2025-11-06T13:24:13-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410519270 IDEAL CREDIT UNION IDEA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 BRIAN SHERRICK CEO 6517707000 2025-11-06 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-05 2024 2025-03-06 01:10:19Z BRIAN SHERRICK 8499 TAMARACK RD WOODBURY MN 55125 117213574 0 X WWW.IDEALCU.COM X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 8 8 234 0 20214 0 0 0 50492582 55786710 5685543 7332581 0 0 56178125 63119291 0 0 9187157 15772394 19966911 20147500 0 0 0 21484518 23873743 50638586 59793637 5539539 3325654 1021960738 1038509439 918335306 929686105 103625432 108823334 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 49,379 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 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 1 1 0 0 1 23834 0 1 234 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X AMARA MACKEY 6517732724 8499 TAMARACK RD WOODBURY MN 55125 PETER OLSEN BOD - CHAIRMAN 1.00 X X 7563 0 0 LEWIS LAMBERT BOARD OF DIRECTORS 1.00 X 2500 0 0 MARY WESTBURG BOARD OF DIRECTORS 1.00 X 1413 0 0 CHRIS VOLKERS BOD - SECRETARY 1.00 X X 3625 0 0 CRAIG SPREITER BOD - VICE CHAIRMAN 1.00 X X 2700 0 0 LISA LIDDELL BOARD OF DIRECTORS 1.00 X 1813 0 0 RICHARD OSBORN SUP COMMITTEE - CHAIRMAN 1.00 X 1738 0 0 PAUL FAHEY BOARD OF DIRECTORS 1.00 X 2875 0 0 JIM MOSNER BOARD OF DIRECTORS 1.00 X 1650 0 0 ERIN PETSCHEL ADVISORY COMMITTEE 1.00 X 75 0 0 DANIELLE DUCHEMIN BOARD OF DIRECTORS - ASSOC 1.00 X 875 0 0 MARCO BUCHMAYER ADVISORY COMMITTEE 1.00 X 613 0 0 SARA MARUSKA ADVISORY COMMITTEE 1.00 X 850 0 0 SARA RACINE ADVISORY COMMITTEE 1.00 X 238 0 0 LAURA PORT ADVISORY COMMITTEE - CHAIRMAN 1.00 X 1563 0 0 BRIAN SHERRICK CEO 40.00 X 731228 0 233967 DENNIS BAUER CFO - EVP 40.00 X 492451 0 50634 ALISHA JOHNSON CHIEF GROWTH OFFICER 40.00 X 330619 0 93596 LAWRENCE MIGGLER CHIEF TECHNOLOGY OFFICER 40.00 X 457249 0 47858 RICK BLOOD CLO 40.00 X 329027 0 71284 HERBERT HALL SVP MEMBER EXPERIENCE 40.00 X 321142 0 34612 EMILY KELLY SVP HR & ADMIN 40.00 X 249648 0 36268 FAITH THOLKES SVP MORTGAGE AND CONSUMER 40.00 X 254377 0 30355 SHANNON BUTLER SVP OPS 40.00 X 240678 0 44441 SHARON RILLEY VP RISK 40.00 X 212270 0 23564 AMARA MACKEY CHIEF FINANCIAL OFFICER 40.00 X 248812 0 37242 CRAIG LUNDQUIST WEALTH MANAGEMENT ADVISOR 40.00 X 487999 0 24150 JANE HENNEN VP MARKETING 40.00 X 172172 0 29622 JENNIFER HANSON VP ENTERPRISE APPLICATIONS 40.00 X 180602 0 23006 CRYSTAL CURRIER VP BUSINESS LENDING 40.00 X 182196 0 21131 COURTNEY HUSSEY VP OPS 40.00 X 170091 0 32343 5090652 0 834073 38 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE PROCESSING AND ACCOUNTING SYSTEMS 1613143 ALKAMI 2601 GRANITE PARKWAY STE 120 PLANO TX 75024 ONLINE BANKING SYSTEM 777260 JSML MEDIA LLC 3300 FERNBROOK LANE STE 190 PLYMOUTH MN 55447 STRATEGIC MEDIA SERVICES 526769 IT1 SOURCE LLC 1860 W UNIVERSITY DR TEMPE AZ 85281 NETWORKING & DATA MANAGEMENT 384130 VELOCITY 3901 TECHNOLOGY DR PADUCAH KY 42001 DIRECT MAIL MARKETING 315262 22 LOAN INTEREST 522100 44157944 44157944 OTHER INCOME 522100 6090459 6090459 FEES & SERVICE CHGS 522100 5538307 5518093 20214 55786710 7205241 7205241 43775663 10445960 43687219 10407064 88444 38896 127340 127340 63119291 55766496 20214 7332581 15772394 4601413 11841003 2644916 1060168 4563 5793374 3516795 1171941 495778 2148640 1601267 PROVISION FOR CREDIT LO 5486533 LOAN SERVICING EXPENSES 2067477 EDUCATIONAL & PROMOTION 1015560 MISC. EXPENSE 523454 48361 59793637 