2024-05-08T10:04:16-04:00 2023-12-31 621501873 Peters and Associates 9050 Executive Prk Dr Ste 220A Knoxville TN 37923 990 2023-01-01 620262707 TNCONNECT CREDIT UNION TNCO 6211 MIDDLEBROOK PIKE KNOXVILLE TN 37909 SUZANNE SUMMERVILLE CFO 8656882424 2024-04-26 true SUZANNE SUMMERVILLE true CRAIG PETERS P00592909 8656947128 2024-05-08 2 00 AAL1 IAL1 2023 2023-04-26 12:10:37Z MARTIN T BRADLEY 3655647 false X WWW.TNCONNECTCU.ORG X 1924 TN TNCONNECT CREDIT UNION IS A STATE-CHARTERED CREDIT UNION MUTUALLY OWNED BY 7,131 MEMBERS, TO PROMOTE THRIFT, ISSUE SHARES, MAINTAIN ACCOUNTS, AND TO MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED CURRENTLY FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. 7 7 21 10 0 0 0 3064616 3655647 0 0 3064616 3655647 0 0 1112087 1298277 0 0 1738076 2003762 2850163 3302039 214453 353608 77728629 74176341 1037938 892374 76690691 73283967 TNCONNECT CREDIT UNION IS A STATE-CHARTERED CREDIT UNION MUTUALLY OWNED BY 7,131 MEMBERS, TO PROMOTE THRIFT, ISSUE SHARES, MAINTAIN ACCOUNTS, AND TO MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED CURRENTLY FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. false false 3302039 OPERATED DURING 2023 AS A STATE-CHARTERED CREDIT UNION, MUTUALLY OWNED BY OUR 7,131 MEMBERS, TO PROMOTE THRIFT, ISSUE SHARES, MAINTAIN ACCOUNTS, AND MAKE LOANS TO OUR MEMBERS. FUNDS NOT NEEDED CURRENTLY FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. ALL OF OUR REVENUES AND EXPENSES ARE RELATED TO THIS PURPOSE. 3302039 false false false false false false false false true false false false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false false false true 0 0 true 21 true false false false false false false false false X 7 7 false false false false true true true true true false false true true true true true true true true false TN X SUZANNE SUMMERVILLE 8656882424 6211 MIDDLEBROOK PIKE KNOXVILLE TN 37909 MARTIN T BRADLEY PRESIDENTCEO 50.00 0.00 X 123453 0 0 TAMMY T HILL EXECUTIVE VICE PRESIDENT 50.00 0.00 X 101354 0 0 THOMAS LUMADUE CHIEF OPERATIONS OFFICER 50.00 0.00 X 74415 0 0 SUZANNE SUMMERVILLE CHIEF FINANCIAL OFFICER 50.00 0.00 X 64879 0 0 CYNTHIA JOHNSON CHIEF OPERATIONS OFFICER 50.00 0.00 X 64630 0 0 CASSIDY CARROLL BOARD MEMBER 2.00 0.00 X 0 0 0 CHUCK BRANTLEY BOARD SECRETARY 2.00 0.00 X 0 0 0 DANIEL GOLEACH BOARD VICE CHAIRMAN 2.00 0.00 X 0 0 0 TIMOTHY SAWYER BOARD CHAIRMAN 2.00 0.00 X 0 0 0 RON HUTCHENS BOARD MEMBER 2.00 0.00 X 0 0 0 MELVIN TEASTER BOARD TREASURER 2.00 0.00 X 0 0 0 JOANN JETER BOARD MEMBER 2.00 0.00 X 0 0 0 428731 0 0 2 false false false INTEREST ON LOANS 522100 2560849 2560849 INTEREST ON INVESTMENTS 522100 298984 298984 COURTESY PAY INCOME 522100 103072 103072 LATE CHARGES ON LOANS 522100 42955 42955 ACH NSF FEE INCOME 522100 30808 30808 618979 618979 3655647 3655647 3655647 0 0 X 428731 428731 616872 616872 54234 54234 116738 116738 81702 81702 7200 7200 23993 23993 28042 28042 152328 152328 289023 289023 130954 130954 244 244 22654 22654 275050 275050 83266 83266 39160 39160 CREDIT CARD PROGRAM EXPENSES 86090 86090 PROVISION FOR LOAN LOSSES 49035 49035 DEBIT CARD PROGRAM EXPENSE 321888 321888 PROFESSIONAL & OUTSIDE SVCS 200086 200086 294749 294749 3302039 3302039 0 0 617723 602200 8558015 8826700 246639 247363 62026338 58868457 742269 625089 4645964 1667843 3038751 2978121 996440 550798 1140528 1127597 361926 350016 77728629 74176341 1037938 892374 1037938 892374 X 71477967 67878252 5212724 5405715 76690691 73283967 77728629 74176341 X 353608 -3760332 X false true X true false 1253996 1253996 2914442 1275290 1639152 477526 392553 84973 2978121 INVESTMENTS-PROGRAM RELATED 1127597 C 1127597 OTHER ASSETS 350016 350016 3655647 3655647 3655647 3302039 3302039 3302039 NOT REQUIRED FOR CREDIT UNIONS NOT REQUIRED FOR CUS NOT REQUIRED FOR CUS X 247363 247363 false true true 247363 Members or stockholder classes and rights Part VI line 6 THE CHARTER AND BY-LAWS CALL FOR AN ANNUAL ELECTION