2024-11-13T13:52:26-07:00 2023-12-31 440160260 Forvis Mazars LLP 820 Massachusetts Ave Suite 1370 Indianapolis IN 46204 990 2023-01-01 350702986 EVERWISE CREDIT UNION EVER 5742328012 110 South Main Street South Bend IN 46601 Todd Brown SVP CFO 5742846278 2024-11-15 1 1 Michael Summers P00838533 3173833663 2024-11-13 2023 2024-10-15 13:58:12Z Todd Brown 110 South Main Street South Bend IN 46601 286472569 0 X www.everwisecu.com X 1931 IN State Chartered Credit Union 8 0 1038 0 640804 478057 0 0 213579552 259561169 20199732 25975058 860235 936342 234639519 286472569 304699 309028 0 0 76544301 68543462 0 0 0 99044067 183469822 175893067 252322312 58746452 34150257 4871999188 5173106431 4507110237 4796733886 364888951 376372545 State Chartered Credit Union 0 0 252322312 309028 286472569 Throughout 2023, our commitment to enhancing member experience remained steadfast. We maintained our dedication to offering competitive deposit and loan rates. Additionally, we continued to innovate, enhancing our online and mobile banking platforms and introducing new educational resources to assist our members against fraud and identity theft. June 2023 marked a significant milestone as we rebranded from Teachers Credit Union to Everwise Credit Union, reflecting our ongoing commitment to delivering value to both current and future members. Surpassing the Five Billion mark in total assets was a testament to our growth, with loans increasing by 7.63% and deposits by 2.54%. 0 0 0 252322312 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 1 0 1 78063 0 1 1038 1 1 1 0 0 0 0 0 1 0 X 8 0 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 X Jason Osterhage 5742328012 110 South Main Street South Bend IN 46601 X Jason Osterhage CEO 45 1 X 1149164 0 45760 Waylon Peterson President, Everwise Investment Services 45 1 X 567030 0 49951 Todd Brown SVP Chief Financial Officer 45 1 X 531894 0 50260 Daniel Rousseve SVP Chief Information Officer 45 1 X 443173 0 40939 Daniel Woodhouse Financial Advisor III 45 0 X 372126 0 42310 Chad Douglass SVP Chief Lending Officer ended 10/31/2023 45 1 X 335987 0 46735 Victoria Partaker Mortgage Sales Manager 45 0 X 349176 0 32378 Randall Tarter Financial Advisor III 45 0 X 318814 0 42408 Jeneen L Crane Vice President 45 0 X 281972 0 38322 Nicole Alcorn Chief Member Experience Officer 45 1 X 262000 0 32256 Angela L Zimski Mortgage Loan Originator 45 0 X 252753 0 29438 Vince Henderson Chairman 5 1 X X 53664 0 8421 Diane Maas Treasurer 5 1 X X 44720 0 6635 Shirley Golichowski Assistant Secretary 5 1 X X 40200 0 8907 John Myers Secretary 5 1 X X 41100 0 8004 Jim Dubois Board Member 5 1 X 41400 0 6535 Thea Kelly Vice Chair 5 1 X X 40800 0 6701 David Aranowski Board Member 5 1 X 39600 0 4729 Jackie Morales Board Member 5 1 X 35700 0 4344 5201273 0 505033 87 0 1 0 Krieg Devault 4101 Edison Lakes Parkway Mishawaka IN 46545 Legal 986439 Constellation Digital Partners 5565 Centerview Dr Suite 202 Raleigh NC 27606 Home Banking platform 1985477 Adrenaline LLC 565 Main Street NE Suite 200 Atlanta GA 30324 Rebrand 8493242 Awardco 382 W Park Cir Suite 300 Provo UT 84604 Employee Rewards 576342 Elevate Technologies LLC PO Box 361 Byron Center MI 49315 Managed IT Services 612649 24 0 Loan Income 522130 203750643 203750643 0 0 Fee Income 522100 30794466 30153662 640804 0 Other Operating Income 525990 25016060 25016060 0 0 0 0 0 0 259561169 23756284 23756284 0 0 0 0 0 0 0 0 0 0 252049 0 0 0 252049 0 252049 252049 0 0 -823078 3041852 0 0 -823078 3041852 2218774 2218774 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shared Branching 561439 684293 684293 0 0 0 0 0 0 684293 286472569 285831765 640804 0 309028 0 0 0 3946609 0 47074196 3049753 10711911 3760993 0 1011163 390943 0 0 4296 5028681 5631242 4776794 10904510 0 6198346 344141 0 909728 85583792 416936 7905140 1176110 Provision for Loan