2023-11-14T07:56:21-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 390263945 CONNEXUS CREDIT UNION CONN 7158474700 1 CORPORATE DR STE 102 WAUSAU WI 54401 BOYD GUSTKE CEO/PRESIDENT 7158474700 2023-11-08 1 BOYD GUSTKE 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BOYD GUSTKE 1 CORPORATE DR STE 102 WAUSAU WI 54401 344010156 0 X CONNEXUSCU.ORG X CU 1935 WI ENCOURAGE THRIFT AND SELF RELIANCE AMONG MEMBERS BY PROVIDING DEPOSIT AND LENDING PRODUCTS AT COMPETITIVE TERMS IN ORDER TO IMPROVE SOCIAL CONDITIONS OF THE MEMBERSHIP. 9 9 847 9 4985246 0 0 0 268103874 327990422 7507078 288788 -27210 277954 275583742 328557164 0 0 50876039 69055568 43601509 64980710 0 0 0 106048591 149621200 200526139 283657478 75057603 44899686 3884444446 5264106222 3488586700 4761797533 395857746 502308689 TO BE A NATIONALLY RELEVANT, TRUSTED CREDIT UNION PROVIDING EXCEPTIONAL EXPERIENCES AND FOSTERING PROSPERITY FOR THOSE WE SERVE. 0 0 PROVIDE OUR MEMBERS DEPOSIT SERVICES FOR THEIR FUNDS TO EARN THEM A FAIR RATE OF RETURN. PROVIDE OUR MEMBERS LOAN SERVICES AT A FAIR RATE OF INTEREST. PROVIDE OUR MEMBERS ACCESS TO CHECK SERVICES AND OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 49685 0 847 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X X KRYSTLE GERTSCHEN 7156793276 1 CORPORATE DRIVE STE 102 WAUSAU WI 54401 TIMOTHY MULLOY DIRECTOR 1.00 X 66700 0 0 ALITA LOBNER CHAIRMAN 1.00 X X 29239 0 0 KELSI SEUBERT VICE CHAIR 1.00 X X 25902 0 0 SHANNA YONKE SECRETARY/TREASURER 1.00 X X 24673 0 0 STEVEN ZEINEMAN DIRECTOR 1.00 X 17992 0 0 STEVEN DEREBEY DIRECTOR 1.00 X 16500 0 0 MICHAEL PRESTILEO DIRECTOR 1.00 X 16500 0 0 GREG CULLEN DIRECTOR 1.00 X 15700 0 0 TODD MCDONALD DIRECTOR 1.00 X 12900 0 0 BOYD J GUSTKE CEO/PRESIDENT 50.00 X 793593 0 72516 CHAD E ROGERS EVP/COO 50.00 X 381786 0 65704 RYAN GAGE CHIEF RISK OFFICER 50.00 X 310507 0 52301 REGINALD SWANIGAN CHIEF TECHNOLOGY OFFICER 50.00 X 284642 0 53391 ERIC HUSEBY CLO 50.00 X 255803 0 63711 JUANITA RAUCH CONSULTANT TO THE PRESIDENT 50.00 X 959741 0 19629 SHEILA POLAK SVP FINANCE 50.00 X 193792 0 59592 DARYL R GESSLER CONSULTANT TO THE PRESIDENT 50.00 X 168594 0 34926 CLAIRE MENEY SVP MEMBER EXPERIENCE 50.00 X 191632 0 55737 LAMONT BONHAM SVP ENTERPRISE RISK MANAGE 50.00 X 170907 0 44455 3937103 0 521962 24 0 1 0 CDW DIRECT PO BOX 75723 CHICAGO IL 60675 HARDWARE/SOFTWARE 1690721 SALESFORECECOM INC 415 MISSION STREET 3RD FLOOR SAN FRANCISCO CA 94105 SOFTWARE 1579928 ALKAMI TECHNOLOGY INC DEPT 2223 PO BOX 122223 DALLAS TX 75312 DIGITAL BANKING 1444400 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 DEBIT CARD/ATM PROCESSOR 1202397 XPRESS DATA INC 10983 VITA FRONTERA SAN DIEGO CA 92127 STATEMENT PROCESSING 1125484 49 INTEREST INCOME ON LOANS 522100 302152171 302152171 OTHER INCOME 522100 22703513 17737928 4965585 FEE INCOME 522100 3134738 3115077 19661 327990422 4426854 4426854 10844394 470532 14189000 1263992 -3344606 -793460 -4138066 -4138066 OTHER NON-OPERATING INCOME 522100 277954 277954 277954 328557164 323283130 4985246 288788 69055568 2560060 44431936 3370581 11257384 3360749 396339 175179 8661383 1822183 5757111 3988407 915412 4173740 2827630 LOAN SERVICING 73300205 PROVISION FOR LOAN LOSS 35953957 OTHER EXPENSES 11439604 OPERATING FEES 210050 283657478 345359844 261724723 485000 15105477 23500934 32571987 3380104624 4610098324 4220291 5810395 49347224 13866590 12867680 