| Winter 2025 Issue: |
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We are offering $15,000 in scholarships to graduating high school seniors. One $1,500 scholarship will be awarded to a student from each of the following schools: Bloomington North, Bloomington South, Center Grove, Eastern Greene, Edgewood, Greenwood, Owen Valley, and The Academy of Science & Entrepreneurship.
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 March 29, 2025.
We are offering $16,000 in Continuing IU Student Scholarships to members who are current undergraduate and graduate students planning to attend any Indiana University campus as either full-time or part-time students in the fall of 2025. 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 8, 2025.
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.
All branches will be closed Monday, January 20, 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.
The IU Credit Union Nominating Committee has selected candidates for five open Board positions and two open Supervisory Committee positions to be filled this spring. Nominees for the Board are Dennis Cromwell, Denvil Duncan, Andrea Mobley, Greg Udell and Von Welch. Nominees for the Supervisory Committee are Charles Escue and Jacob Farmer.
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 7, 2025. 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 26 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 | |
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Dennis Cromwell has been a member of the IU Credit Union Board of Directors since 2019 and previously served for nine years on the Supervisory Committee. He is retired from Indiana University, where he held the position of Associate Vice President for Constituent Success and IT Communications. Additionally, Cromwell has held various technology management roles, overseeing multiple divisions within the Office of the Vice President for Information Technology at IU. He is currently an adjunct faculty member at the O’Neill School of Public and Environmental Affairs and the Kelley School of Business at IU. Cromwell has over 40 years of experience in information technology and significant expertise in guiding organizations through technological change. He holds both a bachelor's and a master's degree from IU. |
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Denvil Duncan has been a member of the IU Credit Union Board of Directors since 2022. He is an Associate Professor at Indiana University’s O’Neill School of Public and Environmental Affairs, where he serves as the Faculty Chair of the Policy Analysis and Public Finance faculty group. Duncan serves on the editorial board of the National Tax Journal and the Journal of Public Budgeting and Finance and is an associate editor for the Public Finance Review. From 2015 to 2018, he was a member of the National Tax Association Board of Directors and served as Faculty Chair for the Hudson-Holland Scholarship Program at IU from 2020 to 2021. He earned his master’s degree from the University of the West Indies and his PhD from Georgia State University. |
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Andrea Mobley has been a member of the IU Credit Union Board of Directors since 2019. She currently serves as the Principal of Unionville Elementary School. Mobley has previously held several positions, including Assistant Superintendent for Human Resources and Operations for the Monroe County Community School Corporation, Assistant Principal at Bloomington High School North, and Curriculum Specialist at Indiana University. Mobley earned a bachelor’s degree in Education, a master’s degree in Science Education, and a doctorate in Educational Leadership, all from IU. |
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Greg Udell served on the IU Credit Union Supervisory Committee from 2011 to 2020. He is currently a Professor of Finance at the Kelley School of Business at Indiana University, where he held the position of Chase Chair of Banking and Finance from 1998 to 2023. Udell has authored two textbooks on banking and has published extensively in academic journals focusing on banking and bank regulation. He has collaborated with various national and international organizations, including the Federal Reserve Board, the Federal Reserve Banks of Chicago and San Francisco, the Bank of Japan, the People's Bank of China, the Swedish Central Bank, and the World Bank. Before embarking on his academic career, he worked as a commercial loan officer in Chicago. Udell earned his bachelor’s degree in Economics from DePauw University and his PhD in Finance from IU. |
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Von Welch recently retired as the Associate Vice President of Information Security at Indiana University and Director of the Center for Applied Cybersecurity Research. In this role, he oversaw information security across the IU community of students, staff, and researchers and, through external grants, tackled information security challenges nationally. Prior to joining IU in 2011, Von was a co-founder and co-director of the Cybersecurity Directorate at the National Center for Supercomputing Applications at the University of Illinois. He is currently concluding 6-year terms on the boards of Beacon Inc., where he served as Treasurer during the challenging period of 2020-22, and Constellation Stage and Screen, where he has served as board co-president since the organization formed in 2022. He holds a bachelor’s degree in Computer Engineering from the University of Illinois. |
| Supervisory Committee Nominees | |
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Charles Escue is the Information Security Consulting Manager for the University Information Security Office (UISO) at Indiana University. As the leader of an information security team, Escue is dedicated to enhancing the university's security posture and effectively addressing imminent threats that extend beyond the traditional security office's scope. He is also an adjunct professor at the Kelley School of Business. Escue has held various technical and IT support roles, including Lead Network Engineer and IT Strategy Business Analyst. His primary areas of focus include cyber risk assessment, IT consulting, and security program development. He holds a bachelor's degree in Informatics and a master's degree in Information Systems (MSIS), both from IU. |
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Jacob Farmer has been a member of the IU Credit Union Supervisory Committee since 2019 and has served as Chair since 2023. He is the Director of Enterprise Services for University Information Technology Services (UITS) at Indiana University. Additionally, Farmer is an adjunct lecturer at the O’Neil School of Public and Environmental Affairs where he teaches a course on IT management. He holds a bachelor’s degree in computer science and a master's degree in Public Affairs from IU. |
Our Annual Meeting will take place at our Winslow Branch at 105 E Winslow Road on Wednesday, March 26 at 5:30 p.m.
Tax statements for 2024 will be mailed by the date listed for each form. PLEASE NOTE: If you are enrolled in eStatements, be sure to check eStatements & Notices in Online or Mobile 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, 2025.
You will only receive a 1099-INT if your total dividends earned in 2024 are at least $10.00.
• 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, 2025.
If the IU Credit Union pays your real estate taxes, the total amount paid in 2024 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, 2025.
The following IRA forms will be mailed. These will not be available in eStatements & Notices in Online or Mobile Banking:
• IRA FMV Statement (Fair Market Value)
This is an annual statement showing the December 31, 2024 balance of your IRA/ESA account. This information will be sent as a separate form. If you are 73 or older, your RMD (Required Minimum Distribution) will also be listed on this form. This form will be mailed by January 31, 2025.
• 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, 2025.
Each form sent will show the total distribution amount for 2024 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, 2025.
This form will show the total distribution amount for 2024 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, 2025, due to the later (Apr. 15) contribution deadline.
Form 5498 for Coverdell ESAs will be mailed by April 30, 2025.
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 school. The more the cards are used, the greater the total contribution to our local school systems!
IU Credit Union is proud to sponsor IU Auditorium's Clue — a comedy based on the 1985 film and inspired by the classic board game.
Murder and blackmail are on the menu when six mysterious guests assemble at Boddy Manor for a night they’ll never forget! Was it Mrs. Peacock in the study with the knife? Or was it Colonel Mustard in the library with the wrench? Clue, making its IU Auditorium debut, is the ultimate whodunit that will leave you dying of laughter and keep you guessing until the final twist.
Don't miss Clue, coming to the IU Auditorium January 21-22.
Visit our booth at the BASCI Home Show, happening in Bloomington February 27th through March 2nd. Our mortgage experts will be there answering questions and giving out IUCU swag! The event is held at The Warehouse at 1525 S. Rogers St. and features over 100 vendors and family activities.
