945 540 Ibew Credit Union

“All of the voting members of the governing body of the Board of Directors are members of the Credit Union. None are independent members who are not member-owners.”

“As of December 31, 2024, three (3) members of the governing body (Board of Directors) had Loan Accounts required to be reported in Schedule L, thus six (6) members of the governing body are independent members per the Independence Standard requirements outlined.”

“Director Curt F Moore and Credit Committee Member Corey L Moore are brothers.”

“The Credit Union is comprised of a single class of approximately 424 Member-Owners as of December 31, 2024, each of which was Equal Rights in Ownership, Governance, and Voting Rights at the Annual Meeting.”

“The Member-Owners of the Credit Union have the authority to elect the members of the Board of Directors for three-year terms on a rotating basis. Each Director is a Volunteer. Candidates are elected by a simple plurality vote. The Board of Directors appoint three (3) volunteers to serve on the Supervisory Committee, which is vested with monitoring the accounting, safety & soundness of the organization. The Board of Directors appoint three (3) volunteers to serve on the Credit Committee, which is vested with authority over Loan Approvals and Denials & the Loan Application Process. A majority from the Credit Committee is needed for the loan application to be approved. The Manager has no loan approval authority. The President has no loan approval authority. If deemed appropriate, the Supervisory Committee can suspend Board Members & can call a Special Meeting of the Membership to evaluate the issue & vote to either dismiss or reinstate the Board Member.”

“Changes to the Governing Documents (Bylaws) must be approved by the Member-Owners after they have been approved by the Board of Directors. Approval occurs when at least 50% of the Member-Owners vote to approve. The Change is then submitted to the Regulatory Agency (Ohio Department of Commerce, Division of Financial Institutions, Credit Union Division) for its Approval before being sent to the Ohio Secretary of State for Recording to State Records.”

“During 2024, Board of Directors Meetings were held on the Second Tuesday of each month using a regular schedule. Minutes of each of the monthly meetings, as well as the Annual Meeting, are compiled by the Secretary/Clerk & the President of the Credit Union. Each month's meeting minutes are read, reviewed, and approved by the Board of Directors at the following meeting. Minutes from any Special Meeting would be similarly documented and regularly reviewed. No Special Meetings were called nor scheduled during 2024. All meetings were conducted with safety in mind using the most current CDC guidance and protocols (the wearing of masks, access to sanitizing equipment and protocols, and keeping 6 feet social physical distance apart).”

“During 2024, members of the Supervisory (Audit) Committee held their meetings on the Second Tuesday of each month using a regular schedule. Minutes of these meetings are kept and a report is given to the Board of Directors during their Regular Meetings. During 2024, members of the Credit Committee held their meetings on the Second Tuesday of each month using a regular schedule. Minutes of these meetings are kept and a report is given to the Board of Directors during their Regular Meetings.”

“The Entire Form 990 & required Schedules were authored by the Administrative Manager while working closely with the Credit Union President. All Financial Information contained herein was previously approved by the Board of Directors, the Supervisory Committee, and the Credit Committee. The Final Form 990 for this year was discussed with the Board of Directors at their meeting on May 13, 2025 & submitted again in full to the Board of Directors at their meeting on June 10, 2025.”

“The Credit Union does not have a written Conflict of Interest Policy.”

“Officers, directors, and the employee are not required to annually disclose interests that could give rise to conflicts. Both employee & volunteers work cooperatively together to cover all checks & balances in procedures that are required for successful office operations. Any conflicts of interest are/would be brought to the Board of Directors during their monthly meetings, resolved with their input, and noted in Meeting Minutes as appropriate.”

“The Credit Union's Whistleblowing Protection Policy was last reviewed by the Board of Directors on April 9, 2024; when no changes were made to it.”

“The Credit Union's Records Retention Policy was last reviewed by the Board of Directors on May 14, 2024; when no changes were made to it.”

“The process used to set the Administrative Manager's salary is based on previous performance and is set & voted upon by the Full Board of Directors, usually once a year. During Calendar Year 2024, this process was done at the December 10, 2024 Board of Directors Meeting. The process used to hire key employees to cover organizational operations during the Manager's Extended Personal & Medical Leaves of Absences & when these employees are needed is set & voted upon by the Full Board of Directors at their monthly Board Meetings when there is a need.”

“The Credit Union did not invest in, contribute assets to, or participate in any joint venture or similar arrangement with a taxable entity.”

“The Credit Union did not need to file Forms 1023, 1024, or 990-T for Calendar Year 2024, hence there are no records to be made available to the public. The Credit Union's Full Form 990 and All Schedules may be reviewed by the public upon request at the Credit Union's Office.”

