2024-03-06T10:22:08-07:00 2023-12-31 990 2023-01-01 350997241 INDIANA MEMBERS CREDIT UNION INDI 3177880366 5103 Madison Avenue Indianapolis IN 46227 Todd Habig SVP, Finance 3175548113 2024-03-06 Todd Habig 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z John Newett 5103 Madison Avenue Indianapolis IN 46227 148731192 0 X www.imcu.org X 1956 IN State-chartered credit union. 9 9 525 9 1076873 0 0 0 62212289 87100993 22378382 30448916 30583333 31181283 115174004 148731192 0 0 0 0 41767002 42377427 0 0 0 48483008 82085965 90250010 124463392 24923994 24267800 2918005380 2916013644 148197245 102300519 2769808135 2813713125 State-chartered credit union. 0 0 0 0 87100993 We take in deposits and make loans for those who, in some cases, would not have access to another financial institution. 0 0 30448916 We invest excess funds on behalf of our members, and return the profits to the members in the form of dividends. 0 0 31181283 We provide services to members at below-market fees. 0 0 0 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 231 0 1 525 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X Todd Habig 3175548113 5103 Madison Avenue Indianapolis IN 46227 Ronny Collier Former CEO 40 0 X 1074111 0 65143 John Newett CEO 40 0 X 815841 0 65143 Todd Habig CFO 40 0 X 440142 0 65143 Justin Sinders Chief Strategy Officer 40 0 X 317894 0 65143 Luke Yaeger Market President 40 0 X 320220 0 62148 Patrick Murphy Senior Vice President 40 0 X 319711 0 59254 Jeffrey Hawkins Senior Vice President 40 0 X 276705 0 60354 Scott Mann Chief Retail Officer 40 0 X 261372 0 57657 John Schenk Vice President 40 0 X 239182 0 51244 Tom Wellman Chief Risk Officer 40 0 X 235052 0 54730 Gregory Perrey Financial Services Advisor 40 0 X 228765 0 52141 Thorpe Miller Chief Marketing Officer 40 0 X 225304 0 51737 Bill White Market President 40 0 X 230128 0 27707 Chantelle Sparks Senior Vice President 40 0 X 206996 0 47188 Daralyn Schneider Senior Vice President 40 0 X 203789 0 47967 Daniel Collier Assistant Vice Pres 40 0 X 212456 0 38600 Amanda Emery Vice President 40 0 X 197162 0 44910 Daren Johnson Senior Commercial Loan Officer 40 0 X 190907 0 29417 Brian Woods Senior Commercial Loan Officer 40 0 X 177186 0 40560 Kathleen Mitchell Vice President 40 0 X 170836 0 41585 Connie Tyler Vice President 40 0 X 160883 0 42478 Steve Witting Senior Commercial Loan Officer 40 0 X 157946 0 38419 Nicholas Kellum Vice Chairman 5 0 X 50418 0 0 Robert Martin Chairman 8 0 X 50350 0 0 Maggie Miller Secretary 3 0 X 34725 0 0 Michael Ney Treasurer 3 0 X 29225 0 0 Joe Schulz Board Member 2 0 X 23375 0 0 Miriam Langsam Board Member 2 0 X 23150 0 0 Kim Hodges Board Member 2 0 X 22650 0 0 Jacqueline Blackwell Board Member 2 0 X 22450 0 0 Bert Kite Board Member 2 0 X 20175 0 0 6939106 0 1108668 40 1 1 0 0 0 87100993 87100993 0 0 87100993 30448916 30448916 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31181283 30104410 1076873 0 31181283 148731192 147654319 1076873 0 6939106 0 22221175 2976000 8147636 2093510 466587 67876 208000 0 0 0 351884 3118153 3764943 3683933 0 7539031 538251 0 7746 1885664 0 4016620 347452 Dividends to Members 38312860 ATM/Debit/Credit Card Programs 9181534 Credit Loss Expense 5879827 2715604 124463392 0 0 0 29320484 27775332 113631549 48319746 0 0 14590274 16523052 3117642 3179952 0 0 1624368915 1788260875 0 0 2694211 2775729 100691323 40549085 57800271 60142238 0 0 0 0 1027492668 922420539 23099725 22967901 21889641 23648280 2918005380 2916013644 36159282 33879209 0 0 0 0 0 0 0 0 0 0 95000000 50000000 0 0 17037963 18421310 148197245 102300519 X 2602954507 2632958856 173391120 188264239 -6537492 -7509970 2769808135 2813713125 2918005380 2916013644 X 24267800 4007960 0 0 0 15629230 X 0 1 X 1 0 22184212 0 22184212 51379520 0 22586393 28793127 1046960 0 1046960 0 20420990 0 16915732 3505258 5659641 0 0 5659641 60142238 Certificates of Deposit 6200000 C Federal Home Loan Bank Stock 5737400 C Municipal Bonds 149524976 F Collateralized Mortgage Obligations 363251215 F Mortgage Backed Securities 