<SEC-DOCUMENT>0000943374-22-000490.txt : 20221209
<SEC-HEADER>0000943374-22-000490.hdr.sgml : 20221209
<ACCEPTANCE-DATETIME>20221209121037
ACCESSION NUMBER:		0000943374-22-000490
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20221209
DATE AS OF CHANGE:		20221209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IF Bancorp, Inc.
		CENTRAL INDEX KEY:			0001514743
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				451834449
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35226
		FILM NUMBER:		221454151

	BUSINESS ADDRESS:	
		STREET 1:		201 E. CHERRY ST
		CITY:			WATSEKA
		STATE:			IL
		ZIP:			60970
		BUSINESS PHONE:		(815) 432-2476

	MAIL ADDRESS:	
		STREET 1:		201 E. CHERRY ST
		CITY:			WATSEKA
		STATE:			IL
		ZIP:			60970
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>form11k.htm
<DESCRIPTION>FOR IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 401(K) PLAN FOR THE FISCAL YEAR ENDED JUNE 30, 2022
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FORM 11-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS</div>
    <div style="text-align: center; font-weight: bold;">AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
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    </div>
    <table cellspacing="0" cellpadding="0" id="z23b20e31956440a494542307f44ca23c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 36pt; vertical-align: top; align: right;">[X]</td>
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            <div>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</div>
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    <div style="text-align: justify;">For the fiscal year ended <u>June 30, 2022</u></div>
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    <div style="text-align: center; font-weight: bold;">OR</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">[&#160;&#160;]</td>
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            <div>TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</div>
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    <div>For the transition period from _______________ to _______________</div>
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    </div>
    <div style="text-align: center; font-weight: bold;">Commission File Number <u>001-35226</u></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">A.&#160; Full title of the plan and the address of the plan, if different from that of the issuer named below:</div>
    <div><br>
    </div>
    <div style="text-align: center;">Iroquois Federal Savings and Loan Association 401(k) Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">B:&#160; Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</div>
    <div><br>
    </div>
    <div style="text-align: center;">IF Bancorp, Inc.</div>
    <div style="text-align: center;">201 East Cherry Street</div>
    <div style="text-align: center;">Watseka, Illinois 60970</div>
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    <div style="text-align: center; font-size: 8pt; font-weight: bold;">SUMMARY ANNUAL REPORT FOR</div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 401(K) PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.55pt; margin-right: 24.3pt; margin-left: 6.85pt; font-size: 8pt;">This is a summary of the annual report for the Iroquois Federal Savings And Loan
      Association 40l(k) Plan (Employer Identification Number 37-0348365, Plan Number 002) for the plan year 07/01/2021 through 06/30/2022. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee
      Retirement Income Security Act of 1974 (ERISA).</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Basic Financial Statement</div>
    <div><br>
    </div>
    <div style="text-indent: 34.3pt; margin-right: 3.35pt; margin-left: 6.6pt; font-size: 8pt;">Plan expenses were $1,778,095. These expenses included $40,211 in administrative expenses and
      $1,737,884 in benefits paid to participants and beneficiaries, and $0 in other expenses. A total of 103 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right
      to receive benefits.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 5.75pt; margin-left: 6.35pt; font-size: 8pt;">The value of plan assets, after subtracting liabilities of the plan, was $15,823,038 as of the
      end of the plan year, compared to $18,812,359 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of -$2,989,321. This change includes unrealized appreciation or depreciation in the value of plan
      assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of -$1,211,226, including
      employer contributions of $756,697, employee contributions of $568,223, other contributions/other income of $0 and earnings from investments of -$2,536,146.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Information Regarding Plan Assets</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 13.55pt; margin-left: 6.1pt; font-size: 8pt;">The U.S. Department of Labor's regulations require that an independent qualified public
      accountant audit the plan's financial statements unless certain conditions are met for the audit requirement to be waived. This plan met the audit waiver conditions for the plan year beginning 07/01/2021 and therefore has not had an audit performed.
