2022-10-04T13:21:55-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410738787 ASSOCIATED HEALTHCARE CREDIT UNION ASSO 6513834000 6789 UPPER AFTON RD WOODBURY MN 55125 CHEE LEE DIRECTOR OF FINANCE 6513834000 2022-09-30 1 CHEE LEE 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-09-30 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z THERESA MALONE 6789 UPPER AFTON RD WOODBURY MN 55125 6131423 0 X WWW.AHCU.ORG X CU 1953 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 "OWNERS". 8 8 40 8 6090 0 0 0 5245471 5646589 452429 484701 0 0 5697900 6131290 0 0 399760 0 1667284 1615104 0 0 0 2559349 2694739 4626393 4309843 1071507 1821447 142184471 154994819 128016514 139141165 14167957 15853654 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 "OWNERS". 0 0 THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. WE HAD 12,990 MEMBER ACCOUNTS WITH DEPOSITS OF $138,303,717 AS OF DECEMBER 31, 2021. THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. WE HAD 7,800 LOANS OUTSTANDING AS OF DECEMBER 31, 2021 WITH BALANCES OF $111,956,858. THE CREDIT UNION PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ELECTRONIC BANKING, ATM NETWORK, SHARED BRANCHING, AND IN PERSON. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 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 1804 0 1 40 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X THE ORGANIZATION 6513834000 6789 UPPER AFTON RD WOODBURY MN 55125 THOMAS GAVINSKI CHAIR 1.00 X X 575 0 0 MICHAEL NASS VICE CHAIR 1.00 X X 575 0 0 KATINA MCDUGLE DIRECTOR 1.00 X 450 0 0 LINDA ZDON SECRETARY 1.00 X X 375 0 0 CORRINE KROEHLER DIRECTOR 1.00 X 350 0 0 JOE CLUBB DIRECTOR 1.00 X 325 0 0 PATTI ELLIOT-ALLEN DIRECTOR 1.00 X 325 0 0 CHRISTOPHER MERZ TREASURER 1.00 X X 100 0 0 THERESA MALONE CEO 40.00 X 211122 0 48845 ANDREW RIHM VP LENDING 40.00 X 160343 0 15221 374540 0 64066 2 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53405 CORE DATA PROCESSING SYSTEM 493623 1 LOAN INTEREST 522100 3446207 3446207 OTHER INCOME 524298 1470677 1470677 FEES/CHARGES 522100 729705 723615 6090 5646589 484834 484834 133 -133 -133 -133 6131290 5640499 6090 484701 438606 934711 24806 88847 128134 9800 40341 353849 1111337 247932 20657 270489 52958 LOAN SERVICE EXPENSE 310054 EDUCATION/PROMOTION 126564 LOAN LOSS PROVISION 72813 PROFESSIONAL/OUTSIDE SE 47225 30720 4309843 575621 710940 43667433 25645490 90194182 111701619 252356 200011 1733484 879586 880021 853898 3321482 12412486 1219689 1352661 2073687 2117714 142184471 154994819 542670 837448 127473844 138303717 128016514 139141165 X 0 0 0 0 14167957 15853654 14167957 15853654 142184471 154994819 X 1821447 -135749 -1 X X 0 0 0 190300 190300 559700 23321 536379 254293 254293 0 729191 601972 127219 853898 SECURITIES - AVAILABLE FOR SALE 12412486 F 12412486 SHARES 69828856 SHARE DRAFTS 28202651 CERTIFICATES 9764503 MONEY MARKET 28088945 IRA ACCOUNTS 2418762 138303717 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAX. THE CREDIT UNIO HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2016 CALENDAR YEAR. 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'S 2018 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 THERESA MALONE CEO 184886 0 18948 0 7288 0 29707 0 19138 0 259967 0 0 0 ANDREW RIHM VP LENDING 145842 0 8901 0 5600 0 8133 0 7088 0 175564 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A IN THE INSTANCE OF A QUORUM WITH A HUNG VOTE, THE CHAIR CAN EXERCISE THE RIGHT OF TWO VOTES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBERS, EACH OF WHICH HAS EQUAL VOTING RIGHTS AT THE ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE AS OFFICERS AND ON ANY COMMITTEES, SUCH AS THE SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE STRUCTURE OF THE BOARD OF DIRECTORS REQUIRES MEMBER VOTING. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE CEO AND DIRECTOR OF FINANCE TO CONFIRM FOR ACCURACY. ALSO, A COPY WILL BE MADE AVAILABLE TO THE BOARD OF DIRECTORS VIA SECURE WEBSITE BEFORE FILING THE FORM 990. 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. THESE ARE SUMMARIZED AND MAINTAINED IN A DOCUMENT PRESENT AT EACH BOARD MEETING. CONFLICTS OF INTEREST ARE DETERMINED BY A REVIEW OF THE POTENTIAL CONFLICTS BY THE CEO AND THE BOARD OF DIRECTORS. IF A CONFLICT EXISTS, THEN THE CONFLICTED BOARD MEMBER OF OFFICER IS EXCLUDED FROM DISCUSSIONS AND VOTES RELATED TO ANY POTENTIAL OR EXISTING RELATIONSHIPS INVOLVING THE CONFLICT OF INTEREST. IF IT IS DETERMINED THAT A CONFLICT OF INTEREST WAS INTENTIONALLY HIDDEN BY A BOARD MEMBER, THEN THE SITUATION WOULD BE INVESTIGATED BY THE SUPERVISING COMMITTEE AND THE BOARD MEMBER COULD BE SUSPENDED AND SUBJECT TO DISMISSAL AT A SPECIAL MEETING OF ALL OF THE MEMBER-OWNERS. ADDITIONALLY, THE REMAINING BOARD MEMBERS AND OFFICERS WILL REVIEW, FOR FAIRNESS, ALL PAST TRANSACTIONS INVOLVING THE CONFLICT OF INTERESTS. IF A TRANSACTION APPEARS TO LACK ARMS-LENGTH, EITHER TO THE DETRIMENT OF THE CREDIT UNION, OR TO THE UNFAIR ADVANTAGE OF THE BOARD MEMBER, THEN ALL LEGAL REMEDIES WILL BE CONSIDERED. FORM 990, PART VI, SECTION B, LINE 15A 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 USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND ATTAINMENT IN THE CURRENT YEAR OF PREDEFINED PERFORMANCE OBJECTIVES SET FOR THE CEO PERSONALLY AND THE CREDIT UNION. THIS PROCESS IS PERFOMED BY A SUBCOMMITTEE OF THE BOARD AND PRESENTED TO THE FULL BOARD FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 15B: THE CEO REVIEWS THE PERFORMANCE AND GOALS OF OTHER OFFICERS AND KEY EMPLOYEES AND GRANTS ANY INCREASES WITHIN BUDGET THAT IS SET FOR THE YEAR. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH POSTING IN CREDIT UNION OFFICES AND ALSO AT ANNUAL MEETINGS. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND BY-LAWS ARE AVAILABLE TO THE PUBLIC THROUGH THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: ROUNDING -1. FORM 990, PART XII, LINE 2B: THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOESN'T MATCH THE REPORTING PERIOD FOR THE 990.