289143670 F U.S. Agencies 54387719 F Treasuries 53829351 F Perpetual Contributed Capital 346208 C 922420539 0 Deferred Compensation 18421310 18421310 X X 1 1 X X X 0 1 0 Chantelle Sparks Senior Vice President 168573 0 34423 0 4000 0 47188 0 0 0 254184 0 0 0 Todd Habig CFO 366150 0 69992 0 4000 0 65143 0 0 0 505285 0 0 0 Ronny Collier Former CEO 931273 0 138838 0 4000 0 65143 0 0 0 1139254 0 0 0 John Newett CEO 667841 0 144000 0 4000 0 65143 0 0 0 880984 0 0 0 Connie Tyler Vice President 128428 0 28455 0 4000 0 42478 0 0 0 203361 0 0 0 Patrick Murphy Senior Vice President 263040 0 52671 0 4000 0 59254 0 0 0 378965 0 0 0 Amanda Emery Vice President 161353 0 31809 0 4000 0 44910 0 0 0 242072 0 0 0 Jeffrey Hawkins Senior Vice President 219390 0 53315 0 4000 0 60354 0 0 0 337059 0 0 0 Justin Sinders Chief Strategy Officer 252210 0 61684 0 4000 0 65143 0 0 0 383037 0 0 0 Gregory Perrey Financial Services Advisor 108192 0 116573 0 4000 0 52141 0 0 0 280906 0 0 0 Brian Woods Senior Commercial Loan Officer 155186 0 18000 0 4000 0 40560 0 0 0 217746 0 0 0 Thorpe Miller Chief Marketing Officer 180993 0 40311 0 4000 0 51737 0 0 0 277041 0 0 0 Daralyn Schneider Senior Vice President 164348 0 35441 0 4000 0 47967 0 0 0 251756 0 0 0 Daren Johnson Senior Commercial Loan Officer 136586 0 50321 0 4000 0 29417 0 0 0 220324 0 0 0 Scott Mann Chief Retail Officer 214539 0 42833 0 4000 0 57657 0 0 0 319029 0 0 0 Steve Witting Senior Commercial Loan Officer 141446 0 12500 0 4000 0 38419 0 0 0 196365 0 0 0 Kathleen Mitchell Vice President 138609 0 28227 0 4000 0 41585 0 0 0 212421 0 0 0 Tom Wellman Chief Risk Officer 186944 0 44108 0 4000 0 54730 0 0 0 289782 0 0 0 Luke Yaeger Market President 261205 0 55015 0 4000 0 62148 0 0 0 382368 0 0 0 Bill White Market President 188454 0 37674 0 4000 0 27707 0 0 0 257835 0 0 0 John Schenk Vice President 195548 0 39634 0 4000 0 51244 0 0 0 290426 0 0 0 Daniel Collier Assistant Vice Pres 147632 0 60824 0 4000 0 38600 0 0 0 251056 0 0 0 Schedule J, Part I, Line 1a When a board member or credit union officer attends a credit union conference, they may take their companion to the conference. Additionally, seven credit union officers are provided country club memberships in order to entertain clients. Schedule J, Part I, Line 3 The Board of Directors reviews and approves the CEO's annual salary, after the board's Compensation Committee presents their research and salary recommendations. The board uses comparable data from the Credit Union Executive Society's annual compensation survey. Minutes are taken regarding the related board discussions. This process was last conducted in September of 2023. Schedule J, Part I, Line 4 Ronny Collier, Todd Habig, Scott Mann, Jeffrey Hawkins, Amanda Emery, Daralyn Schneider, Connie Tyler, Justin Sinders, Tom Wellman, Thorpe Miller, John Newett & Gregg Perrey each participated in the nonqualified deferred compensation plan, with a deferral of $14,976 and company matching of $7,488. Luke Yaeger, John Schenk & Brian Woods participated in this plan, with a deferral of $14,976 and company matching of $4,493. Daniel Collier participated in this plan, with a deferral of $7,800 and company matching of $3,900. Chantelle Sparks & Kathleen Mitchell participated in this plan, with a deferral of $13,988 and company matching of $6,994. Patrick Murphy participated in this plan, with a deferral of $11,050 and company matching of $5,525. Daren Johnson participated in this plan, with a deferral of $3,900 and company matching of $1,950. Steve Witting participated in this plan, with a deferral of $14,950 and company matching of $4,485. Additionally, John Newett & Justin Sinders agreed to participate in a "collateral assignment split dollar" plan. See Schedule L, Part V, for a broader description. John Newett Officer See Part V X 2214373 2373245 0 1 1 Justin Sinders Officer See Part V X 752704 806707 0 1 1 3179952 Schedule L, Part II Indiana Members Credit Union ("IMCU") provides supplemental retirement benefits through an alternative funding