OF DIRECTORS BY THE MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE IRRESPECTIVE OF THE NUMBER OF SHARES/DEPOSITS. THE CANDIDATES FOR DIRECTOR ARE NOMINATED BY A NOMINATING COMMITTEE APPOINTED BY THE BOARD OF DIRECTORS. Member election for additional members Part VI line 7a THE CHARTER AND BY-LAWS CALL FOR AN ANNUAL ELECTION OF DIRECTORS BY THE MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE IRRESPECTIVE OF THE NUMBER OF SHARES/DEPOSITS. THE CANDIDATES FOR DIRECTOR ARE NOMINATED BY A NOMINATING COMMITTEE APPOINTED BY THE BOARD OF DIRECTORS. Governing body decisions Part VI line 7b THE CHARTER AND BY-LAWS CALL FOR AN ANNUAL ELECTION OF DIRECTORS BY THE MEMBERS. EACH MEMBER IS ENTITLED TO ONE VOTE IRRESPECTIVE OF THE NUMBER OF SHARES/DEPOSITS. THE CANDIDATES FOR DIRECTOR ARE NOMINATED BY A NOMINATING COMMITTEE APPOINTED BY THE BOARD OF DIRECTORS. Governing body meeting documentation Part VI line 8a UNDER THE BY-LAWS, THE DIRECTORS MEET MONTHLY TO REVIEW THE OPERATIONS OF THE CREDIT UNION. THEIR ACTIONS ARE DOCUMENTED IN WRITTEN MONTHLY MINUTES. THE BOARD OF DIRECTORS APPROVE THE OPERATING POLICIES THAT DIRECT MANAGEMENT IN THE DAY-TO-DAY OPERATIONS OF THE CREDIT UNION. THE BOARD OF DIRECTORS APPOINT COMMITTEES TO OVERSEE SPECIFIC OPERATIONS OF THE CREDIT UNION INCLUDING AN AUDIT COMMITTEE, WHICH HIRES AN INDEPENDENT AUDITOR TO PERFORM AN ANNUAL AUDIT OF THE CREDIT UNION AND A PERSONNEL COMMITTEE WHICH RECOMMENDS AN OVERALL COMPENSATION PLAN FOR THE CREDIT UNION AS A WHOLE. COMMITTEE MINUTES ARE MAINTAINED. COMMITTEE RECOMMENDATIONS ARE VOTED ON/APPROVED BY THE FULL BOARD OF DIRECTORS. Form 990 governing body review Part VI line 11 THIS FORM 990 WAS PROVIDED TO ALL BOARD MEMBERS FOR REVIEW BEFORE FILING. Conflict of interest policy compliance Part VI line 12c THE CREDIT UNION HAS A WRITTEN CONFLICT OF INTEREST POLICY. ALL OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE ANNUALLY ANY INTEREST THAT COULD GIVE RISE TO CONFLICTS. ALL MATERIAL CONTRACTS ARE APPROVED BY THE BOARD OF DIRECTORS. CEO executive director top management comp Part VI line 15a THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION FOR THE CEO, MANAGEMENT, AND STAFF BASED ON AN ANNUAL SURVEY OF COMPENSATION OF CREDIT UNIONS OF COMPARABLE SIZE AND JOB CLASSIFICATIONS AND OTHER FACTORS. THE OVERALL COMPENSATION PLAN, INCLUDING CEO AND MANAGEMENT COMPENSATION, IS REVIEWED/APPROVED BY THE BOARD OF DIRECTORS. FOR STAFF, THE CEO AND/OR DEPARTMENT MANAGERS COMPLETE ANNUAL EMPLOYEE EVALUATIONS AND ARE AUTHORIZED TO SET STAFF COMPENSATION WITHIN THE RANGE APPROVED BY THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS. Other officer or key employee compensation Part VI line 15b THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION FOR THE CEO, MANAGEMENT, AND STAFF BASED ON AN ANNUAL SURVEY OF COMPENSATION OF CREDIT UNIONS OF COMPARABLE SIZE AND JOB CLASSIFICATIONS AND OTHER FACTORS. THE OVERALL COMPENSATION PLAN, INCLUDING CEO AND MANAGEMENT COMPENSATION, IS REVIEWED/APPROVED BY THE BOARD OF DIRECTORS. FOR STAFF, THE CEO AND/OR DEPARTMENT MANAGERS COMPLETE ANNUAL EMPLOYEE EVALUATIONS AND ARE AUTHORIZED TO SET STAFF COMPENSATION WITHIN THE RANGE APPROVED BY THE PERSONNEL COMMITTEE AND BOARD OF DIRECTORS. Governing documents etc available to public Part VI line 19 WRITTEN COPIES OF POLICIES AND PROCEDURES ARE PROVIDED TO MEMBERS UPON REQUEST. MONTHLY FINANCIAL REPORTS ARE POSTED IN THE LOBBY FOR MEMBERS REVIEW. UPON REQUEST, COPIES OF THE CREDIT UNIONS ANNUAL FORM 990 ARE PROVIDED TO ANY MEMBER OR NON-MEMBER THAT REQUESTS A COPY. Explanation of other changes in net assets or fund balances Part XI line 9 MUTUALLY OWNED BY OUR 7,131 MEMBERS-FUNDS NOT CURRENTLY NEEDED FOR LIQUIDITY OR FOR LOANS ARE TEMPORARILY INVESTED. List of other expenses Part IX line 24e OTHER EXPENSES INCLUDE LOAN SERVICING EXPENSES $208,296, MISC EXPENSES $54,780, TN LEAGUE DUES $13,187, AND STATE EXAM FEES $18,486.