2025-11-07T10:01:18-06:00 2024-12-31 393647910 WIPFLI ADVISORY LLC 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2024-01-01 410788273 CENTRICITY CREDIT UNION CENT 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 JARRED BOHLIN CFO 2187402278 2025-11-05 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2025-11-01 2024 2025-03-06 01:10:19Z DOUGLAS RALSTON 4477 LAVAQUE RD HERMANTOWN MN 55811 17276311 0 X WWW.CENTRICITY.ORG X 1943 MN THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS. 7 7 97 11 34725 8050 0 0 13689406 15401015 1113618 1735695 10248 0 14813272 17136710 0 10000 0 1245295 5011897 5310862 0 0 0 7446773 6860423 12458670 13426580 2354602 3710130 243810562 242958199 216797925 211951582 27012637 31006617 X WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE. 0 0 CREDIT UNION BANKING SERVICE PROGRAMS:THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2024 OUR MEMBERS AND NON-MEMBERS HAD $192,039,052 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $102,744,778 IN SAVINGS ACCOUNTS, $42,353,826 IN CHECKING ACCOUNTS, $21,848,994 IN MONEY MARKET, AND $18,237,185 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS .05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .83% AT YEAR END. NON-IRA CERTIFICATES EARNED 1.00% AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 18,232 MEMBERS AND ENDED THE YEAR WITH 17,086 FOR A DECREASE OF 1,146 MEMBERS. CREDIT UNION LENDING:THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $54,823,327 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2024. USED AUTO LOANS REPRESENT 29.71% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2024. THE CREDIT UNION HAD $34,657,663 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/2024. THEY REPRESENT 18.78% OF OUR LOAN PORTFOLIO AND 14.27% OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2024 FOR FIRST MORTGAGE LOANS WAS 6.99%. THE TOTAL LOAN PORTFOLIO DECREASED $6,163,093 DURING 2024. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS 0.74%. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3273 0 1 97 1 1 1 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 0 0 X JARRED BOHLIN 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 MARGARET TAYLOR CHAIRPERSON 2.00 X X 0 0 0 MARK THORSTEN VICE CHAIRPERSON 2.00 X X 0 0 0 STEPHEN MORGAN SECRETARY 2.00 X X 0 0 0 GARRETT BUSCH DIRECTOR (THRU 06/2024) 2.00 X 0 0 0 SCOTT CHRISTENSEN DIRECTOR 2.00 X 0 0 0 PATRICIA HENDRICKSON DIRECTOR 2.00 X 0 0 0 ANDREW HJELLE DIRECTOR 2.00 X 0 0 0 GAYLE WAHNER DIRECTOR 2.00 X 0 0 0 DOUGLAS RALSTON PRESIDENT/CEO 40.00 X 296025 0 26926 CONSTANCE CARTER CFO 40.00 X 178747 0 19397 JARRED BOHLIN VP OF FINANCE & RISK MANAGEMENT 40.00 X 103964 0 13938 JIM SWANSON VP OF OPERATIONS 40.00 X 130169 0 64180 NATHAN TEPOEL SVP OF LENDING 40.00 X 101757 0 28859 810662 0 153300 5 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE SOFTWARE AND OTHER SERVICE SOFTWARE 1332338 INTEGRIS 1524 EAST 37TH STREET HIBBING MN 55746 IT SERVICES 292084 TEGRETE 4111 MACKENZIE COURT NE SUITE 100 ST MICHAEL MN 55376 MAINTENANCE SERVICES 139264 3 INTEREST ON LOANS 522100 12116750 12116750 FEE INCOME 522100 3284265 3249540 34725 15401015 1680329 1680329 139601 55366 0 139601 139601 -84235 55366 55366 17136710 15366290 34725 1735695 10000 1245295 521095 3903839 129608 436426 319894 7385 68392 657253 341818 331984 806443 389413 25275 67959 896464 271272 46960 BAD DEBT EXPENSE 1254578 ATM FEES 546019 DEBIT AND CREDIT CARD F 438514 LOAN SERVICING FEES 375690 335004 13426580 2972635 1814376 3728997 18055538 1046102 1055565 1472000 1472000 187699912 181517871 2764235 2836802 7354070 3634746 3838071 