2022-09-30T09:13:14-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 JAY A GOSTONCZIK CEO 5077946712 2022-09-28 1 JAY GOSTONCZIK 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-09-28 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JAY A GOSTONCZIK 924 MAIN STREET EAST SLEEPY EYE MN 56085 21368389 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 9 127 10 14601 0 0 0 20556785 20927736 336851 438661 0 0 20893636 21366397 0 0 3037985 1850982 6557150 7123163 0 0 0 8836810 7876377 18431945 16850522 2461691 4515875 432718666 509297128 381493253 454239927 51225413 55057201 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 0 THE CREDIT UNION PROVIDED 14,142 LOANS TO MEMBERS TOTALLING NEARLY $327.1 MILLION. THE CREDIT UNION PROVIDED 56,470 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $427.5 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 8446 0 1 127 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X ALAN PETERSON 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 MATTHEW LUX CHAIRMAN 1.00 X X 2138 0 0 MIKE KRUEGER VICE-CHAIRMAN 1.00 X X 1192 0 0 JEFFREY IBBERSON SECRETARY/TREASURER 1.00 X X 1450 0 0 ROBERT WEISS DIRECTOR 1.00 X 438 0 0 MARK BRUGGEMAN DIRECTOR 1.00 X 394 0 0 SCOTT SUPRENANT DIRECTOR 1.00 X 1525 0 0 ADAM SEIFERT DIRECTOR 1.00 X 0 0 0 CHARLES GRAVELLE DIRECTOR 1.00 X 138 0 0 JERRY FORSTER DIRECTOR 1.00 X 483 0 0 JAY GOSTONCZIK CEO 40.00 X 192434 0 26726 PATRICE GOHL CHIEF OPERATIONS OFFICER 40.00 X 157545 0 9342 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 40.00 X 131707 0 7799 AL PETERSON CFO 40.00 X 134151 0 14069 623595 0 57936 4 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSOR 1895910 THRIVEON 210 SOUTH 20TH STREET NEW ULM MN 56073 IT 896136 CORNERSTONE ADVISORS INC 7272 E INDIAN SCHOOL RD SUITE 400 SCOTTSDALE AZ 85251 CORE ADVISORS 356509 GUIDELINE AMC 1103 LAUREL OAK ROAD SUITE 160 VOORHEES NJ 08043 MORTGAGE SERVICES 273621 FIRST AMERICAN MORTGAGE SOLUTIONS PO BOX 772863 CHICAGO IL 606772863 MORTGAGE SERVICES 258007 14 LOAN INTEREST 522100 12660127 12660127 OTHER OPERATING INCOME 522100 5710916 5710916 FEES & SERVICE CHARGES 522100 2556693 2542092 14601 20927736 440653 440653 1992 -1992 -1992 -1992 21366397 20913135 14601 438661 1850982 681531 5044880 248096 748410 400246 116528 21000 118236 35099 387073 3245107 399757 507055 103368 6 898126 LOAN SERVICING EXPENSE 1414864 PROVISION FOR LOAN LOSS 440996 MISC EXPENSE 189162 16850522 61525049 62450715 1240186 6480186 308101274 325262112 520633 737454 22640082 7656088 13719177 14983994 26802571 75834457 20809776 23548210 432718666 509297128 4378936 4811368 377114317 449428559 381493253 454239927 X 0 0 0 0 51225413 55057201 51225413 55057201 432718666 509297128 4515875 -684087 0 X X 0 1 X 1 0 3362156 3362156 11492830 3061060 8431770 172347 150803 21544 5489109 4444225 1044884 2123640 2123640 14983994 SECURITIES - AFS 63979275 F OTHER INVESTMENTS 865602 C OTHER SECURITIES 10989580 C 75834457 MEMBERS' SHARES AND SAVINGS ACCOUNTS 449428559 449428559 X 21368389 0 21368389 -1992 -1992 21366397 16852514 0 16852514 -1992 -1992 16850522 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 TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -1,992. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -1,992. X 0 0 0 JAY GOSTONCZIK CEO 190756 0 1573 0 105 0 12506 0 14220 0 219160 0 0 0 PATRICE GOHL CHIEF OPERATIONS OFFICER 155699 0 1573 0 273 0 9342 0 0 0 166887 0 0 0 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 B, LINE 11B A COPY OF THE 990 WILL BE SHARED WITH THE BOD AT A REGULARLY SCHEDULED MEETING, WITH THE CEO & CFO & COO REVIEWING IT WITH GUIDANCE FROM OUR ACCOUNTING FIRM. 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. THIS PROCESS WAS LAST COMPLETED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.