2022-09-19T12:00:12-05:00 2021-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2021-01-01 410653148 NORTHWOODS CREDIT UNION NORT 2188794181 1702 AVE B CLOQUET MN 55720 PAULA OLSEN VP OF ACCOUNTING 2188794181 2022-09-07 1 PAULA OLSEN 999009999 MICHAEL J PETERSON CPA P01833529 2187224705 2022-09-02 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z DOUG WOLF 1702 AVE B CLOQUET MN 55720 9648677 0 X WWW.NORTHWOODSCU.ORG X 1936 MN PROVIDE CREDIT UNION SERVICES TO MEMBERS. 7 7 55 10 14583 0 0 0 8594896 9498194 -2465186 435494 0 80275 6129710 10013963 25858 27006 0 0 3464155 3964748 0 0 0 4368480 4746827 7858493 8738581 -1728783 1275382 139988463 158800321 129178239 146714716 10810224 12085605 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS. 0 0 DIVIDENDS AND INTEREST ON MEMBER SAVINGS ACCOUNTS AND LOANS TO MEMBERS. 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2529 0 55 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 2.11 X X 2311 0 0 LARRY CHAMPEAUX VICE CHAIRPERSON 1.18 X X 1292 0 0 CHRISTINE NIELSON-RINGAT SECRETARY 1.20 X X 1313 0 0 ANN DUNAISKI TREASURER (THRU DECEMBER) 0.89 X X 977 0 0 NATHAN MANNER DIRECTOR 1.07 X 1171 0 0 LISA FOLLETT-POLLAK DIRECTOR 0.80 X 883 0 0 DEBRA J LARSON DIRECTOR 0.84 X 919 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 40.00 X 125768 0 40336 DOUG WOLF PRESIDENT/CEO 40.00 X 164845 0 34962 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICER 40.00 X 132112 0 25689 431591 0 100987 3 0 1 0 THE BOLDT COMPANY 2525 N ROEMER RD APPLETON WI 549120419 REMODELING OF FACILITIES 1012834 FISERV 75 REMITTANCE DRIVE SUITE 1649 CHICAGO IL 606751647 CORE SYSTEM PROVIDER 718695 NCRDIGITAL INSIGHT 864 SPRING STREET NW ATLANTA GA 30308 ONLINE BANKING PROVIDER 349163 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICE PROVIDER 150345 4 INTEREST ON LOAN 522100 6495587 6495587 FEE INCOME 522100 3002607 2988024 14583 9498194 70208 70208 -355968 -9318 355968 9318 365286 365286 BAD DEBT RECOVERIES 900099 80275 80275 80275 10013963 9563886 14583 435494 27006 532579 2478087 178235 586153 189694 83813 270139 207028 312865 1255435 332457 27241 47792 5 548074 80587 DIVIDENDS ON MEMBER SHA 486827 LOAN & CLOSING COSTS 484017 ATM EXPENSES 375114 EXAM EXPENSES 67082 168351 8738581 2883141 2872484 16225827 12566422 247529 1070601 3496 2925 106259754 125792637 127121 156715 10179925 2877830 6481554 7302095 1248000 3085229 344200 1517000 6167841 4434213 139988463 158800321 325446 239793 128852793 146474923 129178239 146714716 X 0 0 0 0 10810224 12085605 10810224 12085605 139988463 158800321 1275382 0 X 0 0 0 663100 663100 7794405 1906244 5888161 1722420 971586 750834 7302095 MEMBERS' SHARE AND SAVINGS ACCOUNTS 146474923 146474923 X X 0 0 0 DOUG WOLF PRESIDENT/CEO 143313 0 21532 0 0 0 9135 0 25827 0 199807 0 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 108862 0 16906 0 0 0 7131 0 33205 0 166104 0 0 0 MATTHEW FERRIN SVP/CHIEF FINANCIAL OFFICER 115256 0 16856 0 0 0 0 0 25689 0 157801 0 0 0 DOUG WOLF PRESIDENT/CEO PERSONAL LOAN X 5000 2925 0 1 1 2925 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.