2025-03-05T11:03:25-07:00 2024-12-31 990 2024-01-01 350997241 INDIANA MEMBERS CREDIT UNION INDI 3177880366 5103 Madison Avenue Indianapolis IN 46227 Todd Habig SVP, Finance 3175548113 2025-03-05 1 2024 2025-03-06 01:10:19Z John Newett 5103 Madison Avenue Indianapolis IN 46227 182884003 0 X www.imcu.org X 1956 IN State-chartered credit union. 9 9 552 3 862634 862634 0 0 87100993 111911679 30448916 40159096 31181283 30813228 148731192 182884003 0 0 0 0 42377427 44784140 0 0 0 82085965 110814872 124463392 155599012 24267800 27284991 2916013644 3201121597 102300519 98857482 2813713125 3102264115 State-chartered credit union. 0 0 111911679 We take in deposits and make loans for those who, in some cases, would not have access to another financial institution. 40159096 We invest excess funds on behalf of our members, and return the profits to the members in the form of dividends. 30813228 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 1 200 0 1 552 1 1 1 0 0 0 0 0 0 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 John Newett CEO 40 0 X 868346 0 67487 Todd Habig CFO 40 0 X 458559 0 67487 Justin Sinders Chief Strategy Officer 40 0 X 352153 0 67487 Luke Yaeger Market President 40 0 X 333603 0 65958 Patrick Murphy Senior Vice President 40 0 X 326373 0 67487 Jeffrey Hawkins Senior Vice President 40 0 X 298365 0 63802 Tom Wellman Chief Risk Officer 40 0 X 286393 0 62926 Scott Mann Chief Retail Officer 40 0 X 280389 0 61020 Thorpe Miller Chief Marketing Officer 40 0 X 237825 0 53798 Gregory Perrey Financial Services Advisor 40 0 X 237434 0 53547 John Schenk Vice President 40 0 X 233349 0 52047 Bill White Market President 40 0 X 234894 0 36083 Chantelle Sparks Senior Vice President 40 0 X 218804 0 50815 Daren Johnson Senior Commercial Loan Officer 40 0 X 229210 0 37202 Daniel Collier Assistant Vice Pres 40 0 X 221945 0 43056 Daralyn Schneider Senior Vice President 40 0 X 210335 0 49240 Amanda Emery Vice President 40 0 X 202663 0 48058 Brian Woods Senior Commercial Loan Officer 40 0 X 202153 0 45984 Kathleen Mitchell Vice President 40 0 X 177058 0 44286 Connie Tyler Vice President 40 0 X 165664 0 43477 Diana Couch Senior Mortgage Loan Originator 40 0 X 187117 0 20597 Robert Martin Chairman 8 0 X 56443 0 0 Nicholas Kellum Vice Chairman 5 0 X 41000 0 0 Maggie Miller Secretary 3 0 X 37450 0 0 Michael Ney Treasurer 3 0 X 33950 0 0 Joe Schulz Board Member 2 0 X 26659 0 0 Kim Hodges Board Member 2 0 X 22875 0 0 Jacqueline Blackwell Board Member 2 0 X 22675 0 0 Bert Kite Board Member 2 0 X 21674 0 0 Ann Schneider Board Member 2 0 X 16175 0 0 6241533 0 1101844 44 0 1 0 0 0 111911679 111911679 0 0 111911679 40159096 40159096 0 0 0 0 0 0 0 0 0 0 0 0 0 0 30813228 29950594 862634 0 30813228 182884003 182021369 862634 0 6241533 0 25112993 2744866 8455550 2229198 754629 154060 144000 0 0 0 427351 3358474 3387640 6236261 0 7843391 676569 0 0 6471559 0 3965473 403357 Dividends to Members 58942111 ATM/Debit/Credit Card Programs 9276001 Credit Loss Expense 6814826 1959170 155599012 0 0 0 27775332 33459283 48319746 189511878 0 0 16523052 19567962 3179952 3243684 0 0 1788260875 1934944646 0 0 2775729 3353049 107196075 42340864 60142238 64855211 0 0 0 0 922420539 904533802 22967901 22836077 23648280 24816005 2916013644 3201121597 33879209 34231238 0 0 0 0 0 0 0 0 0 0 50000000 45000000 0 0 18421310 19626244 102300519 98857482 X 2632958856 2889912721 188264239 206567950 -7509970 5783444 2813713125 3102264115 2916013644 3201121597 X 27284991 4312134 0 0 0 256953865 X 0 1 X 1 0 23087233 0 23087233 58960535 0 24671203 34289332 1680196 0 