2023-11-15T09:32:59-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 DANIELLE STEELE CONTROLLER 2186258500 2023-11-14 1 DANIELLE STEELE 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVE EWERS 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 69987690 0 X WWW.MEMBERSCCU.ORG X CREDIT UNION 1936 MN TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 12 10 309 0 303219 6066 0 0 43947517 47097569 1252941 -670322 507579 0 45708037 46427247 232717 181419 5461642 5491436 18042459 21779729 0 0 0 14598117 19325045 38334935 46777629 7373102 -350382 1064400556 1152300712 956025967 1053055443 108374589 99245269 TO MAKE OUR COMMUNITIES STRONGER, OUR EMPLOYEES HAPPIER, AND OUR WORLD BETTER. 0 0 DIVIDENDS AND INTEREST OF $5.49 MILLION WAS PAID TO MEMBERS IN 2022 ON 122,018 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 35,141 LOANS TOTALING OVER $912 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ASLO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES. AVAILABILITY OF 13 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 1 1 1 0 0 1 33171 0 309 1 1 1 0 0 0 0 0 0 0 0 0 X 12 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MN X STEVE EWERS 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 JOHN GILBERT DIRECTOR 6.70 X 5250 0 0 RUSS SALGY DIRECTOR 7.10 X 5500 0 0 TESS DANDREA FORMER DIRECTOR 10.60 X 8273 0 0 DORIS DAHL CHAIR 14.70 X X 11500 0 0 NICOLE BARKER BOARD SECRETARY & TREASURER 6.10 X X 4750 0 0 DIANNE CARLSON EMERITUS DIRECTOR 6.70 X 5250 0 0 DAVID VUKELICH BOARD VICE CHAIR 13.10 X X 10250 0 0 JENNIE SIEBERT DIRECTOR 6.70 X 5250 0 0 TIM CAROLINE FORMER DIRECTOR 1.00 X 750 0 0 RODNEY BIBEAU DIRECTOR 1.30 X 1000 0 0 PETER VANG DIRECTOR 6.70 X 5250 0 0 JOE WOLFF DIRECTOR 3.20 X 2500 0 0 STEPHEN EWERS PRESIDENT/CEO 55.00 X 611748 0 44527 RALPH HAMANN CFO/CHRO 50.00 X 500726 0 63564 JANET VOLD CIO/COO 50.00 X 525526 0 63464 SIMONE SURI GENERAL COUNSEL 50.00 X 461210 0 53625 STEPHAN GLONCHAK CHIEF LENDING OFFICER 50.00 X 434789 0 33201 RYANNE BATTAGLIA CMO 50.00 X 387779 0 27486 CORY STENSON MORTGAGE MANAGER 45.00 X 181003 0 30744 ANDY JONESON VP IT 45.00 X 177979 0 29233 PAUL MILLER VP DATA AND ANALYTICS 45.00 X 182766 0 21130 JEFFREY STANLEY VP DIGITIAL SERVICES 45.00 X 168213 0 22386 BRAE OLSON VP MARKETING 45.00 X 171628 0 17385 3868890 0 406745 55 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 ANNUAL SOFTWARE MAINTENANCE 2252132 INTEGRIS 1524 E 37TH STREET HIBBING MN 55746 COMPUTER SERVICE CONTRACT 1229306 CONVERGINT TECHNOLOGIES 35257 EAGLE WAY CHICAGO IL 60678 ALARM SYSTEM, CCTV 717928 SYNERGI PARTNERS PO BOX 5599 FLORENCE SC 29502 CARES ACT RELATED CONSULTING 712057 SERVION COMMERCIAL LOAN RESOURCES 500 MAIN STREET NEW BRIGHTON MN 55112 LOAN SERVICING 604256 27 LOAN INTEREST INCOME 522100 34219054 34219054 OTHER OPERATING INCOME 524298 7247814 7247814 FEE INCOME 522100 5630701 5327482 303219 47097569 2349959 2349959 18339291 2200871 21188608 2371835 -2849317 -170964 -3020281 -3020281 46427247 46794350 303219 -670322 181419 5491436 3273168 13116845 1599437 2304546 1485733 20703 172009 2013668 593876 4981523 1648331 31744 367055 1836455 1811665 MISCELLANEOUS OPERATING 3122265 LOAN SERVICING EXPENSE 2088783 PROVISION FOR LOAN LOSS 601968 OPERATING FEES 35000 46777629 110665216 51329412 1245000 898097 1225633 9212698 9149810 734051563 914315580 2551365 1782736 48146508 18415877 30481813 29730631 94379727 58946239 15224181 9129500 9868113 13744876 55822783 62946295 1064400556 1152300712 9511641 9842722 90500000 17500000 929014326 952712721 956025967 1053055443 X 0 0 0 0 108374589 99245269 108374589 99245269 1064400556 1152300712 X -350382 -8778943 5 X X 0 1 X 1 0 5709968 5709968 24985985 5343403 19642582 16574379 12344353 4230026 876176 728121 148055 29730631 ACCRUED INTEREST 2756684 FORECLOSED AND REPOSSESSED ASSETS 626766 OTHER ASSETS 36609985 LOANS HELD FOR SALE 335500 INTANGIBLE ASSETS 3176 457(B) PLAN 1186783 BOLI INVESTMENTS 21016962 ROU ASSET 410439 62946295 SHARE SAVINGS 252212944 SHARE DRAFTS 184080598 MONEY MARKET 211615837 IRA DEPOSITS 57890904 SHARE & IRA CERTIFICATES 218394224 NON MEMBER DEPOSITS 28518214 952712721 X 46427253 0 46427253 -5 -5 46427248 46777631 2 2 46777629 0 46777629 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR POTENTIAL TAXABLE ACTIVITIES, REMITTING, AND RECOGNIZING AS EXPENSE, FEDERAL AND STATE TAX AND RELATED ESTIMATE PAYMENTS, AS APPLICABLE. INCOME TAXES INCURRED, OR REFUNDS THEREOF, HAVE NOT BEEN MATERIAL TO DATE TO THE ENTITY. