2021-11-12T16:13:34-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 741255147 MCT CREDIT UNION MCTC 4097271446 PO BOX 279 PORT NECHES TX 77651 CHAD POWELL CFO 4097271446 2021-11-12 1 CHAD POWELL 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-08 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z REBECCA DEMETER PO BOX 279 PORT NECHES TX 77651 15531663 0 X WWW.MCTCU.ORG X 1953 TX TO PROVIDE FINANCIAL SERVICES, LOAN, AND DEPOSIT PRODUCTS THAT WILL MEET NEEDS AND EXPECTATIONS OF THE FIELD OF MEMBERSHIP AND PROVIDE A FAIR AND EQUITABLE RETURN TO THE CREDIT UNION. TO GROW THE FIELD OF MEMBERSHIP BY AGGRESSIVELY PURSUING ALL PERSONS IN NEED OF FINANCIAL PRODUCTS AND SERVICES BY CONTINUALLY ENHANCING PRODUCTS TO BETTER SERVE THE FIELD OF MEMBERSHIP. 9 9 96 9 59640 9278 0 0 14575381 13997802 1842135 1104081 3545 429780 16421061 15531663 0 0 1525672 1378150 6040004 6502053 0 0 0 6504403 6535418 14070079 14415621 2350982 1116042 299976930 357012507 269499419 326482978 30477511 30529529 X TO PROVIDE FINANCIAL SERVICES, LOAN, AND DEPOSIT PRODUCTS THAT WILL MEET NEEDS AND EXPECTATIONS OF THE FIELD OF MEMBERSHIP AND PROVIDE A FAIR AND EQUITABLE RETURN TO THE CREDIT UNION. TO GROW THE FIELD OF MEMBERSHIP BY AGGRESSIVELY PURSUING ALL PERSONS IN NEED OF FINANCIAL PRODUCTS AND SERVICES BY CONTINUALLY ENHANCING PRODUCTS TO BETTER SERVE THE FIELD OF MEMBERSHIP. 0 0 THE CREDIT UNION HAD 1,012 NEW MEMBERS JOIN IN 2020. THE CREDIT UNION OPENED 3,365 DEPOSIT ACCOUNTS IN 2020. THE CREDIT UNION OFFERS A VARIETY OF DEPOSIT ACCOUNT OPTIONS INCLUDING SHARE ACCOUNTS, SHARE DRAFT ACCOUNTS, MONEY MARKET ACCOUNTS, INDIVIDUAL RETIREMENT ACCOUNTS (IRA'S), AND CERTIFICATE OF DEPOSIT ACCOUNTS WITH VERY COMPETITIVE INTEREST RATES. THE CREDIT UNION HAS FIVE BRANCH LOCATIONS AS WELL AS A SHARED BRANCH PROGRAM, A 24 HOUR CALL CENTER, ONLINE BANKING AND BILL PAY OFFERED AT NO CHARGE TO THE MEMBERSHIP. THE CREDIT UNION OFFERS CONSUMER LOANS, MORTGAGE LOANS, AND BUSINESS LOANS TO MEMBERSHIP. THE CREDIT UNION GRANTED 2,565 LOANS FOR $102,690,939 TO ITS MEMBERSHIP IN 2020. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 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 7204 0 96 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 CHAD POWELL 4097271446 2736 NALL STREET PORT NECHES TX 77651 RANDY BROWN DIRECTOR 1.00 X 0 0 0 RANDY CHANCE DIRECTOR 1.00 X 0 0 0 REBECCA DEMETER DIRECTOR 1.00 X 0 0 0 MICHAEL GUIDRY DIRECTOR 1.00 X 0 0 0 MICHAEL LAIRD DIRECTOR 1.00 X 0 0 0 JAMES MYERS JR DIRECTOR 1.00 X 0 0 0 TRENT DEVENZIO DIRECTOR 1.00 X 0 0 0 DR GEORGE SCOTT DIRECTOR 1.00 X 0 0 0 DEBORAH NORRIS DIRECTOR 1.00 X 0 0 0 THADDEUS ANGELLE PRESIDENT/CEO 50.00 X 286228 0 106177 CHAD POWELL EVP/CFO 50.00 X 165913 0 31932 KAREN FREDERICK COO 50.00 X 140219 0 70350 DAVID FONTENOT CLO 50.00 X 155090 0 49531 DEBRA CREW VP REAL ESTATE 50.00 X 107193 0 40983 854643 0 298973 5 0 1 0 JACK HENRY AND ASSOCIATES 663 W HWY 60 MONETT MO 65708 DATA PROCESSING 632435 KASASA 4516 SETON CENTER PKWY STE 300 AUSTIN TX 78759 ACCOUNT TECHNOLOGY & MARKETING 488697 TRANSFUND ONE WILLIAMS CENTER TULSA OK 74172 DEBIT CARD PROCESSING 352800 DISCOVERY INFORMATION TECHNOLOGIES INC 904 HWY 69 NEDERLAND TX 77627 TECHNOLOGY EQUIPMENT, MONITORING & CONSU 344056 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICER/PROCESSOR 283410 13 LOAN INTEREST INCOME 522100 9439420 9439420 OTHER OPERATING INCOME 524298 3257997 3257997 FEES & CHARGES 522100 1300385 1240745 59640 13997802 1064779 1064779 39302 0 39302 39302 39302 OTHER NON-OPERATING INCOME 900099 429780 429780 429780 15531663 14367942 59640 1104081 1378150 590250 4128728 911739 548755 322581 60251 61456 579948 2346689 618158 561100 133334 531780 EDUCATIONAL AND PROMOTI 834320 LOAN SERVICING EXPENSE 504806 PROVISION FOR LOAN AND 152842 ASI ASSESSMENT 58476 92258 14415621 2883979 2833723 39164676 78322997 45976 40573 1485373 4382377 190191302 185575044 422272 578179 14584299 6273447 7749175 8310852 48162792 66663762 199713 146925 2199000 3205800 