2021-06-10T15:10:12-05:00 2020-12-31 390758449 WIPFLI LLP 150 SOUTH 5TH STREET SUITE 2000 MINNEAPOLIS MN 55402 990 2020-01-01 410653148 NORTHWOODS CREDIT UNION NORT 2188794181 1702 AVE B CLOQUET MN 55720 PAULA OLSEN VP OF ACCOUNTING 2188794181 2021-06-10 1 PAULA OLSEN 999009999 DAN PATRICK CPA P01771992 9525483400 2021-06-04 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z DOUG WOLF 1702 AVE B CLOQUET MN 55720 8686182 0 X WWW.NORTHWOODSCU.ORG X 1936 MN PROVIDE CREDIT UNION SERVICES TO MEMBERS. 7 7 54 10 11459 0 0 0 8229525 8594896 141999 -2465186 0 0 8371524 6129710 29551 25858 0 0 3536038 3464155 0 0 0 4131273 4368480 7696862 7858493 674662 -1728783 120165800 139988463 107626794 129178239 12539006 10810224 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS. 0 0 DIVIDENDS AND INTEREST ON MEMBER SAVINGS ACCOUNTS AND LOANS TO MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2756 0 54 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 X PAULA OLSEN 2188794181 1201 TALL PINE LANE CLOQUET MN 55720 TERRY BURN SVP - CHIEF RISK OFFICER 40.00 X 134083 0 41820 MARY GOLEN CHIEF LENDING OFFICER 40.00 X 141711 0 32811 DOUG WOLF PRESIDENT/CEO 40.00 X 207045 0 40433 MATTHEW FERRIN CFO 40.00 X 138368 0 26766 JEFFREY KLETSCHER CHAIRPERSON 1.95 X X 2133 0 0 LARRY CHAMPEAUX VICE CHAIRPERSON 0.93 X X 1014 0 0 CHRISTINE NIELSON-RINGAT SECRETARY 0.80 X X 872 0 0 ANN DUNAISKI TREASURER 0.70 X X 767 0 0 NATHAN MANNER DIRECTOR 1.11 X 1216 0 0 LISA FOLLETT-POLLAK DIRECTOR 0.79 X 867 0 0 DEBRA J LARSON DIRECTOR 0.73 X 793 0 0 628869 0 141830 4 0 1 0 THE BOLDT COMPANY 2525 N ROEMER ROAD APPLETON WI 549120419 REMODELING OF FACILITIES 1278241 FISERV 75 REMITTANCE DRIVE SUITE 1649 CHICAGO IL 606751649 CORE SYSTEM PROVIDER 612749 NCRDIGITAL INSIGHT 864 SPRING STREET NW ATLANTA GA 30308 ONLINE BANKING PROVIDER 414229 HTG ARCHITECTS 9300 HENNEPIN TOWN ROAD EDEN PRAIRIE MN 55347 ARCHITECT SERVICES FOR FACILITIES 185185 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICE PROVIDER 132629 5 INTEREST ON LOAN 522100 6219273 6219273 FEE INCOME 522100 2375623 2364164 11459 8594896 91286 91286 2558914 -2442 -2558914 2442 -2556472 -2556472 6129710 8583437 11459 -2465186 25858 420273 2239526 90179 532547 181630 3668 42599 237827 119050 281522 1174178 289170 38450 6818 43 370287 61323 DIVIDENDS ON MEMBER SHA 725370 LOAN & CLOSING COSTS 356218 ATM EXPENSES 250447 PROVISION FOR LOAN LOSS 194460 217050 7858493 2547596 2883141 6781571 16225827 247178 247529 0 3496 97954870 106259754 132539 127121 9622432 3140878 4668988 6481554 3147000 1248000 714587 2046752 3971471 4465289 120165800 139988463 797176 325446 106829618 128852793 107626794 129178239 X 0 0 0 0 12539006 10810224 12539006 10810224 120165800 139988463 X -1728783 1 X 0 0 0 663100 663100 6992218 1767944 5224274 1967114 1372934 594180 6481554 MEMBERS' SHARE AND SAVINGS ACCOUNTS 128852793 128852793 X X 0 0 0 TERRY BURN SVP - CHIEF RISK OFFICER 95328 0 38755 0 0 0 6231 0 35589 0 175903 0 0 0 MARY GOLEN CHIEF LENDING OFFICER 100673 0 41038 0 0 0 6083 0 26728 0 174522 0 0 0 DOUG WOLF PRESIDENT/CEO 148279 0 58766 0 0 0 9386 0 31047 0 247478 0 0 0 MATTHEW FERRIN CFO 99491 0 38877 0 0 0 0 0 26766 0 165134 0 0 0 DOUG WOLF PRESIDENT/CEO PERSONAL LOAN X 5000 3496 0 1 1 3496 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS MADE UP OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY IS ELECTED BY THE MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE BOARD OF DIRECTORS THAT REQUIRE APPROVAL BY MEMBERS INCLUDE POLICY CHANGES, CHANGE IN TERM LIMITS, AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE VICE-PRESIDENT OF ACCOUNTING AS WELL AS THE CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 1) ALL EMPLOYEES AND COMMITTEE MEMBERS ARE COVERED 2) EMPLOYEE OR OFFICIAL IS SUPPOSED TO INFORM US OF A POTENTIAL CONFLICT OF INTEREST 3) EXECUTIVE MANAGEMENT WOULD DETERMINE IF THERE IS A CONFLICT OF INTEREST WITH AN EMPLOYEE. BOARD OF DIRECTORS WOULD MAKE THE DETERMINATION IF THE POTENTIAL CONFLICT INVOLVES AN OFFICIAL 4) EMPLOYEE OR OFFICIAL WOULD NOT BE ABLE TO PARTICIPATE IN DELIBERATIONS AND DECISIONS INVOLVING THE TRANSACTION IF A CONFLICT OF INTEREST IS DETERMINED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE PRESIDENT INCLUDED REVIEW AND APPROVAL OF THE MEMBERS OF THE BOARD OF DIRECTORS BASED ON REVIEW OF SALARIES OF COMPARABLE POSITIONS. SALARY RANGES FOR OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY USING A BOOK FROM CUNA THAT LISTS RANGES FOR VARIOUS JOB TITLES BASED IN OUR REGION. IMMEDIATE SUPERVISOR AS WELL AS THE EXECUTIVE MANAGEMENT TEAM WORK TOGETHER TO DETERMINE WHERE IN THAT RANGE AN INDIVIDUAL EMPLOYEE FALLS BASED ON THEIR KNOWLEDGE AND EXPERIENCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES FORM 990 AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF OUR AVENUE B OFFICE. POLICIES THAT ARE REQUIRED TO BE SHARED WOULD BE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS 1.