2025-11-06T14:47:10-06:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 601 W RIVERSIDE AVENUE STE 1800 SPOKANE WA 99201 990 2024-01-01 396072970 ROYAL CREDIT UNION ROYA 7158338144 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 RYAN BALTS EVP, CFO 7158338144 2025-11-03 1 0 EMINA O CRESSWELL P01217304 5097472600 2025-11-03 2024 2025-03-06 01:10:19Z BRANDON RIECHERS 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 373976360 0 X WWW.RCU.ORG X 1964 WI TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 7 7 1240 617 2449632 495786 0 0 272184436 332271966 27792141 41339322 0 0 299976577 373611288 2096487 2180040 71929600 0 84539805 93260588 0 0 0 99814546 228359627 258380438 323800255 41596139 49811033 5178101427 5329096009 4709331756 4806461248 468769671 522634761 TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 0 0 THERE WERE 50,775 LOANS GRANTED IN 2024 FOR A TOTAL OF $1,826,641,041. AS OF 12/31/24, THE CREDIT UNION HAD 229,963 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER, AND BUSINESS LOANS. THE CREDIT UNION HAD DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 321,219 MEMBERS AT 12/31/24. NET ACCOUNT GROWTH DURING 2024 WAS 34,938 ACCOUNTS FOR TOTAL ACCOUNTS OF 635,239 AT 12/31/24. TOTAL ENDING BALANCE OF ALL DEPOSIT ACCOUNTS WAS $4,726,130,765. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 1 209262 0 1 1240 1 1 1 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 WI MN X RYAN BALTS 7158338144 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 THOMAS HUFFCUTT CHAIRPERSON 10.00 X X 43575 0 0 DOUGLAS OLSON DIRECTOR 10.00 X 34650 0 0 JOHN SACKETT DIRECTOR 10.00 X 29400 0 0 STUART SCHAEFER VICE CHAIRPERSON 10.00 X X 28350 0 0 JENNIFER MCDONOUGH SECRETARY 10.00 X X 28350 0 0 WILLIAM BLACKBURN TREASURER 10.00 X X 26250 0 0 NANCY BELTZ DIRECTOR 10.00 X 22575 0 0 BRANDON RIECHERS CEO/PRESIDENT 40.00 X 1159293 0 1116006 MICHAEL DILL EVP-CHIEF LENDING OFFICER 40.00 X 494808 0 232677 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 40.00 X 451228 0 116736 PAMELA HALLER EVP-CHIEF EXPERIENCE AND MARKETING OFFICER 40.00 X 472881 0 56295 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 40.00 X 465673 0 37256 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFICER 40.00 X 434250 0 71353 LAURA CAMPBELL EVP-CHIEF PEOPLE OFFICER 40.00 X 351784 0 54998 MICHELLE ROBINSON MORTGAGE SALES MANAGER - LAM 40.00 X 776945 0 25311 DEREK LODERMEIER MORTGAGE LOAN OFFICER - LAM 40.00 X 666911 0 36448 JARED JOHNSON MORTGAGE LOAN OFFICER 40.00 X 467101 0 36678 CHAO VANG MORTGAGE LOAN OFFICER - LAM 40.00 X 430415 0 43724 MARCO RODILES MORTGAGE LOAN OFFICER - LAM 40.00 X 475326 0 18024 6859765 0 1845506 223 0 1 0 PORTAGE MARKETING INC 1471 N WILLOW DRIVE LONG LAKE MN 55356 ADVERTISING 2015332 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 900740641 IT ONLINE BANKING PLATFORM 1591397 FISERV INC PO BOX 934057 ATLANTA GA 311934057 CORE PROCESSOR 1533683 STAR TRIBUNE 650 3RD AVENUE SOUTH SUITE 1300 MINNEAPOLIS MN 55488 ADVERTISING 1209358 MTS GROUP LLC 108 JULIANNA DR CORAOPOLIS PA 15108 APPRAISER 1025916 58 LOAN INTEREST 522100 267622201 267622201 SERVICE CHARGES & FEE INCOME 522100 25918148 23468516 2449632 INTERCHANGE INCOME 522100 21198515 21198515 GAIN ON SALE OF LOANS 522100 9317054 9317054 OTHER OPERATING INCOME 522100 8216048 8216048 332271966 41370418 41370418 1350 1350 0 332626 363722 -31096 -31096 -31096 373611288 329822334 2449632 41339322 2180040 5641762 68610550 3512480 9614391 5881405 1700199 556301 760418 6544981 4546271 12792843 3582453 316413 1271427 138098250 5456010 413419 UBIT TAXES 126259 PROVISION FOR CREDIT LO 29538243 CARD FEES 7879379 LOAN SERVICING 6773400 8003361 323800255 168370918 