2024-05-15T12:17:56-07:00 2023-12-31 990 2023-01-01 237250155 BAXTER CREDIT UNION BAXT 8003887000 340 North Milwaukee Avenue Vernon Hills IL 60061 Chuck Smith Controller 8479328401 2024-05-15 Chuck Smith 999009999 1 1 11 1 AAL2 2023 2023-04-26 12:10:37Z X Mike Valentine 340 N Milwaukee Ave Vernon Hills IL 60061 443875303 0 X bcu.org X Credit Union 1981 IL The organization is a full service, state-chartered credit union providing a broad range of loan and deposit products and other financial services to its members located throughout the US and Puerto Rico using various channels including branches, a call center, and the internet. 11 10 0 11 0 0 0 0 316656002 379873660 33786028 64001643 0 0 350442030 443875303 0 0 0 0 98057215 107011547 0 0 0 195047482 297545219 293104697 404556766 57337333 39318537 5751484149 5895172593 5246732646 5369787519 504751503 525385074 The organization is a full service, state-chartered credit union providing a broad range of loan and deposit products and other financial services to it members located throughout the US and Puerto Rico using various channels including branches, a call center, and the internet. 0 0 0 0 0 Provided 6,159 first mortgages for $2,086,495,819 0 0 0 Provided 239,647 member loans for $4,902,967,767 0 0 0 Offered loans, deposits, and other financial services to 350,088 members 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 1 0 X 11 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 0 1 1 1 1 1 0 CA X Chuck Smith 8479328401 340 North Milwaukee Avenue Vernon Hills IL 60061 Michael Valentine President, CEO and Treasurer 0 40 X 0 1552399 0 James Block EVP/Chief Operating Officer 0 40 X 0 763459 0 Carl Presto EVP/CFO 0 40 X 0 683307 0 Lisa Baron EVP/CHRO 0 40 X 0 649197 0 David Blum EVP Corporate Relationships and US Service Centers 0 40 X 0 576147 0 Kristi Mertens Managing Director, Wealth Advisors 0 40 X 0 448488 0 Edwin T Watson Wealth Advisor 0 40 X 0 408917 0 Scott Zulpo EVP/CIO 0 40 X 0 360812 0 David Brydun SVP/Chief Lending Officer 0 40 X 0 352736 0 Brandon Bierut Consumer Loan Sales 0 40 X 0 340445 0 John Anderson Investment Advisors 0 40 X 0 332059 0 Stephanie Southard SVP/CISO 0 40 X 0 310363 0 Charles Smith SVP/Controller 0 40 X 0 307957 0 Dan Parsons SVP US Service Centers 0 40 X 0 296658 0 Kerriann Mills SVP/General Counsel 0 40 X 0 296363 0 Brett Engel VP, Finance and Risk 0 40 X 0 282694 0 Carey Price SVP/Digital Strategy and Delivery 0 40 X X 0 282650 0 Davi Allen VP, Consumer Lending 0 40 X 0 278062 0 Douglas Wright VP/Audit 0 40 X X 0 272691 0 John Sahagian VP 0 40 X 0 271512 0 Maria Garcia SVP/Member Operations 0 40 X 0 265264 0 Jill Sammons SVP/Marketing and Brand Strategy 0 40 X 0 261406 0 Joe McCarthy VP, Real Estate Lending 0 40 X 0 261350 0 Dmitriy Melnick Senior Director, Software Development 0 40 X 0 258620 0 Bhavna Guglani SVP, Chief Digital Officer 0 40 X 0 243452 0 Jordan Muller VP, Program Delivery 0 40 X 0 239169 0 Keith Paris VP, Contact Center Opts 0 40 X 0 216088 0 Dan Cook