2021-11-16T10:46:52-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 410824021 MY CREDIT UNION MYCR 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 GREG WORTHEN PRESIDENT 6127987176 2021-11-16 1 GREG WORTHEN 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-16 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X GREG WORTHEN 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 13939910 0 X WWW.MYMNCU.ORG X CU 1957 MN TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. 9 9 88 12 63553 0 0 0 11105392 12906542 1872016 954919 294 -2 12977702 13861459 0 0 399352 373524 5361891 5976803 0 0 0 6436942 7294184 12198185 13644511 779517 216948 307549200 350249139 281576931 323452944 25972269 26796195 TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR 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 DIVIDENDS AND INTEREST EXCEEDING $373,524 PAID TO MEMBERS ON $317,583,694 DEPOSIT ACCOUNTS HELD BY 23,280 MEMBERS. PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,660 LOANS IN 2020 WHICH EXCEEDED $127,784,359 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $277,297,483 MILLION DOLLARS AT YEAR END. PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, MY CU MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF THREE SUR-CHARGE FREE ATM'S, OVER 5,353 CREDIT CARDS, OVER 16,526 DEBIT AND 6 ATM CARDS, AND NEARLY 12,263 MEMBERS USING OUR INTERNET BANKING SITE. 0 0 0 0 0 0 0 1 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 1 0 0 0 0 0 0 0 0 0 1 5767 0 1 88 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 1 1 1 1 1 0 X RICK RASMUSSON 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 JAMES HABECK CHAIRMAN 1.00 X X 0 0 0 LYNN SCHERER VICE CHAIRMAN 1.00 X X 0 0 0 TERESA KRUSE SECRETARY 1.00 X X 0 0 0 JAMES MCDONALD TREASURER 1.00 X X 0 0 0 DYLAN KLOPP DIRECTOR 1.00 X 0 0 0 DOUG FORSMAN DIRECTOR 1.00 X 0 0 0 EVANS ONCHIRI DIRECTOR 1.00 X 0 0 0 JOHN SUAREZ DIRECTOR 1.00 X 0 0 0 LUANN WERNER DIRECTOR 1.00 X 0 0 0 GREG WORTHEN PRESIDENT 40.00 X 379279 0 31034 RICK RASMUSSON CHIEF FINANCIAL OFFICER 40.00 X 205238 0 24112 KAREN HOEPPNER VICE PRESIDENT, LENDING 40.00 X 196587 0 10046 PIERRE MERLIN VICE PRESIDENT, IT 40.00 X 154165 0 21925 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 40.00 X 149132 0 8940 TERRY STIREWALT VICE PRESIDENT, COMMERCIAL 40.00 X 121383 0 6994 TODD BARDUSON VICE PRESIDENT, MARKETING 40.00 X 129917 0 13214 1335701 0 116265 7 0 1 0 SHINGOBEE BUILDERS PO BOX 8 LORETTO MN 55357 BUILDING CONSTRUCTION 1139334 FISERV PO BOX 934057 ATLANTA GA 31193 CORE PROCESSING SYSTEM 497193 SERVION 500 MAIN STREET NEW BRIGHTON MN 55112 COMMERCIAL LENDING PROCESSING & SUPPORT 422151 I-SPACE 811 GLENWOOD AVE MINNEAPOLIS MN 55405 FURNITURE 416733 ALKAMI DEPT 2223 PO BOX 122223 DALLAS TX 75312 MOBILE & INTERNET BANKING 319247 9 LOAN INTEREST 900099 9887575 9887575 FEE INCOME 522100 1936326 1872773 63553 OTHER INCOME 524298 1082641 1082641 12906542 909449 909449 123921 0 78451 123921 -78451 45470 45470 NON-OPERATING INCOME 900099 -2 -2 -2 13861459 12842987 63553 954919 373524 1451966 3266788 167418 535628 555003 66935 72063 1836798 537391 58361 115011 866452 PROFESSIONAL AND OUTSID 1274190 LOAN SERVICING EXPENSE 983677 PROVISION FOR LOAN LOSS 680063 MISCELLANEOUS OPERATING 577729 225514 13644511 1445150 1169687 6296249 9113114 112712 112611 6449764 6462217 198917078 270864328 562246 610731 20183857 3459255 