Loss 28237319 Franchise tax 1560000 CU Service Dept/Loan Servicing 19972526 Equipment Maintenance 196945 3221210 252322312 0 0 0 49242128 50318636 102522125 130230274 0 0 16130891 20528160 24580824 24748540 0 0 3777581660 4034829336 280205 262670 52618986 68168150 147597126 68140192 71173110 79456934 678309057 654002435 0 0 50558303 57928150 12328554 11935450 36673345 40697696 4871999188 5173106431 17895573 17283197 0 0 0 0 0 0 0 0 0 0 287845000 475000000 0 4201369664 4304450689 4507110237 4796733886 X 0 0 0 0 364888951 376372545 364888951 376372545 4871999188 5173106431 X 34150257 344206 0 0 0 -23010869 X 0 1 X 1 0 0 12487500 12487500 0 77428226 35386029 42042197 0 0 0 0 0 54777156 32754163 22022993 0 2904244 0 2904244 79456934 Cashier Checks 11373105 Other Liabilities 5535345 Deferred Compensation 225000 Member Shares 4287317239 4304450689 X 286472569 0 0 0 0 0 286472569 0 0 0 286472569 252322312 0 0 0 0 0 252322312 0 0 0 252322312 Schedule D, Part X, Line 2 Management has evaluated their income tax position under guidance included in ASC740. Based on their review management has not identified any material uncertain tax position to be recorded or disclosed in the financial statements. 1 Everwise Foundaion 110 South Main Street South Bend IN 46601 351939838 501(C)(3) 309028 0 The Grant is a set funding amount from Everwise Credit Union for community involvement on an annual basis. These funds are then contributed to qualified organizations based on the vision and bylaws of the Everwise Foundation. 1 0 Schedule I, Part I, Line 2 The foundation is a foundation set aside from Everwise Credit Union. The governing body abides by the bylaws for Everwise foundation, and each donation is reviewed and agreed upon by the board of directors. X 1 1 X X X X X 1 1 0 Waylon Peterson President, Everwise Investment Services 249895 0 315935 0 1200 0 39900 0 10051 0 616981 0 0 0 Jason Osterhage CEO 640086 0 498333 0 10745 0 32400 0 13360 0 1194924 0 0 0 Todd Brown SVP Chief Financial Officer 322837 0 208367 0 690 0 39900 0 10360 0 582154 0 0 0 Chad Douglass SVP Chief Lending Officer ended 10/31/2023 209710 0 125066 0 1210 0 37560 0 9176 0 382722 0 0 0 Daniel Rousseve SVP Chief Information Officer 295210 0 147665 0 298 0 32400 0 8539 0 484112 0 0 0 Randall Tarter Financial Advisor III 31026 0 341050 0 50 0 32400 0 9910 0 414436 0 0 0 Victoria Partaker Mortgage Sales Manager 93949 0 254522 0 705 0 29363 0 3015 0 381554 0 0 0 Daniel Woodhouse Financial Advisor III 30576 0 288113 0 125 0 32048 0 10360 0 361222 0 0 0 Jeneen L Crane Vice President 54535 0 227409 0 28 0 29257 0 9065 0 320294 0 0 0 Nicole Alcorn Chief Member Experience Officer 183013 0 78748 0 239 0 28656 0 3600 0 294256 0 0 0 Angela L Zimski Mortgage Loan Originator 15800 0 236893 0 60 0 26558 0 2880 0 282191 0 0 0 Schedule J, Part I, Line 1a When traveling for corporate annual meeting, the spousal expense are covered for executive management. The travel is not included in compensation as it was incurred for the business purposes of Everwise Credit Union. Schedule J, Part I, Line 3 Everwise Credit Union uses an independent consulting firm to establish the amount of compensation for executive management. There is a written contract including the terms and agreement of the salary for the CEO. The agreement for the CEO is approved by the Board of Directors. Schedule J, Part I, Line 4 There are SERP plans in place for the former CEO and Senior Vice Presidents of Everwise Credit Union. There are no contributions to the plan in 2023. Paul Marsh Former CEO Split Dollar X 9800000 10370977 0 1 1 Louise Arsenault Former General Counsil Split Dollar X 4350000 4109354 0 1 1 Todd Brown CFO Split Dollar X 3400000 3276242 0 1 1 Chad Douglass Former CLO Split Dollar X 2600000 2525264 0 1 1 Dan Rousseve CIO Split Dollar X 1600000 1583685 0 1 1 Nicole Alcorn