299741132 498000 34203823 41919073 4632754173 4650851375 4266016 5564038 112779162 57017404 55916411 55761758 80463985 45678203 54889686 58082049 55297366 54611825 91441049 116886556 5178101427 5329096009 83779937 73984402 240741715 5000000 4384810104 4727476846 4709331756 4806461248 X 0 0 0 0 468769671 522634761 468769671 522634761 5178101427 5329096009 49811033 4054057 0 X 0 1 X 1 0 575000 14348859 14923859 56626964 23231543 33395421 1124805 1082986 41819 38044049 31689636 6354413 2059485 1013239 1046246 55761758 MEMBERS SHARES 4725881650 NONMEMBER SHARES 249115 OTHER DEPOSITS 1346081 4727476846 X PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND IS EXEMPT BY STATUTE FROM FEDERAL AND STATE INCOME TAXES ON INCOME RELATED TO ITS EXEMPT FUNCTION. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATION. FASB ASC 740-10, INCOME TAXES, REQUIRES RECOGNITION AND MEASUREMENT OF UNCERTAIN TAX POSITIONS USING A "MORE-LIKELY-THAN-NOT" APPROACH. AS OF DECEMBER 31, 2024 AND 2023, THE CREDIT UNION DID NOT BELIEVE IT HAD ANY UNCERTAIN TAX POSITIONS THAT WOULD RISE TO THE LEVEL OF HAVING A MATERIAL EFFECT ON ITS CONSOLIDATED FINANCIAL STATEMENTS. 1 RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 501(C)(3) 1949628 0 ANNUAL SUPPORT GREATER TWIN CITIES UNITED WAY 404 S 8TH ST MINNEAPOLIS MN 55404 411973442 501(C)(3) 21000 0 ANNUAL SUPPORT NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 13750 0 ANNUAL DONATION AND HERB WEGNER DINNER SUPPORT UNITED WAY OF THE GREATER CHIPPEWA VALLEY 3603 N HASTING WAY STE 200 EAU CLAIRE WI 54703 391077901 501(C)(3) 10250 0 ANNUAL SUPPORT UNIVERSITY OF WISCONSIN - EAU CLAIRE FOUNDATION PO BOX 1208 EAU CLAIRE WI 54702 390972350 501(C)(3) 10000 0 VIENNESE BALL SUPPORT FEED MY PEOPLE FOOD BANK 2610 ALPINE ROAD EAU CLAIRE WI 54703 361488941 501(C)(3) 8500 0 OPERATION PICNIC SUPPORT, EMPTY BOWLS SUPPORT, AND END OF YEAR GIFT CHIPPEWA VALLEY MUSEUM 1204 E HALF MOON DR EAU CLAIRE WI 54703 396092129 501(C)(3) 8000 0 ANNUAL SUPPORT AND DONATION FOR ROYAL'S 60TH ANNIVERSARY BOYS AND GIRLS CLUB OF GREATER CHIPPEWA VALLEY 1005 OXFORD AVENUE EAU CLAIRE WI 54703 392032491 501(C)(3) 6000 0 ALTOONA EXPANSION SUPPORT CVTC FOUNDATION 620 W CLAIREMONT AVE EAU CLAIRE WI 54701 391233557 501(C)(3) 6000 0 DONATION FOR ROYAL'S 60TH ANNIVERSARY 9 0 PART I, LINE 2: DONATIONS ARE GIVEN TO ORGANIZATIONS WHO REQUEST FUNDS VIA COMPLETION OF A SHORT FORM OR ARE DONATIONS GRANTED FOR GENERAL OPERATING FUNDS. EIN AND W-9 INFORMATION IS COLLECTED PRIOR TO FUNDS BEING DISBURSED. X X X 0 1 0 BRANDON RIECHERS CEO/PRESIDENT 851529 0 258160 0 49604 0 1089415 0 26591 0 2275299 0 0 0 MICHELLE ROBINSON MORTGAGE SALES MANAGER - LAM 681834 0 0 0 95111 0 6305 0 19006 0 802256 0 0 0 MICHAEL DILL EVP-CHIEF LENDING OFFICER 368646 0 124182 0 1980 0 213526 0 19151 0 727485 0 0 0 DEREK LODERMEIER MORTGAGE LOAN OFFICER - LAM 666641 0 0 0 270 0 10575 0 25873 0 703359 0 0 0 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 329572 0 110201 0 11455 0 89563 0 27173 0 567964 0 0 0 PAMELA HALLER EVP-CHIEF EXPERIENCE AND MARKETING O 341396 0 117343 0 14142 0 55404 0 891 0 529176 0 0 0 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFICER 314884 0 106958 0 12408 0 53811 0 17542 0 505603 0 0 0 JARED JOHNSON MORTGAGE LOAN OFFICER 386425 0 80376 0 300 0 10087 0 26591 0 503779 0 0 0 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 369438 0 94945 0 1290 0 11738 0 25518 0 502929 0 0 0 MARCO RODILES MORTGAGE LOAN OFFICER - LAM 475074 0 0 0 252 0 17250 0 774 0 493350 0 0 0 CHAO VANG MORTGAGE LOAN OFFICER - LAM 429835 0 0 0 580 0 17250 0 26474 0 474139 0 0 0 LAURA CAMPBELL EVP-CHIEF PEOPLE OFFICER 316660 0 34824 0 300 0 37172 0 17826 0 406782 0 0 0 PART