2024-11-15T13:09:14-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 741109927 COMMUNITY RESOURCE CREDIT UNION COMM 2814223611 3110 ROLLINGCREEK DR BAYTOWN TX 77521 MIKE LIBBEY SVP / CFO 2814223611 2024-11-15 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-15 2023 2024-10-15 13:58:12Z CRCU RUSSELL BALLARD 3110 ROLLINGCREEK DR BAYTOWN TX 77521 56043239 0 X WWW.CRCU.COM X 1935 TX TO HELP OUR MEMBERS ACHIEVE FINANCIAL WELL-BEING, THROUGH A LIFETIME PARTNERSHIP PROVIDING EXCEPTIONAL SERVICE & QUALITY PRODUCTS. 9 9 254 12 168028 75021 0 0 44849994 51925287 1385735 2996604 1304235 1110758 47539964 56032649 0 0 2234003 7605953 17008367 17435823 0 0 0 20060130 25527717 39302500 50569493 8237464 5463156 763924806 848944025 702381216 781327311 61543590 67616714 X TO HELP OUR MEMBERS ACHIEVE FINANCIAL WELL-BEING, THROUGH A LIFETIME PARTNERSHIP PROVIDING EXCEPTIONAL SERVICE & QUALITY PRODUCTS. 0 0 SHARE SAVINGS ACCOUNTS - COMMUNITY RESOURCE CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 56,709 MEMBER-OWNED ACCOUNTS AS OF DECEMBER 31, 2023. MEMBER SHARE SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND ARE ACCESSIBLE THROUGH THE BRANCH NETWORK, HOME BANKING BY MOBILE DEVICE OR INTERNET, AND ATMS WORLDWIDE. CHECKING ACCOUNTS - COMMUNITY RESOURCE CREDIT UNION PROVIDES DIFFERENT CHECKING ACCOUNTS TO MEMBERS WITH DIFFERENT FEATURES. THE RANGE VARIES FROM FREE CHECKING ACCOUNTS TO CHECKING ACCOUNTS WITH ENHANCED BENEFITS. DIVIDENDS ARE PAID MONTHLY. THE CREDIT UNION EXTENDS THE UTILITY OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARD AND INTERNET AND MOBILE ACCOUNT ACCESS. MONEY MARKET ACCOUNTS - COMMUNITY RESOURCE CREDIT UNION OFFERS MONEY MARKET ACCOUNTS FOR MEMBERS WHO CHOOSE TO KEEP THEIR FUNDS LIQUID, BUT WILL NOT TRANSACT AS MUCH AND DESIRE TO EARN AN ENHANCED YIELD. DIVIDENDS ARE PAID MONTHLY. CERTIFICATES OF DEPOSIT - COMMUNITY RESOURCE CREDIT UNION OFFERS THE HIGHEST YIELDS TO MEMBERS WHO AGREE TO KEEP THEIR MONEY DEPOSITED FOR A SPECIFIC AMOUNT OF TIME. INTEREST IS PAID MONTHLY. MEMBER LOANS - COMMUNITY RESOURCE CREDIT UNION OFFERS A WIDE VARIETY OF LOANS TO ITS MEMBERS, INCLUDING: VEHICLE, RV, BOATS, MOTORCYCLES, CREDIT CARDS, SIGNATURE LOANS, MORTGAGES AND COMMERCIAL LOANS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 16931 0 1 254 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X MIKE LIBBEY 2814223611 3110 ROLLINGCREEK DRIVE BAYTOWN TX 77521 RANDALL SANDERS CHAIRPERSON 1.00 X X 0 0 0 JONNA CAGLE-PAGE VICE CHAIRPERSON 1.00 X X 0 0 0 ROY BAREFIELD BOARD SECRETARY 1.00 X X 0 0 0 WILLIAM VOLA BOARD TREASURER 1.00 X X 0 0 0 VICTORIA MARRON BOD MEMBER 1.00 X 0 0 0 WALLY WHITLEY BOD MEMBER 1.00 X 0 0 0 DICK DAWSON BOD MEMBER 1.00 X 0 0 0 CONNIE A TILTON BOD MEMBER 1.00 X 0 0 0 DAVID MOHLAM BOD MEMBER 1.00 X 0 0 0 RUSSELL BALLARD PRESIDENT/CEO 40.00 X 866355 0 41362 TAMMY LOCKETTE SVP / CIO 40.00 X 284738 0 27196 DEENA SMITH FORMER SVP / CFO 40.00 X 197945 0 12718 TIMOTHY FOLEY SVP / COO 40.00 X 