“The Credit Union's Financial Statements are available to the public as they are posted on the bulletin board in front of the Credit Union Office. In addition, the documents can be reviewed by appointment at the Credit Union's office. The Credit Union's Bylaws can be reviewed by appointment at the Credit Union Office. The Credit Union does not have an approved Conflict of Interest Policy. Both employee & volunteers work cooperatively together to cover all checks & balances in procedures that are required for successful credit union office operations.”

“Former Directors & Former Committee Members are not listed because they were not and are not being compensated by or with the minimum requirement levels which prompt their listing in this section.”

“Former Directors & Former Committee Members are not listed because they were not and are not being compensated by or with the minimum requirement levels which prompt their listing in this section; thus no Form 990, Schedule J needed to be filed.”

“All reportable compensation & other compensation from the organization is less than $150,000; thus no Form 990, Schedule J needs to be filed.”

“The amount reported here is the subsidy provided to the Credit Union by its sponsor group, I.B.E.W. Local Union 540. Form 990, Schedule B has been filed with this return.”

“The amount reported here is an extra bonus processing fee rebate granted to the credit union in November by Corporate One Credit Union's Board of Directors.”

“During Calendar Year 2024, the Credit Union did not have any Unrelated Taxable Income.”

“Calendar Year 2024 was a very good year for the Credit Union. The Credit union ended the year with an operating profit. Financial services and investment income markets continued recovering from the COVID-19 pandemic's troubling times. The Credit Union's Loan Portfolio increased, which also increased loan income. The Credit Union continued to pay quarterly dividends for all four quarters.”

“The Credit Union's Board of Directors prefers to compare how well it is doing in the present with comparison with recent past trends and customer satisfaction. The Credit Union paid out dividends during all four quarters of 2024. The Dividend Rate paid to Members Shares during each of the four quarters of 2024 was 0.15% APR. It is sometimes hard to accurently quantify the Program Service Accomplishments into revenue dollars measured by expense figures.”

“$414,314 in 25 New Loans were approved during Calendar Year 2024. $621,405 in 46 New Loans were approved during Calendar Year 2023. The average amount of new loans greatly increased. In order to maintain required liquidity levels, the Credit Union has instituted a waiting list for applying for loans which lack an emergency circumstance. The employee spent more time servicing the Loan Portfolio while concurrently handling Members Shares transactions. Members Shares Savings Balances have generally continued to rise.”

“Our People make Our Credit Union work. Required interaction with the Credit Union Office in person or via telephone is how our members access their accounts and how Credit Union Personnel know our Members. Our Credit Union does not have internet banking, mobile banking, or use smartphone financial applications; it does not use debit cards or checking accounts. The services the Credit Union provides are the most basic important ones and service fees are kept to a minimum.”

“To match & complete Form 990, Part X, Line 12, the Credit Union completed Schedule D, Part VII. The amount of assets reported in this section is less than 5% of its total assets reported in Part X, Line 16.”

“To match & complete Form 990, Part X, Line 13, the Credit Union completed Schedule D, Part VIII. The amount of assets reported in this section is more than 5% of its total assets reported in Part X, Line 16.”

“To match & complete Form 990, Part X, Line 15, the Credit Union completed Schedule D, Part IX. The amount of assets reported in this section is less than 5% of its total assets reported in Part X, Line 16.”

“The Credit Union reported an amount on Part X, Line 5, and thus completed Schedule L, Part II. They are loans from the Credit Union to a Member, which each Member is obliged to pay back to the Credit Union. The amounts involved do not come from nor are paid directly to any current or former officer, director, trustee, employer, creator, founder, substantial contributor, or to any 35% controlled entity or family member of any such persons.”

“The organization completed Schedule O with this return. Explanations for the answers which accompany Part VI, Lines 11 & 19 are included in this document.”

“The Credit Union complies with all backup withholding rules and regulations for these types of reportable payments as required. During Calendar Year 2024, the Credit Union did not have any of these types of payments occur or receive any backup withholding requests which would require us to file the required listed forms to the IRS.”

“The Credit Union did not receive any Unrelated Business Gross Income to report; thus Form 990-T does not need to be filed for this year.”

“The Credit Union did not receive any Unrelated Business Gross Income to report, thus Form 990-T does not need to be filed for this year.”

“The Credit Union is not an organization which may receive deductible contributions under Section 170(c). The Credit Union did not receive any payments for contributions nor for goods and services partly provided to a payor.”

“The Credit Union did not receive nor sell, exchange, or dispose of any tangible personal property, thus Form 8282 did not need to be filed for this year.”

“The Credit Union did not receive any Qualified Intellectual Property, thus required Form 8899 was not filed.”

