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In Your Interest

—  WINTER 2023 ISSUE  —

Keep up with happenings at IU Credit Union.

Winter 2023 Issue:

 

 

$38,000 in Scholarships Available


High School Scholarships

We are offering $15,000 (a $1,500 award to each school) in scholarships to graduating seniors from Bloomington North, Bloomington South, Center Grove, Edgewood, Eastern Greene, Greenwood, The Academy of Science & Entrepreneurship and Owen Valley.

Two $1,500 scholarships are also available to members who attend a high school other than one of the aforementioned.

High School Scholarship applications are due on April 1, 2023.

 

Indiana University Student Scholarships

We are offering $16,000 in Continuing IU Student Scholarships to members who are current college students planning to attend any Indiana University campus as either full-time or part-time students in the fall of 2023. Full-time scholarships are $2,500 per year, and part-time scholarships are $1,250 per year. Continuing IU Student Scholarship applications are due on February 4, 2023.

 

Ivy Tech Community College Scholarships

We offer a total of $7,000 in scholarships annually for students attending the Bloomington campus of Ivy Tech Community College. Candidates must have applied and been admitted to the college to be eligible for consideration.


Visit Our Scholarships Page

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Closed MLK, Jr. Day

Martin Luther King, Jr.

 

All branches will be closed Monday, January 16 in observance of Martin Luther King, Jr. Day.

Online Banking and Mobile Banking are available 24/7. Plus, you have surcharge-free access to your account at thousands of ATMs nationwide in the Alliance One and CO-OP ATM networks.

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Board and Supervisory Committee Nominations


The IU Credit Union Nominating Committee has selected candidates for three open Board positions and two open Supervisory Committee positions to be filled this spring. Nominees for the Board are Jon Barada, Shatoyia Moss, and Scott Smart. The nominees for the Supervisory Committee are Lori Shefchik Bhaskar and Dubos Masson.

IU Credit Union members can file a petition to be included on the election ballot for the Board of Directors or Supervisory Committee. To qualify, request the appropriate petition from any branch, obtain 500 member signatures, and return the petition to any branch by February 10, 2023. If no petitions are received by the due date, the Nominating Committee's candidates will be appointed.

Election results will be announced at the Annual Meeting, to be held at our Winslow Branch at 105 E Winslow Road on Wednesday, March 29 at 5:30 p.m.

Members of the Board of Directors establish the strategic direction of the Credit Union, provide oversight of progress toward the organization's goals, and carry out fiduciary responsibilities customarily performed in accordance with federal and state regulations.

The primary objective of the Supervisory Committee is to determine that members' assets are adequately safeguarded. Members of the Board and Supervisory Committee volunteer their time to the Credit Union.

Board Nominees
Jon Barada

Jon Barada has served on the IU Credit Union Board since 2017. He served as Board Chair in 2020 and is currently a member of the Business Development, Operations and Technology Committee. Barada is a Vice President at IU Ventures, an affiliate of Indiana University focused on assisting IU students, faculty, staff and alums with advancing high potential new venture opportunities. Barada was previously the President & CEO of the Bloomington Health Foundation. He holds a bachelor's from the Indiana University Kelley School of Business and a master's from Butler University.

Shatoyia Moss

Shatoyia Moss was appointed to the IU Credit Union Board of Directors in 2022. She is the Safe and Civil City Director for the City of Bloomington. She serves as a liaison to a number of commissions including the Commission on the Status of Black Males, The Commission on the Status of Children and Youth, the Sister Cities Committee, the Latino Outreach program and the LGBT community. Previous positions include Director of Indiana Kids, a mentoring and tutoring program at Indiana University, and Events and Athletic Director of Girls, Inc. Moss received her Bachelors in General Studies, with minors in Gender Studies, Human Sexuality, and Human Development & Family Studies, from Indiana University.

Scott Smart

Scott Smart has served on the IU Credit Union Board of Directors since 2020 and previously from 2010 – 2019. He also served on the Supervisory Committee from 2003 – 2009. Smart served as Board Chair in 2015 and is currently Chair of the Finance Committee. He is the Fettig/Whirlpool Finance Faculty Fellow at Indiana University and has been a member of the Finance Department since 1990. Smart formerly served as President of the Board for Habitat for Humanity of Monroe County. Smart completed his undergraduate studies at Baylor University, majoring in economics and finance. He earned a master's and PhD in economics from Stanford University and has co-authored three textbooks.

Supervisory Committee Nominees
Lori Shefchik Bhaskar

Lori Shefchik Bhaskar is an Associate Professor of Accounting at Indiana University’s Kelley School of Business. Her areas of expertise include judgment and decision-making in accounting with specific interests in audit quality, audit regulation, internal controls, and professional skepticism. Previously, Bhaskar worked as an Audit Senior Consultant at Deloitte & Touche LLP. She has served as a volunteer at Middle Way House and Habitat for Humanity and is currently serving as a Kelley Scholars Family Mentor. She received her PhD in Accounting from Georgia Institute of Technology, and an MPA and BBA in Accounting from University of Wisconsin-Whitewater.

Dubos Masson

Dubos Masson has served on the IU Credit Union Supervisory Committee since 2017. He is President of The Treasury Academy, a training and consulting firm specializing in treasury management, international finance, business forecasting, risk management and business valuation. He also serves as a Clinical Professor of Finance at Indiana University's Kelley School of Business, and as an instructor and curriculum developer for the Association for Financial Professionals, the Association of Corporate Treasurers in the U.K., and Citibank's Global Transactions Services unit. In addition, Masson has over 25 years of experience in developing training and education programs for commercial banks. He holds a bachelor's in business from the University of New Orleans and an MBA and PhD. in finance, both from Indiana University.