VP, US Retail Branches 0 40 X 0 204470 0 Harvey Rindt VP, Compliance 0 40 X 0 179446 0 Michael Curran Chairman 0 40 X 0 49500 0 Paul Martin Director 0 40 X 0 38500 0 Christine McCauley Director 0 40 X 0 38500 0 Christine Fleming Director and Secretary 0 40 X 0 38500 0 Ola Snow Director 0 40 X 0 33000 0 Brett Craig Director 0 40 X 0 33000 0 Al Nietzel Director 0 40 X 0 33000 0 Betty Larson Director 0 40 X 0 33000 0 David Strauss Director 0 40 X 0 33000 0 Bill Costa Director 0 40 X 0 33000 0 Robin Wells Director 0 40 X 0 16500 0 0 11575681 0 123 1 1 0 0 0 Interest on Loans 522130 258155777 258155777 0 0 Interchange Income 522130 43976207 43976207 0 0 Other Mortgage Income 522130 12351929 12351929 0 0 Service Charges/Other Income 522130 36402247 36402247 0 0 Other Non-Interest Income 522130 28987500 28987500 0 0 0 0 0 0 379873660 64001643 64001643 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 443875303 443875303 0 0 85925860 3738492 11464288 5882907 209711 131496 6959141 3604299 9014729 19737742 3225363 1037792 64734324 12104881 574695 Loan Costs 35300885 Provision for Loan Losses 38800000 Divdiends on member and non member shares 76202729 25907432 404556766 0 0 0 44262823 51028336 304338101 364262355 49334918 4794875539 4850577179 8126281 8354804 204566014 92156796 110625458 112409218 277505509 225556772 97315968 86362443 114434470 147286568 5751484149 5895172593 72318365 85717813 665000000 775000000 4509414281 4509069706 5246732646 5369787519 X 0 0 0 0 504751503 525385074 504751503 525385074 5751484149 5895172593 X 39318537 7629511 0 0 0 -26314477 X 0 1 1 0 35000 0 0 35000 35000 1 Credit Union National Association 4703 Madison Yards Way Suite 300 Madison WI 537052930 237065623 20000 0 Credit Union Political Action Council 1807 West Diehl Road Naperville IL 60563 363092340 15000 0 Schedule C, Part I-A, Line 1 Annual Dues/Contribution 16854585 0 16854585 64492610 0 14199319 50293291 15940724 0 9976936 5963788 95692323 0 67980541 27711782 11585772 0 0 11585772 112409218 0 Member Shares 4245040329 Non Member Shares 264029377 4509069706 443875303 0 0 0 0 0 443875303 0 0 0 443875303 404556766 0 0 0 0 0 404556766 0 0 0 404556766 X 1 1 0 1 0 Michael Valentine President, CEO and Treasurer 0 1552399 0 0 0 0 0 0 0 0 0 1552399 0 1473300 Carl Presto EVP/CFO 0 683307 0 0 0 0 0 0 0 0 0 683307 0 663679 James Block EVP/Chief Operating Officer 0 763459 0 0 0 0 0 0 0 0 0 763459 0 645901 Lisa Baron EVP/CHRO 0 649197 0 0 0 0 0 0 0 0 0 649197 0 633150 David Blum EVP Corporate Relationships and US Service Centers 0 576147 0 0 0 0 0 0 0 0 0 576147 0 542957 Edwin T Watson Wealth Advisor 0 408917 0 0 0 0 0 0 0 0 0 408917 0 439729 David Brydun SVP/Chief Lending Officer 0 352736 0 0 0 0 0 0 0 0 0 352736 0 400537 John Anderson Investment Advisors 0 332059 0 0 0 0 0 0 0 0 0 332059 0 362343 Charles Smith SVP/Controller 0 307957 0 0 0 0 0 0 0 0 0 307957 0 323365 Stephanie Southard SVP/CISO 0 310363 0 0 0 0 0 0 0 0 0 310363 0 312068 Dan Parsons SVP US Service Centers 0 296658 0 0 0 0 0 0 0 0 