15499784 16724602 59233655 27517635 4479253 2737612 14553309 14936602 307549200 350249139 3008498 4116552 528838 723636 278039595 318612756 281576931 323452944 X 0 0 0 0 25972269 26796195 25972269 26796195 307549200 350249139 X 216948 578682 28296 X X 0 0 0 0 1 X 4281185 4281185 13000772 2246953 10753819 2901900 1212302 1689598 16724602 AVAILABLE FOR SALE SECURITIES 26859254 F DEPOSITS IN COMMERCIAL BANKS 249281 C OTHER INVESTMENTS 409100 C 27517635 SHARES/DEPOSITS 317612756 DRAWS AGAINST LOC 1000000 318612756 X PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST 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 EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2020 AND 2019. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2016 ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART X, LINE 2 AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR FORM 990. X X X 0 0 0 GREG WORTHEN PRESIDENT 316657 0 34562 0 28060 0 13702 0 17332 0 410313 0 0 0 RICK RASMUSSON CHIEF FINANCIAL OFFICER 158900 0 18200 0 28138 0 10487 0 13625 0 229350 0 0 0 KAREN HOEPPNER VICE PRESIDENT, LENDING 155403 0 16450 0 24734 0 10046 0 0 0 206633 0 0 0 PIERRE MERLIN VICE PRESIDENT, IT 137881 0 16284 0 0 0 8300 0 13625 0 176090 0 0 0 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 130012 0 13216 0 5904 0 8940 0 0 0 158072 0 0 0 GREG WORTHEN PRESIDENT SPLIT DOLLAR PLAN X 3200000 3200000 0 1 1 RICK RASMUSSON CHIEF FINANCIAL OFFICER SPLIT DOLLAR PLAN X 1400000 1387217 0 1 1 KAREN HOEPPNER VP-LENDING SPLIT DOLLAR PLAN X 675000 675000 0 1 1 JOHN DEBETTIGNIES VP-MEMBER SERVICES SPLIT DOLLAR PLAN X 1200000 1200000 0 1 1 6462217 JULIEANN WORTHEN JULIEANN IS WIFE OF GREG WORTHEN, CEO. 18509 JULIEANN IS AN EMPLOYEE OF THE CREDIT UNION 0 SCHEDULE L, PART II FORM 990, PART VI, SECTION A, LINE 6 ELIGIBLE MEMBERSHIP OF MY CREDIT UNION CONSISTS OF PERSONS WHO LIVE IN, WORSHIP IN, ATTEND SCHOOL IN, WORK IN, OR VOLUNTEER IN AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN THE COUNTIES OF: HENNEPIN, DAKOTA, AND SCOTT COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, MEMBERS OF THE SAME HOUSEHOLD, 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 ALL MEMBERS IN GOOD STANDING AND AT LEAST 18 YEARS OLD RECEIVE ONE VOTE IN ANNUAL ELECTIONS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CHARTER CHANGES MUST BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE CREDIT UNION'S CFO AND THEN BE SUBMITTED TO THE PRESIDENT FOR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SENIOR MANAGERS ARE REQUIRED TO DISCLOSE ANY AFFILIATIONS IN A SIGNED DOCUMENT ANNUALLY. CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK. THE CREDIT UNION IS REVIEWING THE PROCEDURES RELATED TO ENFORCEMENT OF THIS POLICY AND IS LOOKING TO EXPAND REQUIREMENTS IN THE FUTURE. FORM 990, PART VI, SECTION B, LINE 15 IN DECEMBER OF 2015, THE ORGANIZATION BEGAN UTILIZING COMPEASE. COMPEASE IS A COMPREHENSIVE SALARY ADMINISTRATION TOOL WHICH INCORPORATES THE INDIVIDUAL JOB FUNCTIONS AND SCORES EACH FUNCTION TO CREATE POSITION GRADES. THESE GRADES ARE THEN COMPAIRED WITH SIMILAR POSITION GRADES, ON A LOCAL AND NATIONAL LEVEL TO CREATE POSITION SALARY RANGES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART XI, LINE 9: UNREALIZED GAIN(LOSS) ON AFS SECURITIES 27,999. ROUNDING 297. FORM 990, PART XII, LINE 2B: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR FORM 990.