2019-06-06T14:28:30-05:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2018-01-01 410280115 MILL CITY CREDIT UNION MILL 7637646900 10653 WAYZATA BLVD MINNETONKA MN 55305 SHIRLEY NEUKOM SVP/CFO 7637646900 2019-05-22 1 TANYA MEDGAARDEN P01717240 5074347000 2019-05-16 67.137.57.251 2019-05-22 10:13:55 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6BCE17CF531EE5E889DFF9A1732B3E9930A5A1A9 2018 2019-02-21 02:37:17Z X KENT GREFF 10653 WAYZATA BLVD MINNETONKA MN 55305 14618043 0 X WWW.MILLCITYCU.COM X CU 1935 MN OUR MISSION AT MILL CITY CREDIT UNION IS TO HELP OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING EXCEPTIONAL VALUE THROUGH INNOVATIVE PRODUCTS, PERSONALIZED SERVICES, AND SECURE GROWTH OPPORTUNITIES. X 9 9 0 12 31922 -51757 0 0 11172057 12600134 2765948 1962428 0 0 13938005 14562562 0 0 1130257 1392128 5107708 5126436 0 0 0 5613476 5395976 11851441 11914540 2086564 2648022 335596885 0 297808897 0 37787988 0 OUR MISSION AT MILL CITY CREDIT UNION IS TO HELP OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING EXCEPTIONAL VALUE THROUGH INNOVATIVE PRODUCTS, PERSONALIZED SERVICES, AND SECURE GROWTH OPPORTUNITIES. 0 0 THE CREDIT UNION PROVIDED 10,381 LOANS TO MEMBERS TOTALING $ 232,676,000. THE CREDIT UNION PROVIDED 42,921 DEPOSIT ACCOUNTS TO MEMBERS TOTALING $290,537,000 CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, DEBIT AND ATM CARDS. THE CREDIT UNION PROVIDED ACCESS TO APPROXIMATELY 22,304 MEMBERS THROUGH THE USE OF BRANCHES, PHONE/CALL CENTER, ATMS, ONLINE BANKING AND MOBILE BANKING CHANNELS. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 20360 0 1 0 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SHIRLEY NEUKOM 7637646995 9999 WAYZATA BLVD MINNETONKA MN 55305 BOB KIRK CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 PETER MCDONALD VICE CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 CAM HOANG SECRETARY OF THE BOARD 1.00 X X 0 0 0 EARL ROBERTSON DIRECTOR 1.00 X 0 0 0 MARTHA GSCHNEIDNER DIRECTOR 1.00 X 0 0 0 PAUL BOYER DIRECTOR 1.00 X 0 0 0 CHAD KERLIN DIRECTOR 1.00 X 0 0 0 GEOFF JOHNSON DIRECTOR 1.00 X 0 0 0 REBEKAH FERGUSON DIRECTOR 1.00 X 0 0 0 KENT GREFF PRESIDENT/CEO 37.50 X 363667 0 133102 SHIRLEY NEUKOM VP/CFO 37.50 X 152814 0 55930 DANIELLE ARTHUR VICE PRESIDENT OPERATIONS 37.50 X 101214 0 37044 MITCH MYRE VICE PRESIDENT LENDING 37.50 X 121657 0 44526 ROBIN DOWNING VICE PRESIDENT HUMAN RESOU 37.50 X 101571 0 37175 MISSY MOUND VICE PRESIDENT MKTG & BUS 37.50 X 105522 0 38621 946445 0 346398 6 0 1 0 GENERAL MILLS INC BT03-A PO BOX 1113 MINNEAPOLIS MN 55440 HUMAN RESOURCES, BENEFITS, TECHNOLOGY 5491323 RYAN COMPANIES 533 S THIRD STREET SUITE 100 MINNEAPOLIS MN 55415 NEW BUILDING CONSTRUCTION 1842156 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 ELECTRONIC SERVICES 1316416 SERVIONCU MORTGAGE SERVICES 500 MAIN STREET SUITE 100 NEW BRIGHTON MN 55112 MORTGAGE SERVICING 215983 BANKERS EQUIPMENT SERVICE INC 11561 12TH AVE SOUTH BURNSVILLE MN 55337 EQUIPMENT PURCHASE & MAINTENANCE 182823 8 LOAN INTEREST 522100 9580855 9580855 OTHER OPERATING INCOME 522100 1923435 1923435 FEES & SERVICE CHARGES 522100 1095844 1063922 31922 12600134 2017909 2017909 34610 20871 -34610 -20871 -55481 -55481 14562562 12568212 31922 1962428 1392128 1292844 2973359 860233 13857 2813 169210 450452 2995146 733208 31518 32732 5898 179871 LOAN SERVICING EXPENSE 485471 PROVISION FOR LOAN LOSS 128633 PLASTIC CARD EXPENSES & 67797 ASSOCIATION DUES 50814 48556 11914540 1738092 0 37573204 0 0 0 0 0 213102407 0 0 325242 0 0 0 1593553 0 61918928 0 0 8375120 0 0 10970339 0 335596885 0 2655922 0 295152975 0 297808897 0 X 0 0 0 0 0 0 37787988 0 335596885 0 X 2648022 -534250 -39901760 X X 0 0 0 0 X 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 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 DECEMBER 31, 2018 AND 2017. THE CREDIT UNION'S 2015 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 0 0 0 KENT GREFF PRESIDENT/CEO 304570 0 59097 0 0 0 0 0 133102 0 496769 0 0 0 SHIRLEY NEUKOM VP/CFO 132113 0 20701 0 0 0 0 0 55930 0 208744 0 0 0 MITCH MYRE VICE PRESIDENT LENDING 109989 0 11668 0 0 0 0 0 44526 0 166183 0 0 0 NET LOANS 2019-01-01 