2025-11-04T09:49:58-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410800081 NOVATION CREDIT UNION NOVA 6517398080 500 IMPERIAL AVE OAKDALE MN 551287151 TERRY KAHLE VP OF FINANCE/CFO 6517398080 2025-11-03 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-11-03 2024 2025-03-06 01:10:19Z MICHAEL KRONEBUSCH 1315 PALISADE PATH WOODBURY MN 55129 13474710 0 X WWW.NOVATION.ORG X CREDIT UNION 1954 MN NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 17,000 MEMBER OWNERS. 9 9 43 0 16323 0 0 0 10011385 11328922 1282080 2145788 0 0 11293465 13474710 20878 0 2233645 3008436 3685983 3822702 0 0 0 3829818 4103749 9770324 10934887 1523141 2539823 227086966 232490083 207444417 210130995 19642549 22359088 TO OFFER PERSONALIZED FINANCIAL SOLUTIONS EXCLUSIVELY TO 3M EMPLOYEES, MCLEOD COUNTY, NOVATION CREDIT UNION FOUNDATION DONORS AND THEIR FAMILIES. 0 0 LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 17,000 MEMBER OWNERS. SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 17,000 MEMBER OWNERS. INVESTMENT:PROVIDE COMPETITIVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 1 0 0 1 9788 0 1 43 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 0 0 1 1 0 1 1 1 1 1 1 1 0 X TERRY KAHLE 6517359957 500 IMPERIAL AVENUE NORTH OAKDALE MN 55128 MIKE KRONEBUSCH PRESIDENT/CEO 50.00 X X 260587 0 15468 JOSEPH PAUL DIRECTOR 1.00 X 1200 0 0 JOHN SCHWALBACH DIRECTOR 1.00 X 1200 0 0 WENDY BENSON SECRETARY 1.00 X X 1200 0 0 MARY EDINGER BOARD CHAIR 2.00 X X 1200 0 0 MATT JUHL VICE CHAIR 1.00 X X 1200 0 0 DARYL THOENNES DIRECTOR 1.00 X 1200 0 0 DAN CARLSON DIRECTOR 1.00 X 1200 0 0 ROBERT KODY DIRECTOR 1.00 X 900 0 0 MICHELLE NEPHEW DIRECTOR 2.00 X 900 0 0 SHAWN SCHOW DIRECTOR 1.00 X 400 0 0 DAWN MCGINLEY CHAIR 1.00 X X 400 0 0 TERRY KAHLE VP OF FINANCE/CFO 50.00 X 170635 0 27679 NICK ALTAVILLA VP OF DIGITAL EXPERIENCE & OPERATIONS 50.00 X 121958 0 14961 LORI SCHAETZKA DIRECTOR OF TECHNOLOGY 50.00 X 106107 0 24030 TODD BRANDEL CHIEF LENDING OFFICER 50.00 X 99534 0 29665 TYLER SACHE VP OF MARKETING & STRATEGY 50.00 X 169941 0 11159 KRISTI MUKOMELA FORMER CEO (12/31/23) 0.00 X 133670 0 1620 1073432 0 124582 6 1 1 0 VELERA 560 CARILLON PARKWAY ST PETERBURGS FL 33716 CARD PROCESSING 676576 G&A OUTSOURCING LLC 17220 KATY FREEWAY SUITE 350 HOUSTON TX 77094 PEO SERVICES 652845 CANDESCENT 864 SPRING ST ATLANTA GA 30308 E SERVICES 346960 FISERV INC 225 FISERV DRIVE BROOKFIELD WI 53045 ACCOUNT PROCESSING 288695 RSM US LLP 801 NICOLLET MALL SUITE 1200 MINNEAPOLIS MN 55402 IT/NETWORK MANAGED SERVICES 234330 7 LOAN INTEREST INCOME 522100 8403087 8403087 OTHER INCOME 522100 2579185 2574235 4950 FEE INCOME 522100 346650 335277 11373 11328922 2145788 2145788 13474710 11312599 16323 2145788 3008436 1062724 2017108 153833 589037 3066 161598 931940 163042 1125050 207418 91318 315 305105 LOAN SERVICING EXPENSE 629516 CREDIT LOSS PROVISION 377321 MISCELLANEOUS OPERATING 85245 OPERATING FEES 22815 10934887 1611302 1652208 32894175 39354056 51847 76236 2829414 2917861 159762932 164198723 351412 518468 6545830 4635979 2114832 1909851 20874521 15436047 6596531 6426633 227086966 232490083 1341838 1559548 