      Instead, the following information is provided to assist you in verifying that the assets reported on the Form 5500-SF were actually held by the plan.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 13.55pt; margin-left: 6.1pt; font-size: 8pt;">At the end of the plan year, the plan had qualifying plan assets at the following
      institution(s):</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 13.55pt; margin-left: 6.1pt; font-size: 8pt;">Iroquois Federal Certificate of Deposit $2,728,148.73</div>
    <div><br>
    </div>
    <div style="margin-left: 5.9pt; font-size: 8pt;">The plan receives year-end statements from these regulated financial institutions that confirm the above information.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.1pt; margin-right: 5.2pt; margin-left: 6.1pt; font-size: 8pt;">The remainder of the plan's assets were held in individual participant accounts with investments
      directed by participants and beneficiaries and with account statements from regulated financial institutions furnished to the participant or beneficiary at least annually and loans to participants and other qualifying assets.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.3pt; margin-right: 6.3pt; margin-left: 5.9pt; font-size: 8pt;">Plan participants and beneficiaries have a right, on request and free of charge, to get copies
      of the financial institution year-end statements. If you want to examine or get copies of the financial institution year-end statements, please contact IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION, the plan administrator, at P.O. BOX 190, WATSEKA,
      IL 60970-0190 and phone number, 815-432-2476.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 8.55pt; margin-left: 5.65pt; font-size: 8pt;">If you are unable to obtain or examine copies of the regulated financial institution
      statements, you may contact the regional office of the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) for assistance by calling toll-free 866-444-EBSA (3272). A listing of EBSA regional offices can be found at
      http://www.dol.gov/ebsa.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 3.85pt; margin-left: 5.65pt; font-size: 8pt;">General information regarding the audit waiver conditions applicable to the plan can be found
      on the U.S. Department of Labor Web site at http://www.dol.gov/ebsa under the heading "Frequently Asked Questions."</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Your Rights to Additional Information</div>
    <div><br>
    </div>
    <div style="text-indent: 34.3pt; margin-right: 9.1pt; margin-left: 5.65pt; font-size: 8pt;">You have the right to receive a copy of the full annual report, or any part thereof, on request.
      To obtain a copy of the full annual report, or any part thereof, write or call IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION, the plan administrator, at P.O. BOX 190, WATSEKA, IL 60970-0190 and phone number, 815-432-2476.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 11.2pt; margin-left: 5.4pt; font-size: 8pt;">You also have the right to receive from the plan administrator, on request and at no charge, a
      statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two
      statements and accompanying notes will be included as part of that report.</div>
    <div><br>
    </div>
    <div style="text-indent: 34.55pt; margin-right: 11.2pt; margin-left: 5.4pt; font-size: 8pt;">You also have the legally protected right to examine the annual report at the main office of
      the plan: P.O. BOX 190, WATSEKA, IL 60970-0190, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public
      Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 8pt; font-weight: bold;">Paperwork Reduction Act Statement</div>
    <div style="margin-top: 0.1pt; margin-bottom: 6pt;"><br>
    </div>
    <div style="text-indent: 36pt; font-size: 8pt;">According to the Paperwork Reduction Act of 1995 (Pub. L. I 04-13) (PRA), no persons are required to respond to a collection of information
      unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a
      currently valid OMB control number, and the public is not required to respond to a collection of information unless it displays a currently valid OMB Control number. See44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person
      shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid 0MB control number. See 44 U.S.C. 3512.</div>
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    <div style="text-indent: 36pt; font-size: 8pt;">The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3
      hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor,
      Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email DOL_PRA_PUBLIC@dol.gov and reference the 0MB Control Number 1210-0040.</div>
    <div><br>
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    <div style="text-indent: 36pt; font-size: 8pt;">OMB Control Number 1210-0040 (expires 07/31/2023)</div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-style: italic;">The Plan.&#160; </font>Pursuant to the
      requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
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            <div style="font-family: 'Times New Roman',Times,serif;">IROQUOIS FEDERAL SAVINGS AND LOAN ASSOCIATION 401(k) PLAN</div>
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          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
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            <div style="text-align: justify;">Date:&#160; December 8, 2022</div>
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            <div style="text-align: right;">By:&#160;&#160; <br>
            </div>
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          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;"><u>/s/ Walter H. Hasselbring III</u></div>
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          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;">Walter H. Hasselbring III</div>
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          <td style="width: 44.94%; vertical-align: top;">&#160;</td>
          <td style="width: 10.14%; vertical-align: top;">&#160;</td>
          <td style="width: 44.92%; vertical-align: top;">
            <div style="text-align: justify;">President and Chief Executive Officer</div>
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