2025-11-17T13:55:29-06:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 AL PETERSON CFO 5072335602 2025-11-17 0 AUBREY CLEGG P01076395 3052328272 2025-11-17 2024 2025-03-06 01:10:19Z JAY GOSTONCZIK 924 MAIN STREET EAST SLEEPY EYE MN 56085 30792021 0 X WWW.SOUTHPOINTFINANCIAL.COM X 1936 MN SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. 9 9 148 11 427380 62367 0 0 24710206 28112964 1432686 2575927 0 0 26142892 30688891 0 31866 0 9742811 6117475 8644575 8376187 0 0 0 10551817 14493662 28971069 11649230 1717822 524051905 572168874 467754316 512626918 56297589 59541956 SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS. 0 0 PROVIDE 32,431 MEMBERS WITH REGULAR SAVINGS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, IRA, HEALTH SAVINGS AND MONEY MARKET ACCOUNTS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $482,671,000 AS OF DECEMBER 31, 2024. PROVIDE 16,335 LOANS INCLUDING MORTGAGES, BUSINESS, HOME EQUITY, CREDIT CARDS, SHARE SECURED, VEHICLE, AND LINE OF CREDIT LOANS WITH AGGREGATE LOAN BALANCES THAT APPROXIMATED $414,672,000 AS OF DECEMBER 31, 2024. 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 1 0 0 0 0 0 0 0 0 1 1 1 0 0 1 16839 0 1 148 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X ALAN PETERSON 5072335602 924 MAIN STREET E SLEEPY EYE MN 56085 ADAM SEIFERT BOARD CHAIRPERSON 4.00 X 0 0 0 MATT LUX BOARD VICE CHAIRPERSON 4.00 X 0 0 0 CHARLIE GRAVELLE BOARD SECRETARY, TREASURER 4.00 X 0 0 0 SCOTT SUPRENANT BOARD MEMBER 4.00 X 0 0 0 BOB WEISS BOARD MEMBER 4.00 X 0 0 0 TAMMY HELGET BOARD MEMBER 4.00 X 0 0 0 MARK BRUGGEMAN BOARD MEMBER 4.00 X 0 0 0 JERRY FORSTER BOARD MEMBER 4.00 X 0 0 0 ASHOK GOYAL BOARD MEMBER 4.00 X 0 0 0 JAY GOSTONCZIK CEO 40.00 X 278117 0 44367 ALAN PETERSON CFO 40.00 X 192323 0 21631 PATRICE GOHL COO 40.00 X 183909 0 10868 TROY DIEDRICH EVP 40.00 X 189606 0 11033 DAVID SCHOUTEN CIO 40.00 X 174573 0 33252 ROBERT SCHMID CLO 40.00 X 142026 0 18127 JOEL HEITNER DIRECTOR OF DEPOSITS AND MEMBER EXPERIENCE 40.00 X 121637 0 6939 AMANDA COOK DIRECTOR OF OPERATIONS 40.00 X 112360 0 6412 JEFFREY ANDERSON VP OF LENDING 40.00 X 110103 0 20606 MICHAEL JONES SENIOR BUSINESS TECH CONSULTANT 40.00 X 109038 0 0 1613692 0 173235 11 0 1 0 GREINER CONSTRUCTION 121 S 8TH ST MINNEAPOLIS MN 55402 CONTRACTOR 3542793 FISERV PO BOX 934057 ATLANTA GA 31193 DATA PROCESSING 1509838 NU SOURCE FINANCIAL 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 SOFTWARE FOR MEMBER EXPERIENCE 546540 NCR 864 SPRING ST NW ATLANTA GA 30308 SOFTWARE 330215 EO JOHNSON PO BOX 539003 HENDERSON NV 89053 IT SERVICES 231611 20 LOAN INTEREST 522100 21948673 21948673 FEES, CHARGES & OTHER 522100 5736911 5736911 FINANCE & INSURANCE 520000 483287 483287 TECHNICAL SERVICES 540000 -55907 -55907 28112964 2601500 2601500 77557 103130 -25573 -25573 -25573 30688891 27660011 427380 2601500 31866 9742811 1139679 5657935 344199 1003448 499314 83417 14597 51376 487441 471251 3776390 766500 695755 97226 1324863 1040917 LOAN SERVICING 1108435 PROVISION FOR LOAN LOSS 330510 MISCELLANEOUS 234986 EDUCATION/TRAINING 68153 28971069 4494843 5606243 16928061 54509933 5714745 5710233 395088110 412988136 978900 971841 25204052 10215334 15307587 14988718 64126255 48495471 1029300 3434700 560000 570000 19824104 24893599 524051905 572168874 5774564 4955683 10000000 25000000 451979752 482671235 467754316 512626918 X 0 0 0 0 56297589 59541956 56297589 59541956 524051905 572168874 1717822 1526545 0 X X 0 1 X 1 0 3887478 3887478 11621225 3818055 7803170 172347 172347 0 9009859 6012112 2997747 513143 212820 300323 14988718 MEMBERS' SHARES 482671235 482671235 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)14), FROM FEDERAL AND STATE INCOME TAXES. 