2024-11-07T16:40:20-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 741109889 FIVEPOINT CREDIT UNION FIVE 4097268300 PO BOX 1366 NEDERLAND TX 776271366 ERIK SHAW CEO 4097268200 2024-10-31 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-10-31 2023 2024-10-15 13:58:12Z ERIK SHAW PO BOX 1366 NEDERLAND TX 77627 63647125 0 X WWW.FIVEPOINTCU.ORG X 1935 TX TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP WITH VARIOUS LOAN AND DEPOSIT PRODUCTS. 9 9 255 14 91240 0 0 0 46755776 54976856 2662413 3770279 15562 91240 49433751 58838375 238670 370387 0 0 19847000 19305635 0 0 0 24402839 36855649 44488509 56531671 4945242 2306704 874862124 940698707 800708884 864661283 74153240 76037424 TO IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS AND THE COMMUNITY. 0 0 INTEREST INCURRED ON MEMBER DEPOSITS APPROXIMATED $11,998,000 DURING THE YEAR ENDED DECEMBER 31, 2023. ATM SERVICES PROVIDED TO THE MEMBERSHIP REPRESENTED APPROXIMATELY $1,925,000 OF TOTAL EXPENSES INCURRED DURING THE YEAR ENDED DECEMBER 31, 2023. HOME BANKING PROVIDED TO THE MEMBERSHIP REPRESENTED A COST OF APPROXIMATELY $1,394,000 INCURRED DURING THE YEAR ENDED DECEMBER 31, 2023. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 14570 0 1 255 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 0 X HELEN PUCKETT 4097268240 PO BOX 1366 NEDERLAND TX 77627 GLENN JOHNSON CHAIRPERSON 1.00 X 0 0 0 JAMES SAXON SECRETARY TREASURER 1.00 X 0 0 0 JOE DICKSON FIRST VICE CHAIRPERSON 1.00 X 0 0 0 JOHN COMEAUX SECOND VICE CHAIRPERSON 1.00 X 0 0 0 LOUIS ANSELMO BOARD MEMBER 0.50 X 0 0 0 HILTON FERGUSON JR BOARD MEMBER 0.50 X 0 0 0 KAROL RUSSELL BOARD MEMBER 0.50 X 0 0 0 JACK THORNTON BOARD MEMBER 0.50 X 0 0 0 DENNY WINTER BOARD MEMBER 0.50 X 0 0 0 ERIK SHAW CEO/PRESIDENT 40.00 X 534478 0 56144 KENNETH MILLER EXECUTIVE VICE PRESIDENT 40.00 X 371389 0 49185 JENNIFER WEBB CHIEF ADMINISTRATIVE OFFICER/EVP 40.00 X 314698 0 28938 KRISTEN BELLANGER COO/EVP 40.00 X 311677 0 31203 AMANDA WHITE SVP OF HUMAN RESOURCES 40.00 X 287449 0 36305 MATTHEW BOREL FINANCIAL ADVISOR 40.00 X 215943 0 45222 CHRISTIE J LUMMUS VP LENDING 40.00 X 197345 0 23693 CHASIDY BOHANAN VP OPERATIONS 40.00 X 192211 0 29439 MARLA RUCKER VP IT 40.00 X 190185 0 34711 HELEN PUCKETT AVP ACCOUNTING 40.00 X 173908 0 28675 AIMEE SLOTT VP BUSINESS LENDING 40.00 X 156757 0 28981 KAREN BLUM VP MARKETING 40.00 X 154762 0 27088 CARRIE STRONG VP OF HUMAN RESOURCES 40.00 X 139709 0 8548 TONI R BROWN AVP LENDING 40.00 X 137197 0 5613 JEREMY MARTINKA AVP IT 40.00 X 135541 0 36320 STACI CROAK AVP BRANCH OPERATIONS 40.00 X 133758 0 22160 JARED BYRD BUSINESS ANALYTICS 40.00 X 131926 0 13313 3778933 0 505538 29 0 1 0 CONSTRUCTION ZONE OF SETX PO BOX 192 AUBREY TX 76227 CONSTRUCTION 3015669 