPECIFICALLY DELEGATED FUNCTIONS. WHEN MAKING DELEGATIONS TO THE EXECUTIVE COMMITTEE, THE BOARD MUST BE SPECIFIC WITH REGARD TO THE COMMITTEE'S AUTHORITY AND LIMITATIONS RELATED TO THE PARTICULAR DELEGATION. THE BOARD MAY ALSO AUTHORIZE ANY OF THE FOLLOWING TO APPROVE MEMBERSHIP APPLICATIONS UNDER CONDITIONS THE BOARD AND THESE BYLAWS MAY PRESCRIBE: AN EXECUTIVE COMMITTEE; A MEMBERSHIP OFFICER(S) APPOINTED BY THE BOARD FROM THE MEMBERSHIP, OTHER THAN A BOARD MEMBER PAID AS AN OFFICER; THE FINANCIAL OFFICER; ANY ASSISTANT TO THE PAID OFFICER OF THE BOARD OR TO THE FINANCIAL OFFICER; OR ANY LOAN OFFICER. NO EXECUTIVE COMMITTEE MEMBER OR MEMBERSHIP OFFICER MAY BE COMPENSATED AS SUCH. Form 990, Part VI, Line 15B Governance, Management and Disclosure: Policies THE PRESIDENT/CEO DETERMINES THE COMPENSATION OF THE OTHER EMPLOYEE(S) OF THE ORGANIZATION. COMPENSATION IS REVIEWED ANNUALLY. CRANE FCU PROPERTIES 1 W GATE DRIVE ODON IN 47562 271537278 PROPERTY MANAGEMENT IN 70620 1153657 CRANE CU