232165105 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 LAND, BUILDING, & EQUIPMENT 2019-01-01 3667886 COST LESS ACCUMULATED DEPRECIATION 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 INVESTMENTS 2019-01-01 59720457 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 CASH, SAVINGS, & TEMPORARY INVESTMENTS 2019-01-01 22565962 COST 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 PREPAID EXPENSES 2019-01-01 140848 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 OTHER RECEIVABLES 2019-01-01 8506314 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 ACCRUED INTEREST RECEIVABLE 2019-01-01 802819 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 OTHER ASSETS 2019-01-01 4428030 BOOK VALUE 410191495 CITY & COUNTY CREDIT UNION 114 11TH ST E ST PAUL MN 55101 501(C)14 1 1 0 0 0 1 1 1 0 PART I, LINE 2E: EXPLANATION OF INVOLVEMENT: BOARD MEMBERS REBEKAH FERGUSON & CHAD KERLIN BECAME BOARD MEMBERS FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019.PRIOR CHIEF FINANCIAL OFFICER OF MILL CITY CREDIT UNION SHIRLEY NEUKOM WILL SERVE AS VP OF SPECIAL PROJECTS FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019.PRIOR VP OF HUMAN RESOURCES OF MILL CITY CREDIT UNION ROBIN DOWNING WILL SERVE AS VP OF HUMAN RESOURCES FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019.PRIOR VP OF MARKETING & BUSINESS DEVELOPMENT OF MILL CITY CREDIT UNION MISSY MOUND WILL SERVE AS VP OF MEMBER EXPERIENCE WEST FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019.PRIOR VP OF OPERATIONS OF MILL CITY CREDIT UNION DANIELLE ARTHUR WILL SERVE AS VP COMPLIANCE & RISK MANAGEMENT FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019.PRIOR VP OF LENDING OF MILL CITY CREDIT UNION MITCH MYRE WILL SERVE AS SVP WEST OPERATIONS FOR CITY & COUNTY CREDIT UNION EFFECTIVE JANUARY 2019. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THIS CREDIT UNION IS COMPOSED OF EMPLOYEES AND RETIREES OF GENERAL MILLS; FAMILY MEMBERS OF EMPLOYEES AND MEMBERS, INCLUDING SPOUSE CHILD, STEPCHILD, FOSTER CHILD, ADOPTED CHILD, SIBLING, STEPSIBLING, PARENT, STEPPARENT, GRANDPARENT, AND GRANDCHILD; PERSONS RESIDING IN AND MAINTAINING THE SAME HOUSEHOLD AS CURRENT MEMBER. THE CREDIT UNION SERVES PERSONS WHO LIVE, WORK, WORSHIP, VOUNTEER OR ATTEND SCHOOL IN CARVER, HENNEPIN, MEEKER, MCLEOD AND WRIGHT COUNTIES IN MINNESOTA. THE CREDIT UNION HAS ONE CLASS OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A A MEMBER SHALL HAVE BUT A SINGLE VOTE REGARDLESS OF THE AMOUNT OF HIS SHARE HOLDINGS. FORM 990, PART VI, SECTION A, LINE 7B UPON RESOLUTION OF THE BOARD, CREDIT UNION MEMBERS SHALL BE AUTHORIZED TO VOTE BY MAIL FOR ELECTION OF DIRECTORS, AND FOR AMENDMENTS TO THE CERTIFICATE OF ORGANIZATION OR BYLAWS, AT ANNUAL AND SPECIAL MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B DETAILED REVIEW OF FORM 990 BY THE CFO AND CEO WITH COPIES PROVIDED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND VOLUNTEERS ARE SUBJECT TO THIS POLICY AND EACH ARE REQUIRED TO CERTIFY EACH YEAR IF THERE IS A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING THE COMPENSATION OF THE CREDIT UNION'S CEO IS BASED ON MARKET ANALYSIS AND REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE CREDIT UNION'S OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON MARKET ANALYSIS AND REVIEWED AND APPROVED BY THE CEO AND HUMAN RESOURCES. THIS PROCESS WAS LAST COMPLETED IN 2018. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE IN EVERY BRANCH LOBBY. FORM 990, PART XI, LINE 9: NET ASSETS TRANSFERED IN MERGER -39,901,760. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART V, LINE 2A: GENERAL MILLS IS THE CREDIT UNION'S SPONSOR FOR MEMBERSHIP PURPOSES, BUT GENERAL MILLS DOES NOT HAVE ANY CONTROL OVER THE CREDIT UNION. PAYROLL FOR THE CREDIT UNION IS PREPARED BY GENERAL MILLS AND FORMS W-2 ARE ISSUED BY GENERAL MILLS. THEREFORE, 0 EMPLOYEES ARE REPORTED ON LINE 2A OF PART V OF FORM 990. HOWEVER, COMPENSATION INFORMATION IS REPORTED ON PAGE 7, PART VII AND ON PAGE 10, PART X, LINES 5 - 9 TO ACCURATELY REFLECT THE AMOUNTS PAID BY THE CREDIT UNION TO GENERAL MILLS FOR OFFICER COMPENSATION AND BENEFITS.