2021-04-19T17:11:32-05:00 2020-12-31 421186197 GARDINER COMPANY PC 10555 NEW YORK AVENUE SUITE 200 DES MOINES IA 50322 990 2020-01-01 420816632 MIDLAND CREDIT UNION MIDL 5152781994 2891 106TH STREET URBANDALE IA 50322 HOLLY LUCA CEO 5152781994 2021-04-16 1 HOLLY LUCA XXX-XX-XXXX DENNIS GARDINER CPA P02167685 5152701446 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z HOLLY LUCA 2891 106TH STREET URBANDALE IA 50322 2954085 0 X WWW.MIDLANDCU.ORG X 1933 IA PEOPLE HELPING PEOPLE; LOW COST LOANS, LOW COST SHARES AND SHARE DRAFTS, CERTIFICATES OF DEPOSIT WITH RATES ABOVE BANKS. 9 9 21 0 4768 0 0 0 2546944 2653758 403182 275400 31080 23927 2981206 2953085 0 0 0 0 1029075 1115704 0 0 0 1754968 1693243 2784043 2808947 197163 144138 54333029 62441065 47027626 54991524 7305403 7449541 PEOPLE HELPING PEOPLE; LOW COST LOANS, LOW COST SHARES AND SHARE DRAFTS, CERTIFICATES OF DEPOSIT WITH RATES ABOVE BANKS. 0 0 2808947 2670833 MIDLAND CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS MEMBERS. FOR THE 2020 TAX YEAR THEY SERVICED SHARE DRAFT-CHECKING ACCOUNTS, OFFERED SAVINGS AND CERTIFICATES ACCOUNTS AND MAINTAINED CONSUMER AND MORTAGE LOANS. TOTAL MEMBERS SERVED WAS APPROXIMATELY 4,342 DURING THE YEAR. 2808947 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 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 1557 0 1 21 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 0 0 1 1 1 0 X HOLLY LUCA 5152781994 2891 106TH STREET URBANDALE IA 50322 FRANK WIMLER CHAIR 2.00 X X 0 0 0 RYAN BHATTACHARYYA VICE CHAIRMAN 1.00 X X 0 0 0 TIFFANY MENKE SECRETARY 1.00 X X 0 0 0 DALLAS BUCK BOARD CFO 1.00 X X 0 0 0 LINDA GAST AUDIT COMMITTEE CHAIR 1.00 X 0 0 0 STEVEN CORREA CREDIT COMMITTEE CHAIR 1.00 X 0 0 0 JOHN COLBY DIRECTOR 1.00 X 0 0 0 KIM KNOLL DIRECTOR 1.00 X 0 0 0 HOLLY LUCA CEO 50.00 X 142262 0 13842 MINDY COOPER CFO 45.00 X 99973 0 20765 242235 0 34607 1 0 1 0 0 LOAN INTEREST 522100 1854047 1854047 CREDIT CARD FEES 522100 398454 398454 NSF CHARGES 522100 142856 142856 SERVICE FEES 522100 139638 139638 DEBT PROTECTION 522100 97809 97809 20954 20954 2653758 267718 267718 9766 9766 8682 1000 7682 7682 7682 MISCELLANEOUS INCOME 522100 7067 5627 1440 ATM FEES 522100 3766 3766 ATM FEES - NON MEMBER 522100 3328 3328 14161 2953085 2670833 4768 277484 276842 276842 742161 742161 30532 30532 66169 66169 965 965 15850 15850 141718 141718 219152 219152 234177 234177 161639 161639 658 658 29611 29611 259723 259723 10329 10329 63084 63084 22341 22341 DEBIT/CREDIT CARD EXPEN 265645 265645 PROVISION FOR LOAN LOSS 50917 50917 217434 217434 2808947 2808947 0 0 317023 397425 6039768 11823723 34378891 39962375 178842 291625 1455559 986857 504262 468702 10853000 6918581 2061243 2578634 54333029 62441065 340001 521551 46687625 54469973 47027626 54991524 X 0 0 2250861 2455861 5054542 4993680 7305403 7449541 54333029 62441065 144138 0 X X 0 1 X 1 0 145000 145000 733876 495509 238367 125638 115045 10593 451045 376303 74742 468702 NCB RESERVE 12 MONTH CERTIFICATE 850000 C BANK & CREDIT UNION CERTIFICATES OF DEPOSITS 6068581 C 6918581 MEMBER SHARES 54469973 54469973 X 2953085 0 2953085 0 2953085 2808947 0 2808947 0 2808947 PART X, LINE 2: IN ACCORDANCE WITH ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FASB ASC THE CREDIT UNION RECOGNIZES ANY UNCERTAIN TAX BENEFITS IF SUCH BENEFITS ARE A RESULT OF A TAX POSITION THAT IS MORE LIKELY THAN NOT SUSTAINABLE UPON EXAMINATION BY FEDERAL OR STATE TAX AUTHORITIES. WHEN AN UNCERTAIN BENEFIT IS DETERMINED TO BE MORE LIKELY THAN NOT SUSTAINED, THE CREDIT UNION VALUES THE POSITION, FOR FINANCIAL STATEMENT PURPOSES, OF THE LARGEST AMOUNT OF THE TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON RESOLUTION OF THE BENEFIT. FOR ANY TAX POSITIONS TAKEN THAT DO NOT MEET THE MORE LIKELY THAN NOT CRITERIA, THE CREDIT UNION ESTABLISHES A TAX RESERVE FOR 100% OF THE POSITION TAKEN. X X X 0 0 0 HOLLY LUCA CEO 132352 0 9910 0 0 0 13417 0 425 0 156104 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 MIDLAND CREDIT UNION IS SUPPORTED BY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE ORGANIZATION HAVE THE RIGHT TO VOTE FOR ONE OR MORE MEMBERS OF THE GOVERNING BODY AT ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE BYLAWS ARE AT TIMES APPROVED BY THE MEMBERS EITHER AT THE ANNUAL MEETING OR SPECIAL MEETINGS HELD. FORM 990, PART VI, SECTION B, LINE 11B THE CEO WORKS CLOSELY WITH THE AUDITORS IN PROVIDING THE NECESSARY FINANCIAL INFORMATION TO PREPARE A FINANCIAL AUDIT. THE TAX RETURN IS BASED UPON THE AUDITED FINANCIAL STATEMENTS. UPON COMPLETION OF THE 990 RETURN THE CEO WILL DO A THOROUGH REVIEW AND SIGN. FORM 990, PART VI, SECTION B, LINE 15 MIDLAND CREDIT UNION'S COMPENSATION PROGRAM CONSISTS OF THESE STEPS: 1) AN OUTSIDE SERVICE PROVIDES THE ORGANIZATION WITH SURVEY THAT IS USED AS A BENCHMARK FOR THEIR ENTIRE ORGANIZATION 2)COMPENSATION FOR CEO IS APPROVED BY THE BOARD 3)COMPENSATION FOR THE REST OF THE STAFF IS SET BY THE CEO WITHIN THE BOARD APPROVED BUDGET. THROUGH THE ENTIRE PROCESS THERE IS CONTEMPORANEOUS SUBSTANIATION OF THE DELIBERATION AND DECISION. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBIES. THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C, EXPLANATION: AUDIT COMMITTEE MIDLAND CREDIT UNION HAS AN AUDIT COMMITTEE THAT OVERSEAS THE AUDIT PROCESS AND SELECTION OF ITS AUDITORS. THE AUDIT COMMITTEE WILL ALSO REVIEW THE ISSUED AUDITED FINANCIAL STATEMENTS WITH THE AUDITOR UPON COMPLETION.