136110855 125835031 500235 8020063 9800261 813095651 841518266 3152423 2335657 37426866 18181520 20597841 19245346 10277753 9583686 4812522 5395206 25393395 24795986 1021960738 1038509439 12739344 10792006 56675000 64825000 848920962 854069099 918335306 929686105 X 0 0 0 0 103625432 108823334 103625432 108823334 1021960738 1038509439 X 3325654 55933 1816315 X X 0 1 X 1 0 5997799 5997799 17907948 7264854 10643094 13521119 10916666 2604453 19245346 MEMBER ACCOUNTS 789975517 NONMEMBER DEPOSITS 64093582 854069099 X 63119291 0 63119291 0 63119291 59793638 0 59793638 -1 -1 59793637 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XII, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -1. X X X X X 0 1 0 BRIAN SHERRICK CEO 610247 0 97981 0 23000 0 217833 0 16134 0 965195 0 0 0 DENNIS BAUER CFO - EVP 409418 0 68746 0 14287 0 34500 0 16134 0 543085 0 0 0 CRAIG LUNDQUIST WEALTH MANAGEMENT ADVISOR 91363 0 390187 0 6449 0 24150 0 0 0 512149 0 0 0 LAWRENCE MIGGLER CHIEF TECHNOLOGY OFFICER 271602 0 35647 0 150000 0 31825 0 16033 0 505107 0 150000 0 ALISHA JOHNSON CHIEF GROWTH OFFICER 292051 0 38568 0 0 0 79924 0 13672 0 424215 0 0 0 RICK BLOOD CLO 292310 0 36717 0 0 0 71284 0 0 0 400311 0 0 0 HERBERT HALL SVP MEMBER EXPERIENCE 244576 0 26566 0 50000 0 24398 0 10214 0 355754 0 50000 0 AMARA MACKEY CHIEF FINANCIAL OFFICER 228847 0 19965 0 0 0 24725 0 12517 0 286054 0 0 0 EMILY KELLY SVP HR & ADMIN 225048 0 24600 0 0 0 25877 0 10391 0 285916 0 0 0 SHANNON BUTLER SVP OPS 216129 0 24549 0 0 0 25820 0 18621 0 285119 0 0 0 FAITH THOLKES SVP MORTGAGE AND CONSUMER 229777 0 24600 0 0 0 25769 0 4586 0 284732 0 0 0 SHARON RILLEY VP RISK 195657 0 16613 0 0 0 21264 0 2300 0 235834 0 0 0 JENNIFER HANSON VP ENTERPRISE APPLICATIONS 166150 0 14452 0 0 0 18420 0 4586 0 203608 0 0 0 CRYSTAL CURRIER VP BUSINESS LENDING 167894 0 14302 0 0 0 18405 0 2726 0 203327 0 0 0 COURTNEY HUSSEY VP OPS 155739 0 14352 0 0 0 17485 0 14858 0 202434 0 0 0 JANE HENNEN VP MARKETING 157871 0 14301 0 0 0 16105 0 13517 0 201794 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED PLAN IN 2024: BRIAN SHERRICK LAWRENCE MIGGLER ALISHA JOHNSON RICK BLOOD HERBERT HALL THE FOLLOWING INDIVIDUALS RECEIVED DISTRIBUTIONS FROM THE 457(F) PLAN: LAWRENCE MIGGLER: $150,000 HERBERT HALL: $50,000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 49,379 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 SOUNDNESS 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 AND CERTIFICATE OF ORGANIZATION) 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 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A THE CEO RELATIONS COMMITTEE CONTINUES TO MEET SINCE IT WAS FORMED IN 2020. IN 2024 WE WORKED WITH HRN, ETC. THEY ALSO MET TO DETERMINE THE ANNUAL INCREASE FOR THE CEO WHICH WAS VOTED ON BY THE BOARD OF DIRECTORS. FORM 990, PART VI, LINE 15B HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. IN 2020 ALL SALARY RANGES MOVED BASED ON THE RECOMMENDATIONS FROM HRN AS WELL AS MOVING RANGES FROM THE 50TH PERCENTILE TO THE 60TH PERCENTILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME 1,816,316. ROUNDING -1. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. IDEAL CREDIT UNION COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPPORT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) GOV/PUBLIC FUNDED IDEAL CREDIT UNION 0 IDEAL CREDIT UNION SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) GOV/PUBLIC FUNDED IDEAL CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000