3719324 11676026 9199612 21936070 16169074 6676514 7118037 243810562 242958199 1686123 1748227 249021 207025 20639839 17891719 194222942 192104611 216797925 211951582 X 0 0 0 0 27012637 31006617 27012637 31006617 243810562 242958199 3710130 283850 0 X 0 0 0 621712 621712 5235268 2521745 2713523 1420726 1045392 375334 76364 67609 8755 3719324 DEPOSITS IN COMMERCIAL BANKS 7486000 C PERPETUAL CONTRIBUTED CAPITAL 525574 C ALL OTHER INVESTMENTS 8157500 C 16169074 MEMBER SHARES & DEPOSITS 192104611 192104611 1 CENTRICITY CREDIT UNION FOUNDATION 4477 LAVAQUE ROAD HERMANTOWN MN 55811 853743819 501(C)(3) 10000 0 TO PROVIDE FINANCIAL LITERACY WITHIN THE COMMUNITY AND ASSISTANCE WITH OTHER EDUCATIONAL INITIATIVES 1 0 PART I, LINE 2: THE ORGANIZATION IS ABLE TO MONITOR APPROPRIATE USE OF THE FUNDS VIA THEIR CLOSE RELATIONSHIP WITH CENTRICITY CREDIT UNION FOUNDATION. X X 0 1 0 DOUGLAS RALSTON PRESIDENT/CEO 296025 0 0 0 0 0 13106 0 13820 0 322951 0 0 0 CONSTANCE CARTER CFO 178747 0 0 0 0 0 9024 0 10373 0 198144 0 0 0 JIM SWANSON VP OF OPERATIONS 80169 0 0 0 50000 0 27301 0 36879 0 194349 0 50000 0 PART I, LINE 4B JIM SWANSON, VP OF OPERATIONS, PARTICIPATED IN A NON-QUALIFIED RETIREMENT 457(F) PLAN. HE RECEIVED A PAYMENT OF $50,000 IN 2024 AND THE ORGANIZATION DEFERRED $19,384 TO HIS PLAN DURING 2024. DOUGLAS RALSTON PARTICIPATES IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. SEE SCHEDULE L, PART II FOR MORE DETAILS ON THIS PLAN. DOUGLAS RALSTON OFFICER SERP X 1472000 1472000 0 1 1 1472000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. 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. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. THE FILED FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING FOLLOWING THE FILING OF THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WHEN MATTERS PERTAINING TO THE SPECIFIC PERSONAL INTEREST OF A BOARD MEMBER ARE DISCUSSED, THE AFFECTED BOARD MEMBER OR MEMBERS WILL NOT ENGAGE IN THE DISCUSSION NOR PARTICIPATE IN THE VOTE AND THE MINUTES WILL SO STATE. IF MORE THAN ONE BOARD MEMBER IS INVOLVED IN MATTERS INVOLVING A CONFLICT OF INTEREST AND A VOTE IS CALLED, THE NUMBER VOTING MUST EXCEED THE QUORUM REQUIREMENTS FOR THE MEETING OR UNANIMOUS ACTION IS REQUIRED OF THE VOTING BOARD MEMBERS. EXAMPLES OF CONFLICT OF INTEREST SITUATIONS WOULD BE ACTION TO REDUCE INTEREST ON THE OBLIGATION OF A RELATIVE, PURCHASE LAND FOR THE PURPOSE OF ERECTING A CREDIT UNION OFFICER WHERE THE LAND IS OWNED BY A DIRECTOR, OR SELL CASUALTY INSURANCE THROUGH THE CREDIT UNION WHEN A BOARD MEMBER IS AN AGENT. ANY CREDIT UNION EMPLOYEE, DIRECTOR, OFFICER, OR SPOUSE WHO IS ASSOCIATED *WITH, OR HOLD A MATERIAL** OWNERSHIP INTEREST IN ANOTHER FINANCIAL INSTITUTION, TRADES ASSOCIATION OR RELATED BUSINESS WILL FILE AN ANNUAL DISCLOSURE STATEMENT WITH THE PRESIDENT OR BOARD CHAIRMAN WITHIN 30 DAYS OF JANUARY 1, THE START OF EMPLOYMENT OR TAKING OFFICE. ANY APPARENT CONFLICT OF INTEREST DISCLOSED BY THE STATEMENT WILL BE RESOLVED BY THE PRESIDENT OR BOARD PERSONNEL COMMITTEE AND THE INDIVIDUAL. * AS A DIRECTOR, OFFICER, OR EMPLOYEE **DEFINED IN TERMS OF DOLLARS AS $5,000.00 OR MORE. NOTE: REPORTING MECHANISMS WILL INCLUDE: EMPLOYEES TO THE MANAGER, MANAGEMENT TO THE CHAIRMAN AND OTHERS TO THE SECRETARY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS APPROVES THE PRESIDENT'S COMPENSATION. THIS APPROVAL IS NOTED IN THE BOARD MINUTES. THE CREDIT UNION USES A THIRD-PARTY VENDOR "PAY SCALE" TO SET COMPENSATION RANGES; INCLUDING FOR THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, EMPLOYMENT AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).