0 296658 0 303712 Jill Sammons SVP/Marketing and Brand Strategy 0 261406 0 0 0 0 0 0 0 0 0 261406 0 294448 Maria Garcia SVP/Member Operations 0 265264 0 0 0 0 0 0 0 0 0 265264 0 293445 Carey Price SVP/Digital Strategy and Delivery 0 282650 0 0 0 0 0 0 0 0 0 282650 0 293037 Kerriann Mills SVP/General Counsel 0 296363 0 0 0 0 0 0 0 0 0 296363 0 291617 Douglas Wright VP/Audit 0 272691 0 0 0 0 0 0 0 0 0 272691 0 286912 John Sahagian VP 0 271512 0 0 0 0 0 0 0 0 0 271512 0 286335 Brandon Bierut Consumer Loan Sales 0 340445 0 0 0 0 0 0 0 0 0 340445 0 0 Brett Engel VP, Finance and Risk 0 282694 0 0 0 0 0 0 0 0 0 282694 0 0 Scott Zulpo EVP/CIO 0 360812 0 0 0 0 0 0 0 0 0 360812 0 264899 Bhavna Guglani SVP, Chief Digital Officer 0 243452 0 0 0 0 0 0 0 0 0 243452 0 0 Kristi Mertens Managing Director, Wealth Advisors 0 448488 0 0 0 0 0 0 0 0 0 448488 0 0 Jordan Muller VP, Program Delivery 0 239169 0 0 0 0 0 0 0 0 0 239169 0 0 Dmitriy Melnick Senior Director, Software Development 0 258620 0 0 0 0 0 0 0 0 0 258620 0 0 Keith Paris VP, Contact Center Opts 0 216088 0 0 0 0 0 0 0 0 0 216088 0 0 Harvey Rindt VP, Compliance 0 179446 0 0 0 0 0 0 0 0 0 179446 0 0 Joe McCarthy VP, Real Estate Lending 0 261350 0 0 0 0 0 0 0 0 0 261350 0 0 Dan Cook VP, US Retail Branches 0 204470 0 0 0 0 0 0 0 0 0 204470 0 0 Davi Allen VP, Consumer Lending 0 278062 0 0 0 0 0 0 0 0 0 278062 0 0 Schedule J, Part I, Line 1a Schedule J, Part I, Line 1a - BCU pays for golf memberships for Mike Valentine CEO, Dave Blum SVP Business Development and Dan Parsons SVP Community Branches Schedule J, Part I, Line 4 BCU DEPOSITED FUNDS INTO A LIFE INSURANCE POLICY ON THE EMPLOYEE'S LIFE. SUBJECT TO VESTING AND SUFFICIENT POLICY VALUES, THE EMPLOYEE CAN BORROW FROM THE POLICY. AT DEATH, BCU RECOVERS ITS PREMIUM PLUS INTEREST PLUS ANY ADDITIONAL KEY-PERSON INSURANCE PROCEEDS. SEE PART V OF SCHEDULE L FOR MORE DETAILS. Mike Valentine Current key employee Fund purchase of cash value life insurance policy X 22500000 22799101 0 1 1 Lisa Baron Current key employee Fund purchase of cash value life insurance policy X 6000000 6079760 0 1 1 Jamies Block Current key employee Fund purchase of cash value life insurance policy X 5400000 5471784 0 1 1 David Blum Current key empolyee Fund purchase of cash value life insurance policy X 6700000 6789066 0 1 1 Carl Presto Current key employee Fund purchase of cash value life insurance policy X 8900000 8995590 0 1 1 50135301 Schedule L, Part II BAXTER CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT THE IRS REFERS TO AS "COLLATERAL ASSIGNMENT SPLIT DOLLAR" (CASD). ALTHOUGH THE IRS REQUIRES REPORTING IN PART II, ABOVE, FOR LOANS TO INTERESTED PERSONS, CASD IS NOT AN ACTUAL LOAN. THERE IS NEITHER A TRANSFER OF FUNDS TO THE EMPLOYEE NOR AN OBLIGATION FOR THE EMPLOYEE TO REPAY THOSE FUNDS. INSTEAD, BCU RECOVERS ITS OUTLAYS PLUS INTEREST FROM THE UNDERLYING INSURANCE POLICY. BCU'S RECOVERY RIGHT IS A KEY ADVANTAGE OF CASD. WITH TRADITIONAL DEFERRED COMPENSATION, BCU WOULD PAY THE BENEFIT