206102579 208571447 207444417 210130995 X 0 0 0 0 19642549 22359088 19642549 22359088 227086966 232490083 2539823 176716 0 X X 0 0 0 734664 734664 1929808 1324856 604952 358661 306392 52269 3274754 2907185 367569 247943 97546 150397 1909851 AFS DEBT SECURITIES 7317079 F FEDERAL HOME LOAN BANK STOCK 136300 C HTM DEBT SECURITIES 7982668 C 15436047 MEMBER SHARES ALL TYPES 208571447 208571447 X PART X, LINE 2: THE CREDIT UNION IS GENERALLY EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES AND STATE CORPORATE BUSINESS TAX. HOWEVER, THE CREDIT UNION IS SUBJECT TO FEDERAL TAX ON NET UNRELATED BUSINESS INCOME. THE CREDIT UNION MAY RECOGNIZE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS FROM UNCERTAIN TAX POSITIONS. UNRECOGNIZED TAX BENEFITS REPRESENT THE DIFFERENCES BETWEEN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN AND THE BENEFIT RECOGNIZED AND MEASURED IN THE FINANCIAL STATEMENTS. INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS INCOME TAX EXPENSE. X X X 0 1 0 MIKE KRONEBUSCH PRESIDENT/CEO 215335 0 45252 0 0 0 11563 0 3905 0 276055 0 0 0 TERRY KAHLE VP OF FINANCE/CFO 153251 0 17384 0 0 0 11539 0 16140 0 198314 0 0 0 TYLER SACHE VP OF MARKETING & STRATEGY 165261 0 4680 0 0 0 9524 0 1635 0 181100 0 0 0 KRISTI MUKOMELA FORMER CEO (12/31/23) 8625 0 37537 0 87508 0 0 0 1620 0 135290 0 0 0 PART I, LINE 4B TERRY KAHLE - 457(F) - ACCRUAL AMOUNT - $66,983 - DEFERRED COMPENSATION EXPENSE WAS ACCRUED BUT NOT PAID OUT TO EMPLOYEE KRISTI MUKOMELA - 457(F) - DEFERRED COMPENSATION PAYOUT - $75,755. - PAID OUT IN 2024, ACCRUED IN PREVIOUS YEARS MICHAEL KRONEBUSCH PRESIDENT/CEO SPLIT DOLLAR LOAN X 2750000 2917861 0 1 1 2917861 TRACY JUHL SPOUSE OF BOARD MEMBER MATT JUHL 25476 COMPENSATION FOR PART-TIME EMPLOYEE 0 SCHEDULE L, PART II SPLIT DOLLAR LOANS ARE RECORDED ON THE FINANCIAL STATEMENTS AT THEIR CASH SURRENDER VALUE. THE LOAN + ACCRUED INTEREST VALUE FOR EACH LOAN ARE: MICHAEL KRONEBUSCH: $2,935,529 FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE UPDATED TO REFLECT CHANGES IN TERMS FOR BOARD MEMBERS. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS 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, 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 A, LINE 8B NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B 990 IS REVIEWED BY THE CFO. IT IS AVAILABLE TO MEMBERS UPON WRITTEN REQUEST TO THE CFO. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS SIGNED OFF ANNUALLY BY STAFF AS PART OF OUR EMPLOYEE HANDBOOK AND IS ONLY MONITORED BY SELF-DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS AND RECOMMENDS CEO COMPENSATION CHANGES TO FULL BOARD FOR APPROVAL. THE CEO REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS IN DETERMINING MANAGEMENT AND OTHER EMPLOYEE COMPENSATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE IN THE ANNUAL REPORT, NCUA WEBSITE AND ARE POSTED IN BRANCH LOBBIES. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. NOVATION CREDIT UNION FOUNDATION 500 IMPERIAL AVE OAKDALE MN 551287151 922763426 COMMUNITY FOUNDATION MN 501(C)3 NOVATION CREDIT UNION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0