2022-07-13T10:06:27-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410793629 RED WING CREDIT UNION REDW 6513887133 3303 NORTH SERVICE DRIVE RED WING MN 55066 AARON S DEJONG PRESIDENT 6513887133 2022-06-15 1 AARON DEJONG 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-06-15 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z AARON S DEJONG 3303 NORTH SERVICE DRIVE RED WING MN 55066 6072171 0 X WWW.REDWINGCU.COM X CU 1954 MN TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNER". 7 7 32 10 3342 0 0 0 4723035 5583366 594689 471828 0 0 5317724 6055194 0 0 554371 533207 1667231 1713384 0 0 0 1883352 2013326 4104954 4259917 1212770 1795277 136549819 161603708 121882478 145767519 14667341 15836189 TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNER". 0 0 THE RED WING CREDIT UNION PRESENTLY HAS 3812 CONSUMER LOANS IN SERVICE FOR A TOTAL VOLUME OF $83,819,773. THE CREDIT UNION ALSO HAS 66 COMMERCIAL LOANS FOR A TOTAL VOLUME OF $7,832,726. WE ALSO HAVE 1274 VISA LOAN ACCOUNTS IN SERVICE FOR A TOTAL VOLUME OF $1,387,749. THE INTEREST RATES CHARGED ON THESE LOANS IS WELL BELOW THAT OF OUR LOCAL COMPETITION. THE RED WING CREDIT UNION OFFERS SAVINGS DEPOSIT RATES THAT ARE GENERALLY HIGHER THAN OUR LOCAL COMPETITION. WE OFFER BOTH REGULAR AND IRA CERTIFICATES OF DEPOSIT. THE RED WING CREDIT UNION OFFERS VARIOUS CHECKING ACCOUNTS THAT ARE VERY COMPETITIVELY PRICED IN OUR LOCAL MARKET. ALL OUR FEES ARE LOWER THAN THE COMPETITION. IN GENERAL, WE OFFER BETTER PRODUCTS AT A BETTER PRICE. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 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 3167 0 32 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 0 1 1 0 0 X X STACEY HINRICHS 6513887133 3303 NORTH SERVICE DRIVE RED WING MN 55066 DARYL MARK CHAIR 0.30 X X 500 0 0 DAVID HULL DIRECTOR 0.30 X 500 0 0 PAUL IRWIN DIRECTOR 0.30 X 500 0 0 TAMMY WADLEY VICE CHAIR 0.30 X X 450 0 0 TONY SEYFFER DIRECTOR 0.30 X 400 0 0 STACY BYSTROM DIRECTOR 0.30 X 400 0 0 SHIRLEY PERKINS SECRETARY 0.30 X X 300 0 0 AARON DEJONG PRESIDENT 40.00 X 177885 0 50263 180935 0 50263 1 0 1 0 FISERV 455 WOMDOMG BROOK DRIVE GLASTONBURY CT 06033 DATA PROCESSOR 579882 1 LOAN INTEREST 522100 3637278 3637278 OTHER OPERATING INCOME 524298 1684827 1684827 FEES & CHARGES 522100 261261 257919 3342 5583366 488805 488805 16977 -16977 -16977 -16977 6055194 5580024 3342 471828 X 533207 231198 1110261 39370 235230 97325 780 23080 512945 78319 489096 95130 31444 16 207302 LOAN SERVICING 465906 PROVISION FOR LOAN LOSS 65716 MISCELLANEOUS 37406 STATE EXAMINATION 6186 4259917 805655 955705 15585214 15098268 -74387 844813 936722 1001773 83113805 91678339 2300290 2424855 4514195 2007160 2656131 2507035 15652439 32901987 12001449 10921000 100000 100000 3472501 3169933 136549819 161603708 307044 301134 121575434 145466385 121882478 145767519 X 0 0 0 0 14667341 15836189 14667341 15836189 136549819 161603708 X 1795277 -626430 1 X X 0 0 0 180000 180000 1332015 1076409 255606 3002180 930751 2071429 2507035 INVESTMENTS - HELD TO MATURITY SECURITIES 989000 C INVESTMENTS - OTHER FINANCIAL INSTITUTIONS 8432000 C ALL OTHER INVESTMENTS 1500000 C 10921000 SHARES 66249874 DRAFTS/MONEY MARKETS 62180522 CERTIFICATES 17035989 145466385 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31, 2021 AUDITED FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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 EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2021 AND 2020. THE CREDIT UNION'S 2018 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 0 0 0 AARON DEJONG PRESIDENT 157285 0 20600 0 0 0 49322 0 941 0 228148 0 0 0 AARON S DEJONG PRESIDENT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 1001773 0 1 1 1001773 SCHEDULE L, PART II NOTED THIS 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 THE AMOUNT OF 1,001,773 FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS $1,122,047. FORM 990, PART VI, SECTION A, LINE 6 A MEMBER OF THE RED WING CREDIT UNION MUST LIVE IN OR DO BUSINESS, ATTEND SCHOOL OR CHURCH IN GOODHUE COUNTY, MINNESOTA, USA. THEY MUST OPEN A SHARE ACCOUNT FOR AT LEAST $25.00. THIS ENTITLES THEM TO ONE VOTE AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING. MEMBERS ARE ENTITLED TO BE PAID DIVIDENDS ON THEIR SAVINGS AT A RATE DETERMINED BY THE BOARD OF DIRECTORS EACH MONTH AT THEIR REGULAR BOARD OF DIRECTORS MEETING. RED WING CREDIT UNION HAS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED FOR THREE YEAR TERMS BY THE MEMBERSHIP AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING WHICH IS ANNOUNCED IN ADVANCE IN THE CREDIT UNION'S NEWSLETTER AS WELL AS POSTED AT THE CREDIT UNION OFFICE AND ON ITS WEB PAGE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE BOARD OF DIRECTORS AT A BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY COMPLETE A SURVEY RELATED TO LOANS, BUSINESS RELATIONSHIPS, AND FAMILY MEMBERS THAT COULD OR DO CREATE A CONFLICT OF INTEREST. IF THERE WERE A CONFLICT OF INTEREST, THE CONFLICTED BOARD MEMBER OR OFFICER WOULD BE EXCLUDED FROM DISCUSSIONS AND VOTES RELATED TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE PERSONNEL COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS BASED ON CEO HIRE DATE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE AT THE OFFICE UPON REQUEST AND ARE DISTRIBUTED TO MEMBERS AT THE ANNUAL MEETING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SERVICE FEES 512,945. FORM 990, PART XI, LINE 9: ROUNDING 1. FORM 990, PART XII, LINE 2A AND 2B: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.