“The Credit Union did not receive any cars, boats, airplanes, or other vehicles as contributions, thus Form 1098-C did not need to be filed for this year.”

“The Credit Union is NOT a sponsoring organization maintaining donor advised funds or a 509(a)(3) supporting organization.”

“The Credit Union did not receive any payments for indoor tanning services during the 2024 calendar year, thus Form 720 did not need to be filed for this year.”

“The Credit Union did not receive any payments for indoor tanning services during the 2024 calendar year, thus Form 720 did not need to be filed for this year.”

“No payment of more than $1,000,000.00 in remuneration or excess parachute payment was made during calendar year 2024, thus no Section 4960 tax was remitted and Form 4720, Schedule N was not filed.”

“The Credit Union is not an educational institution subject to the Section 4968 excise tax on net investment income, and thus Form 4720, Schedule O was not filed.”

“The amount of the expense reported on this line is the total fee charged by the Credit Union's Data Processor for 1099 Reporting. After the Credit Union reports the information to the processor, the processor prints and mails the 1099s to members who have earned dividends totaling $10.00 or more during calendar year 2024. On behalf of the Credit Union, they also electronically report this 1099 information to the IRS before the required deadline.”

“The amount of the expense reported on this line are the total fees charged by the Payroll Company which the Credit Union uses to independently administer payroll expenses and make the required federal, state, and local payroll tax payments as well as file and submit the required payroll tax forms.”

“The amount of the expense reported on this line is the total fee charged by a Vehicle Repossession Specialist and a Third Party Collection Company contracted to recover amounts from uncooperative former members with delinquent charged off loans. During 2024, we did not employ either of these agents, thus no figure is listed in this column.”

“The amount of the expense reported on this line was the contribution the Board of Directors made promoting the Credit Union when it sponsored a golf hole at the Group Sponsor's Annual Golf Outing in June, 2024.”

“The amount of the expense reported on this line is the total amount of interest the Credit Union paid during Calendar Year 2024, when the Credit Union needed to use a Corporate One Demand Loan to maintain proper liquidity. The Credit Union paid off the Demand Loan in May, 2024.”

“The amount of the expense reported on this line is the yearly membership dues for the Ohio Credit Union League (OCUL) & America's Credit Unions (ACU, used to be CUNA - the Credit Union National Association). These organizations provide the Credit Union staff & volunteers with legal, federal & state regulatory guidance & advocacy, valuable educational training & consulting services.”

“The amount of the expense reported on Line 24a is the Supervisory Fee charged to the Credit Union by the Ohio Department of Commerce, Division of Financial Institutions; it is calculated using a formula based on the Credit Union's total assets & membership numbers. The amount of the expense reported on Line 24b is the total sum paid for credit report fees & title recording fees paid by the Credit Union during calendar year 2024. The amount of the expense reported on Line 24c is the amount authorized by the Board of Directors to be taken from the Provision for Loan Losses during the calendar year to fund the Allowance for Loan Losses Account.”

“The amounts reported here in Columns A & B are the total of the Accounts Payable & Accrued Dividends Payable which had not yet at year's end been posted to Members' Accounts. Accrued Dividends are posted to Members' Accounts on the first business day after the end of the quarter in which they are accrued.”

“The amount reported here in Form 990, Part X, Line 25, Column B is the total of the Members' Share Savings Accounts on December 31, 2024. The amount reported in Column A is the total of the Members' Shares Shavings Accounts and the Corporate One Credit Union Demand Loan on December 31, 2023.”

“Each month, the Credit Union's financial statements and reports are compiled by the Administrative Manager.”

“The Credit Union's financial statements and documents were last reviewed with an effective date of September 30, 2024, by examiners from the Ohio Department of Commerce, Division of Financial Institutions, Credit Union Division (Regulatory Agency) and American Share Insurance (Private Insurance Company). Those examiners were selected by those organizations to do their reviews. The Credit Union has no role in picking them. After they are finished with their work and their results are approved by their superiors, the examiners then present their findings directly to the Credit Union's President and Board of Directors.”

“The Credit Union has the Audit (Supervisory) Committee. The members of that committee are responsible for reviewing the financial statements and financial reports each month. The Audit Committee has no authority to select an independent auditor to examine and review credit union records; the Credit Union's Full Board of Directors has that authority and would be responsible for selecting an independent auditor if they or the ODFI examiners deemed it necessary. The organization has NOT changed either its oversight process or selection process during the tax year 2024.”

“The Credit Union did not receive any federal awards. It did not meet the criteria which trigger the required audit as set forth in the Single Audit Act and OMB Circular A-133.”