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE CREDIT UNIONS EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNIONS FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNIONS 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -5. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 2. 1 GRANDMA'S MARATHON PO BOX 16234 DULUTH MN 55816 411573627 501(C)(3) 60000 0 GRANDMA'S MARATHON DULUTH AIR SHOW 2110 W 1ST ST DULUTH MN 55806 391647421 501(C)(3) 15000 0 CORPORATE PARTNER AIR SHOW UNIVERSITY OF MINNESOTA REGENTS NW 5960 PO BOX 1450 MINNEAPOLIS MN 554855960 416007513 STATE GOVERNMENT 10000 0 SPONSOR UMD ATHLETICS 3 PART I, LINE 2: THE CREDIT UNION HAS A CONTRACT DEFINING THE TERMS OF THE SPONSORSHIP. X X X X 0 0 0 STEPHEN EWERS PRESIDENT/CEO 436473 0 103750 0 71525 0 15250 0 29277 0 656275 0 0 0 JANET VOLD CIO/COO 304677 0 192300 0 28549 0 27668 0 35796 0 588990 0 0 0 RALPH HAMANN CFO/CHRO 310669 0 157700 0 32357 0 30500 0 33064 0 564290 0 0 0 SIMONE SURI GENERAL COUNSEL 261637 0 162200 0 37373 0 30500 0 23125 0 514835 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 263315 0 134100 0 37374 0 30500 0 2701 0 467990 0 0 0 RYANNE BATTAGLIA CMO 244327 0 116650 0 26802 0 24795 0 2691 0 415265 0 0 0 CORY STENSON MORTGAGE MANAGER 161995 0 18870 0 138 0 18389 0 12355 0 211747 0 0 0 ANDY JONESON VP IT 161379 0 16536 0 64 0 18587 0 10646 0 207212 0 0 0 PAUL MILLER VP DATA AND ANALYTICS 181404 0 1134 0 228 0 712 0 20418 0 203896 0 0 0 JEFFREY STANLEY VP DIGITIAL SERVICES 168137 0 0 0 76 0 0 0 22386 0 190599 0 0 0 BRAE OLSON VP MARKETING 167450 0 4124 0 54 0 1967 0 15418 0 189013 0 0 0 PART I, LINE 3 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE TAMMY HEIKKINEN CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6175000 5882383 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 649962 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 966834 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1650631 0 1 1 9149810 DIANNE CARLSON OWNER 494 ROSE GREENHOUSE & NURSERY FLOWER DELIVERY 0 SCHEDULE L, PART II NOTED THESE TO BE A NON-RECOURSE PLAN THAT IS 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 BALANCES ARE AS FOLLOWS:TAMMY HEIKKINEN - 7,409,092JANET VOLD - 720,679RALPH HAMANN - 1,078,717TIMOTHY SMITH - 2,579,451 FORM 990, PART VI, SECTION A, LINE 1A THERE IS A SUPERVISORY COMMITTEE THAT REVIEWS AUDIT RESULTS. MEMBERS OF THE COMMITTEE ARE NOT ON THE BOARD OF DIRECTORS OR ON THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 6 SUBSTANTIALLY ALL CUSTOMERS OF THE CREDIT UNION ARE MEMBERS. EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP MUST APPROVE CHANGES TO THE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B COMPLETED BY SENIOR ACCOUNTANT AND REVIEWED BY THE CONTROLLER ANNUALLY FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST MUST BE DISCLOSED PURSUANT TO THE POLICY. SUCH DISCLOSURES MUST BE MADE IN WRITING TO THE COMPLIANCE OFFICER. THE COMPLIANCE OFFICER MUST RETAIN THOSE DISCLOSURES. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS AND EACH BOARD MEMBER ATTESTS THAT THEY UNDERSTAND AND AGREE TO ADHERE TO THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE TO THE MEMBERSHIP. A MONTHLY BALANCE SHEET IS POSTED IN LOBBY OF PRIMARY BRANCHES. THE ANNUAL REPORT IS POSTED ON THE CU'S WEBSITE. ALSO, QUARTERLY REPORTS ARE AVAILABLE ON THE NCUA WEBSITE. THE CU DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ROUNDING 5. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE INDEPENDENT AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND ASSUMES RESPONSIBILITY FOR THE SELECTION OF THE INDEPENDENT AUDITOR. MEMBERS DIRECT INSURANCE AGENCY 101 14TH STREET CLOQUET MN 55720 463985484 INSURANCE MN MEMBERS COOPERATIVE CREDIT UNION MEMBERS COOPERATIVE CREDIT UNION COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 PROMOTING YOUTH MN 501(C)(3) PF MEMBERS COOPERATIVE CREDIT UNION 1 LAKEHEAD FINANCIAL MANAGEMENT INC 4628 MIKE COLALILLO DR DULUTH MN 55807 411542100 CREDIT UNION SERVICE ORGANIZATION MN MEMBERS COOPERATIVE CREDIT UNION C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000