2020-11-12T16:17:08-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 410824021 RICHFIELDBLOOMINGTON CREDIT UNION RICH 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 GREG WORTHEN PRESIDENT 6127987176 2020-11-12 1 TANYA MEDGAARDEN P01717240 5074347000 2020-11-12 67.137.57.251 2020-11-12 16:12:52 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 7592AC715573C48FEBDB1D9F8033ACF6A371561D 2019 2021-04-22 16:20:28Z GREG WORTHEN 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 13049929 0 X WWW.RBCU.ORG X CU 1957 MN TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNDERS. 9 9 93 13 5240 -5753 0 0 9363444 11105392 2383259 1872016 0 294 11746703 12977702 0 0 288720 399352 4740997 5361891 0 0 0 5723199 6436942 10752916 12198185 993787 779517 289473840 307549200 265536114 281576931 23937726 25972269 TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. 0 0 DIVIDENDS AND INTEREST EXCEEDING $303,909 PAID TO MEMBERS ON $267,747,470 DEPOSIT ACCOUNTS HELD BY 22,559 MEMBERS. PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,527 LOANS IN 2019 WHICH EXCEEDED $88,086,673 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $206,689,537 MILLION DOLLARS AT YEAR END. PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, RBCU MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF TWO SUR-CHARGE FREE ATM'S, OVER 5,315 CREDIT CARDS, OVER 15,739 DEBIT AND 369 ATM CARDS, AND NEARLY 10,217 MEMBERS USING OUR INTERNET BANKING SITE. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 7227 0 1 93 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 RICK RASMUSSON 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 JAMES HABECK CHAIRMAN 1.00 X X 0 0 0 LYNN SCHERER VICE CHAIRMAN 1.00 X X 0 0 0 TERESA KRUSE SECRETARY 1.00 X X 0 0 0 JAMES MCDONALD TREASURER 1.00 X X 0 0 0 DYLAN KLOPP DIRECTOR 1.00 X 0 0 0 ROBERT WARRICK DIRECTOR 1.00 X 0 0 0 EVANS ONCHIRI DIRECTOR 1.00 X 0 0 0 JOHN SUAREZ DIRECTOR 1.00 X 0 0 0 DAVID KRIESSEL-KOLL DIRECTOR 1.00 X 0 0 0 GREG WORTHEN PRESIDENT 40.00 X 331219 0 27891 RICK RASMUSSON CHIEF FINANCIAL OFFICER 40.00 X 163066 0 23235 KAREN HOEPPNER VICE PRESIDENT, LENDING 40.00 X 158600 0 9484 PIERRE MERLIN VICE PRESIDENT, IT 40.00 X 135112 0 22334 JOHN DEBBETTIGNIES VICE PRESIDENT, MEMBER SER 40.00 X 121949 0 7629 TODD BARDUSON VICE PRESIDENT, MARKETING 40.00 X 111820 0 12803 TERRY STIREWALT VICE PRESIDENT, COMMERCIAL 40.00 X 100713 0 6296 1122479 0 109672 7 0 1 0 SHINGOBEE BUILDERS PO BOX 8 LORETTO MN 55357 BUILDERS 4316523 CASE FINANCIAL 701 WEAVER BLVD ANOKA MN 55303 EQUIPMENT & ASSOCIATED MAINTENANCE 482765 LOFFLER COMPANIES BIN 131511 MINNEAPOLIS MN 55480 COMMUNICATIONS & IT CONSULTING 418793 FISERV 75 REMITTANCE DR SUITE 1649 CHICAGO IL 60675 CORE PROCESSOR 402116 ALKAMI PO BOX 670397 DALLAS TX 75267 MOBILE & INTERNET BANKING 271273 11 LOAN INTEREST 900099 8177635 8177635 FEE INCOME 522100 1953131 1947891 5240 OTHER INCOME 524298 974626 974626 11105392 1915850 1915850 28393 72227 0 -72227 28393 -43834 -43834 NON-OPERATING INCOME 900099 294 294 294 12977702 11100446 5240 1872016 399352 1232151 2980779 115237 512203 521521 42664 73000 1537695 555074 128888 69393 761853 PROFESSIONAL AND OUTSID 1040645 LOAN SERVICING EXPENSE 989990 MISCELLANEOUS OPERATING 581481 PROVISION FOR LOAN LOSS 366056 290203 12198185 1168218 1445150 9939134 6296249 196249 112712 