arrangement the IRS calls "collateral assignment split dollar" ("CASD"). Although the IRS requires reporting in the loan section of Schedule L, CASD is not an actual loan--no funds are transferred to the executive. Rather, the "loan" treatment applies because after the executive has received retirement benefits, IMCU recovers all of its outlays plus interest. The recovery right is the key advantage of CASD for IMCU. Rather than paying retirement benefits to the executive that would never be recovered, under CASD IMCU recovers not only its outlays, but also consideration for the time value of money. CASD works as follows. IMCU deposits funds into a cash value life insurance policy on the executive's life. During life, to the extent the executive fulfills service and vesting requirements, the executive can borrow against values in the policy to supplement retirement income. Policy performance is closely monitored. If policy performance lags, the executive's borrowing rights are reduced to protect IMCU's recovery rights. At the executive's death, the policy death proceeds are first used to repay IMCU its deposits plus compounded interest (at the IRS long-term applicable federal rate). The executive's beneficiary then receives any projected retirement borrowing the executive did not access during life. Any remaining death proceeds are then received by IMCU. IMCU and John Newett have signed and dated a written representation under 26 C.F.R. Section 1.7872-15(D)(2), and IMCU and Justin Sinders have done the same. Both written representations state, "IMCU has paid one or more premiums into life insurance policies it jointly owns with the executive, with the executive listed as the first named owner. The premiums are treated for tax purposes as nonrecourse split-dollar loans under 26 C.F.R. Section 1.7872-15. IMCU and the executive represent that a reasonable person would expect that IMCU will be paid all of its premium payments. By our signatures, we agree to be bound by the terms of this Agreement." Form 990, Part VI, Section A, Line 6 Indiana Members Credit Union is owned by its members, who are the depositors with at least $5 in a "Membership Savings Account". Form 990, Part VI, Section A, Line 7a The members of Indiana Members Credit Union elect its Board of Directors after the candidates are slated by the Nominating Committee. Form 990, Part VI, Section B, Line 11b The Board of Directors selects a board member to review Form 990 prior to its filing each year by the CFO. Currently the Board Treasurer performs this review. Form 990, Part VI, Section B, Line 12c The Internal Audit Department structures audits to look for conflicts of interest. Thus far none have been found. The Internal Audit Department reports findings to the Supervisory Committee. Form 990, Part VI, Section B, Line 15 The Board of Directors reviews and approves the CEO's annual salary. During this review the board uses comparable data from the Credit Union Executive Society's annual compensation survey. Minutes are taken regarding related board discussions. This process was last conducted in September of 2023. Form 990, Part VI, Section C, Line 19 Indiana Members Credit Union's governing documents (charter & bylaws) are made available upon request, as is the conflict of interest policy. Unaudited monthly financial statements are posted by the 10th of the following month at each branch location, and interested parties may photocopy them. Audited financial statements, as of June 30 fiscal year-end, are available (after October 31 of that same year) upon request. Form 990, Part XI, Line 9 In 2023, Indiana Members Credit Union's deposits increased by $30,004,349. Accounting for the 2023 adoption of Current Expected Credit Losses (CECL) created a one-time net asset decrease of $14,375,119. These two items had a combined net asset impact of $15,629,230. Indiana Members Financial Services Inc 5103 Madison Avenue Indianapolis IN 46227 351905210 inactive IN N/A C 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0