7472672 6952275 299976930 357012507 7702518 11109347 261796901 315373631 269499419 326482978 X 0 0 0 0 30477511 30529529 30477511 30529529 299976930 357012507 X 1116042 -1064023 -1 X X 0 0 0 1960279 1960279 10205905 4258042 5947863 2418115 2015405 402710 8310852 REGULAR SHARES 104026487 SHARE DRAFTS 121695465 MONEY MARKET SHARES 12550840 SHARE CERTIFICATES 19331609 IRA/KEOUGH ACCOUNTS 9370244 OTHER SHARES 48398986 315373631 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. THE CREDIT UNION IS EXEMPT, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR 2019 AND 2020 FOR ALL ACTIVITIES 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 MARCH 31, 2021 AND 2020. THE CREDIT UNION'S 2017 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 1 1 X X X 0 1 0 THADDEUS ANGELLE PRESIDENT/CEO 284127 0 0 0 2101 0 74697 0 31480 0 392405 0 0 0 KAREN FREDERICK COO 139153 0 0 0 1066 0 60601 0 9749 0 210569 0 0 0 DAVID FONTENOT CLO 154415 0 0 0 675 0 39738 0 9793 0 204621 0 0 0 CHAD POWELL EVP/CFO 165689 0 0 0 224 0 22134 0 9798 0 197845 0 0 0 PART I, LINE 1A MCT CREDIT UNION PAYS FOR THE TRAVEL OF COMPANIONS FOR THE CEO AND THE BOARD OF DIRECTORS WHEN ATTENDING A CONFERENCE OR MEETING. THE CREDIT UNION ALSO PAYS THE DUES AT TWO SOCIAL CLUBS. BOTH OF THE CLUBS ARE UNDER THE CEO'S NAME AND ARE PRIMARILY USED TO CONDUCT CREDIT UNION BUSINESS. THAD ANGELLE - HEALTH/SOCIAL CLUB DUES - $6,916 PART I, LINE 4B CHAD POWELL - PARTICIPATED IN 457F NON-QUALIFIED PLAN - 2020 ACCRUAL - $13,569 THAD ANGELLE PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 1255573 1520525 0 1 1 THAD ANGELLE PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 1450000 1456030 0 1 1 CHAD POWELL EXECUTIVE VP/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 1400000 1405822 0 1 1 4382377 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS MEMBERS WHO EACH OWN A SHARE OF THE CREDIT UNION. THE MEMBERS OF THE CREDIT UNION ELECT THE GOVERNING BODY AND APPROVE ANY SIGNIFICANT DECISIONS OF THE GOVERNING BODY AS DIRECTED IN THE CREDIT UNION'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION HAS MEMBERS WHO EACH OWN A SHARE OF THE CREDIT UNION. THE MEMBERS OF THE CREDIT UNION ELECT THE GOVERNING BODY AND APPROVE ANY SIGNIFICANT DECISIONS OF THE GOVERNING BODY AS DIRECTED IN THE CREDIT UNION'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION HAS MEMBERS WHO EACH OWN A SHARE OF THE CREDIT UNION. THE MEMBERS OF THE CREDIT UNION ELECT THE GOVERNING BODY AND APPROVE ANY SIGNIFICANT DECISIONS OF THE GOVERNING BODY AS DIRECTED IN THE CREDIT UNION'S BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW AT THE REGULARLY SCHEDULED MONTHLY MEETING. FORM 990, PART VI, SECTION B, LINE 12C MCT CREDIT UNION MONITORS THE CONFLICT OF INTEREST POLICY BY REQUIRING ALL EMPLOYEES TO REPORT THE POTENTIAL CONFLICTS OF INTEREST TO MANAGEMENT. OFFICERS AND KEY EMPLOYEES MUST REPORT CONFLICTS OF INTEREST TO THE CHIEF EXECUTIVE OFFICER. THE CHIEF EXECUTIVE OFFICER AND ANY MEMBER OF THE BOARD OF DIRECTORS MUST REPORT ANY POTENTIAL CONFLICTS OF INTEREST TO THE BOARD CHAIRMAN. FORM 990, PART VI, SECTION B, LINE 15 MCT CREDIT UNION USES COMPEASE, A COMPENSATION CONSULTING SOFTWARE TO DETERMINE COMPENSATION. THE PROGRAM TAKES SEVERAL FACTORS INTO ACCOUNT SUCH AS SPECIFIC JOB RESPONSIBILITIES AND LOCAL MARKET CONDITIONS WHEN DETERMINING RECOMMENDED COMPENSATION. MANAGEMENT PRESENTS THE DATA FROM COMPEASE EACH YEAR WITH A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 MCT CREDIT UNION WILL PROVIDE COPIES OF THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY UPON REQUEST. MCT CREDIT UNION POSTS THE BALANCE SHEET IN THE LOBBY OF EACH BRANCH LOCATION MONTHLY. THE CREDIT UNION ALSO PUBLISHES THE YEARLY FINANCIAL STATEMENTS IN AN ANNUAL REPORT TO THE MEMBERSHIP. FORM 990, PART XI, LINE 9: ROUNDING -1. FORM 990, PART XII, LINE 2B AUDITED FINANCIAL STATEMENTS - THE AUDIT WAS DONE AS OF 3/31. THEREFORE, THE REPORTING PERIOD FOR THE AUDIT DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.