2022-10-04T08:50:27-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410705136 CENTRAL MINNESOTA CREDIT UNION CENT 3202563669 20 4TH AVE SE MELROSE MN 56352 NANCY ROSKE CHIEF ADMINISTRATIVE OFFICER 3202563669 2022-09-30 1 NANCY ROSKE 999009999 TANYA MEDGAARDEN P01717240 5074347000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z CHARLES FRIEDERICHS 20 4TH AVE SE MELROSE MN 56352 79519200 0 X WWW.MYCMCU.ORG X CU 1939 MN CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 74,040 MEMBERS. 7 7 431 10 223962 18273 0 0 63827732 65211941 2359377 1759176 8663709 12004484 74850818 78975601 96956 90650 7787584 5366194 31792074 33797599 0 0 0 23224017 22559064 62900631 61813507 11950187 17162094 1453374392 1639292297 1255213711 1428669177 198160681 210623120 CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 74,040 MEMBERS. 0 0 CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $5,366,697 ON AMOUNTS DEPOSITED BY MEMBERS. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 220,801 MEMBER ACCOUNTS WITH DEPOSITS OF $1,414,474,621 AS OF DECEMBER 31, 2021. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP INCLUDING RETAIL, COMMERCIAL AND AGRICULTURAL LOANS. THE CREDIT UNION HAD 33,145 LOANS OUTSTANDING AS OF DECEMBER 31, 2021 WITH BALANCES OF $1,187,871,631 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 27027 0 1 431 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 1 1 1 0 X NANCY ROSKE 3202563669 20 4TH AVE SE MELROSE MN 56352 MARK MEYER CHAIRPERSON 2.00 X X 7013 0 0 STEVE DANZL VICE CHAIRPERSON 2.00 X X 5875 0 0 MARVIN HINNENKAMP DIRECTOR 2.00 X 5850 0 0 FRED FLEISCHHACKER DIRECTOR 2.00 X 5200 0 0 MARTY MAHOWALD DIRECTOR 2.00 X 5063 0 0 JAMES GONDRINGER DIRECTOR 2.00 X 4654 0 0 LUKE GODZALA DIRECTOR 2.00 X 3100 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 45.00 X 745845 0 82927 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 45.00 X 368840 0 50551 NANCY ROSKE CHIEF ADMIN OFFICER 45.00 X 319946 0 66866 GREG MISTERMAN SVP OF CREDIT 45.00 X 271581 0 36906 DEAN DIRKES SVP COMMERCIAL BANKING 45.00 X 216899 0 66645 GARY MEYER SVP RETAIL BANKING 45.00 X 218126 0 62889 MATT NOSKA SVP OF HUMAN RESOURCES 45.00 X 194442 0 27439 BRAD SHAFTON VP OF IT 45.00 X 165787 0 38122 STEPHANIE MAYERS FINANCIAL ADVISOR 45.00 X 293414 0 56404 MICHAEL SCHWIETERS FINANCIAL ADVISOR 45.00 X 224572 0 60586 ANDREA KRASKA SVP BANKING OPS 45.00 X 195720 0 56162 ANDY WELLE VP COMMERCIAL BANKING 45.00 X 167374 0 46515 SCOTT EVESLAGE VP MARKETING 45.00 X 169525 0 35568 3588826 0 687580 13 0 1 0 BREITBACH CONSTRUCTION 802 1ST AVE ELROSA MN 56325 BUILDING PROJECTS 1469662 JACK HENRY PO BOX 609 MONETT MO 65708 CORE PROCESSOR 1049096 2 LOAN INTEREST 522100 48530520 48530520 FEES & CHARGES 522100 16681421 16457459 223962 65211941 1945752 1945752 357023 0 543599 357023 -543599 -186576 -186576 MISCELLANEOUS OPERATIONS INCOME 522100 12819056 12819056 OTHER NON-OPERATING EXPENSES 522100 -814572 -814572 12004484 78975601 76992463 223962 1759176 90650 5366194 2970565 23702624 1611631 3741901 1770878 2555189 8358566 1976618 325427 58 2571393 2082 LOAN SERVICING EXPENSE 2584428 PROVISION FOR LOAN LOSS 1944558 EDUCATIONAL AND PROMOTI 1774034 MISCELLANEOUS EXPENSE 440776 25935 61813507 109195231 149674438 79828000 38821000 1091627745 1177037856 3358982 2680814 46320759 19374701 28038541 26946058 98706512 199305654 42619381 44826477 1453374392 1639292297 13891234 14467934 1241322477 1414201243 1255213711 1428669177 X 0 0 0 0 198160681 210623120 198160681 210623120 1453374392 1639292297 X 17162094 -4699657 2 X X 0 1 X 1 0 8976983 8976983 25242480 11485160 13757320 1344981 1344981 10756315 7889541 2866774 26946058 OTHER INVESTMENTS 5023391 C AFS SECURITIES 189868734 F TRADING SECURITIES 4359151 F PERPETUAL CONTRIBUTED CAPITAL 54378 C 199305654 MEMBER SHARES 1414201243 1414201243 X 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 FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 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 HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE 100% WHOLLY OWNED CUSO, CENTRAL MINNESOTA PROFESSIONAL SERVICES, LLC, FLOWS THROUGH THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. 