2020-09-02T08:29:58-05:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 410802271 UNITED EDUCATORS CREDIT UNION UNIT 6512640669 1270 NORTHLAND DRIVE SUITE 350 MENDOTA HEIGHTS MN 55120 PAUL DAMMANN PRESIDENT/CEO 6512640669 2020-08-25 1 TANYA MEDGAARDEN P01717240 5074347000 67.137.57.251 2020-08-25 14:35:11 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 1351A71621C680A14ACF79F5C69EC2CB43AF3419 2019 2020-11-19 02:30:22Z PAUL DAMMANN 1270 NORTHLAND DRIVE SUITE 350 MENDOTA HEIGHTS MN 55120 8843175 0 X WWW.UECU.COOP X CU 1957 MN UNITED EDUCATORS CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE OPERATING TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBER OWNERS THROUGH REAL FINANCIAL SOLUTIONS. 5 5 52 8 0 0 0 0 7385952 7635707 634319 949635 361845 257833 8382116 8843175 0 0 518277 832951 2589262 2724845 0 0 0 3698711 4074027 6806250 7631823 1575866 1211352 184816469 193485574 167123030 173770299 17693439 19715275 UNITED EDUCATORS CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE OPERATING TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBER OWNERS THROUGH REAL FINANCIAL SOLUTIONS. 0 0 TO PROVIDE AFFORDABLE CONSUMER LENDING PRODUCTS TO OUR MEMBERS. IN 2019 WE ORIGINATED 1,791 LOANS FOR A TOTAL OF $53,243,487. TO PAY FAVORABLE DIVIDENDS ON SAVINGS AND INVESTMENT PRODUCTS TO OUR MEMBERS. IN 2019 WE INCREASED OUR MEMBER SHARE BALANCE BY $6,499,165. TO OFFER AFFORDABLE AND CONVENIENT CHECKING PRODUCTS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 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 1 1 0 0 1 2975 0 1 52 1 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X PAUL R DAMMANN 6512640669 1270 NORTHLAND DRIVE SUITE 350 MENDOTA HEIGHTS MN 55120 JOHN HOLM CHAIRMAN 2.00 X X 990 0 0 STEVE BUETTNER BOARD MEMBER 1.00 X 870 0 0 STEVEN SCARRELLA BOARD MEMBER 1.00 X 870 0 0 RAMONA SPRINGIS-DOSS VICE CHAIRMAN 1.00 X X 870 0 0 JAMES SMOLA BOARD MEMBER/TREASURER 1.00 X X 810 0 0 PAUL R DAMMANN PRESIDENT/CEO 38.00 X 151328 0 18036 ROBYN MUSTO CFO 38.00 X 101844 0 35643 257582 0 53679 2 0 1 0 PRESIDIO NETWORKED PO BOX 677638 DALLAS TX 75267 MOVE OPERATING SYSTEMS OFF SITE 285343 CORELATION INC 2305 HISTORIC DECATUR RD SAN DIEGO CA 92106 MIGRATING TO NEW CORE OPERATING SYSTEM 265922 2 LOAN INTEREST 900099 6321378 6321378 OTHER OPERATING INCOME 900099 786589 786589 FEE INCOME 522100 527740 527740 7635707 937202 937202 3278 9155 0 0 3278 9155 12433 12433 OTHER NON-OPERATING IN 900099 257833 257833 257833 8843175 7893540 0 949635 832951 311261 1903140 100124 248814 161506 9410 36249 677168 213679 1213099 323281 61132 395326 5352 PROVISION FOR LOAN AND 583323 LOAN SERVICING EXPENSE 491792 MISCELLANEOUS OPERATING 48216 OPERATING FEES 16000 7631823 397604 362227 4982397 8641272 118874 318197 2006261 2058023 133800680 127180288 1674069 1392786 7438319 1812356 5319566 5625963 23980153 27399569 5903037 13702366 6633828 6804883 184816469 193485574 607844 755948 166515186 173014351 167123030 173770299 X 0 0 0 0 17693439 19715275 17693439 19715275 184816469 193485574 X 1211352 810483 1 X X 0 1 X 1 0 1565000 1565000 4528890 1447680 3081210 1344429 364676 979753 5625963 SECURITIES - HTM 2928000 C SECURITIES - AFS 24471569 F 27399569 MEMBERSHIP CAPITAL 200000 C OTHER INVESTMENTS 496000 C OTHER ASSETS IN CORP CREDIT UNIONS 13006366 C 13702366 MEMBER SAVINGS 173014351 173014351 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF SEPTEMBER 30. THE REPORTING PERIOD FOR THE AUUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S SEPTEBMER 30, 2019 AUDITED FINANCIAL STATEMENTS: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS 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 HAS ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS; AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF SEPTEMBER 30, 2019 AND 2018. THE CREDIT UNION'S 2016 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 1 0 PAUL R DAMMANN PRESIDENT/CEO 135995 0 15075 0 258 0 6294 0 11742 0 169364 0 0 0 SCHEDULE J, LINE 48 ROBYN MUSTO - PARTICIPATED IN 457(F) PLAN - NO DISTRIBUTIONS IN 2019 - ACCRUAL OF $20,600 DENNIS GRIESGRABER- PARTICIPATED IN 457(F) PLAN - NO DISTRIBUTIONS IN 2019 - ACCRUAL OF $20,500 REBECCA REULE - PARTICIPATED IN 457(F) PLAN - NO DISTRIBUTIONS IN 2019 - ACCRUAL OF $19,600 PAUL DAMMANN PRESIDENT/CEO SPLIT DOLLAR PLAN X 1935000 2058023 0 1 1 2058023 FORM 990, PART VI, SECTION A, LINE 6 EACH PERSON WITH AN ACCOUNT AT THE CREDIT UNION IS CONSIDERED A MEMBER. THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY AND ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTING SHARE AT THE ANNUAL MEETING. ALL VOTING MEMBERS HAVE THE SAME VOTING RIGHTS. MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO PERIODICALLY ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. 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. EACH MEMBER HAS ONE VOTING SHARE AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT WILL REVIEW AND APPROVE THE 990 BEFORE FILING AND A COPY OF THE COMPLETED FORM 990 WILL BE PESENTED TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY WITH THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO IS APPROVED BY THE BOARD OF DIRECTORS AFTER REVIEW OF COMPARABLES. COMPENSATION FOR OTHER OFFICERS IS DETERMINED BY THE PRESIDENT AFTER REVIEW OF COMPARABLES. FORM 990, PART VI, SECTION C, LINE 18 FINANCIAL STATEMENTS POSTED AT EACH BRANCH AND ARE REVIEWED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE AT THE ANNUAL MEETING. FORM 990, PART XI, LINE 9: ROUNDING 1. FORM 990, PART XII, LINE 2B: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF SEPTEMBER 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR. UNITED EDUCATORS FOUNDATION 6789 UPPER AFTON RD WOODBURY MN 55125 261915313 FOUNDATION TO AWARD SCHOLARSHIPS AND GRANTS MN 501(C)(3) PF UNITED EDUCATORS CREDIT UNION 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0