2017-04-28T15:05:49-05:00 2016-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2016-01-01 410705136 CENTRAL MINNESOTA CREDIT UNION CENT 3202563669 20 4TH AVE SE MELROSE MN 56352 NANCY ROSKE SENIOR VP OF ACCOUNTING 3202563669 2017-04-26 1 SHERRI WESSELS P00888088 5074347000 2016 2022-09-23 18:48:47Z RICHARD ODENTHAL 20 4TH AVE SE MELROSE MN 56352 53185077 0 X WWW.MYCMCU.ORG X CU 1939 MN CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 57,802 MEMBERS. 9 9 365 12 48001 0 0 0 38792799 41354087 479331 1013862 4093742 4943807 43365872 47311756 101064 100146 3795724 3904320 18931838 21977333 0 0 0 11141943 12127464 33970569 38109263 9395303 9202493 918668931 960051216 782875159 815110578 135793772 144940638 CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 57,802 MEMBERS. 0 0 CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $3,904,320 ON AMOUNTS DEPOSITED BY MEMBERS. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 172,303 MEMBER ACCOUNTS WITH DEPOSITS OF $791,226,631.39 AS OF DECEMBER 31, 2016. AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP INCLUDING RETAIL, COMMERCIAL AND AGRICULTURAL LOANS. THE CREDIT UNION HAD 29,858 LOANS OUTSTANDING AS OF DECEMBER 31, 2016 WITH BALANCES OF $783,765,162.87. 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 0 0 0 0 0 0 0 0 1 1 1 0 1 19209 0 1 365 1 1 1 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X NANCY ROSKE 3202563669 20 4TH AVE SE MELROSE MN 56352 FRED FLEISCHHACKER CHAIRPERSON 2.00 X 996 0 0 MARVIN HINNENKAMP DIRECTOR 2.00 X 0 0 0 MARK MEYER VICE CHAIRPERSON 2.00 X 1008 0 0 ANDREA TEAL DIRECTOR 2.00 X 0 0 0 STEVE DANZL DIRECTOR 2.00 X 0 0 0 JAMES MADER DIRECTOR 2.00 X 1175 0 0 SUSAN HECHT DIRECTOR 2.00 X 1271 0 0 THOMAS HOMAN DIRECTOR 2.00 X 0 0 0 MARTY MAHOWALD DIRECTOR 2.00 X 0 0 0 RICHARD ODENTHAL CHIEF EXECUTIVE OFFICER 45.00 X 661432 0 45368 CHARLES FRIEDERICHS CHIEF OPERATIONS OFFICER 45.00 X 338835 0 46187 BERNARD BRIXIUS CHIEF OPERATING OFFICER 45.00 X 360146 0 48460 NADINE RIELAND CHIEF HUMAN RESOURCES OFFI 45.00 X 296129 0 30737 NANCY ROSKE SENIOR VP OF ACCOUNTING 45.00 X 179462 0 37342 JASON MACDONALD SENIOR VP OF INFORMATION T 45.00 X 203885 0 39230 GARY MEYER SENIOR VP OF BRANCH ADMINI 45.00 X 163282 0 41310 AL DOERING SR VP OF CREDIT 45.00 X 241035 0 45024 MICHAEL WEHLAGE SENIOR AGRICULTURAL LENDER 45.00 X 196889 0 42111 DEAN DIRKES VP OF LENDING 45.00 X 177764 0 39571 DEAN GOEBEL MEMBERS FINANCIAL ADVISOR 45.00 X 234113 0 39401 DOUG WELLE MORTGAGE LENDER 45.00 X 136092 0 20880 MELISSA GERADS MORTGAGE LENDER 45.00 X 124898 0 35391 3318412 0 511012 20 0 1 0 0 LOAN INTEREST 900099 36317701 36317701 FEES & CHARGES 522100 5036386 4988385 48001 41354087 1242029 1242029 4680479 964675 4558608 1314713 121871 -350038 -228167 -228167 MISCELLANEOUS OPERATIONS INCOME 900099 4943807 4943807 4943807 47311756 46249893 48001 1013862 100146 3904320 2782314 15125228 897731 1968886 1203174 994380 4037724 1966455 522341 333536 2348 PROVISION FOR LOAN LOSS 1479767 LOAN SERVICING EXPENSE 1225437 EDUCATIONAL AND PROMOTI 1064233 MISCELLANEOUS EXPENSE 467400 33843 38109263 49477504 32215252 88592332 89737000 720253025 777218164 1225960 2434600 33075154 12159858 21436154 20915296 21878096 23140207 91899 17412 15713961 14373285 918668931 960051216 35926980 23883946 746948179 791226632 782875159 815110578 X 0 0 0 0 135793772 144940638 135793772 144940638 918668931 960051216 9202493 -55627 0 X X 0 1 X 1 0 6235898 6235898 20525942 20525942 586006 586006 5727308 5727308 12159858 -12159858 20915296 MEMBER SHARES 791226632 791226632 X 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 CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2016 AND 2015. THE CREDIT UNION'S 2013 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL ANDSTATE TAXING AUTHORITIES. 