2019-08-09T11:50:27-05:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2018-01-01 410519270 IDEAL CREDIT UNION IDEA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 BRIAN SHERRICK CEO 6517707000 2019-07-30 1 TANYA MEDGAARDEN P01717240 5074347000 67.137.57.251 2019-07-30 09:53:33 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2018 2019-02-21 02:37:17Z BRIAN SHERRICK 8499 TAMARACK RD WOODBURY MN 55125 35215954 0 X WWW.IDEALCU.ORG X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 224 15 26829 0 0 0 31607987 33543503 983595 1672451 0 0 32591582 35215954 0 0 2573603 3421758 12433914 13464488 0 0 0 12083524 13159332 27091041 30045578 5500541 5170376 692133716 732008715 624471041 659992531 67662675 72016184 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 52,929 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 9719 0 1 224 1 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 X DENNIS BAUER 6517478902 8499 TAMARACK ROAD WOODBURY MN 55125 CRAIG SPREITER DIRECTOR 1.00 X 2152 0 0 DANIEL L BLEES DIRECTOR 1.00 X 980 0 0 KEITH E HAUGE CHAIRMAN 1.00 X 3888 0 0 MARY WHITE DIRECTOR 1.00 X 825 0 0 JUDY SCHADEWALD DIRECTOR 1.00 X 1000 0 0 ROBERT VANCE SECRETARY 1.00 X 2732 0 0 LAURIE LUDWIG DIRECTOR 1.00 X 1641 0 0 PETER OLSEN VICE CHAIR 1.00 X 2654 0 0 PAUL FAHEY ASSOCIATE DIRECTOR 1.00 X 1641 0 0 LISA LIDDELL DIRECTOR 1.00 X 1326 0 0 JIM MOSNER DIRECTOR 1.00 X 1959 0 0 DANIELLE DUCHEMIN DIRECTOR 1.00 X 1813 0 0 LEW LAMBERT DIRECTOR 1.00 X 2296 0 0 MARY WESTBURG DIRECTOR 1.00 X 2307 0 0 DAN OLSON DIRECTOR 1.00 X 1582 0 0 DENNIS BAUER CFO 37.50 X 419860 0 119512 BRIAN SHERRICK CEO 37.50 X 544710 0 141129 CRAIG LUNDQUIST SR WEALTH ADVISOR OFFICE COORDINATOR 37.50 X 194893 0 10692 LAWRENCE MIGGLER SR VICE PRESIDENT 37.50 X 266794 0 67743 FAITH THOKES VP OF MORTGAGE OPERATIONS 37.50 X 182640 0 22186 ROXANNE SONNEK VP OF ACCOUNTING/PAYMENT S 37.50 X 175063 0 18742 ALISHA JOHNSON SR VICE PRESIDENT 37.50 X 293563 0 58280 2106319 0 438284 7 0 1 0 WORKS COMPUTING INC 1801 AMERICAN BLVD EAST SUITE 12 BLOOMINGTON MN 55425 COMPUTER EQUIPMENT AND HARDWARE/SOFTWARE 1599156 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 CORE PROCESSING SYSTEM 1370999 FIRST DATA FUNDS EXPRESS 6200 S QUEBEC STREET GREENWOOD VILLAGE CO 80111 PREVIOUS ONLINE BANKING, BILLPAY, AND MO 459276 HARLAND PO BOX 931898 ATLANTA GA 31193 CORE PROCESSING SYSTEM/STATEMENTS AND TA 400649 ALKAMI TECHNOLOGY INC PO BOX 670397 DALLAS TX 75267 CURRENT ONLINE BANKING, BILL PAY AND MOB 365102 5 LOAN INTEREST 900099 23003851 23003851 OTHER OPERATING INCOME 900099 5493566 5493566 FEES & SERVICE CHGS 522100 5046086 5019257 26829 33543503 1672451 1672451 35215954 33516674 26829 1672451 3421758 1254007 9702714 1806999 700768 16398 120951 2035361 1075748 597659 1408590 1317423 PROFESSIONAL/OUTSIDE SE 3955501 PROVISION FOR LOAN LOSS 1017526 LOAN SERVICING EXPENSES 716587 EDUCATIONAL & PROMOTION 566395 331193 30045578 74620402 85416534 2988000 1992000 1428064 1360667 543301438 566121881 2099469 2078328 37876390 13434394 21642669 24441996 12573616 13733986 4273250 4459718 29206808 32403605 692133716 732008715 10889682 10028143 65550000 68690000 548031359 581274388 624471041 659992531 X 0 0 0 0 67662675 72016184 67662675 72016184 692133716 732008715 X 5170376 -133629 -683238 X X 0 1 X 1 0 5967299 5967299 17682606 4889516 12793090 12439669 8544878 3894791 1786816 1786816 24441996 MEMBER ACCOUNTS 581274388 581274388 X 35215954 0 35215954 0 35215954 30045578 0 30045578 0 30045578 PART X, LINE 2: 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 POTENTIAL TAXABLE ACTIVITIES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD OF APPROXIMATELY $238,000 FOR THE 2017 TAX YEAR. A DEFERRED TAX ASSET HAS NOT BEEN RECOGNIZED FOR ANY FUTURE BENEFIT OF ITS USE. 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 DECEMBER 31, 2018 AND 2017. THE CREDIT UNION'S 2015 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 ROUNDING PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF ASSETS REPORTED IN THE REVENUE SECTION OF THE 990 ROUNDING X X 0 1 0 DENNIS BAUER CFO 323133 0 96727 0 0 0 107717 0 11795 0 539372 0 0 0 BRIAN SHERRICK CEO 433309 0 111401 0 0 0 129333 0 11796 0 685839 0 0 0 CRAIG LUNDQUIST SR WEALTH ADVISOR OFFICE COORDINATOR 67764 0 127129 0 0 0 10692 0 0 0 205585 0 0 0 LAWRENCE MIGGLER SR VICE PRESIDENT 202092 0 64702 0 0 0 60448 0 7295 0 334537 0 0 0 FAITH THOKES VP OF MORTGAGE OPERATIONS 148467 0 34173 0 0 0 18544 0 3642 0 204826 0 0 0 ROXANNE SONNEK VP OF ACCOUNTING/PAYMENT S 142176 0 32887 0 0 0 17524 0 1218 0 193805 0 0 0 ALISHA JOHNSON SR VICE PRESIDENT 223507 0 70056 0 0 0 54640 0 3640 0 351843 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED PLAN IN 2018: DENNIS BAUER BRIAN SHERRICK JEANINE SWANSON LAWRENCE MIGGLER ALISHA JOHNSON FORM 990, PART VI, SECTION A, LINE 6 BRIAN SHERRICK AND JEANINE SWANSON - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 52,929 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 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 AND CERTIFICATE OF ORGANIZATION) 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 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. UPON COMPLETION OF THE PRESIDENT'S REVIEW, THE FORMS ARE REVIEWED AND VOTED ON AT A BOARD MEETING PRIOR TO SUBMITTAL TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. THIS WAS COMPLETED FOR ALL POSITIONS IN 2016. IN 2017 AND 2018, WE HAD ALL SALARY RANGES MOVED BASED ON THE RECOMMENDATIONS FROM HRN. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE LOSS -683,238. ROUNDING FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. IDEAL CREDIT UNION COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPPORT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) LINE 7 IDEAL CREDIT UNION 0 IDEAL CREDIT UNION SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) LINE 7 IDEAL CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 NO TRANSACTIONS OVER 50000