2021-04-08T12:24:42-05:00 2020-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2020-01-01 410788273 CENTRICITY CREDIT UNION CENT 2187402281 4477 LAVAQUE RD HERMANTOWN MN 55811 CONSTANCE CARTER CFO 2187402281 2021-04-06 1 CONSTANCE CARTER XXX-XX-XXXX MARY A COATES CPA P00134220 7158453111 2021-04-06 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z DOUGLAS RALSTON 4477 LAVAQUE RD HERMANTOWN MN 55811 10324794 0 X WWW.CENTRICITY.ORG X 1943 MN 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. 7 7 76 12 15615 1260 0 0 9231896 9938438 572656 373476 6000 9382 9810552 10321296 0 23970 0 0 2706010 3013035 0 0 0 5077355 5544140 7783365 8581145 2027187 1740151 161054731 196623078 142119798 175866718 18934933 20756360 X 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. 0 0 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. 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%. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2531 0 1 76 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X CONSTANCE CARTER 2187402281 4477 LAVAQUE RD HERMANTOWN MN 55811 DOUG RALSTON PRESIDENT/CEO 40.00 X 169288 0 80592 CONSTANCE CARTER CFO 40.00 X 115769 0 44824 MARGARET TAYLOR CHAIRPERSON 2.00 X X 0 0 0 MARK THORSTEN VICE CHAIRPERSON 2.00 X X 0 0 0 STEPHEN MORGAN SECRETARY 2.00 X X 0 0 0 GARRETT BUSCH DIRECTOR 2.00 X 0 0 0 SCOTT CHRISTENSEN DIRECTOR 2.00 X 0 0 0 PATRICIA HENDRICKSON DIRECTOR 2.00 X 0 0 0 GAYLE WAHNER DIRECTOR 2.00 X 0 0 0 285057 0 125416 2 0 1 0 FISERV 75 REMITTANCE DRIVE SUITE 1649 CHICAGO IL 60675 CORE SOFTWARE AND OTHER SERVICE SOFTWARE 1342517 COMPUDYNE 1524 EAST 37TH ST HIBBING MN 55746 IT SERVICES 256813 SERVION 500 MAIN STREET NEW BIRGHTON MN 55112 MORTGAGE SERVICING 115954 3 INTEREST ON LOANS 522100 7346871 7346871 FEE INCOME 522100 2591567 2575952 15615 9938438 376974 376974 6000 0 6000 6000 6000 3498 -3498 -3498 -3498 3382 3382 3382 10321296 9922823 15615 382858 23970 410474 2264518 142680 195363 8511 56275 409685 160186 241971 632001 291080 30387 24217 6789 310989 36672 LOAN & CLOSING COSTS 920393 PROVISION FOR LOAN LOSS 641703 DEBIT AND CREDIT CARD F 601845 DIVIDENDS ON MEMBER SHA 598614 572822 8581145 1322821 1484492 3909774 20583588 563365 648022 1472000 1472000 127031434 139738711 821536 2131966 7471861 3312111 4275546 4159750 504123 1251764 14904027 17108974 6250105 8043811 161054731 196623078 1207618 1396204 23447 29217 0 2476114 140888733 171965183 142119798 175866718 X 0 0 0 0 18934933 20756360 18934933 20756360 161054731 196623078 X 1740151 -848 82124 X 0 0 0 621712 621712 5124455 2020650 3103805 2639 2639 0 1696647 1268074 428573 26408 20748 5660 4159750 DEPOSITS IN COMMERCIAL BANKS 11462000 C LOANS TO AND INVESTMENTS IN NATURAL PERSON CREDIT UNIONS 3679000 C PERPETUAL CONTRIBUTED CAPITAL 325574 C ALL OTHER INVESTMENTS 292400 C INVESTMENTS IN CORPORATE CREDIT UNIONS 1350000 C 17108974 MEMBER SHARES & DEPOSITS 171965183 171965183 1 BOARD OF REGENTS AT UMD 204/210 KSC UNIV OF MN DULUTH DULUTH MN 55812 411406587 501(C)(3) 23970 GENERAL SUPPORT 1 0 X X X 0 1 0 DOUG RALSTON PRESIDENT/CEO 137439 0 19321 0 12528 0 58498 0 22094 0 249880 0 0 0 CONSTANCE CARTER CFO 84171 0 12355 0 19243 0 32402 0 12422 0 160593 0 0 0 PART I, LINE 4B 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. DOUG RALSTON OFFICER SERP X 1472000 1472000 0 1 1 1472000 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.