CENTRICITY CREDIT UNION: Form 990, tax year 2020
View the entire original 990 at ProPublica ↗
- Organization
- CENTRICITY CREDIT UNION (EIN 41-0788273)
- Tax period
- 2020-01-01 to 2020-12-31
- Filed
- 2021-04-08
- IRS object ID
- 202120989349301407
- Schema version
- 2020v4.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2021-04-08T12:24:42-05:00 | ReturnTs |
| Tax Period End | 2020-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 390758449 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | WIPFLI LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 8010 | AddressLine1Txt |
| City | WAUSAU | CityNm |
| State Abbreviation | WI | StateAbbreviationCd |
| ZIP | 544028010 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2020-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410788273 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CENTRICITY CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | CENT | BusinessNameControlTxt |
| Phone | 2187402281 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4477 LAVAQUE RD | AddressLine1Txt |
| City | HERMANTOWN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55811 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CONSTANCE CARTER | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2187402281 | PhoneNum |
| Signature | 2021-04-06 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | CONSTANCE | PersonFirstNm |
| Person Last | CARTER | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | XXX-XX-XXXX | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | MARY A COATES CPA | PreparerPersonNm |
| PTIN | P00134220 | PTIN |
| Phone | 7158453111 | PhoneNum |
| Preparation | 2021-04-06 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2020 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DOUGLAS RALSTON | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4477 LAVAQUE RD | AddressLine1Txt |
| City | HERMANTOWN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55811 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $10,324,794 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.CENTRICITY.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1943 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 76 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $15,615 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $1,260 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $9,231,896 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $9,938,438 | CYProgramServiceRevenueAmt |
| PY Investment Income | $572,656 | PYInvestmentIncomeAmt |
| CY Investment Income | $373,476 | CYInvestmentIncomeAmt |
| PY Other Revenue | $6,000 | PYOtherRevenueAmt |
| CY Other Revenue | $9,382 | CYOtherRevenueAmt |
| PY Total Revenue | $9,810,552 | PYTotalRevenueAmt |
| CY Total Revenue | $10,321,296 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $23,970 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $2,706,010 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $3,013,035 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $5,077,355 | PYOtherExpensesAmt |
| CY Other Expenses | $5,544,140 | CYOtherExpensesAmt |
| PY Total Expenses | $7,783,365 | PYTotalExpensesAmt |
| CY Total Expenses | $8,581,145 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $2,027,187 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,740,151 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $161,054,731 | TotalAssetsBOYAmt |
| Total Assets EOY | $196,623,078 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $142,119,798 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $175,866,718 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $18,934,933 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $20,756,360 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | CREDIT UNION BANKING SERVICE PROGRAMS: THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2020 OUR MEMBERS HAD $170,945,324 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $97,306,533 IN SAVINGS ACCOUNTS, $34,906,083 IN CHECKING ACCOUNTS, $24,386,368 IN MONEY MARKET, AND $14,346,340 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS 05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .308% AT YEAR END. NON-IRA CERTIFICATES EARNED 1.509% AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 16,579 MEMBERS AND ENDED THE YEAR WITH 16,828 FOR AN INCREASE OF 249 MEMBERS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | CREDIT UNION LENDING: THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $40,367,799 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2020. USED AUTO LOANS REPRESENT 28.6% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2020. THE CREDIT UNION HAD $29,912,439 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/20. THEY REPRESENT 21.2 % OF OUR LOAN PORTFOLIO AND 15.3% OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2020 FOR FIRST MORTGAGE LOANS WAS 2.38%. THE TOTAL LOAN PORTFOLIO INCREASED $13,098,285 DURING 2020. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS .52%. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | Yes (1) | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 2531 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 76 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CONSTANCE CARTER | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2187402281 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4477 LAVAQUE RD | AddressLine1Txt |
| City | HERMANTOWN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55811 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (9 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd |
|---|---|---|---|---|---|---|
| DOUG RALSTON | ||||||
| PRESIDENT/CEO | 40.00 | Yes (X) | $169,288 | $0 | $80,592 | |