1 CENTRAL MN CREDIT UNION FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 501(C)(3) 74338 0 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE ALBANY AREA SCHOOLS 30 FOREST AVE ALBANY MN 56307 416003949 501(C)(3) 7500 0 SUPPORT DISTRICT INITIATIVE MELROSE AREA SCHOOLS 546 5TH AVE NE MELROSE MN 56352 416004062 501(C)(3) 8812 0 SUPPORT DISTRICT INITIATIVE PART I, LINE 2: FINANCIAL DONATIONS ARE MADE AT MANAGEMENT'S DISCRETION TO ORGANIZATIONS THAT ARE MEMBERS OF OR REPRESENTED BY MEMBERS OF THE CREDIT UNION BASED ON THE NEEDS OF ORGANIZATIONS WITHIN OUR COMMUNITIES. THE CREDIT UNION MAINTAINS RECORDS OF THE AMOUNTS DONATED. X X 1 1 X X X X 0 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 524449 0 200000 0 21396 0 45554 0 37373 0 828772 0 0 0 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 253512 0 115000 0 328 0 40794 0 9757 0 419391 0 0 0 NANCY ROSKE CHIEF ADMIN OFFICER 231785 0 87833 0 328 0 34315 0 32551 0 386812 0 0 0 STEPHANIE MAYERS FINANCIAL ADVISOR 293171 0 243 0 0 0 31262 0 25142 0 349818 0 0 0 GREG MISTERMAN SVP OF CREDIT 224420 0 42200 0 4961 0 35065 0 1841 0 308487 0 0 0 MICHAEL SCHWIETERS FINANCIAL ADVISOR 224107 0 465 0 0 0 29808 0 30778 0 285158 0 0 0 DEAN DIRKES SVP COMMERCIAL BANKING 172398 0 44209 0 292 0 37582 0 29063 0 283544 0 0 0 GARY MEYER SVP RETAIL BANKING 176815 0 41016 0 295 0 36430 0 26459 0 281015 0 0 0 ANDREA KRASKA SVP BANKING OPS 159227 0 36230 0 263 0 24964 0 31198 0 251882 0 0 0 MATT NOSKA SVP OF HUMAN RESOURCES 161402 0 32803 0 237 0 15437 0 12002 0 221881 0 0 0 ANDY WELLE VP COMMERCIAL BANKING 132934 0 34440 0 0 0 16973 0 29542 0 213889 0 0 0 SCOTT EVESLAGE VP MARKETING 135857 0 33668 0 0 0 23562 0 12006 0 205093 0 0 0 BRAD SHAFTON VP OF IT 152387 0 13400 0 0 0 10064 0 28058 0 203909 0 0 0 PART I, LINE 1A CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $21,068 CHARLES FRIEDERICHS - LONG TERM DISABILITY INSURANCE - $328 NANCY ROSKE - LONG TERM DISABILITY INSURANCE - $322 GARY MEYER - LONG TERM DISABILITY INSURANCE - $295 NEAL KADERABEK - LONG TERM DISABILITY INSURANCE - $328 GREG MISTERMAN - LONG TERM DISABILITY INSURANCE - $328 DEAN DIRKES - LONG TERM DISABILITY INSURANCE - $292 ANDREA KRASKA - LONG TERM DISABILITY INSURANCE - $263 MATT NOSKA - LONG TERM DISABILITY INSURANCE - $237 GREG MISTERMAN - GOLF MEMBERSHIP- $4633 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THE CREDIT UNION IS OPEN TO THOSE WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES IN 28 CONTIGUOUS COUNTIES IN CENTRAL MINNESOTA, 2 COUNTIES IN WISCONSIN AND 2 COUNTIES IN NORTH DAKOTA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY AND ALL MEMBERS HAVE AN EQUAL VOTE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE MINUTES OF MEMBER MEETINGS AND MOTIONS MADE AT THE ANNUAL MEETING (INCLUDING AMENDMENTS TO BYLAWS). FORM 990, PART VI, SECTION B, LINE 11B THE VICE PRESIDENT OF ACCOUNTING WILL REVIEW THE FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C KEY EMPLOYEES AND BOARD MEMBERS COMPLETE A QUESTIONNAIRE ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE WAGE AND COMPENSATION COMMITTEE REVIEWS AND APPROVES CEO COMPENSATION ANNUALLY. INCREASES ARE BASED, IN PART, ON INDUSTRY COMPARABILITY DATA. THIS PROCESS WAS LAST COMPLETED IN JANUARY 2022. EXECUTIVE MANAGEMENT AND HUMAN RESOURCES REVIEW AND APPROVE COMPENSATION FOR OTHER EMPLOYEES ANNUALLY. AN INDEPENDENT FIRM IS ENGAGED ANNUALLY TO REVIEW SALARY RANGES INCLUDING THE DEVELOPMENT OF A SALARY INCREASE MATRIX. THIS PROCESS WAS LAST COMPLETED NOVEMBER 2021. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING 2. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. CENTRAL MINNESOTA CREDIT UNION FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 PRIVATE FOUNDATION MN 501(C)(3) PF CENTRAL MINNESOTA CREDIT UNION 1 CENTRAL MN PROFESSIONAL SERVICES 300 PINECODE RD S SARTELL MN 56377 320312117 CU SERVICES MN 501(C)(3) CENTRAL MINNESOTA CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CENTRAL MINNESOTA CREDIT UNION FOUNDATION B 74338 ACTUAL AMOUNT