161943 0 10210 MICHAEL LIBBEY SVP / CFO 40.00 X 41629 0 0 BRENDA WEINBERGER EVP 40.00 X 321426 0 35896 CHARLES HAST CLO/SVP 40.00 X 185502 0 28224 TRAVIS SMITH VP FINANCIAL ADVISOR 40.00 X 236184 0 33248 AARON RATHBONE VP OF BUSINESS LENDING 40.00 X 191197 0 22153 MATTHEW GLASSCO SR. SYSTEMS ENGINEER 40.00 X 155192 0 39085 STACEY RAMIREZ CONTROLLER 40.00 X 151237 0 31540 PATRICK DAVIS SR. SYSTEMS ANALYST 40.00 X 149401 0 18586 2942749 0 300218 27 0 1 0 FIDELITY NATIONAL INFORMATION SERVICES PO BOX 4535 CAROL STREAM IL 601974535 DEBIT AND CREDIT CARD PROCESSOR 3386077 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 HOME BANKING PLATFORM 1869333 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 563715 AUTO SERVICES COMPANY INC PO BOX 1075 MOUNTAIN HOME AR 726541075 GAP/EXTENDED WARRANTY FOR AUTO LOANS 526526 CUNA MUTUAL GROUP PO BOX 391 MADISON WI 53701 COMMERCIAL PROTECTION PRODUCTS 501781 41 INTEREST ON LOANS 522100 32530636 32530636 OTHER INCOME 522100 11798176 11743364 54812 FEE INCOME 522100 7596475 7483259 113216 51925287 3007194 3007194 10590 -10590 -10590 -10590 MISCELLANEOUS INCOME 522100 1110758 1110758 1110758 56032649 52868017 168028 2996604 7605953 2215144 11080968 1784158 1484155 871398 166794 226946 2297449 1630450 447076 1969780 23890 225792 1788719 2033391 260059 PROVISION FOR CREDIT LO 3292712 DEBIT CARD PROCESSING 3161521 LOAN SERVICING EXPENSE 2023682 HOME/MOBILE BANKING 1714381 4265075 50569493 6893865 5830340 12743405 59019235 931465 1436978 5402111 4371102 603009271 649925887 16041723 16700624 58863898 24735293 34745615 34128605 72110922 64038781 1637200 2077000 10409229 11415473 763924806 848944025 5787404 5264174 29000000 63500000 667593812 712563137 702381216 781327311 X 0 0 0 0 61543590 67616714 61543590 67616714 763924806 848944025 X 5463156 1470615 -860647 X 0 0 0 4829210 4829210 35387151 10319136 25068015 18647537 14416157 4231380 34128605 NONMEMBER DEPOSITS 6079000 MEMBER SHARES OF ALL TYPES 706484137 712563137 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31, 2024 AND 2023 AUDITED FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERAIL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2024 AND 2023. THE CREDIT UNION'S 2020 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE CUSO, AS A LIMITED LIABILITY COMPANY, HAS ELECTED TO BE TAXED AS A PASS-THROUGH ENTITY. THE PROFIT AND LOSS OF THE CUSO IS REFLECTED IN THE TAX RETURN OF ITS OWNER, THE CREDIT UNION. X X 1 1 X X X X X X 0 1 0 RUSSELL BALLARD PRESIDENT/CEO 438420 0 427935 0 0 0 29050 0 12312 0 907717 0 0 0 BRENDA WEINBERGER EVP 264007 0 57419 0 0 0 17652 0 18244 0 357322 0 0 0 TAMMY LOCKETTE SVP / CIO 252306 0 32432 0 0 0 15251 0 11945 0 311934 0 0 0 TRAVIS SMITH VP FINANCIAL ADVISOR 236184 0 0 0 0 0 8969 0 24279 0 269432 0 0 0 CHARLES HAST CLO/SVP 167551 0 17951 0 0 0 11346 0 16878 0 213726 0 0 0 AARON RATHBONE VP OF BUSINESS LENDING 178036 0 9161 0 4000 0 10563 0 11590 0 213350 0 0 0 DEENA SMITH FORMER SVP / CFO 110763 0 87182 