2023-07-27T12:10:28-05:00 2022-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2022-01-01 410653148 NORTHWOODS CREDIT UNION NORT 2188794181 1702 AVE B CLOQUET MN 55720 DOUG WOLF PRESIDENT/CEO 2188794181 2023-07-17 1 DOUG WOLF 999009999 0 MICHAEL J PETERSON CPA P01833529 2187224705 2023-06-29 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DOUG WOLF 1702 AVE B CLOQUET MN 55720 11374020 0 X WWW.NORTHWOODSCU.ORG X 1936 MN PROVIDE CREDIT UNION SERVICES TO MEMBERS. 7 7 63 10 12905 0 0 0 9498194 10080951 435494 151593 80275 1141476 10013963 11374020 27006 36789 0 0 3964748 4512240 0 0 0 4746827 5166735 8738581 9715764 1275382 1658256 158800321 162399307 146714716 149068094 12085605 13331213 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS. 0 0 SERVED 11,408 MEMBERS - PAID OVER $366,100 IN DIVIDENDS 8,443 OUTSTANDING MEMBER LOANS TOTALING $112,837,876 ON DECEMBER 31, 2022 - GRANTED 3,640 LOANS TO MEMBERS TOTALING $60,966,581 IN 2022 - MEMBERS PAID OVER $6,382,480 IN LOAN INTEREST THROUGHOUT 2022 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2824 0 63 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 1.90 X X 2074 0 0 LARRY CHAMPEAUX VICE CHAIRPERSON 1.31 X X 1435 0 0 CHRISTINE NIELSON-RINGAT SECRETARY 1.21 X X 1318 0 0 NATHAN MANNER DIRECTOR 1.14 X 1245 0 0 LISA FOLLETT-POLLAK DIRECTOR 0.89 X 967 0 0 DEBRA J LARSON DIRECTOR 0.74 X 804 0 0 KASEY OLSON DIRECTOR 0.58 X 636 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 40.00 X 134445 0 45806 DOUG WOLF PRESIDENT/CEO 40.00 X 171546 0 39766 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICE 40.00 X 137618 0 34523 452088 0 120095 3 0 1 0 FISERV 75 MITTANCE DRIVE SUITE 1649 CHICAGO IL 606751647 CORE SYSTEM PROVIDER 1162548 NCRDIGITAL INSIGHT 864 SPRING STREET NW ATLANTA GA 30308 ONLINE BANKING PROVIDER 376773 THE BOLDT COMPANY 2525 N ROEMER RD APPLETON WI 549120419 REMODELING OF FACILITIES 274240 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICE PROVIDER 145291 HTG ARCHITECTS 1010 MAINSTREET SUITE 100 HOPKINS MN 55343 ARCHITECT SERVICES FOR FACILITY REMODEL 105059 5 INTEREST ON LOAN 522100 7250192 7250192 FEE INCOME 522100 2830759 2817854 12905 10080951 151593 151593 RECOVERY OF CAPITAL 900099 1141476 1141476 1141476 11374020 10068046 12905 1293069 35867 922 572182 2836029 197199 650317 256513 115590 7521 194417 229062 411011 1595705 303307 70927 55305 8576 513710 111922 LOAN & CLOSING COSTS 480602 MEMBERSHIP DIVIDENDS/RE 417661 ATM EXPENSES 355839 PROVISION FOR LOAN LOSS 187246 108334 9715764 2872484 3291343 12566422 565591 1070601 1165175 2925 3385 125792637 135198421 156715 485201 10743687 3391540 7302095 7352147 3085229 8471382 1517000 1539600 4434213 4327062 158800321 162399307 239793 276716 146474923 148791378 146714716 149068094 X 0 0 0 0 12085605 13331213 12085605 13331213 158800321 162399307 X 1658256 -412648 X 0 0 0 663100 663100 8265069 2150143 6114926 1815518 1241397 574121 7352147 MEMBERS' SHARE AND SAVINGS ACCOUNTS 146016378 BORROWINGS 2775000 148791378 1 FLOODWOOD SCHOOL DISTRICT ISD 698 115 W 4TH AVENUE FLOODWOOD MN 55736 GOV 5175 0 GENERAL SUPPORT 1 0 PART I, LINE 2: THE ORGANIZATION TYPICALLY SELECTS ORGANIZATIONS OR GOVERNMENTAL ENTITIES THAT SUPPORT THE GENERAL PUBLIC AND MISSION OF THE CREDIT UNION. RECIPIENTS ARE SELECTED ON A NEED BY NEED BASIS AND THE ORGANIZATION HAS A POLICY IN PLACE TO CONFIRM DISTRIBUTIONS OVER CERTAIN AMOUNTS BY THE BOARD. X X 0 0 0 DOUG WOLF PRESIDENT/CEO 149372 0 22174 0 0 0 9416 0 30350 0 211312 0 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 116494 0 17951 0 0 0 7600 0 38206 0 180251 0 0 0 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICE 119667 0 17951 0 0 0 0 0 34523 0 172141 0 0 0 DOUG WOLF PRESIDENT/CEO PERSONAL LOAN X 5000 3385 0 1 1 3385 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: ADOPTION OF ASC 326 UNDIVIDED EARNINGS ADJUSTMENT -412,648.