2024-07-16T08:11:17-05:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 410653148 NORTHWOODS CREDIT UNION NORT 2188794181 1702 AVE B CLOQUET MN 55720 DOUGLAS C WOLF PRESIDENT/CEO 2188794181 2024-07-12 1 DOUGLAS WOLF 999009999 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-07-12 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z DOUGLAS C WOLF 1702 AVE B CLOQUET MN 55720 11960002 0 X WWW.NORTHWOODSCU.ORG X 1936 MN PROVIDE CREDIT UNION SERVICES TO MEMBERS. 7 7 68 10 11665 0 0 0 10080951 11172446 151593 513970 1141476 273586 11374020 11960002 36789 35497 0 0 4512240 4637479 0 0 0 5166735 7257684 9715764 11930660 1658256 29342 162399307 172709574 149068094 159345986 13331213 13363588 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS. 0 0 SERVED 11,711 MEMBERS - PAID OVER $1,349,000 IN DIVIDENDS 8,940 OUTSTANDING MEMBER LOANS TOTALING $118,895,003 ON DECEMBER 31, 2023 - GRANTED 3,366 LOANS TO MEMBERS TOTALING $54,979,165 IN 2023 - MEMBERS PAID OVER $7,683,358 IN LOAN INTEREST THROUGHOUT 2023 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3198 0 68 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 X PAULA OLSEN 2188794181 1201 TALL PINE LANE CLOQUET MN 55720 JEFFREY KLETSCHER CHAIRPERSON 1.86 X X 2807 0 0 LARRY CHAMPEAUX VICE CHAIRPERSON 1.04 X X 1745 0 0 CHRISTINE NIELSON-RINGAT SECRETARY 1.16 X X 1938 0 0 NATHAN MANNER DIRECTOR 0.94 X 1545 0 0 LISA FOLLETT-POLLAK DIRECTOR 0.72 X 1244 0 0 DEBRA J LARSON DIRECTOR 0.87 X 1511 0 0 KASEY OLSON DIRECTOR (THRU 02/2023) 0.38 X 210 0 0 DARREN JUNTUNEN DIRECTOR 0.63 X 1120 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 40.00 X 140481 0 42835 DOUG WOLF PRESIDENT/CEO 40.00 X 182717 0 35944 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICER 40.00 X 143024 0 32108 478342 0 110887 3 0 1 0 THE BOLDT COMPANY 2525 N ROEMER RD APPLETON WI 549120419 REMODELING OF FACILITIES 1213876 NCRDIGITAL INSIGHT 864 SPRING STREET NW ATLANTA GA 30308 ONLINE BANKING PROVIDER 1024803 FISERV 75 MITTANCE DRIVE SUITE 1649 CHICAGO IL 606751647 CORE SYSTEM PROVIDER 636114 THE COPPER RIVER GROUP PO BOX 67 KNIFE RIVER MN 55609 CONSULTING SERVICES 131725 TECH BASED SOLUTIONS LLC 22361 KIRK CT N SCANDIA MN 55073 COMPUTER/FIREWALL/TECHNICAL SUPPORT SERV 109650 8 INTEREST ON LOAN 522100 8494108 8494108 FEE INCOME 522100 2678338 2666673 11665 11172446 512538 512538 1432 0 1432 1432 1432 RECOVERY OF CAPITAL 900099 273586 273586 273586 11960002 11160781 11665 787556 34341 1156 590109 2953690 202486 614924 276270 12150 75106 7825 269914 165225 436649 2396776 339289 57041 89291 9716 516487 102921 MEMBERSHIP DIVIDENDS/RE 1406931 LOAN & CLOSING COSTS 528013 DEBIT CARD EXPENSE 457857 PROVISION FOR LOAN LOSS 265335 121158 11930660 3291343 3541194 565591 14104576 1165175 983642 3385 1402472 135198421 133235089 485201 330156 12306558 3908026 7352147 8398532 8471382 5040709 1539600 1197500 4327062 4475704 162399307 172709574 276716 1863699 148791378 157482287 149068094 159345986 X 0 0 0 0 13331213 13363588 13331213 13363588 162399307 172709574 X 29342 3033 X 0 0 0 0 1 X 663100 663100 9612156 2431378 7180778 2031302 1476648 554654 8398532 MEMBERS' SHARE AND SAVINGS ACCOUNTS 157482287 157482287 