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IUCU Icon

You're Invited to our Annual Meeting

This year's Annual Meeting will take place at our Winslow Branch at 105 E Winslow Road on Wednesday, March 29 at 5:30 p.m.

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Important Tax Information


Tax statements for 2022 will be mailed by the date listed for each form. PLEASE NOTE: If you are enrolled in eStatements, be sure to check your eStatements & Notices tab in Online Banking for the following forms:

• Form 1099-INT (Dividend Income)
In most cases, IU Credit Union will issue 1099-INTs by Social Security number instead of account number. For example, if you have two different account numbers with the same Social Security number, you will only receive one 1099-INT reflecting the total dividends earned for both accounts. This form will be mailed by January 31, 2023.

You will only receive a 1099-INT if your total dividends earned in 2022 are at least $10.00.

photo of calculator

• Form 1098 (Mortgage Interest Statement)
You will receive a separate 1098 for each mortgage loan at the IU Credit Union. This form will be mailed by January 31, 2023.

If the IU Credit Union pays your real estate taxes, the total amount paid in 2022 will appear on the 1098.

• Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding)
This is the form for certain nonresident alien individuals, used to report $10.00 or more in dividend income. The 1042-S form will be mailed by March 15, 2023.

The following IRA forms will be mailed. These will not be available in the eStatements & Notices tab in Online Banking:

• IRA FMV Statement (Fair Market Value)
This is an annual statement showing the December 31, 2022 balance of your IRA/ESA account. This information will be sent as a separate form. If you are 72 or older, your RMD (Required Minimum Distribution) will also be listed on this form. This form will be mailed by January 31, 2023.

• Form 1099-R (Distributions from IRAs)
A separate form will be mailed for each IRA plan held at the IU Credit Union. This form will be mailed by January 31, 2023.

Each form sent will show the total distribution amount for 2022 from the IRA, regardless of whether the distribution is taxable.

• Form 1099-Q (Distributions from Coverdell Education Savings Accounts—ESAs)
A separate form will be mailed for each ESA plan held at the IU Credit Union. This form will be mailed by January 31, 2023.

This form will show the total distribution amount for 2022 from the ESA, including rollover and transfer distributions.

• Form 5498 (IRA/ESA Contribution Information)
Form 5498 for Traditional IRAs and Roth IRAs will be mailed by May 31, 2023 due to the later (Apr. 15) contribution deadline.

Form 5498 for Coverdell ESAs will be mailed by April 30, 2023.

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New Credit Card Options Now Available


IU Credit Union Mastercard Preferred Rewards Credit Card Image        IU Credit Union Mastercard Rate Advantage Credit Card Image


Preferred Rewards Credit Card

Earn points faster and enjoy more ways to reward yourself with 1.5% Cash Back!

Earn one and a half points for each $1 of qualifying purchases. With Preferred Rewards, points can be redeemed for your choice of rewards, from cash deposits into your IU Credit Union savings or checking account, merchandise and travel rewards, event tickets, gift cards, statement credits and more! Program rules are available through the credit card portal.

Plus, get a 1.99% APR* Introductory Rate on Purchases and Balance Transfers with a New Preferred Rewards Credit Card!

*Introductory Rate of 1.99% is applicable on purchases for 12 months from the card open date and on Balance Transfers for 12 months from the first qualified balance transfer completed within 12 months from the card open date. After that, the rate will be between 16.00% - 26.00% on Preferred Rewards Cards and will vary with the market based on the Prime Rate. Rate range stated is accurate as of 12/08/2022 and is subject to change at any time. Subject to credit approval.

Rate Advantage Credit Card

Get our most competitive credit card rates!

The rate is the reward with our Rate Advantage credit card. This card is perfect to use when you typically carry a balance, to avoid high interest rate charges.

Plus, get a 1.99% APR* Introductory Rate on Purchases and Balance Transfers with a New Rate Advantage Credit Card!

*Introductory Rate of 1.99% is applicable on purchases for 12 months from the card open date and on Balance Transfers for 12 months from the first qualified balance transfer completed within 12 months from the card open date. After that, the rate will be between 11.00% - 23.00% on Preferred Rewards Cards and will vary with the market based on the Prime Rate. Rate range stated is accurate as of 12/08/2022 and is subject to change at any time. Subject to credit approval.

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Show Your School Spirit With A High School Debit Card


Show off your school spirit with an official high school spirit debit card! These FREE cards are available at all Bloomington branches. The best part? Each time a high school card is used, we will make a contribution to the Foundation for Monroe County Community Schools. The more the cards are used, the greater the total contribution to our local school system!

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BOGO IU Women's Basketball Tickets


 

Photo of a Buy One Get One Free Coupon for IU Women's Basketball

IU Credit Union is a proud sponsor of IU Women's Basketball!

Download your IU Women's Basketball BOGO Coupon

 

Coupons are valid for the following 2022-2023 season dates (Schedule subject to change) ONLY:

Date Opponent Time
1/1/23 Nebraska 1:00 PM
1/12/23 Maryland 6:30 PM
1/15/23 Wisconsin 2:00 PM
1/26/23 Ohio State 8:30 PM
1/29/23 Rutgers 2:00 PM
2/9/23 Iowa 6:30 PM
2/16/23 Michigan 8:30 PM
2/19/23 Purdue 12:00 PM
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Investment Services


IU Credit Union Investment Services Advertisement

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