2025-11-07T19:14:09-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 215 N 40TH AVENUE WEST DULUTH MN 55807 DANIELLE STEELE CONTROLLER 2186258500 2025-11-06 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-05 2024 2025-03-06 01:10:19Z X STEVE EWERS 215 N 40TH AVENUE WEST DULUTH MN 55807 93165867 0 X WWW.MEMBERSCCU.COM X CREDIT UNION 1936 MN 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. 7 7 281 0 255788 0 0 0 54391833 59346401 6280681 5831954 0 0 60672514 65178355 199967 176207 12589861 14099590 22412678 20586953 0 0 0 25379364 25743880 60581870 60606630 90644 4571725 1193596347 1150000075 1093620853 1045019833 99975494 104980242 TO MAKE OUR COMMUNITIES STRONGER, OUR EMPLOYEES HAPPIER, AND OUR WORLD BETTER. 0 0 DIVIDENDS AND INTEREST OF $14.1 MILLION WAS PAID TO MEMBERS IN 2024 ON 128,484 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 26,547 LOANS TOTALING OVER $925 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. TO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES. AVAILABILITY OF 15 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 38419 0 281 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MN X STEVE EWERS 2186258500 215 N 40TH AVE W DULUTH MN 55807 DORIS DAHL CHAIR 14.70 X X 18000 0 0 DAVID VUKELICH BOARD VICE CHAIR 13.10 X X 12000 0 0 NICOLE BARKER BOARD SECRETARY & TREASURER 6.10 X X 2000 0 0 JOHN GILBERT DIRECTOR 6.70 X 6000 0 0 RUSS SALGY DIRECTOR 7.10 X 6000 0 0 JENNIE SIEBERT DIRECTOR 6.70 X 3000 0 0 PETER VANG DIRECTOR 6.70 X 4500 0 0 RODNEY BIBEAU DIRECTOR 1.30 X 6000 0 0 JOE WOLFF DIRECTOR 3.20 X 6000 0 0 DIANNE CARLSON EMERITUS DIRECTOR 6.70 X 2750 0 0 MARY KROHN ASSOCIATE DIRECTOR 5.00 X 6000 0 0 NIAL ANDRE MUSON KLYN ASSOCIATE DIRECTOR 4.00 X 6000 0 0 STEPHEN EWERS PRESIDENT/CEO 55.00 X 556461 0 53972 RALPH HAMANN CFO/CHRO 50.00 X 397179 0 66265 JANET VOLD CIO/COO 50.00 X 412677 0 62161 STEPHAN GLONCHAK CHIEF LENDING OFFICER 50.00 X 334187 0 38153 SIMONE SURI GENERAL COUNSEL 50.00 X 339660 0 55571 BRAE OLSON VP MARKETING 45.00 X 182816 0 26174 SUSAN SHOLD VP HUMAN RESOURCES 45.00 X 162987 0 24899 ANDY JONESON VP IT 45.00 X 175366 0 25549 MARISA JERAMA VP RETAIL MANAGEMENT 45.00 X 159669 0 33023 CORY STENSON MORTGAGE MANAGER 45.00 X 153472 0 29141 2952724 0 414908 40 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 ANNUAL SOFTWARE MAINTENANCE 2322122 INTEGRIS 1524 E 37TH STREET HIBBING MN 55746 COMPUTER SERVICE CONTRACT 864468 BJ BAAS BUILDERS 380 GARFIELD ST SOUTH CAMBRIDGE MN 55008 CONTRACTOR FOR REMODEL OF NEW BRANCH LOC 745150 NUSOURCE FINANCIAL LLC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 TECHNOLOGY AND INSTALLMENT OF NEW ITMS 734424 SERVION COMMERCIAL LOAN 500 MAIN STREET NEW BRIGHTON MN 55112 LOAN SERVICING 503449 26 LOAN INTEREST INCOME 522100 45559604 45559604 OTHER OPERATING INCOME 524298 8624359 8624359 FEE INCOME 522100 5162438 4906650 255788 59346401 4392670 4392670 28145206 1281590 26510226 1477286 1634980 -195696 1439284 1439284 65178355 59090613 255788 5831954 176207 14099590 2394536 12644141 2224501 2125038 1198737 115908 196636 3804170 1040044 6087142 1514199 44935 176511 3660202 1948205 241218 PROVISION FOR CREDIT LO 4531485 LOAN SERVICING EXPENSE 1589148 MISCELLANEOUS OPERATING 744412 OPERATING FEES 49665 60606630 41843102 48217117 683160 2067998 8903532 9256436 959391667 918581939 1553215 1701620 48538532 21164233 30506759 27374299 56969817 87423401 7036414 0 52498445 29444036 34210236 25933229 1193596347 1150000075 20625306 15802536 109500000 93500000 963495547 935717297 1093620853 1045019833 X 0 0 0 0 99975494 104980242 99975494 104980242 1193596347 1150000075 X 4571725 433017 6 X X 0 1 X 1 0 4809968 4809968 23548086 6032226 17515860 668029 652574 15455 19058532 14479433 4579099 453917 453917 27374299 NON MEMBER DEPOSITS 16780097 ALLOWANCE FOR CREDIT LOSSES OFF-BALANCE SHEET 13815 MEMBER SHARES 918923385 935717297 X 65178355 0 65178355 0 65178355 60606630 0 60606630 0 60606630 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 GRANDMA'S MARATHON PO