2023-04-25T07:53:19-05:00 2022-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2022-01-01 410429399 First Alliance Credit Union FIRS 5072880330 300 N Main Street Stewartville MN 55976 Mike Rosek President/CEO 5072880330 2023-04-21 1 Mike Rosek XXX-XX-XXXX 1 Deb Nelson CPA P01264758 6122536500 2023-04-19 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Mike Rosek 300 N Main Street Stewartville MN 55976 16780630 0 X www.firstalliancecu.com X 1932 MN First Alliance Credit Union places members' needs first by providing compassion, guidance, and resources to promote their financial well-being. 7 7 90 11 12820 0 0 0 15285624 15656491 635421 864916 0 0 15921045 16521407 0 0 425051 507004 6484336 6353129 0 0 0 7363478 7927722 14272865 14787855 1648180 1733552 266858268 288094542 241619717 262855469 25238551 25239073 We place our members' needs first by providing compassion, guidance, and resources to promote their financial well-being. As a financial cooperative all income is used to pay operating expenses or returned to members in the form of dividends or services. 0 0 Pay interest and dividends on amounts deposited by members. Provide free checking and cash handling services to members. Provide residential mortgage, home improvement, commercial, and other misc. loans to members. 0 0 0 0 0 0 0 0 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 5279 0 1 90 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 MN X Mike Rosek PresidentCEO 5072880330 300 N Main Street Stewartville MN 55976 Theresa Hornberg Chair 3.00 X X 1869 0 0 Roberta Olson Vice Chair 1.40 X X 875 0 0 Russell Hess Secretary 0.50 X X 322 0 0 Jane Drennan Director 1.30 X 770 0 0 Rawhi Said Director 1.20 X 714 0 0 Julian Currie Director 0.90 X 532 0 0 Alan Michael DeBolt Director 0.80 X 518 0 0 Hilary Stonelake-Curtis Director (partial year) 1.00 X 0 0 0 Mike Rosek President/CEO/Treasurer 50.00 X 270604 0 84333 Mark Hettinger EVP/COO 50.00 X 185318 0 70189 Valerie Mathias SVP Finance/CFO 50.00 X 185425 0 63512 David Schouten SVP IT/CIO 50.00 X 177652 0 60123 Andrea Allen Director of Lending 40.00 X 107079 0 39980 Lisett Comai-Legrand -Director of Sales and Member Experience 40.00 X 116032 0 29411 Nancy Hubber Director of Human Resources 40.00 X 102278 0 16802 Jeremiah Halloran Director of Digital Services 40.00 X 102354 0 16554 1252342 0 380904 8 0 1 0 Fiserv 255 Fiserv Dr Brookfield WI 53045 Core Data Processor 1276888 Townsquare Media Rochester 122 4th St SW Rochester MN 55902 Media Advertising Provider 232388 Adamson Motors 4800 Hwy 52 N Rochester MN 55901 Indirect Auto Dealer 147356 Technology Consulting Group 3850 Ponderosa Road Malabar FL 32950 Tech Products and Services 140080 Eide Bailly 111 S 2nd St Ste 300 Mankato MN 560015803 Audit Provider 127433 6 Interest on Loans 522100 10426786 10426786 Member Service Fees 522100 4394356 4381536 12820 Loan Income and Fees 522100 473760 473760 Credit Card Income 522210 361589 361589 15656491 888040 888040 236099 259223 -23124 -23124 -23124 16521407 15643671 12820 864916 507004 1098811 3677987 161171 1074860 340300 66849 68450 4756 489796 680021 446880 1042307 532863 82940 244081 113547 66041 924528 98686 ATM Expense 1293384 Lending Expense 925083 Provision for Loan Loss 408000 Credit Card Expense 221269 218241 14787855 5245980 8802707 21553618 13808185 1045216 694473 28363 28684 190915118 215112506 598872 605420 17977665 6272940 12396707 11704725 25234644 26383539 279726 279726 9560024 10674577 266858268 288094542 2054064 17037406 34871 0 239530782 245818063 241619717 262855469 X 0 0 0 0 25238551 25239073 25238551 25239073 266858268 288094542 1733552 -1733030 0 X X 0 0 0 2308207 2308207 9761476 2942342 6819134 4520788 2442170 2078618 1387194 888428 498766 11704725 Member Deposits 245818063 245818063 X X X X 0 1 0 Mike Rosek President/CEO/Treasurer 241540 0 29064 0 0 0 62125 0 22550 0 355279 0 0 0 Mark Hettinger EVP/COO 162506 0 22812 0 0 0 35888 0 34759 0 255965 0 0 0 Valerie Mathias SVP Finance/CFO 163829 0 21596 0 0 0 41379 0 22565 0 249369 0 0 0 David Schouten SVP IT/CIO 154988 0 22664 0 0 0 25822 0 34724 0 238198 0 0 0 Part I, Line 4b The following individuals participated in the 457(f) plans offered by the Credit Union. Mike Rosek - President/CEO (457f) - Accrued $48,008 Mark Hettinger - EVP/COO (457f) - Accrued $24,140 Valerie Mathias - SVP Finance/CFO (457f) - Accrued $30,160 David Schouten - SVP IT/CIO (457f) - Accrued $22,080 There were no distribution during 2022. Mike Rosek CEO LOC X 10000 8893 0 1 1 Mark Hettinger COO LOC X 10000 10000 0 1 1 David Schouten CIO LOC X 10000 9791 0 1 1 28684 Form 990, Part VI, Section A, line 6 First Alliance Credit Union is a member owned cooperative. Form 990, Part VI, Section A, line 7a The governing board, consisting of seven directors, are elected by the membership base. Form 990, Part VI, Section A, line 7b Any interim appointment of directors must be ratified by the membership at the next annual meeting. Any amendments to the bylaws must be ratified by the membership at the next annual meeting. Form 990, Part VI, Section B, line 11b The SVP Finance/CFO coordinates preparation of the Form 990 annually and it is reviewed by the President/CEO for accuracy and completeness prior to transmission. Form 990, Part VI, Section B, line 12c The Conflict of Interest Policy shall be reviewed and reaffirmed annually by the Credit Union Board of Directors at its organizational meeting. Evidence of the review and affirmation shall be entered in the minutes. Additionally, each director of the Credit Union board shall, on an annual basis, disclose any potential conflicts of interest he or she may have by executing a Conflict Disclosure and Code of Conduct Affirmation. Copies of the executed forms shall be retained in Director's folder. A director of the Credit Union Board shall not engage in the discussion of any matter in which he or she has a conflict of interest. A director of the Credit Union Board shall not vote on any matter in which he or she has a conflict of interest. The authorization, approval or ratification of any matter in which a director of the Credit Union Board has a conflict of interest must be made by a majority vote of the Credit Union directors present, excluding the interested director(s). The interested director(s) shall not be counted for purposes of establishing a majority or determining the presence of a quorum. The minutes shall reflect all abstentions by the Credit Union director(s). Form 990, Part VI, Section B, line 15 The Personnel Committee reviews and approves officer compensation annually. Increases are based, in part, on industry comparability data. Form 990, Part VI, Section C, line 19 The organization makes its governing documents and conflict of interest policy available to the public upon demand. Summary financial statements are posted in each branch lobby monthly and in an annual report to the membership. Form 990, Part XII, Line 2b: Audited Financial Statements: The financial statements for First Alliance Credit Union are audited based on a fiscal year ending March 31. IRS Form 990 Part XII, Line 2b has been answered no because the 990 is prepared based on a calendar year.