0 0 0 11906 0 812 0 210663 0 0 0 MATTHEW GLASSCO SR. SYSTEMS ENGINEER 147438 0 7754 0 0 0 10563 0 28522 0 194277 0 0 0 STACEY RAMIREZ CONTROLLER 137098 0 14139 0 0 0 9449 0 22091 0 182777 0 0 0 TIMOTHY FOLEY SVP / COO 148243 0 13700 0 0 0 0 0 10210 0 172153 0 0 0 PATRICK DAVIS SR. SYSTEMS ANALYST 149401 0 0 0 0 0 8969 0 9617 0 167987 0 0 0 PART I, LINE 1A THREE EXECUTIVES RECEIVE GROSS-UP PAYMENTS TO COVER THEIR PREMIUMS ON SPLIT-DOLLAR PLANS. MEMBERS OF THE BOARD OF DIRECTORS AND THE CEO ARE ALLOWED TO HAVE SPOUSES ACCOMPANY THEM TO CONFERENCES. PART I, LINE 4B RUSSELL BALLARD - 457 PLAN - RECEIVED DISBURSEMENT OF $357,967 IN 2023 RUSSELL BALLARD PRESIDENT/CEO TO FUND DEFERRED COMPENSATION PLAN X 1186957 2663202 0 1 1 DEENA SMITH FORMER SVP/CFO TO FUND DEFERRED COMPENSATION PLAN X 625000 1032493 0 1 1 BRENDA WEINBERGER EVP TO FUND DEFERRED COMPENSATION PLAN X 200000 364137 0 1 1 TAMARA LOCKETTE SVP/CIO TO FUND DEFERRED COMPENSATION PLAN X 200000 311270 0 1 1 4371102 SCHEDULE L PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCES ARE AS FOLLOWS:RUSSELL BALLARD - 3,005,036TAMMY LOCKETTE - 644,994BRENDA WEINBERGER - 653,990 FORM 990, PART VI, SECTION A, LINE 6 COMMUNITY RESOURCE CREDIT UNION IS A STATE CHARTERED CREDIT UNION, A COOPERATIVE COMPOSED OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS THE GOVERNING BODY AND IS ELECTED ANNUALLY BY THE COMMUNITY RESOURCE CREDIT UNION MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B CREDIT UNION STAFF PREPARE DATA AND INFORMATION FOR CLA. CLA PREPARES THE 990. CREDIT UNION STAFF REVIEW COMPLETED 990 PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C WHEN EMPLOYEES ARE HIRED, THEY MUST ACKNOWLEDGE THAT THEY HAVE READ THE EMPLOYEE POLICIES. THEY MUST SIGN AGAIN IN ANY CHANGES ARE MADE TO THE POLICIES. COMMUNITY RESOURCE CREDIT UNION OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE DIRECTED TO DISCLOSE TO THEIR DEPARTMENT HEAD AND TO HUMAN RESOURCES IF ANOTHER INTEREST COULD GIVE RISE TO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION IS APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. OTHER EMPLOYEE COMPENSATION IS REVIEWED AND DETERMINED BY A MEMBER OF HUMAN RESOURCES (VP OR MANAGER) AND HIRING MANAGER, AND IF DEEMED APPROPRIATE THE CEO. WE USE A COMPENSATION MANAGEMENT SYSTEM TO SUPPORT THE SALARY DETERMINATIONS. WE ALSO OBTAIN CREDIT UNION SPECIFIC SUPPLEMENTAL SURVEY RESOURCES WHEN DEEMED APPROPRIATE FOR UPPER MANAGEMENT/EXECUTIVE COMPENSATION. DOCUMENTATION IS MAINTAINED WITHIN THE EMPLOYEE FILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 OUR CONFLICT OF INTEREST POLICY IS CONTAINED IN THE EMPLOYEE HANDBOOK. THE CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE IN THE CALL REPORT ON THE NCUA WEBSITE. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME -49,004. CECL ADJUSTMENT -811,643. CRCU INSURANCE COMPANY 3110 ROLLINGCREEK DRIVE BAYTOWN TX 77521 811808537 INSURANCE SERVICES TX 54812 107905 COMMUNITY RESOURCE CREDIT UNION