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR MEMBER'S THAT HAVE REAL ESTATE LOANS THROUGH THE CREDIT UNION. THE CREDIT UNION PAYS PROPERTY TAXES AND INSURANCE ON THE PROPERTY ASSOCIATED WITH THE ESCROW ACCOUNTS. X X 0 1 0 DOUG WOLF PRESIDENT/CEO 157194 0 25523 0 0 0 9885 0 26059 0 218661 0 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 123187 0 17294 0 0 0 8038 0 34797 0 183316 0 0 0 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICER 125730 0 17294 0 0 0 0 0 32108 0 175132 0 0 0 PART I, LINE 4B DOUG WOLF PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. THERE WERE NO DISTRIBUTIONS DURING 2023. DOUG WOLF PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE X 1363000 1363000 0 1 1 DOUG WOLF PRESIDENT/CEO 0% INTEREST PERSONAL LOAN X 5000 4745 0 1 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER USED AUTO LOAN 1% INTEREST RATE DISCOUNT X 8712 5546 0 1 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER USED AUTO LOAN 1% INTEREST RATE DISCOUNT X 28871 5443 0 0 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER 0% INTEREST PERSONAL LOAN X 5000 4484 0 1 1 TERRY BURN SVP/CHIEF LENDING OFFICER NEW AUTO LOAN 1% INTEREST RATE DISCOUNT X 27454 19254 0 1 1 1402472 SCHEDULE L, PART II, LINE 4, COLUMN H: THIS LOAN WAS GRANTED SEVERAL YEARS AGO AND AT THAT TIME IT WAS NOT THE POLICY TO HAVE THE BOARD APPROVE LOANS FOR EXECUTIVE MANAGEMENT. THAT HAS SINCE CHANGED AND NOW ALL LOANS FOR C SUITE MANAGERS ARE APPROVED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS MADE UP OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY IS ELECTED BY THE MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE BOARD OF DIRECTORS THAT REQUIRE APPROVAL BY MEMBERS INCLUDE POLICY CHANGES, CHANGE IN TERM LIMITS, AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE VICE-PRESIDENT OF ACCOUNTING AS WELL AS THE CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 1) ALL EMPLOYEES AND COMMITTEE MEMBERS ARE COVERED 2) EMPLOYEE OR OFFICIAL IS SUPPOSED TO INFORM US OF A POTENTIAL CONFLICT OF INTEREST 3) EXECUTIVE MANAGEMENT WOULD DETERMINE IF THERE IS A CONFLICT OF INTEREST WITH AN EMPLOYEE. BOARD OF DIRECTORS WOULD MAKE THE DETERMINATION IF THE POTENTIAL CONFLICT INVOLVES AN OFFICIAL 4) EMPLOYEE OR OFFICIAL WOULD NOT BE ABLE TO PARTICIPATE IN DELIBERATIONS AND DECISIONS INVOLVING THE TRANSACTION IF A CONFLICT OF INTEREST IS DETERMINED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE PRESIDENT INCLUDED REVIEW AND APPROVAL OF THE MEMBERS OF THE BOARD OF DIRECTORS BASED ON REVIEW OF SALARIES OF COMPARABLE POSITIONS. SALARY RANGES FOR OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY USING A BOOK FROM CUNA THAT LISTS RANGES FOR VARIOUS JOB TITLES BASED IN OUR REGION. IMMEDIATE SUPERVISOR AS WELL AS THE EXECUTIVE MANAGEMENT TEAM WORK TOGETHER TO DETERMINE WHERE IN THAT RANGE AN INDIVIDUAL EMPLOYEE FALLS BASED ON THEIR KNOWLEDGE AND EXPERIENCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES FORM 990 AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF OUR AVENUE B OFFICE. POLICIES THAT ARE REQUIRED TO BE SHARED WOULD BE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER CHANGES TO NET ASSETS 3,033.