2020-06-11T16:19:50-05:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 410319960 ACCENTRA CREDIT UNION ACCE 5074331829 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 PAUL KNORR CEO 5074331829 2020-06-04 1 TANYA MEDGAARDEN P01717240 5074347000 67.137.57.251 2020-06-04 14:16:14 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 FC2A1897D6F81F30E10B3BA81B5F24EC33B171C5 2019 2020-09-23 17:36:50Z PAUL KNORR 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 7341236 0 X WWW.ACCENTRACU.ORG X CU 1930 MN FINANCIAL SERVICES TO MEMBERS/OWNERS 7 7 61 10 43693 0 0 0 6499276 6859791 394345 480024 2592 1421 6896213 7341236 0 0 373965 499274 2353326 2229464 0 0 0 3129541 3656138 5856832 6384876 1039381 956360 139505104 142245698 126664869 128238962 12840235 14006736 TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 0 0 TO PROVIDE LOANS TO MEMBERS AND TO PAY DIVIDENDS ON MEMBER SHARE ACCOUNTS, SHAREDRAFT ACCOUNTS AND CERTIFICATES. 0 0 0 0 0 0 0 0 0 1 0 1 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 1548 0 1 61 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 0 1 1 1 1 1 0 X LYNDSEY JOHNSON 5074343317 400 4TH AVE NE PO BOX 657 AUSTIN MN 55912 SHERI DANKERT SUP CHAIR 0.50 X 728 0 0 GORDY KUEHNE BOARD CHAIRMAN 1.00 X 488 0 0 DARRELL INGVALDSON BOARD MEMBER 0.50 X 472 0 0 JANE HANDEL BOARD MEMBER 0.50 X 444 0 0 RAYCE HARDY BOARD MEMBER 0.50 X 424 0 0 LUCIA LUNA BOARD SECRETARY 0.50 X 404 0 0 MARISA NAGELE BOARD VICE-CHAIR 0.50 X 388 0 0 MATT CIZIK BOARD MEMBER 0.50 X 356 0 0 PETER FERRELL SUP MEMBER 0.50 X 324 0 0 JIM KRUEGER SUP MEMBER 0.50 X 232 0 0 PAUL KNORR CEO 40.00 X 199192 0 40585 203452 0 40585 1 0 1 0 FISERV EFT SOLUTIONS PO BOX 60000 SAN FRANCISCO CA 94160 EFT PROCESSING 404439 FISERV INC 75 REMITTANCE DRIVE CHICAGO IL 60675 DATA PROCESSING 267751 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 ONLINE BANKING PROCESSING 184438 3 LOAN INTEREST 900099 4425003 4425003 FEES/CHARGES 522100 2434788 2391095 43693 6859791 478809 478809 1215 0 1215 1215 1215 OTHER NON-OPERATING IN 541900 1421 1421 1421 7341236 6817519 43693 480024 499274 244037 1220610 196223 434208 134386 19895 40205 989001 251533 47899 23888 165457 PROFESSIONAL & OUTSIDE 703942 MISC. OPERATING 480397 PROVISION FOR LOAN & LE 369036 LOAN SERVICING 359621 205264 6384876 1117780 1671813 1056365 2901997 3789132 3944404 1371429 2322869 107671501 108102378 174026 199703 7497947 4020602 3381108 3477345 6013027 7044399 11503700 10079500 3427036 2501290 139505104 142245698 2007448 2013391 2250000 122407421 126225571 126664869 128238962 X 0 0 0 0 12840235 14006736 12840235 14006736 139505104 142245698 X 956360 191534 18607 X X 0 0 0 815728 815728 4280089 1890366 2389723 86302 64031 22271 2315828 2066205 249623 3477345 DEPOSITS IN COMM. BANKS, ETC. 7928000 C OTHER INVESTMENTS IN CORP CREDIT UNIONS 1984000 C OTHER INVESTMENTS 167500 C 10079500 SHARE DRAFTS 25910543 REGULAR SHARES 49324076 MONEY MARKET SHARES 21866177 SHARE CERTIFICATES 21409926 IRA/KEOGH ACCOUNTS 3492890 OTHER SHARES 3229959 NONMEMBER DEPOSITS 992000 126225571 X PART X, LINE 2: PART X: 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. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31, 2019 FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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, 2019 AND 2018. THE CREDIT UNION'S 2015 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X X 0 0 0 PAUL KNORR CEO 180058 0 19134 0 0 0 0 0 40585 0 239777 0 0 0 PAUL KNORR CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2425000 2322869 0 1 1 2322869 SCHEDULE L, PART II NOTED THIS TO BE A NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THE AMOUNT OF 2,322,869 FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS $2,583,368. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 16,153 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST TWO-THIRDS OF THE MEMBER-OWNERS THAT VOTE DO VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY APPROPRIATE OFFICERS PRIOR TO FILING. IT IS ALSO REVIEWED BY THE SUPERVISORY COMMITTEE AND REVIEWED WITH THE BOARD AFTER FILING. FORM 990, PART VI, SECTION B, LINE 12C REVIEW OF VENDOR INVOICES AND TRANSACTIONS TO MONITOR COMPLIANCE TO THE POLICY. ALL STAFF AND BOARD ARE SUBJECT TO THIS POLICY. IF THERE IS A CONFLICT, IT IS PRESENTED TO SENIOR MANAGEMENT AND BUSINESS ACTIVITY WOULD CEASE. FORM 990, PART VI, SECTION B, LINE 15 A COMMITTEE COMPRISED OF BOARD MEMBERS ANNUALLY REVIEWS, RESEARCHES, AND THEN RECOMMENDS THE AMOUNT OF CEO COMPENSATION. THIS AMOUNT IS APPROVED BY THE BOARD OF DIRECTORS AND IS ALSO MADE AVAILABLE TO EXAMINERS AND AUDITORS FOR THEIR REVIEW DURING EXAMS AND AUDITS. THE CREDIT UNION HAS A COMPENSATION POLICY THAT SETS GUIDELINES TO BE FOLLOWED FOR STAFF COMPENSATION. THE CU USES INDUSTRY SALARY AND BENEFIT COMPARISON REPORTS OBTAINED IN REVIEWING PROPER COMPENSATION LEVELS FOR OFFICERS AND KEY EMPLOYEES. ALL CHANGES TO COMPENSATION ARE REVIEWED BY DEPARTMENT HEADS AND SUBMITTED FOR APPROVAL BY THE CEO AND HR. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH POSTING IN THE CREDIT UNION'S OFFICE OR CAN BE REVIEWED BY APPOINTMENT. FORM 990, PART XI, LINE 9: CHANGE IN OCI 18,606. 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 AUDIT OVERSIGHT - THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.