2024-05-13T09:37:56-07:00 2023-12-31 990 2023-01-01 362472059 EMPEOPLE CREDIT UNION EMPE 3097431000 PO Box 339 Moline IL 61266 Heidi Wulf Chief Financial Officer 3097431032 2024-05-13 Heidi Wulf 999009999 1 1 11 1 AAL2 X 2023 2023-04-26 12:10:37Z Heidi Wulf 3950 38th Ave Moline IL 61265 129009062 0 X www.empeople.com X Cooperative 1935 IL Credit Union operated for mutual purpose 9 8 289 0 0 0 0 0 59247663 85336149 2999575 6985927 36418868 36686986 98666106 129009062 0 0 0 0 32938979 30059959 0 0 0 54725709 91831594 87664688 121891553 11001418 7117509 1985157506 1992512924 1829525271 1831336944 155632235 161175980 Credit Union operated for mutual purpose 0 0 Provided 10,101 consumer loans to members. Provided 2,230 first and second mortgage loans to members Opened 8,028 new member share accounts. 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 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 0 0 0 1 37400 0 1 289 1 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X Empeople Credit Union 3097431000 3950 38th Ave Moline IL 61265 Kurt Lewin President 40 0 X X 1051327 0 0 Peter Sedgwick Chief Information Officer 40 0 X X 379643 0 0 Heidi Wulf Chief Financial Officer 40 0 X X 362485 0 0 Ron Wilse Chief Lending Officer 40 0 X X 358300 0 0 Joseph Witherwax Chief Technology Officer 40 0 X X 347690 0 0 Stacy Delong Former Employee 40 0 X 344118 0 0 Ryan Cannady Chief Retail Officer 40 0 X X 342168 0 0 Renee Vandewoestyne Chief Admin Officer 40 0 X X 339970 0 0 Brad Johannes VP, Wealth Management 40 0 X 298154 0 0 Benjamin Nickel VP, Branch Ops Maine Mkt 40 0 X 265303 0 0 Chris Kobliska VP, Consumer Sales 40 0 X 245887 0 0 Tyler Vancamp Chief Info Security OFC 40 0 X X 229389 0 0 Ashley Kowlaski Consumer Lending Officer 40 0 X 207856 0 0 Elise Larson VP, Member Services & Payment Operations 40 0 X 202153 0 0 Tim Tibbals Chief Data Officer 40 0 X X 198010 0 0 Scott Hany President of the Board 1 0 X 0 0 0 Susan Parker Vice Chair 1 0 X 0 0 0 Denver Caldwell Secretary of the Board 1 0 X 0 0 0 Heather Bishop Board Member 1 0 X 0 0 0 Chistopher James Board Member 1 0 X 0 0 0 Sam Novick Board Member 1 0 X 0 0 0 Jeff Richards Board Member 1 0 X 0 0 0 Megan Wheelock Board Member 1 0 X 0 0 0 5172453 0 0 79 1 1 0 RISDALL MARKETING GROUP LLC 3001 Broadway Street NE Suite 185 Minneapolis MN 55413 Marketing 467380 GARDA CL GREAT LAKES INC 3209 MOMENTUM PLACE CHICAGO IL 606895332 ATM Servicing 300440 QUAD CORPORATION PO BOX 2020 DAVENPORT IA 528092020 Collections 272066 PRINT PLANT LLC 3120 CEDAR CREST RIDGE STE 5 DUBUQUE IA 52003 Marketing 247557 BRINKS INCORPORATED 7373 SOLUTIONS CENTER CHICAGO IL 606777003 ATM Servicing 207274 11 0 Interest on Membership Loans 522130 85336149 0 0 85336149 0 0 0 0 85336149 6985927 0 0 6985927 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 522130 13513936 0 0 13513936 Fee Income 522130 12244263 0 0 12244263 Interchange Income 522130 10928787 0 0 10928787 0 0 0 0 36686986 129009062 0 0 129009062 0 0 0 0 5172453 0 18420239 2269120 2567653 1630494 0 174687 296970 0 0 0 2056492 1375858 1410418 6025271 1908324 190202 0 267139 7431055 0 2080676 191749 Loan Processing Expense 8317412 Provision for Loan Loss 11041685 ATM/Draft/Debit Card Expense 8107893 Dividends Paid to Others 39947406 1008357 121891553 0 0 0 27451406 30208157 99739894 141039293 0 0 6031642 10080531 0 0 0 1750906405 1706831268 0 0 7482606 7377763 30284088 11944600 18662079 18339488 12979433 11718118 13816385 17353838 239391 194505 47848265 49369963 1985157506 1992512924 115438706 29926265 0 0 0 0 0 0 8153668 8121793 0 0 0 0 0 0 1705932897 1793288886 1829525271 1831336944 X 0 0 0 0 155632235 161175980 155632235 161175980 1985157506 1992512924 X 7117509 294198 0 0 0 -1867962 X 0 1 0 0 0 1 X 568360 0 568360 18492550 0 4366912 14125638 0 0 0 0 11223178 0 7577688 3645490 0 0 0 0 18339488 0 Member Shares 1793288886 1793288886 Schedule D, Part IV, Line 2b We collect members taxes and insurance portion on their monthly mortgage payment and make distributions as taxes and insurance are due. X 1 1 1 Kurt Lewin President 595478 0 455849 0 0 0 0 0 0 0 1051327 0 0 0 Heidi Wulf Chief Financial Officer 279575 0 82910 0 0 0 0 0 0 0 362485 0 0 0 Peter Sedgwick Chief Information Officer 293212 0 86430 0 0 0 0 0 0 0 379642 0 0 0 Renee Vandewoestyne Chief Admin Officer 259782 0 80188 0 0 0 0 0 0 0 339970 0 0 0 Ron Wilse Chief Lending Officer 275484 0 82816 0 0 0 0 0 0 0 358300 0 0 0 Ryan Cannady Chief Retail Officer 259753 0 82416 0 0 0 0 0 0 0 342169 0 0 0 Stacy Delong Former Employee 273191 0 70927 0 0 0 0 0 0 0 344118 0 0 0 Joseph Witherwax Chief Technology Officer 267255 0 80436 0 0 0 0 0 0 0 347691 0 0 0 Tim Tibbals Chief Data Officer 198010 0 0 0 0 0 0 0 0 0 198010 0 0 0 Tyler Vancamp Chief Info Security OFC 185816 0 43574 0 0 0 0 0 0 0 229390 0 0 0 Benjamin