Civic Intelligence

Crane Credit Union

EIN 35-0978599 • 501(c)14 • Odon, IN

Profile

We build life-long relationships by supporting financial needs, dreams, and possibilites.

1 W Gate DriveOdon, IN 47562

www.cranecu.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

25th percentile

0.89x

Higher debt load relative to assets than 25% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

45th percentile

15.13x

Higher debt load relative to revenue than 45% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

89th percentile

20%

Higher net margin than 89% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

36th percentile

1.5%

Faster asset growth than 36% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2024

Revenue Growth

72nd percentile

23%

Faster revenue growth than 72% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2022 to 2024

Assets

Up

$1,047,751,007

Up $2,889,998 (+0.3%) from 2023

Liabilities

Down

$934,893,379

Down $11,739,767 (-1.2%) from 2023

Net Assets

Up

$112,857,628

Up $14,629,765 (+15%) from 2023

Revenue

Up

$61,770,995

Up $9,930,555 (+19%) from 2023

Expenses

Up

$49,565,326

Up $8,488,785 (+21%) from 2023

Net Income

Up

$12,205,669

Up $1,441,770 (+13%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2018: $587,731,675Liabilities 2018: $507,558,334Net Assets 2018: $80,173,3412018Assets 2019: $618,553,934Liabilities 2019: $530,832,248Net Assets 2019: $87,721,6862019Assets 2020: $853,062,698Liabilities 2020: $756,909,887Net Assets 2020: $96,152,8112020Assets 2021: $926,412,870Liabilities 2021: $826,526,441Net Assets 2021: $99,886,4292021Assets 2022: $1,017,070,436Liabilities 2022: $927,894,843Net Assets 2022: $89,175,5932022Assets 2023: $1,044,861,009Liabilities 2023: $946,633,146Net Assets 2023: $98,227,8632023Assets 2024: $1,047,751,007Liabilities 2024: $934,893,379Net Assets 2024: $112,857,6282024

Highlighted filing

2024

Assets$1,047,751,007
Liabilities$934,893,379
Net Assets$112,857,628

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0Revenue 2018: $28,553,800Expenses 2018: $22,189,879Net Income 2018: $6,363,9212018Revenue 2019: $31,846,292Expenses 2019: $24,994,277Net Income 2019: $6,852,0152019Revenue 2020: $32,248,747Expenses 2020: $25,863,728Net Income 2020: $6,385,0192020Revenue 2021: $35,778,555Expenses 2021: $26,474,331Net Income 2021: $9,304,2242021Revenue 2022: $40,555,341Expenses 2022: $30,013,057Net Income 2022: $10,542,2842022Revenue 2023: $51,840,440Expenses 2023: $41,076,541Net Income 2023: $10,763,8992023Revenue 2024: $61,770,995Expenses 2024: $49,565,326Net Income 2024: $12,205,6692024

Highlighted filing

2024

Revenue$61,770,995
Expenses$49,565,326
Net Income$12,205,669

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.1
Gross Receipts
$63,536,663
Mission and Program Overview

Mission

Cooperatively promote member thrift by providing financial services and benefits for our membership.

We build life-long relationships by supporting financial needs, dreams, and possibilities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$739,116,973$771,340,342▲ $32,223,369
Investments in Publicly Traded Securities$164,749,128$152,672,137▼ $12,076,991
Rtn Earn Endowment Incm Other Fnds$98,227,863$112,857,628▲ $14,629,765
Savings and Temporary Cash Investments$87,419,190$70,177,225▼ $17,241,965
Land, Buildings, and Equipment, Net$11,735,134$12,281,508▲ $546,374
Intangible Assets$9,915,869$9,915,869→ $0
Cash and Non-Interest-Bearing Accounts$8,209,639$9,201,959▲ $992,320
Pledges and Grants Receivable$2,907,839$3,367,114▲ $459,275
Receivables From Officers Etc$2,248,808$2,162,798▼ $86,010
Prepaid Expenses and Deferred Charges$991,434$881,750▼ $109,684
Accounts Receivable$56,209$74,653▲ $18,444
Receivable From Disqualified Prsn-$0-
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$1,044,861,009$1,047,751,007▲ $2,889,998
Other Assets Total$17,510,786$15,675,652▼ $1,835,134
Liabilities
Other Liabilities$812,219,816$852,824,372▲ $40,604,556
Mortgage Notes Payable Secured by Investment Property$126,077,948$75,053,964▼ $51,023,984
Accounts Payable and Accrued Expenses$7,306,819$5,850,033▼ $1,456,786
Escrow Account Liability$1,028,563$1,165,010▲ $136,447
Total Liabilities$946,633,146$934,893,379▼ $11,739,767
Net Assets / Fund Balance
Total Net Assets Fund Balance$98,227,863$112,857,628▲ $14,629,765
Total Liabilities and Net Assets / Fund Balance$1,044,861,009$1,047,751,007▲ $2,889,998