BOX 16234 DULUTH MN 55816 411573627 501(C)(3) 60000 0 SPONSORSHIP AND SUPPORT OF COMMUNITY EVENT DULUTH AIR SHOW 2110 W 1ST ST DULUTH MN 55806 824190491 501(C)(3) 7500 0 SPONSORSHIP AND SUPPORT OF COMMUNITY EVENT MCCU COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 501(C)(3) 10000 0 SUPPORT YOUTH FOUNDATION EVENTS UNIVERSITY OF MINNESOTA REGENTS PO BOX 1450 MINNEAPOLIS MN 55485 416007513 STATE GOVERNMENT 10000 0 SPONSORSHIP OF COLLEGE SPORTS 4 PART I, LINE 2: THE CREDIT UNION HAS A CONTRACT DEFINING THE TERMS OF THE SPONSORSHIP. X 1 1 X X X X X 0 0 0 STEPHEN EWERS PRESIDENT/CEO 505589 0 0 0 50872 0 17250 0 36722 0 610433 0 0 0 JANET VOLD CIO/COO 340704 0 16853 0 55120 0 28912 0 33249 0 474838 0 0 0 RALPH HAMANN CFO/CHRO 346361 0 17227 0 33591 0 28941 0 37324 0 463444 0 0 0 SIMONE SURI GENERAL COUNSEL 290869 0 14392 0 34399 0 29215 0 26356 0 395231 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 292586 0 14178 0 27423 0 29489 0 8664 0 372340 0 0 0 BRAE OLSON VP MARKETING 182756 0 0 0 60 0 9316 0 16858 0 208990 0 0 0 ANDY JONESON VP IT 175276 0 0 0 90 0 18012 0 7537 0 200915 0 0 0 MARISA JERAMA VP RETAIL MANAGEMENT 159579 0 0 0 90 0 16289 0 16734 0 192692 0 0 0 SUSAN SHOLD VP HUMAN RESOURCES 162729 0 0 0 258 0 8409 0 16490 0 187886 0 0 0 CORY STENSON MORTGAGE MANAGER 153084 0 250 0 138 0 15646 0 13495 0 182613 0 0 0 PART I, LINE 1A AIR FARE FOR SPOUSE FOR 3 BOARD MEMBERS FOR BOARD CONFERENCE PART I, LINE 1B BOARD MEMBERS RECEIVE 1099'S; NOT W2'S. PART I, LINE 3 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. TAMMY HEIKKINEN FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6175000 5785068 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 726902 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 1008922 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1735544 0 1 1 9256436 SCHEDULE L, PART II NOTED THESE 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 THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCES ARE AS FOLLOWS:TAMMY HEIKKINEN - 7,823,028JANET VOLD - 758,399RALPH HAMANN - 1,135,841TIMOTHY SMITH - 2,727,192 FORM 990, PART VI, SECTION A, LINE 1A THERE IS A SUPERVISORY COMMITTEE THAT REVIEWS AUDIT RESULTS. MEMBERS OF THE COMMITTEE ARE NOT ON THE BOARD OF DIRECTORS OR ON THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 6 SUBSTANTIALLY ALL CUSTOMERS OF THE CREDIT UNION ARE MEMBERS. EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP MUST APPROVE CHANGES TO THE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990'S CALCULATION IS COMPLETED BY THE SENIOR ACCOUNTANT AND REVIEWED BY THE CONTROLLER ANNUALLY. FURTHER, THE CFO OBTAINS A DRAFT OF THE FORM 990 PRIOR TO SIGNING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST MUST BE DISCLOSED PURSUANT TO THE POLICY. SUCH DISCLOSURES MUST BE MADE IN WRITING TO THE COMPLIANCE OFFICER. THE COMPLIANCE OFFICER MUST RETAIN THOSE DISCLOSURES. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS AND EACH BOARD MEMBER ATTESTS THAT THEY UNDERSTAND AND AGREE TO ADHERE TO THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE TO THE MEMBERSHIP. A MONTHLY BALANCE SHEET IS POSTED IN LOBBY OF PRIMARY BRANCHES. THE ANNUAL REPORT IS POSTED ON THE CU'S WEBSITE. ALSO, QUARTERLY REPORTS ARE AVAILABLE ON THE NCUA WEBSITE. THE CU DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ROUNDING 6. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE INDEPENDENT AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND ASSUMES RESPONSIBILITY FOR THE SELECTION OF THE INDEPENDENT AUDITOR. MEMBERS DIRECT INSURANCE AGENCY 101 14TH STREET CLOQUET MN 55720 463985484 INSURANCE MN 0 0 MEMBERS COOPERATIVE CREDIT UNION MEMBERS COOPERATIVE CREDIT UNION COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 PROMOTING YOUTH MN 501(C)(3) PF MEMBERS COOPERATIVE CREDIT UNION 1 LAKEHEAD FINANCIAL MANAGEMENT INC 4628 MIKE COLALILLO DR DULUTH MN 55807 411542100 CREDIT UNION SERVICE ORGANIZATION MN MEMBERS COOPERATIVE CREDIT UNION C 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000