2017-07-24T11:39:30-05:00 2016-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2016-01-01 410319960 ACCENTRA CREDIT UNION ACCE 5074331829 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 PAUL KNORR CEO 5074331829 2017-07-17 1 TANYA MEDGAARDEN P01717240 5074347000 67.137.57.251 2017-07-17 15:18:48 CD P 7F2D99A8FA41054BDE5C18CF2CEF42D8541F15FD 5C592A38642564D958275A63599AC7915113978F 2016 2021-01-29 14:40:06Z PAUL KNORR 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 6249505 0 X WWW.ACCENTRACU.ORG X CU 1930 MN FINANCIAL SERVICES TO MEMBERS/OWNERS 7 7 49 11 23491 0 0 0 5400003 5775876 255971 254445 0 0 5655974 6030321 0 0 164862 175210 1957679 2078923 0 0 0 2906554 3221458 5029095 5475591 626879 554730 123951997 127729054 113271555 116533039 10680442 11196015 TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 0 0 TO PROVIDE LOANS TO MEMBERS AND TO PAY DIVIDENDS ON MEMBER SHARE ACCOUNTS, SHAREDRAFT ACCOUNTS AND CERTIFICATES. 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 0 0 0 0 0 0 0 0 0 0 1 1381 0 1 49 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 0 X LYNDSEY JOHNSON 5074343317 400 4TH AVE NE PO BOX 657 AUSTIN MN 55912 DON FRERICHS BOARD MEMBER 0.50 X 364 0 0 JANE HANDEL BOARD SECRETARY 0.50 X 379 0 0 STEVE TUFTE BOARD CHAIRMAN 1.00 X 596 0 0 BRUCE HUFFER BOARD MEMBER 0.50 X 379 0 0 MARISA NAGELE BOARD MEMBER 0.50 X 593 0 0 GORDY KUEHNE BOARD VICE-CHAIRMAN 0.50 X 458 0 0 LUCIA LUNA BOARD MEMBER 0.50 X 368 0 0 MATT CIZIK BOARD MEMBER 0.50 X 0 0 0 PAUL KNORR CEO 40.00 X 195368 0 46526 MICHEL CASE VICE PRESIDENT 40.00 X 46561 0 30979 245066 0 77505 1 0 1 0 FISERV EFT SOLUTIONS PO BOX 60000 SAN FRANCISCO CA 94160 DATA PROCESSING 437550 FISERV INC 75 REMITTANCE DRIVE CHICAGO IL 60675 EFT PROCESSING 295727 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 90051 ONLINE BANKING PROCESSING 198920 3 LOAN INTEREST 900099 3905326 3905326 FEES/CHARGES 522100 1870550 1847059 23491 5775876 225953 225953 247676 219184 28492 28492 28492 6030321 5752385 23491 254445 175210 322571 1139780 156974 330635 128963 54314 24328 959385 227123 48284 356 185243 PROFESSIONAL & OUTSIDE 759606 PROVISION FOR LOAN & LE 318354 LOAN SERVICING 305860 EDUCATION AND PROMOTION 181140 157465 5475591 1458077 1439835 5396026 3399694 1254590 3853601 2082143 92825889 96966842 204320 204064 7023427 3542007 3630852 3481420 3615687 3507422 12620007 9560600 2946549 3233433 123951997 127729054 1890075 2132843 111381480 114400196 113271555 116533039 X 0 0 0 0 10680442 11196015 10680442 11196015 123951997 127729054 554730 -39157 0 X X 0 0 1 0 815728 815728 4028776 1629863 2398913 84294 52145 32149 2094629 1859999 234630 3481420 DEPOSITS IN COMM. BANKS, ETC. 9264000 C OTHER INVESTMENTS IN CORP CREDIT UNIONS 150000 C OTHER INVESTMENTS 146600 C 9560600 SHARE DRAFTS 24520138 REGULAR SHARES 43752052 MONEY MARKET SHARES 27834280 SHARE CERTIFICATES 14353593 IRA/KEOGH ACCOUNTS 3940133 114400196 X PART X, LINE 2: PART X: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31, 2016 FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 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 IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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 MARCH 31, 2016 AND 2015. THE CREDIT UNION'S 2011 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X X 0 0 0 PAUL KNORR CEO 195368 0 0 0 0 0 9768 0 36758 0 241894 0 0 0 PAUL KNORR CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2425000 2082143 0 1 1 2082143 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 15,550 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST TWO-THIRDS OF THE MEMBER-OWNERS THAT VOTE DO VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY APPROPRIATE OFFICERS PRIOR TO FILING. IT IS ALSO REVIEWED BY THE SUPERVISORY COMMITTEE AND REVIEWED WITH THE BOARD AFTER FILING. FORM 990, PART VI, SECTION B, LINE 12C REVIEW OF VENDOR INVOICES AND TRANSACTIONS TO MONITOR COMPLIANCE TO THE POLICY. ALL STAFF AND BOARD ARE SUBJECT TO THIS POLICY. IF THERE IS A CONFLICT, IT IS PRESENTED TO SENIOR MANAGEMENT AND BUSINESS ACTIVITY WOULD CEASE. FORM 990, PART VI, SECTION B, LINE 15 A COMMITTEE COMPRISED OF BOARD MEMBERS ANNUALLY REVIEWS, RESEARCHES, AND THEN RECOMMENDS THE AMOUNT OF CEO COMPENSATION. THIS AMOUNT IS APPROVED BY THE BOARD OF DIRECTORS AND IS ALSO MADE AVAILABLE TO EXAMINERS AND AUDITORS FOR THEIR REVIEW DURING EXAMS AND AUDITS. THE CREDIT UNION HAS A COMPENSATION POLICY THAT SETS GUIDELINES TO BE FOLLOWED FOR STAFF COMPENSATION. THE CU USES INDUSTRY SALARY AND BENEFIT COMPARISON REPORTS OBTAINED IN REVIEWING PROPER COMPENSATION LEVELS FOR OFFICERS AND KEY EMPLOYEES. ALL CHANGES TO COMPENSATION ARE REVIEWED BY DEPARTMENT HEADS AND SUBMITTED FOR APPROVAL BY THE CEO AND HR. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH POSTING IN THE CREDIT UNION'S OFFICE OR CAN BE REVIEWED BY APPOINTMENT. FORM 990, PART XII, LINE 2B AUDITED FINANCIAL STATEMENTS - THE AUDIT WAS DONE AS OF 3/31. THEREFORE, THE REPORTING PERIOD FOR THE AUDIT DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT - THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.