FROM CORPORATE ASSETS, NEVER TO RECOVER THOSE DOLLARS. WITH CASD, BCU RECOVORS NOT ONLY ITS OUTLAYS, BUT ALSO INTEREST THAT TAKES INTO ACCOUNT THE TIME VALUE OF MONEY. IN CASD, BCU DEPOSITS DOLLARS DIRECTLY INTO A LIFE INSURANCE POLICY, WITH BCU HOLDING A LIEN ON THE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES AND SUBJECT TO VESTING REQUIREMENTS, THE EMPLOYEE MAY BORROW FROM THE CASH VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME (PROVIDED THERE ARE SUFFICIENT POLICY VALUES). BORROWING IS CAREFULLY MONITORED AND LIMITED TO ASSURE THAT THE POLICY WILL REMAIN IN EFFECT UNTIL THE EMPLOYEE'S DEATH AND WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO REPAY BCU'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH PROCEEDS ARE DIVIDED BETWEEN BCU AND THE EMPLOYEE'S BENEFICIARY AS SPECIFIED IN THE CONTROLLING AGREEMENT. Form 990, Header, Line B ADDED ADDITIONAL INFORMATION FOR SPLIT DOLLAR (CASD) REPORTING FOR CURRENT KEY EMPLOYEES. UPON REQUEST THE CREDIT UNION WILL PROVIDE EXHIBIT A-2 REPRESENTATION UNDER 26 C.F.R. 1.7872-15(d)(2) REGARDING NONRECOURSE SPLIT DOLLAR LOAN FOR THE FOLLOWING CURRENT KEY EMPLOYEES (MIKE VALENTINE, LISA BARON, JAMES BLOCK, CARL PRESTO, AND DAVID BLUM). Form 990, Part VI, Section A, Line 6 The credit union members elect directors and appoint outside auditor during the annual meeting held in February. One director is the President of the credit union. Form 990, Part VI, Section A, Line 7a The credit union members elect directors and appoint outside auditor during the annual meeting held in February. One director is the President of the credit union. Form 990, Part VI, Section A, Line 7b The credit union members elect directors and appoint outside auditor during the annual meeting held in February. One director is the President of the credit union. Form 990, Part VI, Section B, Line 11b Form 990 is reviewed for accuracy by the Controller and CFO prior to submission to the IRS. Form 990, Part VI, Section B, Line 12c The credit union has a written code of conduct which includes a "conflict of interest" clause requiring all employees to complete online at time of employment. Form 990, Part VI, Section B, Line 15 Compensation was determined by reviewing third party benchmarks by the Executive Committee of the board of directors. Form 990, Part VI, Section C, Line 19 The credit union will provide its governments documents, interest policy, and financial statements to its membership upon request. Form 990, Part XI, Line 9 adopted CECL 1/1/23 ASC 326 BCU Wealth Advisors LLC 300 N Milwaukee Avenue Vernon Hills IL 60061 460191600 Financial Advisors IL 3870476 432628 Baxter Credit Union Life Money You LLC 340 N Milwaukee Avenue Veron Hills IL 60061 Financial Well-Being IL 10250 190673 Baxer Credit Union Baxter Healthcare Corporation One Baxter Parkway Deerfield IL 60015 362604143 medical supplies DE N/A C 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 Baxter Healthcare Corporation o 98864439 Salaries and Fringe Benefits