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,236,918$18,193,331$21,430,249
Buildings$6,230,791$10,972,142$17,202,933
Land$2,813,799-$2,813,799
Leasehold Improvements$0$320,186$320,186
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin SparksCEO/PresidentFT$269,276$90,083$359,359
Alvin LecherChief Financial OfficerFT$180,323$60,454$240,777
Bryan MyersChief Operating OfficerFT$159,564$57,823$217,387
Gary Michael WiggingtonChief Technology OfficerFT$149,325$55,563$204,888
Jeremy VehslageVP of LendingFT$130,461$19,515$149,976
Dennis Ryan LeeVP of OperationsFT$124,228$25,573$149,801
Stacy LengacherVP of OperationsFT$123,617$14,891$138,508
Richard HarrisIT ManagerFT$114,954$19,870$134,824
Danielle CombsVP of Risk ManagementFT$120,588$9,727$130,315
Bruce W CummingsTreasurer-$28,050-$28,050
David H FryeSecretary-$27,750-$27,750
Dale L Padgett JrVice Chairman-$27,700-$27,700
Kenneth R GreenwellBoard Member-$27,550-$27,550
Gary E Gray JrChairman-$25,500-$25,500
Jeffery Lee SchaferDirector-$24,700-$24,700
Patricia HerndonDirector-$24,250-$24,250
Douglas R RanardSupervisory-$12,800-$12,800
Quentin D HaysSupervisory-$11,500-$11,500
Susan E JonesSupervisory-$9,700-$9,700

Highest Paid Contractors

ContractorServicesLocationCompensation
QSI IncAtm107 Schuler Dr, Bardstown, KY 40004$1,073,019
Electronic Strategies IncIT Consulting8050 Castleway Dr, Indianapolis, IN 46250$1,050,672
Jack Henry & AssociatesCore banking system663 W Highway 60, Monett, MO 65708$923,457
Access Softek IncElectronic banking727 Alston Way, Berkley, CA 94710$543,938
CDW Direct LLCIT Hardware200 N Milwaukee Ave, Vernon Hills, IL 60061-1577$263,958
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$52,675,299
Investment Income
$8,942,902
Other Revenue
$152,794
Change in Net Assets
$12,205,669

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,792,751
Salaries, Compensation, and Employee Benefits$15,741,075
Grants and Similar Amounts Paid$31,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$15,499,500
Other Salaries and Wages---$12,657,200
Depreciation Depletion---$3,135,749
Occupancy---$2,010,880
Fees for Services Other---$1,986,023
Payroll Taxes---$1,965,739
All Other Expenses---$1,536,875
Office Expenses---$984,826
Advertising---$980,795
Current Officers, Directors, Trustees, and Key Employees---$897,098
Other Expenses---$548,422
Insurance---$274,554
Information Technology---$165,013
Fees for Services Accounting---$163,012
Pension Plan Contributions---$139,408
Travel---$138,814
Other Employee Benefits---$81,630
Fees for Services Legal---$36,246
Grants to Domestic Individuals---$31,500
Total Functional Expenses$0$0$0$49,565,326

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$2,248,808$2,162,798▼ $86,010
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$852,824,372
MEMBERS' SHARES-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

The credit union has members.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

Each member is entitled to one vote on all matters brought to vote at the annual meeting.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

Membership vote is required for mergers and charter conversions.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Form 990 is prepared by an outside accounting firm, then reviewed by the credit union's CFO and President prior to filing with the IRS.