5349981 6449764 157740226 198917078 654691 562246 19645083 4145299 10918687 15499784 83303634 59233655 5729914 4479253 14473106 14553309 289473840 307549200 2455437 3008498 300339 528838 262780338 278039595 265536114 281576931 X 0 0 0 0 23937726 25972269 23937726 25972269 289473840 307549200 X 779517 1328592 -73566 X X 0 0 0 0 1 X 4281185 4281185 12671258 2587419 10083839 2692640 1557880 1134760 15499784 AVAILABLE FOR SALE SECURITIES 53332036 C DEPOSITS IN COMMERCIAL BANKS 5234219 C OTHER INVESTMENTS 667400 C 59233655 SHARES/DEPOSITS 267800664 DRAWS AGAINST LOC 10238931 278039595 X PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER 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 EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2019 AND 2018. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2015 ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART X, LINE 2 AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR FORM 990. X X X 0 0 0 GREG WORTHEN PRESIDENT 281104 0 37787 0 12328 0 11858 0 16033 0 359110 0 0 0 RICK RASMUSSON CHIEF FINANCIAL OFFICER 144334 0 18474 0 258 0 10301 0 12934 0 186301 0 0 0 KAREN HOEPPNER VICE PRESIDENT, LENDING 141019 0 17073 0 508 0 9484 0 0 0 168084 0 0 0 PIERRE MERLIN VICE PRESIDENT, IT 117781 0 17073 0 258 0 9400 0 12934 0 157446 0 0 0 GREG WORTHEN PRESIDENT SPLIT DOLLAR PLAN X 3200000 3200000 0 1 1 RICK RASMUSSEN CHIEF FINANCIAL OFFICER SPLIT DOLLAR PLAN X 1400000 1374764 0 1 1 KAREN HOEPPNER VP-LENDING SPLIT DOLLAR PLAN X 675000 675000 0 1 1 JOHN DEBBETTIGNIES VP-MEMBER SERVICES SPLIT DOLLAR PLAN X 1200000 1200000 0 1 1 6449764 JULIEANN WORTHEN JULIEANN IS WIFE OF GREG WORTHEN, CEO. 6029 JULIEANN IS AN EMPLOYEE OF THE CREDIT UNION 0 SCHEDULE L, PART II FORM 990, PART VI, SECTION A, LINE 6 ELIGIBLE MEMBERSHIP OF RBCU CONSISTS OF PERSONS WHO LIVE IN, WORSHIP IN, ATTEND SCHOOL IN, WORK IN, OR VOLUNTEER IN AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN THE COUNTIES OF: HENNEPIN, DAKOTA, AND SCOTT COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, MEMBERS OF THE SAME HOUSEHOLD, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS IN GOOD STANDING AND AT LEAST 18 YEARS OLD RECEIVE ONE VOTE IN ANNUAL ELECTIONS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CHARTER CHANGES MUST BE APPROVED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE CREDIT UNION'S CFO AND THEN BE SUBMITTED TO THE PRESIDENT FOR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SENIOR MANAGERS ARE REQUIRED TO DISCLOSE ANY AFFILIATIONS IN A SIGNED DOCUMENT ANNUALLY. CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK. THE CREDIT UNION IS REVIEWING THE PROCEDURES RELATED TO ENFORCEMENT OF THIS POLICY AND IS LOOKING TO EXPAND REQUIREMENTS IN THE FUTURE. FORM 990, PART VI, SECTION B, LINE 15 IN DECEMBER OF 2015, THE ORGANIZATION BEGAN UTILIZING COMPEASE. COMPEASE IS A COMPREHENSIVE SALARY ADMINISTRATION TOOL WHICH INCORPORATES THE INDIVIDUAL JOB FUNCTIONS AND SCORES EACH FUNCTION TO CREATE POSITION GRADES. THESE GRADES ARE THEN COMPAIRED WITH SIMILAR POSITION GRADES, ON A LOCAL AND NATIONAL LEVEL TO CREATE POSITION SALARY RANGES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART XI, LINE 9: UNREALIZED GAIN(LOSS) ON HTM SECURITIES -73,566. FORM 990, PART XII, LINE 2B: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR FORM 990.