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In Your Interest

—  WINTER 2022 ISSUE  —

Keep up with happenings at IU Credit Union.

Winter 2022 Issue:



$33,000 in Scholarships Available

Photo of a man in a graduation cap and gown

IU Credit Union is offering scholarship opportunities to high school seniors and continuing Indiana University and Ivy Tech students. Applications can be found on our Scholarships page.


High School Scholarships

Up to $10,000 in High School scholarships are available for graduating seniors who intend to enroll full time at an accredited university or college. The amount of the scholarship is $1,000, which is split between the two upcoming semesters. High School applications must be postmarked by April 2, 2022.

Scholarships are available to graduating students from Bloomington North, Bloomington South, Center Grove, Edgewood, Eastern Greene, Greenwood, The Academy of Science & Entrepreneurship and Owen Valley.

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


Continuing IU Student Scholarships

Up to $16,000 in Continuing Student scholarships are available for members planning to attend any Indiana University campus as either full-time or part-time students. Full-time scholarships are $2,500 per year, and part-time scholarships are $1,250 per year. Applications must be postmarked by February 5, 2022.


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. To apply, log in to your MyIvy account, click on the "Tools & Resources" tab, and select the "Apply for Scholarships" link.

Click here to learn more about our scholarship program »

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New Hours Effective January 18

The updated hours for our Bloomington branches are as follows:

Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday — (17th Street Branch Closed) 9:00 am - 1:00 pm

The updated hours for our Greenwood branches are as follows:

Monday - Thursday 9:00 am - 5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 am - 12:00 pm

Note: Our 31 & Smith Valley Road location will no longer be open for branch transactions effective January 18.

The updated hours for our Contact Center are as follows:

Monday - Friday 8:30 am - 5:00 pm
Saturday 9:00 am - 1:00 pm

Click here to view locations & hours info»

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Closed MLK, Jr. Day

Martin Luther King, Jr.


All branches will be closed Monday, January 17 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 four open Board positions and two open Supervisory Committee positions to be filled this spring. The nominees for the Board are Dennis Cromwell, Denvil Duncan, Bradley Heim, and Andrea Mobley. The nominees for the Supervisory Committee are Jacob Farmer and Yadav Gopalan.

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 11, 2022. 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, which will take place at our Operations Center at 4201 East Hagan Street on Wednesday, March 30 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
Dennis Cromwell

Dennis Crowmell has served on the IU Credit Union Board of Directors since 2019 and previously served on the Supervisory Committee for nine years. He is the Associate Vice President for Constituent Success and IT Communications at Indiana University. He works with areas across the university to execute digital transformation initiatives in admissions, enrollment management, fiscal administration, and other key areas. Cromwell has served IU since 1990 in a variety of technology management positions, leading several divisions in the Office of the Vice President for Information Technology. He has more than 40 years of experience in information technology and significant expertise in leading organizations through technology change. Cromwell holds bachelor's and master's degrees from IU.

Denvil Duncan

Denvil Duncan is an Associate Professor at Indiana University’s O’Neill School of Public and Environmental Affairs, where his research focuses primarily on the causes and consequences of tax evasion. He currently serves on the editorial board of the National Tax Journal and is an associate editor for Public Finance Review. He previously served on the National Tax Association Board of Directors from 2015-2018 and as Faculty Chair for the Hudson-Holland Scholarship Program at IU from 2020-2021. Duncan received his master’s degree from the University of the West Indies and his PhD from Georgia State University.

Bradley Heim

Bradley Heim has served on the IU Credit Union Board of Directors since 2016, and is a member of the Finance & ALM committees. Heim is a Professor and Executive Associate Dean in the O’Neill School of Public and Environmental Affairs at Indiana University. Prior to joining IU in 2010, Heim was a Financial Economist in the Office of Tax Analysis at the U.S. Department of the Treasury, where he was responsible for analyzing proposals related to housing and retirement savings. In this role, Heim was given the Performance and Special Act Awards. He has also been an Assistant Professor of Economics at Duke University. Heim completed his undergraduate studies at Johns Hopkins University, majoring in economics and mathematical sciences, and holds a Ph.D. in economics from Northwestern University.

Andrea Mobley

Andrea Mobley has served on the IU Credit Union Board of Directors since 2019 and is a member of the Executive and Business Development, Operations & Technology committees. Mobley is the Assistant Superintendent for Human Resources and Operations for the Monroe County Community School Corporation, and serves on the Community Corrections Advisory Board. Previously, Mobley held the position of assistant principal at Bloomington High School North and also curriculum specialist at Indiana University. She holds a bachelor's in education, a master's in science education, and a doctorate in educational leadership, all from IU.

Supervisory Committee Nominees
Yadav Gopalan

Jacob Farmer is the Director of Client Services for the University Information Technology Services (UITS) at Indiana University. He is also an adjunct lecturer for IU's School of Public and Environmental Affairs, teaching a course on IT management. He currently serves on the WonderLab Museum's Board of Directors. Previously, Farmer served as the Manager of Identity Management Systems for UITS. He holds a bachelor's in computer science and a master's of public affairs, both from IU.

Yadav Gopalan

Yadav Gopalan is an Assistant Professor of Accounting at Indiana University’s Kelley School of Business. He also currently serves as a visiting scholar at the Federal Reserve Bank of St. Louis – Division of Supervision and Regulation. He received his master’s degree and PhD from Washington University in St. Louis.

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You're Invited to our Annual Meeting

This year's Annual Meeting will take place at our Operations Center at 4201 East Hagan Street on Wednesday, March 30 at 5:30 p.m. Meet Credit Union members and staff and join us for the 2022-2023 scholarship presentation.

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Important Tax Information

Tax statements for 2021 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, 2022.

You will only receive a 1099-INT if your total dividends earned in 2021 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, 2021. You can also access the form in myMortgageInfo beginning on January 3, 2022.

If the IU Credit Union pays your real estate taxes, the total amount paid in 2021 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, 2022.

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, 2021 balance of your IRA/ESA account. This information will be sent as a separate form. If you are 70 1/2 or older, your RMD (Required Minimum Distribution) will also be listed on this form. This form will be mailed by January 31, 2022.

• 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, 2022.

Each form sent will show the total distribution amount for 2021 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, 2022.

This form will show the total distribution amount for 2021 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, 2022 due to the later (Apr. 15) contribution deadline.

Form 5498 for Coverdell ESAs will be mailed by April 30, 2022.

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BOGO IU Women's Basketball Tickets

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

Download your IU Women's Basketball BOGO coupon »

IU Women's Basketball BOGO Coupon
Coupons are ONLY valid for the following dates (Schedule subject to change):

Date Opponent Time
1/2/22 Maryland 3:00 pm
1/13/22 Nebraska 6:00 pm
1/19/22 Michigan State 7:00 pm
1/27/22 Illinois 7:00 pm
2/3/22 Minnesota 7:00 pm
2/6/22 Purdue 1:00 pm
2/17/22 Northwestern 6:00 pm
2/20/22 Iowa 5:00 pm
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Investment Services

IU Credit Union Investment Services

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