35480634 3500000 37484390 16776390 27426565 7711710 25624099 89917973 212779628 3884444446 5264106222 32918449 38060866 120027947 3455668251 4603708720 3488586700 4761797533 X 0 0 0 0 395857746 502308689 395857746 502308689 3884444446 5264106222 X 44899686 61551257 X X 0 1 X 1 0 7154566 7154566 28904146 4398621 24505525 2088433 935131 1153302 11200079 8532838 2667241 35480634 REGULAR SHARE ACCOUNTS 500533924 MONEY MARKET ACCOUNTS 603096373 SHARE DRAFT ACCOUNTS 416163483 IRA SHARE ACCOUNTS 42624099 SHARE AND IRA CERTIFICATES 3041290841 4603708720 X 329350647 0 329350647 -793483 -793483 328557164 284450939 0 284450939 -793461 -793461 283657478 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD. 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. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS -793,460. ROUNDING -23. PART XII, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS -793,460. ROUNDING -1. X 1 1 X X X X X X 1 1 0 JUANITA RAUCH CONSULTANT TO THE PRESIDENT 0 0 0 0 959741 0 15100 0 4529 0 979370 0 0 0 BOYD J GUSTKE CEO/PRESIDENT 629344 0 160000 0 4249 0 29900 0 42616 0 866109 0 0 0 CHAD E ROGERS EVP/COO 320302 0 59063 0 2421 0 29900 0 35804 0 447490 0 0 0 RYAN GAGE CHIEF RISK OFFICER 277959 0 30455 0 2093 0 16927 0 35374 0 362808 0 0 0 REGINALD SWANIGAN CHIEF TECHNOLOGY OFFICER 273762 0 9403 0 1477 0 18000 0 35391 0 338033 0 0 0 ERIC HUSEBY CLO 212405 0 41667 0 1731 0 25152 0 38559 0 319514 0 0 0 SHEILA POLAK SVP FINANCE 155446 0 26290 0 12056 0 21369 0 38223 0 253384 0 0 0 CLAIRE MENEY SVP MEMBER EXPERIENCE 156289 0 25950 0 9393 0 20010 0 35727 0 247369 0 0 0 LAMONT BONHAM SVP ENTERPRISE RISK MANAGE 141233 0 24220 0 5454 0 18319 0 26136 0 215362 0 0 0 DARYL R GESSLER CONSULTANT TO THE PRESIDENT 166469 0 0 0 2125 0 22737 0 12189 0 203520 0 0 0 PART I, LINE 1A DURING 2022, SOME OF THE BOARD OF DIRECTORS HAD COMPANION TRAVEL EXPENSES THAT WERE PAID BY CONNEXUS AND ADDED TO THEIR W2. PART I, LINE 3 CONNEXUS OBTAINS A SALARY SURVEY BASED ON JOB DUTIES AND GEOGRAPHIC LOCATION, BROKEN DOWN BY ASSET SIZE AND EMPLOYEE COUNTS, ALONG WITH INDUSTRY SPECIFIC SALARY STUDIES. CONNEXUS EVALUATES THE SALARY SURVEY INFORMATION WITH JOB PERFORMANCE AND GOAL ACHIEVEMENT TO OBTAIN A POTENTIAL SALARY INCREASE RANGE FOR THAT POSITION GRADE LEVEL. THIS INFORMATION IS REVIEWED BY THE BOARD'S EXECUTIVE COMMITTEE AND THE TOTAL REWARDS LEADER FOR APPROVAL. ANY SALARY CHANGES THAT EXCEED ESTABLISHED RANGES FOR A PARTICULAR GRADE LEVEL NEED FURTHER APPROVAL. EXEC COMPENSATION RANGES REVIEWED IN 2022 BY D.HILTON. COMPENSATION RANGE AND EMPLOYEE SPECFIC CHANGES MADE WITH DIRECTION FROM CU PRES. PART I, LINES 4A-B JUANITA RAUCH - SEVERANCE PAYMENT - $959,741 HEATHER RISTOW - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS CLAIRE MENEY - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS SHEILA POLAK - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS CHAD ROGERS - NON-QUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS BOYD GUSTKE - NON-QUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS DARYL GESSLER - NON-QUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS DOUGLAS YOUNG FORMER CEO/PRESIDENT SPLIT DOLLAR X 5080241 5094046 0 1 1 J DAVID CHRISTENSON FORMER CEO/PRESIDENT SPLIT DOLLAR X 6300000 6318135 0 1 1 BOYD GUSTKE CEO/PRESIDENT SPLIT DOLLAR X 9729000 10092770 0 1 1 CHAD ROGERS EVP/COO SPLIT DOLLAR