| CONSTANCE CARTER | ||||||
| CFO | 40.00 | Yes (X) | $115,769 | $0 | $44,824 | |
| MARGARET TAYLOR | ||||||
| CHAIRPERSON | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| MARK THORSTEN | ||||||
| VICE CHAIRPERSON | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| STEPHEN MORGAN | ||||||
| SECRETARY | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| GARRETT BUSCH | ||||||
| DIRECTOR | 2.00 | $0 | $0 | $0 | Yes (X) | |
| SCOTT CHRISTENSEN | ||||||
| DIRECTOR | 2.00 | $0 | $0 | $0 | Yes (X) | |
| PATRICIA HENDRICKSON | ||||||
| DIRECTOR | 2.00 | $0 | $0 | $0 | Yes (X) | |
| GAYLE WAHNER | ||||||
| DIRECTOR | 2.00 | $0 | $0 | $0 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $285,057 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $125,416 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV | |||||
| 75 REMITTANCE DRIVE SUITE 1649 | CHICAGO | IL | 60675 | CORE SOFTWARE AND OTHER SERVICE SOFTWARE | $1,342,517 |
| COMPUDYNE | |||||
| 1524 EAST 37TH ST | HIBBING | MN | 55746 | IT SERVICES | $256,813 |
| SERVION | |||||
| 500 MAIN STREET | NEW BIRGHTON | MN | 55112 | MORTGAGE SERVICING | $115,954 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS | 522100 | $7,346,871 | $7,346,871 | |
| FEE INCOME | 522100 | $2,591,567 | $2,575,952 | $15,615 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $9,938,438 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $376,974 | TotalRevenueColumnAmt |
| Exclusion | $376,974 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $6,000 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $6,000 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,000 | TotalRevenueColumnAmt |
| Exclusion | $6,000 | ExclusionAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $3,498 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$3,498 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$3,498 | TotalRevenueColumnAmt |
| Exclusion | -$3,498 | ExclusionAmt |
Miscellaneous Revenue MiscellaneousRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,382 | TotalRevenueColumnAmt |
| Exclusion | $3,382 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $3,382 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $10,321,296 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $9,922,823 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $15,615 | UnrelatedBusinessRevenueAmt |
| Exclusion | $382,858 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,970 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $410,474 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,264,518 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $142,680 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $195,363 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,511 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $56,275 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $409,685 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $160,186 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $241,971 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $632,001 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $291,080 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,387 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,217 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,789 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $310,989 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $36,672 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN & CLOSING COSTS | $920,393 |
| PROVISION FOR LOAN LOSS | $641,703 |
| DEBIT AND CREDIT CARD F | $601,845 |
| DIVIDENDS ON MEMBER SHA | $598,614 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $572,822 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,581,145 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,322,821 | BOYAmt |
| EOY | $1,484,492 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,909,774 | BOYAmt |
| EOY | $20,583,588 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $563,365 | BOYAmt |
| EOY | $648,022 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,472,000 | BOYAmt |
| EOY | $1,472,000 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $127,031,434 | BOYAmt |
| EOY | $139,738,711 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $821,536 | BOYAmt |
| EOY | $2,131,966 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $7,471,861 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $3,312,111 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,275,546 | BOYAmt |
| EOY | $4,159,750 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $504,123 | BOYAmt |
| EOY | $1,251,764 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,904,027 | BOYAmt |
| EOY | $17,108,974 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,250,105 | BOYAmt |
| EOY | $8,043,811 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $161,054,731 | BOYAmt |
| EOY | $196,623,078 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,207,618 | BOYAmt |
| EOY | $1,396,204 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $23,447 | BOYAmt |
| EOY | $29,217 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $2,476,114 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $140,888,733 | BOYAmt |
| EOY | $171,965,183 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $142,119,798 | BOYAmt |
| EOY | $175,866,718 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,934,933 | BOYAmt |
| EOY | $20,756,360 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,934,933 | BOYAmt |
| EOY | $20,756,360 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $161,054,731 | BOYAmt |