Form 990, Part VI, Line 12C Conflict of interest policy

The organization's officers, directors, and all employees are required to annually disclose any actual or potential conflicts of interest they may have with the organization. If there is a known conflict, that individual is restricted from performing transactions on certain accounts. If a conflict arises with a Board Member, the respective Board Member will abstain from any related discussion, vote, or similar action on the matter.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The Board of Directors reviews and approves the President/CEO's compensation annually. Human Resources uses a system called Compease to gather data from other institutions to determine the President/CEO's compensation based on a range from comparable organizations. This process is documented in board minutes.

Form 990, Part VI, Line 19 Required documents available to the public

The credit union's governing documents and conflict of interest policy are not made available to the public. Financial statements are posted quarterly in credit union branches.

Form 990, Part VI, Line 8B Governing Body and Management

As authorized by the act, the board appoints an executive committee of not fewer than three directors to serve at its pleasure, to act for it with respect to the board's specifically delegated functions. When making delegations to the executive committee, the board must be specific with regard to the committee's authority and limitations related to the particular delegation. The board may also authorize any of the following to approve membership applications under conditions the board and these bylaws may prescribe: an executive committee; a membership officer(s) appointed by the board from the membership, other than a board member paid as an officer; the financial officer; any assistant to the paid officer of the board or to the financial officer; or any loan officer. No executive committee member or membership officer may be compensated as such.

Form 990, Part VI, Line 15B Governance, Management and Disclosure: Policies

The president/ceo determines the compensation of the other employee(s) of the organization. Compensation is reviewed annually.

Filing and Contact Details

Filer

Filer Name
Crane Credit Union
EIN
35-0978599
Phone
8128637125
Address
1 W GATE DRIVE, ODON, IN 47562

Signing Officer

Name
Alvin Lecher
Title
CFO
Phone
8128637125
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
1955
Legal Domicile
In
Voting Board Members
7
Independent Board Members
0
Employees
231
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
820 Massachusetts Ave Suite 1370, Indianapolis, IN 46204
Preparer
Michael Summers
Phone
3173834000
Supplemental Narrative

Financial Statement Notes

Schedule D, Part IV, Line 2B Explanation of escrow agreement

The credit union maintains escrow accounts for property taxes and insurance for member loans.

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

The credit union is state chartered and federally tax-exempt under internal revenue code 501(c)(14), except to the extent of unrelated business income. Unrelated business income is insignificant and no tax provision has been made in the accompanying consolidated financial statements. The credit union's wholly owned subsidiaries are disregarded entities for tax purposes and are therefore not subject to federal income tax. The credit union may recognize a liability for unrecognized tax benefits from uncertain tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the consolidated financial statements. Interest and penalties related to unrecognized tax benefits are classified as income tax expense. The credit union had no unrecognized tax benefits on december 31, 2024, and 2023.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Bruce W Cummings
IRS990/Form990PartVIISectionAGrp/PersonNm1Dale L Padgett Jr
IRS990/Form990PartVIISectionAGrp/PersonNm2David H Frye
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IRS990/Form990PartVIISectionAGrp/PersonNm7Patricia Herndon
IRS990/Form990PartVIISectionAGrp/PersonNm8Quentin D Hays
IRS990/Form990PartVIISectionAGrp/PersonNm9Susan E Jones
IRS990/Form990PartVIISectionAGrp/PersonNm10Alvin Lecher
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IRS990/Form990PartVIISectionAGrp/PersonNm13Kevin Sparks
IRS990/Form990PartVIISectionAGrp/PersonNm14Danielle Combs
IRS990/Form990PartVIISectionAGrp/PersonNm15Dennis Ryan Lee
IRS990/Form990PartVIISectionAGrp/PersonNm16Jeremy Vehslage
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IRS990/Form990PartVIISectionAGrp/PersonNm18Stacy Lengacher
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