X 4900000 4958997 0 1 1 ERIC HUSEBY CLO SPLIT DOLLAR X 5106000 5108039 0 1 1 ROBERT LESTINA FORMER CEO/PRESIDENT SPLIT DOLLAR X 1000000 1000000 0 1 1 32571987 SCHEDULE L, PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:J. DAVID CHRISTENSON - LOAN AMOUNT PLUS ACCRUED INTEREST - $7,453,142DOUGLAS YOUNG - LOAN AMOUNT PLUS ACCRUED INTEREST - $6,578,120WE NOTED THE FOLLOWING INDIVIDUALS TO HAVE 2 PLANS - ONE NON-RECOURSE AND ONE WITH LIMITED RECOURSE. WE NOTED THE NON-RECOURSE PLAN WAS RECORDED AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:BOYD GUSTKE - LOAN AMOUNT PLUS ACCRUED INTEREST - $1,588,147CHAD ROGERS - LOAN AMOUNT PLUS ACCRUED INTEREST - $1,916,801WE NOTED THE PLAN FOR ROBERT LESTINA CAME OVER FROM A MERGER AND IS RECORDED AT THE LOAN VALUE OF $1,000,000.ROBERT LESTINA - LOAN AMOUNT PLUS ACCRUED INTEREST - $1,146,870 FORM 990, PART VI, SECTION A, LINE 6 CONNEXUS CREDIT UNION IS OWNED AND OPERATED BY ITS MEMBERS. A MEMBER MUST MEET FIELD OF MEMBERSHIP RESTRICTIONS AND DEPOSIT AT LEAST FIVE DOLLARS IN THEIR SHARE ACCOUNT. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE CERTAIN DECISIONS SUCH AS NAME CHANGE OR MERGER. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND THEN REVIEWED INTERNALLY PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C NOTICES ARE SENT TO ALL EMPLOYEES AND DIRECTORS REQUESTING INFORMATION ON ALL POSSIBLE CONFLICTS OF INTEREST THAT MAY EXIST. IN ADDITION, EACH EMPLOYEE MUST REVIEW A PRESENTATION ON CONFLICTS OF INTEREST SO THEY UNDERSTAND THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15 FORM 990 PART VI LINE 15A: CONNEXUS OBTAINS A SALARY SURVEY BASED ON JOB DUTIES AND GEOGRAPHIC LOCATION, BROKEN DOWN BY ASSET SIZE AND EMPLOYEE COUNTS, ALONG WITH INDUSTRY SPECIFIC SALARY STUDIES. CONNEXUS MESHES ALL OF THIS INFORMATION WITH JOB PERFORMANCE AND GOAL ACHIEVEMENT TO OBTAIN A POTENTIAL SALARY INCREASE RANGE FOR THAT POSITION GRADE LEVEL. THIS INFORMATION IS REVIEWED BY THE BOARD'S EXECUTIVE COMMITTEE AND THE COMPENSATION DEPARTMENT FOR APPROVAL. ANY SALARY CHANGES THAT EXCEED ESTABLISHED RANGES FOR A PARTICULAR GRADE LEVEL NEED FURTHER APPROVAL. FORM 990 VI, LINE 15B: CONNEXUS OBTAINS A SALARY SURVEY BASED ON JOB DUTIES AND GEOGRAPHIC LOCATION, ALONG WITH INDUSTRY SPECIFIC SALARY STUDIES. CONNEXUS MESHES ALL OF THIS INFORMATION WITH JOB PERFORMANCE AND GOAL ACHIEVEMENT TO OBTAIN A POTENTIAL SALARY INCREASE RANGE FOR THAT POSITION GRADE LEVEL. THIS INFORMATION IS REVIEWED BY THE CEO AND THE COMPENSATION DEPARTMENT FOR APPROVAL. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2020 FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES OF THE ORGANIZATION AND PROVIDED IN THE ANNUAL REPORTS AND ANNUAL MEETING. FINANCIAL INFORMATION IS ALSO PROVIDED TO OUR FEDERAL REGULATOR, NCUA, WHO POSTS THIS INFORMATION ON THE NCUA WEBSITE FOR PUBLIC VIEWING. OTHER DOCUMENTS SUCH AS HMDA, CONFLICT OF INTEREST, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST, SOME OF WHICH ARE MAINTAINED BY THE WISCONSIN OFFICE OF CREDIT UNIONS. FORM 990, PART XI, LINE 9: CHANGE IN ACQUIRED EQUITY 63,000,000. CHANGE IN AOCI -1,448,765. ROUNDING 22. FORM 990 PART XII LINE 2C PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FINANCIAL INSTITUTION LENDING OPTIONS LLC 550 BAY VIEW ROAD SUITE A MUKWONAGO WI 53149 870771221 LOAN ORIGINATOR WI 974630 13734549 CONNEXUS CREDIT UNION