I, LINE 3 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. PART I, LINE 4B LAURA CAMPBELL, EVP-CHIEF PEOPLE OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $20,709 DEFERRED ADAM KINNARD, EVP-CHIEF TECHNOLOGY OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $39,595 DEFERRED PAMELA HALLER, EVP-CHIEF EXPERIENCE AND MARKETING OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $43,722 DEFERRED GRANT BEARDSLEY, EVP-CHIEF LEGAL OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $72,313 DEFERRED MICHAEL DILL, EVP-CHIEF LENDING OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $202,986 DEFERRED BRANDON RIECHERS, CEO/PRESIDENT - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $1,072,165 DEFERRED WILLIAM BLACKBURN BOARD OF DIRECTOR & CO-OWNER OF L&M MAIL AND COURIER 204556 MAIL PROCESSING SERVICES ARE PROVIDED TO ROYAL CREDIT UNION BY L&M MAIL AND COURIER 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER HAS ONE VOTE TO UTILIZE IN RATIFYING SIGNIFICANT DECISIONS BEYOND THE AUTHORITY OF THE BOARD AS OUTLINED IN THE ORGANIZATION'S BYLAWS. ANY DECISION TO DISSOLVE OR MERGE THE ORGANIZATION REQUIRES APPROVAL OF MEMBERSHIP, UNLESS MANDATED BY REGULATORY AGENCY (I.E., NCUA, WISCONSIN OFFICE OF CREDIT UNIONS). FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER PROVIDES A COPY OF THE FINAL FORM 990 TO THE SENIOR ACCOUNTANT FOR REVIEW. THE CFO PERFORMS A FINAL REVIEW PRIOR TO SIGNING AND SUBMISSION TO THE IRS. THE CFO REPORTS THE COMPLETION OF THE FORM 990 BY THE REQUIRED DEADLINES TO MANAGEMENT AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE CODE OF ETHICS POLICY. THE POLICY PREVENTS TEAM MEMBERS FROM TRANSACTING BUSINESS ON THEIR ACCOUNTS. THE CODE OF ETHICS ALSO PROHIBITS TEAM MEMBERS FROM TRANSACTING ON ACCOUNTS THEY ARE ASSOCIATED WITH, REGARDLESS OF OWNERSHIP. BOARD MEMBERS DISCLOSE CONFLICTS OF INTEREST TO THE CHAIRPERSON OF THE BOARD, WHICH ARE DISCLOSED TO THE BOARD. EMPLOYEES DISCLOSE CONFLICTS OF INTEREST TO THEIR SUPERVISOR. ON AN ANNUAL BASIS, BOARD MEMBERS SUBMIT CONFLICT OF INTEREST FORMS. THE CODE OF ETHICS IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. THE REVIEW SCHEDULE INCLUDES MANAGEMENT REVIEW, ENTERPRISE RISK MANAGEMENT COMMITTEE REVIEW, COMPLIANCE/GOVERNANCE COMMITTEE REVIEW, AND THEN BOARD OF DIRECTORS REVIEW. FORM 990, PART VI, SECTION B, LINE 15 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. ROYAL CREDIT UNION UTILIZES MARKET SALARY SURVEYS AND AN OUTSIDE COMPENSATION CONSULTANT TO ASSIST THEM IN DETERMINING MARKET APPROPRIATE SALARY GRADES AND THE PLACEMENT OF POSITIONS INTO THEM FOR THE EXECUTIVE TEAM. THE VP AND EVP OF THE TALENT SERVICES TEAM THEN REVIEWED AND APPROVED THE CONSULTANT'S RECOMMENDATION FOR THE EXECUTIVE TEAM'S MARKET SALARY RANGES AND BONUS TIER RECOMMENDATIONS IN ALIGNMENT TO OUR COMPENSATION PHILOSOPHY. ANY SIGNIFICANT CHANGES ARE ALSO APPROVED BY THE CEO. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 ROYAL CREDIT UNION'S ANNUAL FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH OFFICES. YEAR-END FINANCIAL STATEMENTS ARE ALSO PROVIDED IN THE ANNUAL REPORT AND PRESENTED AT THE ANNUAL MEETING IN APRIL. GOVERNING DOCUMENTS WOULD BE MADE AVAILABLE UPON REQUEST. 317 LLC 402 GRAHAM AVE EAU CLAIRE WI 54701 384119611 REAL ESTATE HOLDING COMPANY WI 0 1458 ROYAL CREDIT UNION LEGENDS TITLE SERVICES LLC 2225 BRACKETT AVE EAU CLAIRE WI 54701 465193797 TITLE SERVICE WI 2401376 10988895 ROYAL CREDIT UNION RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 CHARITABLE FOUNDATION TO BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES WI 501(C)(3) PF ROYAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 RCU FOUNDATION INC B 1949628 CASH