2025-11-05T10:10:49-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410738787 ASSOCIATED HEALTHCARE CREDIT UNION ASSO 6513834000 6789 UPPER AFTON RD WOODBURY MN 55125 CHEE LEE EXECUTIVE DIRECTOR OF FINANCE 6513834000 2025-11-03 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-11-03 2024 2025-03-06 01:10:19Z THERESA MALONE 6789 UPPER AFTON RD WOODBURY MN 55125 8823252 0 X WWW.AHCU.ORG X CU 1953 MN TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNERS". 7 7 31 0 7059 0 0 0 6855526 7857354 790368 965898 0 0 7645894 8823252 0 0 1089183 1948742 1782073 1989629 0 0 0 2868425 3217306 5739681 7155677 1906213 1667575 156518551 162580704 138310138 142412697 18208413 20168007 TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNERS". 0 0 THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. WE HAD 12,457 MEMBER ACCOUNTS WITH DEPOSITS OF $141,859,397 AS OF DECEMBER 31, 2024. THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. WE HAD 8,135 LOANS OUTSTANDING AS OF DECEMBER 31, 2024 WITH BALANCES OF $125,233,577. THE CREDIT UNION PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ELECTRONIC BANKING, ATM NETWORK, SHARED BRANCHING, AND IN PERSON. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 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 2274 0 31 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 1 0 1 1 1 1 0 X CHEE LEE 6513834000 6789 UPPER AFTON ROAD WOODBURY MN 55125 JOE CLUBB CHAIR 1.00 X X 550 0 0 PATTI ELLIOT-ALLEN VICE CHAIR 1.00 X X 600 0 0 LINDA ZDON SECRETARY 1.00 X X 350 0 0 CORRINE KROEHLER DIRECTOR 1.00 X 550 0 0 KATINA MCDUGLE DIRECTOR 1.00 X 600 0 0 MICHAEL NASS DIRECTOR 1.00 X 450 0 0 CANDICE WASHINGTON DIRECTOR 1.00 X 600 0 0 THERESA MALONE CEO 40.00 X 270070 0 45899 CHEE LEE EXECUTIVE DIRECTOR OF FINANCE 40.00 X 160624 0 16827 JULIE CASH EXECUTIVE DIRECTOR OF BRANCH OPERATIONS 40.00 X 144759 0 30956 MELISSA GARCIA EXECUTIVE DIRECTOR OF BRANCH SERVICES 40.00 X 100579 0 5679 679732 0 99361 4 0 1 0 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 55102 CORE PROCESSOR 549818 VELERA 580 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSOR 514739 NUSOURCE FINANCIAL LLC 9749 HAMILTON RD EDEN PRAIRIE MN 55344 ATM PROVIDER 507054 VISA USA INC 900 METRO CENTER BLVD FOSTER CITY CA 94404 CARD PROCESSOR 163575 CMS CONSTRUCTION 521 NORTH AVE NORTH PLAINFIELD NJ 07060 CONSTRUCTION MANAGEMENT 143034 7 LOAN INTEREST 522100 6212937 6212937 OTHER INCOME 524298 857057 857057 FEES/CHARGES 522100 787360 780301 7059 7857354 965898 965898 8823252 7850295 7059 965898 1948742 319669 1372355 61642 94611 141352 49739 417825 1316607 232596 27866 82877 LOAN SERVICE EXPENSE 414050 EDUCATION/PROMOTION 349451 CREDIT LOSS PROVISION 289217 MISCELLANEOUS EXPENSE 37078 7155677 500753 473995 11781053 20616524 126894830 124554579 272930 476430 2082989 536082 1084555 1546907 13534826 12445852 1490994 1460463 958610 1005954 156518551 162580704 51757 553300 138258381 141859397 138310138 142412697 X 0 0 0 0 18208413 20168007 18208413 20168007 156518551 162580704 1667575 292019 0 X X 0 0 0 190300 190300 885309 83576 801733 186116 95229 90887 821264 357277 463987 1546907 SECURITIES - AVAILABLE FOR SALE 12445852 F 12445852 MEMBER SHARES 141859397 141859397 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAX. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2016 CALENDAR YEAR. 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'S 2021 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 0 0 0 THERESA MALONE CEO 237706 0 23443 0 8921 0 36725 0 9174 0 315969 0 0 0 CHEE LEE EXECUTIVE DIRECTOR OF FINANCE 144837 0 7710 0 8077 0 8178 0 8649 0 177451 0 0 0 JULIE CASH EXECUTIVE DIRECTOR OF BRANCH OPERATI 132085 0 6966 0 5708 0 7433 0 23523 0 175715 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A IN THE INSTANCE OF A QUORUM WITH A HUNG VOTE, THE CHAIR CAN EXERCISE THE RIGHT OF TWO VOTES. FORM 990, PART VI, SECTION A, LINE 4 UPDATED BYLAWS TO THE NEW BYLAW STANDARD APPROVED IN 2020. FOCUSING ON WHO QUALIFIES TO BE A MEMBER. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF MEMBERS, EACH OF WHICH HAS EQUAL VOTING RIGHTS AT THE ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE AS OFFICERS AND ON ANY COMMITTEES, SUCH AS THE SUPERVISORY COMMITTEE. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE STRUCTURE OF THE BOARD OF DIRECTORS REQUIRES MEMBER VOTING. FORM 990, PART VI, SECTION B, LINE 11B PRESIDENT/CEO & EXECUTIVE DIRECTOR OF FINANCE WILL REVIEW 990 FORMS BEFORE SIGNATURE AND SUBMISSION TO AUDITOR FOR FINAL FILING. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND ATTAINMENT IN THE CURRENT YEAR OF PREDEFINED PERFORMANCE OBJECTIVES SET FOR THE CEO PERSONALLY AND THE CREDIT UNION. THIS PROCESS IS PERFOMED BY A SUBCOMMITTEE OF THE BOARD AND PRESENTED TO THE FULL BOARD FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 15B: THE CEO REVIEWS THE PERFORMANCE AND GOALS OF OTHER OFFICERS AND KEY EMPLOYEES AND GRANTS ANY INCREASES WITHIN BUDGET THAT IS SET FOR THE YEAR. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH POSTING IN CREDIT UNION OFFICES AND ALSO AT ANNUAL MEETINGS. THE CREDIT UNION'S CONFLICT OF INTEREST POLICY AND BY-LAWS ARE AVAILABLE TO THE PUBLIC THROUGH THE ORGANIZATION'S WEBSITE. FORM 990, PART XII, LINE 2B: THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOESN'T MATCH THE REPORTING PERIOD FOR THE 990.