930375 749821 20688419 0 16739286 3949133 2779692 0 0 2779692 64855211 Certificates of Deposit 248000 C Federal Home Loan Bank Stock 5737400 C Municipal Bonds 124246971 F Collateralized Mortgage Obligations 363857167 F Mortgage Backed Securities 277151658 F U.S. Agencies 108156898 F Treasuries 24789500 F Perpetual Contributed Capital 346208 C 904533802 0 Deferred Compensation 19626244 19626244 X X 1 1 X X X 0 1 0 Chantelle Sparks Senior Vice President 178116 0 36488 0 4200 0 50815 0 0 0 269619 0 0 0 Todd Habig CFO 380868 0 73491 0 4200 0 67487 0 0 0 526046 0 0 0 John Newett CEO 708626 0 155520 0 4200 0 67487 0 0 0 935833 0 0 0 Connie Tyler Vice President 131729 0 29735 0 4200 0 43477 0 0 0 209141 0 0 0 Patrick Murphy Senior Vice President 266868 0 55305 0 4200 0 67487 0 0 0 393860 0 0 0 Amanda Emery Vice President 165063 0 33400 0 4200 0 48058 0 0 0 250721 0 0 0 Jeffrey Hawkins Senior Vice President 233713 0 60452 0 4200 0 63802 0 0 0 362167 0 0 0 Justin Sinders Chief Strategy Officer 278306 0 69647 0 4200 0 67487 0 0 0 419640 0 0 0 Gregory Perrey Financial Services Advisor 114443 0 118791 0 4200 0 53547 0 0 0 290981 0 0 0 Brian Woods Senior Commercial Loan Officer 164128 0 33825 0 4200 0 45984 0 0 0 248137 0 0 0 Thorpe Miller Chief Marketing Officer 191299 0 42326 0 4200 0 53798 0 0 0 291623 0 0 0 Daralyn Schneider Senior Vice President 169099 0 37036 0 4200 0 49240 0 0 0 259575 0 0 0 Daren Johnson Senior Commercial Loan Officer 141621 0 83389 0 4200 0 37202 0 0 0 266412 0 0 0 Scott Mann Chief Retail Officer 223729 0 52460 0 4200 0 61020 0 0 0 341409 0 0 0 Diana Couch Senior Mortgage Loan Originator 99595 0 83322 0 4200 0 20597 0 0 0 207714 0 0 0 Kathleen Mitchell Vice President 143220 0 29638 0 4200 0 44286 0 0 0 221344 0 0 0 Tom Wellman Chief Risk Officer 226903 0 55290 0 4200 0 62926 0 0 0 349319 0 0 0 Luke Yaeger Market President 271637 0 57766 0 4200 0 65958 0 0 0 399561 0 0 0 Bill White Market President 191137 0 39557 0 4200 0 36083 0 0 0 270977 0 0 0 John Schenk Vice President 187533 0 41616 0 4200 0 52047 0 0 0 285396 0 0 0 Daniel Collier Assistant Vice Pres 152502 0 65243 0 4200 0 43056 0 0 0 265001 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 July of 2024. Schedule J, Part I, Line 4 Todd Habig, Scott Mann, Jeffrey Hawkins, Amanda Emery, Chantelle Sparks, Kathleen Mitchell, Patrick Murphy, 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 $15,288 and company matching of $7,644. Luke Yaeger, John Schenk & Brian Woods participated in this plan, with a deferral of $15,288 and company matching of $6,115. Daniel Collier participated in this plan, with a deferral of $9,750 and company matching of $4,875. Daren Johnson participated in this plan, with a deferral of $5,200 and company matching of $2,600. 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 2420809 0 1 1 Justin Sinders Officer See Part 5 X 752704 822875 0 1 1 3243684 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 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 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 Indiana Members Credit Union's General Counsel requires board members and executive officers annually to disclose potential conflicts of interest, which he reviews for actionable items. The Internal Audit Department also 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 July of 2024. 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 2024 Indiana Members Credit Union's deposits increased by $256,953,865, thus increasing net assets by that amount. 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