1 PAYNESVILLE BASEBALL CLUB INC 29153 KORONIS DRIVE PAYNESVILLE MN 56362 273708054 501(C)(3) 7548 ASSIST WITH COMMUNITY STADIUM MELROSE SCHOOL DISTRICT 546 5TH AVE NE MELROSE MN 56352 416004062 501(C)(3) 6328 SUPPORT DISTRICT INITIATIVE CENTRAL MINNESOTA CREDIT UNION FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 501(C)(3) 57758 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE CENTRACARE HEALTH FOUNDATION 1406 6TH AVE N ST CLOUD MN 56303 411855173 501(C)(3) 15900 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE ALBANY AREA SCHOOLS 30 FOREST AVE ALBANY MN 56307 416003949 GOVERNMENTAL 12612 SUPPORT DISTRICT INITIATIVE 5 0 PART I, LINE 2: FINANCIAL DONATIONS ARE MADE AT MANAGEMENT'S DISCRETION TO ORGANIZATIONS THAT ARE MEMBERS OF OR REPRESENTED BY MEMBERS OF THE CREDIT UNION BASED ON THE NEEDS OF ORGANIZATIONS WITHIN OUR COMMUNITIES. THE CREDIT UNION MAINTAINS RECORDS OF THE AMOUNTS DONATED. X X 1 1 X X X X 0 0 0 RICHARD ODENTHAL CHIEF EXECUTIVE OFFICER 437431 0 214883 0 9118 0 28529 0 16839 0 706800 0 0 0 CHARLES FRIEDERICHS CHIEF OPERATIONS OFFICER 228745 0 95977 0 14113 0 26798 0 19389 0 385022 0 0 0 BERNARD BRIXIUS CHIEF OPERATING OFFICER 250268 0 103913 0 5965 0 33767 0 14693 0 408606 0 0 0 NADINE RIELAND CHIEF HUMAN RESOURCES OFFI 210015 0 72539 0 13575 0 25657 0 5080 0 326866 0 0 0 NANCY ROSKE SENIOR VP OF ACCOUNTING 149994 0 29178 0 290 0 20672 0 16670 0 216804 0 0 0 JASON MACDONALD SENIOR VP OF INFORMATION T 161161 0 42420 0 304 0 18685 0 20545 0 243115 0 0 0 GARY MEYER SENIOR VP OF BRANCH ADMINI 128672 0 34364 0 246 0 24825 0 16485 0 204592 0 0 0 AL DOERING SR VP OF CREDIT 222466 0 18200 0 369 0 27426 0 17598 0 286059 0 0 0 MICHAEL WEHLAGE SENIOR AGRICULTURAL LENDER 146197 0 50692 0 0 0 28621 0 13490 0 239000 0 0 0 DEAN DIRKES VP OF LENDING 140386 0 37378 0 0 0 22841 0 16730 0 217335 0 0 0 DEAN GOEBEL MEMBERS FINANCIAL ADVISOR 234113 0 0 0 0 0 23098 0 16303 0 273514 0 0 0 DOUG WELLE MORTGAGE LENDER 133275 0 2817 0 0 0 20166 0 714 0 156972 0 0 0 MELISSA GERADS MORTGAGE LENDER 122004 0 2894 0 0 0 18970 0 16421 0 160289 0 0 0 PART I, LINE 1A FRED FLEISCHHACKER - COMPANION TRAVEL - $996 JAMES MADER - COMPANION TRAVEL - $1,175 SUSAN HECHT - COMPANION TRAVEL - $1,271 MARK MEYER - COMPANION TRAVEL - $1,008 RICHARD ODENTHAL - COMPANY VEHICLE GROSS-UP $8,750 CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $13,745 BERNARD BRIXIUS - COMPANY VEHICHLE GROSS-UP $5,596 NADINE RIELAND - COMPANY VEHICHLE GROSS-UP $13,217 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THE CREDIT UNION IS OPEN TO THOSE WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES IN 16 CONTIGUOUS COUNTIES IN CENTRAL MINNESOTA AND 2 COUNTIES IN NORTH DAKOTA. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY AND ALL MEMBERS HAVE AN EQUAL VOTE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE MINUTES OF MEMBER MEETINGS AND MOTIONS MADE AT THE ANNUAL MEETING (INCLUDING AMENDMENTS TO BYLAWS). FORM 990, PART VI, SECTION B, LINE 11B THE SENIOR VICE PRESIDENT OF ACCOUNTING WILL REVIEW THE FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C KEY EMPLOYEES AND BOARD MEMBERS COMPLETE A QUESTIONNAIRE ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE WAGE AND COMPENSATION COMMITTEE REVIEWS AND APPROVES CEO COMPENSATION ANNUALLY. INCREASES ARE BASED, IN PART, ON INDUSTRY COMPARABILITY DATA. THIS PROCESS WAS LAST COMPLETED IN JANUARY 2017. EXECUTIVE MANAGEMENT AND HUMAN RESOURCES REVIEW AND APPROVE COMPENSATION FOR OTHER EMPLOYEES ANNUALLY. AN INDEPENDENT FIRM IS ENGAGED ANNUALLY TO REVIEW SALARY RANGES INCLUDING THE DEVELOPMENT OF A SALARY INCREASE MATRIX. THIS PROCESS WAS LAST COMPLETED NOVEMBER 2016. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. CENTRAL MINNESOTA CREDIT UNION FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 PRIVATE FOUNDATION MN 501(C)(3) PF CENTRAL MINNESOTA CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CENTRAL MINNESOTA CREDIT UNION FOUNDATION B 57758 ACTUAL AMOUNT