Nickel VP, Branch Ops Maine Mkt 209465 0 55838 0 0 0 0 0 0 0 265303 0 0 0 Chris Kobliska VP, Consumer Sales 190642 0 55245 0 0 0 0 0 0 0 245887 0 0 0 Brad Johannes VP, Wealth Management 179506 0 118647 0 0 0 0 0 0 0 298153 0 0 0 Ashley Kowlaski Consumer Lending Officer 60951 0 146905 0 0 0 0 0 0 0 207856 0 0 0 Elise Larson VP, Member Services & Payment Operations 178428 0 23725 0 0 0 0 0 0 0 202153 0 0 0 Schedule J, Part I, Line 4 4b. The following individuals participate in the SSD(a split dollar life insurance arrangement in place of a traditional SERP) and received the amount viii (if any) following their names: Ryan Cannady $2,755.70, Kurt Lewin $28,070.37, Peter Sedgwick $3,985.93, Renee VanDeWoestyne $5,501.60, Joseph Witherwax $3,736.50, and Heidi Wulf $2,336.88. See schedule L, Part V, for a broader description. 4c. The organization provides a supplemental non-qualified retirement plan for its CEO. The supplemental retirement benefit is based on the CEO's compensation and years of service to the enterprise. The benefit is subject to the risk of forfeiture if required years of service are not met. Annual deferred compensation related to this plan is reported in Schedule J, Part II, Column C for the participant and reflects the current year increase in the organization's obligation, calculated pursuant to generally accepted accounting principles. The obligation increase or decrease includes changes in actuarial assumptions (eg application discount rate) as well as changes in compensation and years of service. Ryan Cannady 2019 Chief Retail Officer see part V X 962005 996461 0 1 1 Ryan Cannady 2022 Chief Retail Officer see part v X 655700 682601 0 1 1 Kurt Lewin 2019 President see part V X 5475629 5671746 0 1 1 Kurt Lewin 2022 President see part v X 421990 438634 0 1 1 Peter Sedgwick 2020 Chief Information Officer see part V X 876811 908215 0 1 1 Peter Sedgwick 2022 Chief Information Officer see part v X 791241 823702 0 1 1 Renee VanDeWoestyne 2019 Chief Admiration Officer see part V X 615169 637202 0 1 1 Renee VanDeWoestyne 2022 Chief Administration Officer see part v X 1668461 1736912 0 1 1 Joseph Witherwax 2020 Chief Technology Officer see part V X 956282 990533 0 1 1 Joseph Witherwax 2022 Chief Technology Officer see part v X 1339333 1387718 0 1 1 Heidi Wulf Chief Financial Officer see part V X 1786630 1859928 0 1 1 16133652 Schedule L, Part II The Credit Union 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 on schedule L, CASD is not a loan because no funds are transferred to the executive. Rather, the "loan" treatment applies because after the executive has received retirement benefits, the Credit Union recovers all of its outlays plus interest. The recovery right is a key advantage of CASD for the Credit Union. Rather than paying retirement benefits to the executive that would never be recovered, under CASD the Credit Union recovers not only its outlays, but also the consideration for the time value of money. CASD works as follows. The Credit Union 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 the 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 the Credit Unions recovery rights. At the executive's death, the policy death proceeds are first used to repay the Credit Union its deposits plus compound interest (at the IRS long-term applicable federal rate). The executive's beneficiary then receives any projected retirement borrowing that the executive did not access during life. Any remaining death proceeds were available to be paid to the executive's beneficiaries. However, the executive decided to make a gift of the excess proceeds, estimated to be $32,936,353 to the organization to provide additional funding to the organization's charitable activities. 2019/2020/2022 programs. Gift of excess proceeds (estimated): Ryan Cannady $3,639,757/$1,499,027; Kurt Lewin $9,389,148/$373,909; Peter Sedgwick $2,164,102/$1,881,505; Renee VanDeWoestyne $1,942,580/$3,632,105; Joseph Witherwax $2,421,534/$1,405,683; Heidi Wulf $4,692,003. Form 990, Part VI, Section A, Line 6 Members Form 990, Part VI, Section A, Line 7a Members Form 990, Part VI, Section A, Line 7b Members Form 990, Part VI, Section B, Line 11b The 990 is prepared by the AVP of Accounting and reviewed by the Chief Financial Officer. Form 990, Part VI, Section B, Line 12c An annual training session is conducted for all employees and directors of the credit union. Conflict of interest statements are required to be signed each year. Form 990, Part VI, Section B, Line 15 The Credit Union uses an outside consulting firm to determine compensation. Form 990, Part VI, Section C, Line 19 Governing policies are located at the Credit Union office. Normal business hours are 9:00 a.m. - 4:30 p.m. Monday-Friday. Form 990, Part XI, Line 9 Initial CECL provision adjustment.