PSCU INCORPORATED 560 CARILLON PLWY ST PETERSBURG FL 33716 DEBIT/CREDIT CARD PROCESSOR 2189674 NCR CORPORATION 5601 LINDERO CANYON ROAD SUITE 100 WESTLAKE VILLAGE CA 91362 ONLINE BANKING SERVICES 1526781 ANN LEE AND ASSOCIATES LTD 1555 DUSTIN CADE DR NEW BRAUNFELS TX 78130 MARKETING FIRM 1292356 BANK TEC-SOUTH 4150 VIKING DR BOSSIER CITY LA 71111 ATM/ITM SERVICING 1123114 32 LOAN RECEIVABLE 522100 38784041 38784041 FEES, CHARGES, OTHER 522100 16192815 16192815 54976856 3579029 3579029 5000000 4808750 191250 191250 191250 FINANCE & INSURANCE 520000 91240 91240 91240 58838375 55168106 91240 3579029 X 345387 25000 3520386 12386481 732752 1542806 1123210 209457 59078 568371 1433066 3020579 3849542 1883480 214409 10148 12549919 120134 2458729 519888 PROVISION FOR LOAN LOSS 3242661 ATM EXPENSE 1982143 LOAN SERVICING 1695910 MAINTENANCE AND REPAIRS 1158559 1879576 56531671 12977758 13913189 43896530 26648953 2112145 2240642 8235073 16553729 649219708 730638525 1170424 1180287 55205901 25195206 27176286 30010695 99222029 86577114 132148 111817 30720023 32823756 874862124 940698707 12331018 13171050 30000000 788377866 821490233 800708884 864661283 X 0 0 0 0 74153240 76037424 74153240 76037424 874862124 940698707 X 2306704 1549638 -1972158 X X 0 1 X 1 0 1631458 1631458 33832423 10663894 23168529 3122780 2045800 1076980 16619240 12485512 4133728 30010695 MEMBERS SHARE ACCOUNTS 821490233 821490233 X 58838375 0 58838375 0 58838375 56531671 0 56531671 0 56531671 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 AMERICAN CANCER SOCIETY 1222 BOSTON AVE NEDERLAND TX 77627 741185665 501(C)(3) 98910 0 CHARITABLE DONATION AMERICAN HEART ASSOCIATION SOUTHWEST AFFILIATE PO BOX 4002903 DES MOINES IA 50340 135613797 501(C)(3) 8652 0 CHARITABLE DONATION 2 0 SCHOLARSHIPS 18 25000 PART I, LINE 2: THE SCHOLARSHIPS ARE AWARDED BASED ON A PANEL OF JUDGES REVIEWING SCHOLARSHIP APPLICATIONS AND ESSAYS. ONCE THE CREDIT UNION RECEIVES CONFIRMATION OF THE STUDENT'S ENROLLMENT AND PAYMENT OF TUITION, THE FUNDS ARE DEPOSITED TO THEIR SAVINGS ACCOUNT. X X 1 1 X X X 0 1 0 ERIK SHAW CEO/PRESIDENT 421661 0 104254 0 8563 0 13614 0 42530 0 590622 0 0 0 KENNETH MILLER EXECUTIVE VICE PRESIDENT 293542 0 75914 0 1933 0 16364 0 32821 0 420574 0 0 0 JENNIFER WEBB CHIEF ADMINISTRATIVE OFFICER/EVP 250334 0 64008 0 356 0 12571 0 16367 0 343636 0 0 0 KRISTEN BELLANGER COO/EVP 247313 0 64008 0 356 0 14115 0 17088 0 342880 0 0 0 AMANDA WHITE SVP OF HUMAN RESOURCES 232900 0 54328 0 221 0 14724 0 21581 0 323754 0 0 0 MATTHEW BOREL FINANCIAL ADVISOR 215276 0 481 0 186 0 13398 0 31824 0 261165 0 0 0 MARLA RUCKER VP IT 152692 0 36915 0 578 0 9665 0 25046 0 224896 0 0 0 CHASIDY BOHANAN VP OPERATIONS 155672 0 36421 0 118 0 4917 0 24522 0 221650 0 0 