1 SOUTHPOINT FINANCIAL CREDIT UNION FOUNDATION 924 MAIN STREET EAST SLEEPY EYE MN 56085 823572824 501(C)(3) 31866 0 TO SUPPORT THE FOUNDATION'S MISSION OF CHARITABLE AND EDUCATIONAL PURPOSES. 1 0 PART I, LINE 2: THE CONTRIBUTION IS CHARITABLE IN NATURE TO THE CREDIT UNION-SPONSORED FOUNDATION. THE OFFICERS OF THE FOUNDATION ARE CREDIT UNION EMPLOYEES WHO ENSURE THE FUNDS CONTRIBUTED BY THE CREDIT UNION ARE USED TO CARRY OUT THE FOUNDATION'S MISSION. X X 0 1 0 JAY GOSTONCZIK CEO 265831 0 1661 0 10625 0 17106 0 27261 0 322484 0 0 0 ALAN PETERSON CFO 190662 0 1661 0 0 0 11814 0 9817 0 213954 0 0 0 DAVID SCHOUTEN CIO 165573 0 0 0 9000 0 5992 0 27260 0 207825 0 0 0 TROY DIEDRICH EVP 184387 0 1661 0 3558 0 11033 0 0 0 200639 0 0 0 PATRICE GOHL COO 182248 0 1661 0 0 0 10868 0 0 0 194777 0 0 0 ROBERT SCHMID CLO 134596 0 1661 0 5769 0 8310 0 9817 0 160153 0 0 0 PART I, LINE 4B THE FOLLOWING EXECUTIVES PARTICIPATED IN A NON-QUALIFIED RETIREMENT PLAN IN 2024: JAY GOSTONCZIK PATRICE GOHL ROBERT SCHMID TROY DIEDRICH JAY GOSTONCZIK, PATRICE GOHL, TROY DIEDRICH, AND ALAN PETERSON PARTICIPATE IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. JAY GOSTONCZIK CEO SPLIT DOLLAR X 1600000 1540242 0 1 1 PATRICE GOHL COO SPLIT DOLLAR X 1275000 1188209 0 1 1 TROY DIEDRICH EVP SPLIT DOLLAR X 975000 931049 0 1 1 ALAN PETERSON CFO SPLIT DOLLAR X 2100000 2050733 0 1 1 5710233 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD, THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN SOUTHPOINT FINANCIAL CREDIT UNION (SPFCU OR THE CREDIT UNION) IS OPEN BY GEOGRAPHIC CHARTER TO SERVE INDIVIDUALS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED WITHIN THE AREA OF BROWN, REDWOOD, RENVILLE, NICOLLET, SIBLEY, BLUE EARTH, FARIBAULT, MARTIN, WATONWAN, COTTONWOOD, MURRAY, LYON, KANDIYOHI, MEEKER, MCLEOD, CARVER, LE SUEUR, WRIGHT, SCOTT, RICE, WASECA, STEELE, AND FREEBORN COUNTIES, MINNESOTA, (AND/OR BECOME A PATRON OF THE SOUTHPOINT FINANCIAL CREDIT UNION FOUNDATION). MEMBERS MAY MAINTAIN THEIR MEMBERSHIP FOR A LIFETIME AND THEREFORE, MAY UTILIZE THE SERVICES AT SPFCU EVEN IF THEY HAVE MOVED AWAY FROM THIS AREA. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS VOTE FOR BOARD OF DIRECTORS, WHICH ARE ALSO MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON BOARD OF DIRECTORS AND ANY COMPENSATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS DOCUMENTS FOR ACCURACY, THEN CEO DOES FINAL APPROVAL OF THE 990 FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SUPERVISORY COMMITTEE SIGN AN ANNUAL AGREEMENT REGARDING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS DETERMINED BY THE BOD. EXECUTIVE MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO IN ACCORDANCE WITH THE CREDIT UNION'S COMPENSATION STRUCTURE. EXECUTIVE MANAGERS COMPENSATE MID-LEVEL MANAGERS AND KEY EMPLOYEES BASED ON THE CREDIT UNION'S COMPENSATION STRUCTURE. FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR. 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