CMO Split Dollar X 1219461 1237079 0 1 1 23102601 Form 990, Part VI, Section A, Line 6 All members are considered equal and have one vote based on voting requirements. Form 990, Part VI, Section A, Line 7a Board members are elected based on the policy of the Credit Union and Board of Directors. Form 990, Part VI, Section B, Line 11b The 990-Information used to prepare the tax return is gathered from within the accounting department. The return is compiled using an external accounting firm. The return is reviewed by the Chief Financial Officer and the Controller prior to review of the Board of Directors. Any changes to the tax return or in the instructions of the returns are brought to the attention of the Board of Directors for review. Form 990, Part VI, Section B, Line 12c Everwise reviews the conflict-of-interest policy annually with all members of the Board of Directors, Senior Executive Management, Vice Presidents, and Assistant Vice Presidents. All persons in job classification are required to complete disclosure forms to accounts held, active loans, and any additional outside occupations. These documents are submitted for review to the Director of Administration. The policy includes steps to avoid conflict of interest and if changes occur regarding potential conflict of interest, it is the responsibility of the director, committee members, or the employee to report such changes to the proper channel. Form 990, Part VI, Section B, Line 15 An independent consulting agency is used to calculate and compare managements compensation. For the Chief Executive Officer, there is also a written contract stating a term and salary that must then be approved by the Board of Directors. Form 990, Part VI, Section C, Line 19 The governing documents of Everwise Credit Union are available upon request. Financial statements are available to the membership as presented in the annual reporting, which is published in the first quarter of each year or available upon request. Each year, management of Everwise Credit Union reviews the conflict-of-interest policy, and it is available to others upon request. Form 990, Part VII, Section A, Line 1a The estimated amount of other compensation of the Board of Directors is the reporting year's accrued expenses for deferred compensation. The deferred compensation will be paid out to the board members upon retirement from the Board of Directors. Form 990, Part XI, Line 9 Membership fees received during the year of $128,400 are a charge to become part of the membership at Everwise Credit Union. They are not treated as income rather are directly added to equity as ownership within the organization for each membership account that is opened during the year. The transition to CECL model allowed a one-time entry to capital to account for all probable and estimable losses over the lifetime of the loan. Everwise made a one-time adjustment of $23,139,268. Everwise Lending Agency LLC 110 South Main Street South Bend IN 46601 010867566 Indirect Lending Agency for Autos IN 261730 5179721 Everwise Credit Union Everwise Foundation 110 South Main St South Bend IN 46601 351939838 Community funding authority IN 501 (C)3 Private Foundation Everwise Credit Union 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Everwise Foundation b 309028 The Grant is set funding amount from Everwise Credit Union for Community involvement on an annual basis. These funds are then contributed to qualified organization based on the vision and bylaws of Everwise Foundation. Schedule R, Part V, Line 2 Everwise Credit Union budget amount is based on the number of memberships within the Credit Union. These funds are allocated for community involvement and contributions for public relations. The unused funds for 2023, $309,028, are transferred to Everwise Foundation for additional community funding.