2023-11-15T09:33:24-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 JAY A GOSTONCZIK CEO 5077946712 2023-11-14 1 JAY GOSTONCZIK 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAY A GOSTONCZIK 924 MAIN STREET EAST SLEEPY EYE MN 56085 27049949 0 X WWW.SOUTHPOINTFINANCIAL.COM X 1936 MN SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 9 9 144 10 14177 0 0 0 20927736 20121281 438661 1172459 0 0 21366397 21293740 0 0 1850982 1997591 7123163 7528220 0 0 0 7876377 8552945 16850522 18078756 4515875 3214984 509297128 533091091 454239927 480384586 55057201 52706505 X SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 0 1 THE CREDIT UNION PROVIDED 15,839 LOANS TO MEMBERS TOTALLING $375,638,353. THE CREDIT UNION PROVIDED 64,137 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $445.5 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, WITH THE USE OF DEBIT AND ATM CARDS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8473 0 144 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X ALAN PETERSON 5072335602 924 MAIN ST E SLEEPY EYE MN 56085 MATTHEW LUX CHAIRMAN 4.00 X X 3363 0 0 MIKE KRUEGER VICE-CHAIRMAN 4.00 X X 4490 0 0 JEFFREY IBBERSON DIRECTOR (THRU Q3 2022) 4.00 X 900 0 0 ROBERT WEISS DIRECTOR 4.00 X 5154 0 0 MARK BRUGGEMAN DIRECTOR 4.00 X 2711 0 0 SCOTT SUPRENANT DIRECTOR 4.00 X 1788 0 0 ADAM SEIFERT DIRECTOR 4.00 X 8148 0 0 CHARLES GRAVELLE DIRECTOR 4.00 X 4375 0 0 JERRY FORSTER DIRECTOR 4.00 X 4822 0 0 JAY GOSTONCZIK CEO 40.00 X 225453 0 30740 PATRICE GOHL CHIEF OPERATIONS OFFICER 40.00 X 165863 0 9810 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 40.00 X 154298 0 8930 AL PETERSON CFO 40.00 X 154187 0 16726 735552 0 66206 4 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING 1986104 THRIVEON 210 S 20TH ST NEW ULM MN 56073 IT SERVICES 1008921 MINNESOTA CREDIT UNION NETWORK 555 WABASHA ST N SUITE 200 ST PAUL MN 55102 INSURANCE POLICIES 531075 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 ONLINE BANKING PLATFORM 358996 MAPLE STREET PO BOX 915505 LONGWOOD FL 327915505 VENDOR MAINTENANCE 310887 11 LOAN INTEREST 522100 14135080 14135080 OTHER OPERATING INCOME 522100 3730728 3730728 FEES & SERVICE CHARGES 522100 2255473 2241296 14177 20121281 1370371 1370371 5558017 280 5753965 2244 -195948 -1964 -197912 -197912 21293740 20107104 14177 1172459 1997591 801758 5124238 232469 899728 470027 148996 21000 62405 196790 381822 3704589 601249 559916 159368 209219 1002902 LOAN SERVICING EXPENSE 890966 PROVISION FOR LOAN LOSS 405095 MISC EXPENSE 187628 OPERATING FEES 21000 18078756 62450715 28978879 6480186 10728000 1585161 325262112 373400503 737454 854909 23309158 7835928 14983994 15473230 75834457 77613645 23548210 24456764 509297128 533091091 4811368 5344810 27995000 449428559 447044776 454239927 480384586 X 0 0 0 0 55057201 52706505 55057201 52706505 509297128 533091091 X 3214984 -5565685 5 X X 0 1 X 1 0 0 0 3364665 3364665 11591930 3364298 8227632 172347 171421 926 8028593 4300209 3728384 151623 151623 15473230 SECURITIES - AFS 75799245 F OTHER INVESTMENTS 1814400 C 77613645 MEMBERS' SHARES AND SAVINGS ACCOUNTS 447044776 447044776 X 21295704 0 21295704 -1964 -1964 21293740 18080721 0 18080721 -1965 -1965 18078756 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION CONVERTED TO A STATE CHARTER IN DECEMBER 2015 RESULTING IN NO TAX RETURNS FILED IN PREVIOUS YEARS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -1,964. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -1,964. ROUNDING -1. X X 0 0 0 JAY GOSTONCZIK CEO 223760 0 1543 0 150 0 14097 0 16643 0 256193 0 0 0 PATRICE GOHL CHIEF OPERATIONS OFFICER 164047 0 1543 0 273 0 9810 0 0 0 175673 0 0 0 AL PETERSON CFO 152386 0 1543 0 258 0 9413 0 7313 0 170913 0 0 0 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 146277 0 1543 0 6478 0 8930 0 0 0 163228 0 0 0 FORM 990, PART III, LINE 3 SOUTHPOINT FINANCIAL CREDIT UNION UPGRADED OUR CORE BANKING SYSTEM. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN SOUTHPOINT FINANCIAL CREDIT UNION (SPFCU OR THE CREDIT UNION) IS OPEN BY GEOGRAPHIC CHARTER TO SERVE INDIVIDUALS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED WITHIN THE AREA OF BROWN, REDWOOD, RENVILLE, NICOLLET, SIBLEY, BLUE EARTH, FARIBAULT, MARTIN, WATONWAN, COTTONWOOD, MURRAY, LYON, KANDIYOHI, MEEKER, MCLEOD, CARVER, LE SUEUR, WRIGHT, SCOTT, RICE, WASECA, STEELE, AND FREEBORN COUNTIES, MINNESOTA, (AND/OR BECOME A PATRON OF THE SOUTHPOINT FINANCIAL CREDIT UNION FOUNDATION). MEMBERS MAY MAINTAIN THEIR MEMBERSHIP FOR A LIFETIME AND THEREFORE, MAY UTILIZE THE SERVICES AT SPFCU EVEN IF THEY HAVE MOVED AWAY FROM THIS AREA. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS VOTE FOR BOARD OF DIRECTORS, WHICH ARE ALSO MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON BOARD OF DIRECTORS AND ANY COMPENSATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS DOCUMENTS FOR ACCURACY, THEN CEO DOES FINAL APPROVAL OF THE 990 FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SUPERVISORY COMMITTEE SIGN AN ANNUAL AGREEMENT REGARDING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS DETERMINED BY THE BOD. EXECUTIVE MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO IN ACCCORDANCE WITH THE CREDIT UNION'S COMPENSATION STRUCTURE. EXECUTIVE MANAGERS COMPENSATE MID-LEVEL MANAGERS AND KEY EMPLOYEES BASED ON THE CREDIT UNION'S COMPENSATION STRUCTURE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. FORM 990, PART XI, LINE 9: ROUNDING 5. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.