TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Inspection
Name of the organization
945 540 IBEW CREDIT UNION
Employer identification number
23-7011277
23-7011277
| Return Reference | Explanation |
|---|---|
| Form 990, Part I, Line 19 | Calendar Year 2020 was a very challenging year for the Credit Union. The Credit Union experienced an operating loss during 2020, yet was able to obtain regulatory agency approval to pay quarterly dividends for all four quarters. The operating loss was due to lost investment income which can be traced to collapses in the financial markets during the COVID-19 Pandemic and required funding of the Allowance for Loan Loss Account to cover a severely delinquent loan of a member who moved out of the country and dropped out of contact. In 2021, that delinquent loan situation has begun to correct itself with the member starting restitution arrangements and staying in contact with the Credit Union office once again. |
| Form 990, Part IV, Line 11d | The Credit Union completed Schedule D, Part IX, but the amount of assets reported in this section is less than 5% of its total assets reported in Part X, Line 16. |
| Form 990, Part IV, Line 26 | The Credit Union reported an amount on Part X, Line 5, and thus completed Schedule L, Part II. The amounts involved do not come from nor are to any 35% controlled entity or family member of any of those persons. |
| Form 990, Part IV, Line 38 | The organization completed Schedule O with this return. Explanations for the answers which accompany Part VI, Lines 11 & 19 are included in this document. |
| Form 990, Part V, Line 1c | During 2020, the Credit Union was not asked or required by the IRS to comply with any backup withholding payments for any of its members. The Credit Union did not make/have any reportable payments to vendors or reportable gaming (gambling) winnings to prize winners. |
| Form 990, Part V, Line 3a | 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. |
| Form 990, Part V, Line 3b | 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. |
| Form 990, Part V, Line 7a | 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. |
| Form 990, Part V, Line 7c | 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. |
| Form 990, Part V, Line 7g | The Credit Union did not receive any Qualified Intellectual Property, thus required Form 8899 was not filed. |
| Form 990, Part V, Line 7h | 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. |
| Form 990, Part V, Line 8 | The Credit Union is NOT a sponsoring organization maintaining donor advised funds or a 509(a)(3) supporting organization. |
| Form 990, Part V, Line 9a | The Credit Union is NOT a sponsoring organization maintaining donor advised funds, nor did it make any taxable distributions under section 4966. |
| Form 990, Part V, Line 14a | The Credit Union did not receive any payments for indoor tanning services during the 2020 calendar year, thus Form 720 did not need to be filed for this year. |
| Form 990, Part V, Line 14b | The Credit Union did not receive any payments for indoor tanning services during the 2020 calendar year, thus Form 720 did not need to be filed for this year. |
| Form 990, Part VI, Section A, Line 1a | 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. |
| Form 990, Part VI, Section A, Line 1b | As of December 31, 2020, 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. |
| Form 990, Part VI, Section A, Line 6 | The Credit Union is comprised of a single class of approximately 461 Member-Owners as of December 31, 2020, each of which has Equal Rights in Ownership, Governance, and Voting Rights at the Annual Meeting. |
| Form 990, Part VI, Section A, Line 7a | 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. 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. |
| Form 990, Part VI, Section A, Line 7b | 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. |
| Form 990, Part VI, Section A, Line 8a | During 2020, Board of Directors Meetings were held on the Second Tuesday using a regular schedule each month. 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 month's meeting. Minutes from any Special Meeting would be similarly documented and regularly reviewed. No Special Meetings were called nor scheduled during 2020. The April, 2020 Credit Union Board of Directors' Meeting was cancelled to meet compliance with the Ohio Director of Health's and Ohio Governor's Health Orders prohibiting gatherings of 10 or more persons in order to curtail the spread of the COVID-19 Virus. Afterwards, all meetings were conducted in accordance with required Coronavirus safety protocols (the wearing of masks, access to sanitizing equipment and protocols, and keeping 6 feet social physical distance apart). |
| Form 990, Part VI, Section A, Line 8b | With the exception of April's meeting, during 2020, members of the Supervisory (Audit) Committee held their meetings on the Second Tuesday using a regular schedule each month. Minutes of each of these meetings are kept and a report is given to the Board of Directors during their Regular Meetings. With the exception of April's meeting, during 2020, members of the Credit Committee held their meetings on the Second Tuesday using a regular schedule each month. Minutes of each of these meetings are kept and a report is given to the Board of Directors during their Regular Meetings. Both of the Committee meetings during April, 2020, were cancelled to meet compliance with State of Ohio Coronavirus fighting restrictions in effect at the time. Afterwards, when Committee Meetings resumed, they were all held in accordance with safety protocols designed to fight the spread of COVID-19. |
| Form 990, Part VI, Section B, Line 11b | 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 submitted to the full Board of Directors at their meeting on May 11, 2021. |
| Form 990, Part VI, Section B, Line 15 | 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 2020, this process was done at the December 8, 2020 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. |
| Form 990, Part VI, Section C, Line 18 | The Credit Union did not need to file Forms 1023, 1024, or 990-T for Calendar Year 2020, 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. |
| Form 990, Part VI, Section C, Line 19 | The Credit Union's Financial Statements are available to the public through posting 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 employees & volunteers work cooperatively together to cover all checks & balances in procedures that are required for successful office operations. |
| Form 990, Part VII, Section A, Line 1d | Former Directors & 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. |
| Form 990, Part IX, Line 11g | The amount of the expense reported on this line is the total fee charged by a Third Party Collection Company contracted to recover amounts from uncooperative former members with delinquent charged off loans. During 2020, we did not need to employ a third party collection company, thus no figure is listed in this column. |
| Form 990, Part IX, Line 21 | The amount of the expense reported on this line is the yearly membership fee for the Ohio Credit Union League (OCUL) & CUNA (Credit Union National Association) dues, which provide the Credit Union staff & volunteers with legal, federal & state regulatory guidance & advocacy, valuable educational training & consulting services. |
| Form 990, Part XII, Line 2b | The Credit Union's Financial Statements and documents were last reviewed with an effective date of December 31, 2020, by examiners from the Ohio Department of Commerce, Division of Financial Institutions, Credit Union Division (Regulatory Agency). Those examiners were selected by that organization to do the review. The Credit Union has no role in picking them. After they are finished and their results are approved by their supervisors, the examiners then present their findings directly to the Credit Union President and Board of Directors. |
| Form 990, Part XII, Line 2c | The Credit Union did not change any of its governing documents, its oversight processes or selection processes documents during the calendar year of 2020. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020
Additional Data
| Software ID: | 20012124 |
| Software Version: | v1.00 |