2018-09-25T11:38:59-05:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2017-01-01 410280115 MILL CITY CREDIT UNION MILL 7637646900 10653 WAYZATA BLVD MINNETONKA MN 55305 SHIRLEY NEUKOM SVP/CFO 7637646900 2018-09-10 1 TANYA MEDGAARDEN P01717240 5074347000 2018-09-10 67.137.57.251 2018-09-10 14:54:00 CD P 64AF3659F43F5CC98B56C00B2A895DE9C1B7BC1E 0FD4EF385CD5022A6BCA3F6D48F1B56E012374BF 2017 2018-06-14 16:35:46Z KENT GREFF 10653 WAYZATA BLVD MINNETONKA MN 55305 34357708 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. 9 9 0 12 3628 -15924 0 0 10684881 11172057 1937519 2765948 0 0 12622400 13938005 0 0 1012475 1130257 4816292 5107708 0 0 0 5298127 5613476 11126894 11851441 1495506 2086564 326675909 335596885 290781949 297808897 35893960 37787988 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 10,288 LOANS TO MEMBERS TOTALING $213,750,000 MILLION. THE CREDIT UNION PROVIDED 42,898 DEPOSIT ACCOUNTS TO MEMBERS TOTALING $295,153,000 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, DEBIT AND ATM CARDS. THE CREDIT UNION PROVIDES ACCESS TO APPROXIMATELY 22,045 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 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 0 0 0 1 4408 0 1 0 1 1 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 288480 0 112507 SHIRLEY NEUKOM SVP/CFO 37.50 X 124517 0 48562 DANIELLE ARTHUR VICE PRESIDENT OPERATIONS 37.50 X 72167 0 28145 MITCH MYRE VICE PRESIDENT LENDING 37.50 X 112934 0 44044 ROBIN DOWNING VICE PRESIDENT HUMAN RESOU 37.50 X 92166 0 35945 MISSY MOUND VICE PRESIDENT MKTG & BUS 37.50 X 110897 0 43250 801161 0 312453 4 0 1 0 GENERAL MILLS INC BT03-A PO BOX 1113 MINNEAPOLIS MN 55440 HUMAN RESOURCES, BENEFITS, TECHNOLOGY 5380630 FISERV 75 REMITTANCE DR STE 1649 CHICAGO IL 60675 ELECTRONIC SERVICES 1287950 FIRST AMERICAN MORTGAGE SOLUTIONS PO BOX 776121 CHICAGO IL 60677 MORTGAGE SERVICES 179005 NATIONAL CREDIT UNION ADMINISTRATION PO BOX 63197 ST LOUIS MO 63197 SHARE INSURANCE 171113 SERVIONCU MORTGAGE SERVICES 500 MAIN STREET SUITE 100 NEW BRIGHTON MN 55112 MORTGAGE SERVICING 135552 7 LOAN INTEREST 522100 8538971 8538971 OTHER OPERATING INCOME 522100 1653489 1653489 FEES & SERVICE CHARGES 522100 979597 975969 3628 11172057 1831264 1831264 19230963 2123424 19010469 1409234 220494 714190 934684 870712 63972 13938005 12039141 3628 1895236 1130257 1113614 3015276 978818 21180 27481 184482 356684 482574 1071656 510857 23682 35452 412184 96184 PLASTIC CARD EXPENSES & 1221859 PROVISION FOR LOAN LOSS 572623 LOAN SERVICING EXPENSE 420867 PROPERTY TAX AND OREO E 103537 72174 11851441 1658737 1738092 39478104 37573204 196836464 213102407 363512 325242 4236294 2642741 2896168 1593553 63251072 61918928 12690670 8375120 9501182 10970339 326675909 335596885 1861055 2655922 288920894 295152975 290781949 297808897 X 0 0 0 0 35893960 37787988 35893960 37787988 326675909 335596885 X 2086564 -128564 -63972 X X 0 1 X 1 0 1077772 1077772 1659194 1484140 175054 1499328 1158601 340727 1593553 MEMBER SHARE ACCOUNTS 295152975 295152975 X 13938005 0 13938005 0 13938005 11851441 0 11851441 0 11851441 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, 2017 AND 2016. THE CREDIT UNION'S 2014 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 0 0 0 KENT GREFF PRESIDENT/CEO 226269 0 62211 0 0 0 0 0 112507 0 400987 0 0 0 SHIRLEY NEUKOM SVP/CFO 105300 0 19217 0 0 0 0 0 48562 0 173079 0 0 0 MITCH MYRE VICE PRESIDENT LENDING 101266 0 11668 0 0 0 0 0 44044 0 156978 0 0 0 MISSY MOUND VICE PRESIDENT MKTG & BUS 98523 0 12374 0 0 0 0 0 43250 0 154147 0 0 0 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 2017. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE IN EVERY BRANCH LOBBY. FORM 990, PART XI, LINE 9: RECLASSIFICATION FOR GAIN INCLUDED IN NET INCOME -63,972. 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.