2022-11-02T11:29:16-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410800081 NOVATION CREDIT UNION NOVA 6517398080 500 IMPERIAL AVE OAKDALE MN 551287151 TERRY KAHLE CFO 6517398080 2022-10-24 1 TERRY KAHLE 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-10-24 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z KRISTI MUKOMELA 500 IMPERIAL AVE OAKDALE MN 551287151 8796633 0 X WWW.NOVATION.ORG X CREDIT UNION 1954 MN NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 16,500 MEMBER OWNERS. 9 9 37 13 15611 0 0 0 8186376 8661924 112130 134709 0 0 8298506 8796633 0 0 743893 331248 3059169 3016445 0 0 0 3144200 3135507 6947262 6483200 1351244 2313433 192998558 218712368 178472469 201872845 14526089 16839523 TO OFFER PERSONALIZED FINANCIAL SOLUTIONS EXCLUSIVELY TO 3M EMPLOYEES AND THEIR FAMILIES. 0 0 LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 16,500 MEMBER OWNERS. SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 16,500 MEMBER OWNERS. INVESTMENT:PROVIDE COMPETITIEVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 2884 0 1 37 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 1 1 1 1 0 X TERRY KAHLE 6517359957 500 IMPERIAL AVENUE OAKDALE MN 55128 MIKE KRONEBUSCH CHAIR 1.00 X X 1200 0 0 MARY EDINGER DIRECTOR 1.00 X 1200 0 0 DAN CARLSON DIRECTOR 1.00 X 1200 0 0 DARYL THOENNES DIRECTOR 1.00 X 1200 0 0 DAWN MCGINLEY DIRECTOR 1.00 X 1200 0 0 JOHN SCHWALBACH DIRECTOR 1.00 X 1100 0 0 MATT JUHL DIRECTOR 1.00 X 1200 0 0 NANCY SELESKI DIRECTOR 1.00 X 1100 0 0 SHAWN SCHOW DIRECTOR 1.00 X 1100 0 0 KRISTI MUKOMELA PRESIDENT/CEO 50.00 X 244383 0 6785 TERRY KAHLE VP OF FINANCE/CFO 50.00 X 143385 0 13040 SCOTT HENNING VP OF MARKETING/CMO 50.00 X 130279 0 14555 NICK ALTAVILLA VP OF OPERATIONS/COO 50.00 X 111664 0 6684 640211 0 41064 4 0 1 0 INSPERITY 19001 CRESCENT SPRINGS DR KINGSWOOD TX 77339 PEO SERVICES 565208 PSCU 560 CARILLOON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING 554410 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 ACCOUNT PROCESSING 405212 NCR 864 SPRING ST ATLANTA GA 30308 E-SERVICES 297734 FPI PAVING 3230 RICE STREET SAINT PAUL MN 55126 NEW PARKING LOT 145602 6 LOAN INTEREST INCOME 522100 5319495 5319495 OTHER INCOME 522100 3027385 3015899 11486 FEE INCOME 522100 315044 310919 4125 8661924 134709 134709 8796633 8646313 15611 134709 X 331248 681275 1652977 158049 524144 1579 86087 774805 122017 1005873 185918 54736 5 262170 LOAN SERVICING EXPENSE 558232 MISCELLANEOUS OPERATING 51865 LOAN LOSS PROVISION 20220 OPERATING FEES 12000 6483200 895757 1946290 38177711 42195487 87443 43176 141734602 152378018 345262 330627 6062100 3700980 2250428 2361120 1924683 12811597 7582672 6646053 192998558 218712368 856063 899732 177616406 200973113 178472469 201872845 X 0 0 0 0 14526089 16839523 14526089 16839523 192998558 218712368 X 2313433 1 X X 0 0 0 734664 734664 1929808 1132449 797359 316652 262101 54551 2782546 2258336 524210 298430 48094 250336 2361120 MORTGAGE BACKED SECURITIES 12579997 C FEDERAL HOME LOAN BANK STOCK 231600 C 12811597 SHARE DRAFTS 65666035 REGULAR SHARES 69020424 MONEY MARKET SHARES 60389582 SHARE CERTIFICATES 5689340 OTHER SHARES 207732 200973113 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FUTHERANCE OF ITS EXEMPT PURPOSES. IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AT ISSUE FOR MANY YEARS. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL AND STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATION. THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE USTAINED WHEN CHALLENGED OR WHEN EXAMINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX BENEFIT OR EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED SEPTEMBER 30, 2021 AND 2020, MANAGMENT HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS. X X X 0 1 0 KRISTI MUKOMELA PRESIDENT/CEO 203724 0 35824 0 4835 0 0 0 6785 0 251168 0 0 0 TERRY KAHLE VP OF FINANCE/CFO 134245 0 9140 0 0 0 0 0 13040 0 156425 0 0 0 PART I, LINE 3 PART I, LINE 4B: THE FOLLOWING WERE PARTICIPANTS IN A NON-QUALIFIED 457(F) PLAN: KRISTI MUKOMELA-NO DISTRIBUTION IN 2021 SCOTT HENNING-NO DISTRIBUTION IN 2021 NICK ALTAVILLA-NO DISTRIBUTION IN 2021 TERRY KAHLE-NO DISTRIBUTION IN 2021 TRACY JUHL SPOUSE OF BOARD MEMBER MATT JUHL 22830 COMPENSATION FOR PART-TIME EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B CFO, TERRY KAHLE, AND OTHER MANAGEMENT WILL REVIEW BEFORE THE 990 IS FILED. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTE REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS AND RECOMMENDS CEO COMPENSATION CHANGES TO FULL BOARD FOR APPROVAL. THE CEO REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS IN DETERMINING MANAGEMENT AND OTHER EMPLOYEE COMPENSATION. THIS WAS MOST RECENTLY COMPLETED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE IN THE ANNUAL REPORT, NCUA WEBSITE AND ARE POSTED IN BRANCH LOBBIES. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 774,805. FORM 990, PART XI, LINE 9: ROUNDING 1. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.