| EOY | $196,623,078 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,740,151 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$848 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $82,124 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $621,712 | OtherCostOrOtherBasisAmt |
| Book Value | $621,712 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,124,455 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,020,650 | DepreciationAmt |
| Book Value | $3,103,805 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,639 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,639 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,696,647 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,268,074 | DepreciationAmt |
| Book Value | $428,573 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $26,408 | OtherCostOrOtherBasisAmt |
| Depreciation | $20,748 | DepreciationAmt |
| Book Value | $5,660 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $4,159,750 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (5 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| DEPOSITS IN COMMERCIAL BANKS | $11,462,000 | C |
| LOANS TO AND INVESTMENTS IN NATURAL PERSON CREDIT UNIONS | $3,679,000 | C |
| PERPETUAL CONTRIBUTED CAPITAL | $325,574 | C |
| ALL OTHER INVESTMENTS | $292,400 | C |
| INVESTMENTS IN CORPORATE CREDIT UNIONS | $1,350,000 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $17,108,974 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES & DEPOSITS | Desc |
| Amt | $171,965,183 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $171,965,183 | TotalLiabilityAmt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BOARD OF REGENTS AT UMD | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 204/210 KSC UNIV OF MN DULUTH | AddressLine1Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55812 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient EIN | 411406587 | RecipientEIN |
| IRC Section | 501(C)(3) | IRCSectionDesc |
| Cash Grant | $23,970 | CashGrantAmt |
| Purpose Of Grant | GENERAL SUPPORT | PurposeOfGrantTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 1 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DOUG RALSTON | ||||||||||||||
| PRESIDENT/CEO | $137,439 | $0 | $19,321 | $0 | $12,528 | $0 | $58,498 | $0 | $22,094 | $0 | $249,880 | $0 | $0 | $0 |
| CONSTANCE CARTER | ||||||||||||||
| CFO | $84,171 | $0 | $12,355 | $0 | $19,243 | $0 | $32,402 | $0 | $12,422 | $0 | $160,593 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 4B | FormAndLineReferenceDesc |
| Explanation | CONSTANCE CARTER, CFO AND DOUGLAS RALSTON, CEO, BOTH PARTICIPATED IN NONQUALIFIED RETIREMENT 457F PLANS. NEITHER CONSTANCE NOR DOUGLAS RECEIVED DISBURSEMENTS IN 2020. THE ORGANIZATION DEFERRED $26,600 AND $48,994 TO CONSTANCE AND DOUGLAS'S 457F PLAN DURING 2020. | ExplanationTxt |
Schedule L IRS990ScheduleL
Loans Btwn Org Interested Prsn LoansBtwnOrgInterestedPrsnGrp
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DOUG RALSTON | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship With Org | OFFICER | RelationshipWithOrgTxt |
| Loan Purpose | SERP | LoanPurposeTxt |
| Loan From Organization | Yes (X) | LoanFromOrganizationInd |
| Original Principal | $1,472,000 | OriginalPrincipalAmt |
| Balance Due | $1,472,000 | BalanceDueAmt |
| Default | 0 | DefaultInd |
| Board Or Committee Approval | Yes (1) | BoardOrCommitteeApprovalInd |
| Written Agreement | Yes (1) | WrittenAgreementInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Balance Due | $1,472,000 | TotalBalanceDueAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION'S MEMBERS HAVE THE RIGHT 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 | FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. THE FILED FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING FOLLOWING THE FILING OF THE RETURN WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | WHEN MATTERS PERTAINING TO THE SPECIFIC PERSONAL INTEREST OF A BOARD MEMBER ARE DISCUSSED, THE AFFECTED BOARD MEMBER OR MEMBERS WILL NOT ENGAGE IN THE DISCUSSION NOR PARTICIPATE IN THE VOTE AND THE MINUTES WILL SO STATE. IF MORE THAN ONE BOARD MEMBER IS INVOLVED IN MATTERS INVOLVING A CONFLICT OF INTEREST AND A VOTE IS CALLED, THE NUMBER VOTING MUST EXCEED THE QUORUM REQUIREMENTS FOR THE MEETING OR UNANIMOUS ACTION IS REQUIRED OF THE VOTING BOARD MEMBERS. EXAMPLES OF CONFLICT OF INTEREST SITUATIONS WOULD BE ACTION TO REDUCE INTEREST ON THE OBLIGATION OF A RELATIVE, PURCHASE LAND FOR THE PURPOSE OF ERECTING A CREDIT UNION OFFICER WHERE THE LAND IS OWNED BY A DIRECTOR, OR SELL CASUALTY INSURANCE THROUGH THE CREDIT UNION WHEN A BOARD MEMBER IS AN AGENT. ANY CREDIT UNION EMPLOYEE, DIRECTOR, OFFICER, OR SPOUSE WHO IS ASSOCIATED *WITH, OR HOLD A MATERIAL** OWNERSHIP INTEREST IN ANOTHER FINANCIAL INSTITUTION, TRADES ASSOCIATION OR RELATED BUSINESS WILL FILE AN ANNUAL DISCLOSURE STATEMENT WITH THE PRESIDENT OR BOARD CHAIRMAN WITHIN 30 DAYS OF JANUARY 1, THE START OF EMPLOYMENT OR TAKING OFFICE. ANY APPARENT CONFLICT OF INTEREST DISCLOSED BY THE STATEMENT WILL BE RESOLVED BY THE PRESIDENT OR BOARD PERSONNEL COMMITTEE AND THE INDIVIDUAL. * AS A DIRECTOR, OFFICER OR EMPLOYEE **DEFINED IN TERMS OF DOLLARS AS $5,000.00 OR MORE. NOTE: REPORTING MECHANISMS WILL INCLUDE: EMPLOYEES TO THE MANAGER, MANAGEMENT TO THE CHAIRMAN AND OTHERS TO THE SECRETARY OF THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE BOARD OF DIRECTORS APPROVES THE PRESIDENT'S COMPENSATION. THIS APPROVAL IS NOTED IN THE BOARD MINUTES. THE CREDIT UNION USES A THIRD-PARTY VENDOR "PAY SCALE" TO SET COMPENSATION RANGES; INCLUDING FOR THE PRESIDENT. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS, EMPLOYMENT AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). |
| FORM 990, PART XI, LINE 9: | CHANGE IN OCI 82,124. |