0 CHRISTIE J LUMMUS VP LENDING 160560 0 36585 0 200 0 9790 0 13903 0 221038 0 0 0 HELEN PUCKETT AVP ACCOUNTING 148322 0 25397 0 189 0 6200 0 22475 0 202583 0 0 0 AIMEE SLOTT VP BUSINESS LENDING 126045 0 30564 0 148 0 7881 0 21100 0 185738 0 0 0 KAREN BLUM VP MARKETING 125409 0 28729 0 624 0 7833 0 19255 0 181850 0 0 0 JEREMY MARTINKA AVP IT 108081 0 27332 0 128 0 7229 0 29091 0 171861 0 0 0 STACI CROAK AVP BRANCH OPERATIONS 108485 0 25100 0 173 0 6746 0 15414 0 155918 0 0 0 PART I, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE CEO, ERIK SHAW, THE EVP, KENNETH MILLER, THE COO/EVP, KRISTEN BELLANGER, AND THE CHIEF ADMINISTRATIVE OFFICER/EVP, JENNIFER WEBB, THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. THE CREDIT UNION CONVERTED THE 457F PLANS FOR KRISTEN BELLANGER AND JENNIFER WEBB TO COLLATERAL ASSIGNED SPLIT DOLLAR PLANS DURING 2023. ERIK SHAW PRESIDENT/CEO TO FUND LIFE INSURANCE POLICY X 4500000 5159863 0 1 1 KENNETH MILLER EXECUTIVE VP TO FUND LIFE INSURANCE POLICY X 3200000 3552191 0 1 1 KRISTEN BELLANGER COO/EVP TO FUND LIFE INSURANCE POLICY X 3700000 3817658 0 1 1 JENNIFER WEBB CHIEF ADMINISTRATIVE OFFICER/EVP TO FUND LIFE INSURANCE POLICY X 3900000 4024017 0 1 1 16553729 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 EVERY CLIENT THAT HAS AN ACCOUNT WITH OUR CREDIT UNION IS ALSO A MEMBER. FORM 990, PART VI, SECTION A, LINE 7A OUR BOARD OF DIRECTORS ARE ELECTED BY A VOTE OF THE MEMBERSHIP. ANNUALLY, IF THERE IS AN OPEN POSITION, THE NOMINATING COMMITTEE WILL PUT FORTH THE CANDIDATES WHICH OUR MEMBERS CAN VOTE ON DURING THE ANNUAL MEETING. 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 FORM 990 IS PREPARED BY A THIRD-PARTY CPA FIRM. A DRAFT OF THE RETURN IS REVIEWED BY THE CEO, SENIOR VICE PRESIDENT OF HUMAN RESOURCES AND THE VP ACCOUNTING FOR ACCURACY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE TRAINING IS PERFORMED ANNUALLY. EACH EMPLOYEE / OFFICER SIGNS OFF THEY HAVE REVIEWED AND UNDERSTAND THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 FIVEPOINT UTILIZES A 3RD PARTY TO PROVIDE INDUSTRY STANDARD AND REGIONAL SPECIFIC SALARY RANGES FOR ALL STAFF. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E MISCELLANEOUS 1,102,152. DEBIT/CREDIT EXPENSES 436,915. TRAINING/DEVELOPMENT/EDUCATION 342,557. LOSS ON REPOS/OTHER -2,048. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -1,972,158. FORM 990, PART XII, LINE 2C: A COMMITTEE EXISTS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FIVEPOINT FINANCIAL SERVICES LLC PO BOX 1366 NEDERLAND TX 77627 464687469 FINANCIAL SERVICES (INACTIVE) TX FIVEPOINT CREDIT UNION FIVEPOINT INSURANCE AGENCY LLC PO BOX 1366 NEDERLAND TX 77627 611739967 INSURANCE (INACTIVE) TX FIVEPOINT FINANCIAL SERVICES LLC