2025-11-07T17:21:43-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410793629 RED WING CREDIT UNION REDW 6513887133 3303 NORTH SERVICE DRIVE RED WING MN 55066 AARON S DEJONG PRESIDENT 6513887133 2025-11-06 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-06 2024 2025-03-06 01:10:19Z AARON S DEJONG 3303 NORTH SERVICE DRIVE RED WING MN 55066 9499093 0 X WWW.REDWINGCU.COM X CU 1954 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 "OWNER". 7 7 39 0 3192 0 0 0 6245964 7010664 1458821 2488429 0 0 7704785 9499093 0 0 1735135 2778626 2089678 2286444 0 0 0 2063475 2363858 5888288 7428928 1816497 2070165 171110209 189609527 155371877 171831569 15738332 17777958 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 "OWNER". 0 0 THE RED WING CREDIT UNION PRESENTLY HAS 5,465 CONSUMER LOANS IN SERVICE FOR A TOTAL VOLUME OF $103,258,937. THE CREDIT UNION ALSO HAS 80 COMMERCIAL LOANS FOR ATOTAL VOLUME OF $8,904,705. WE HAVE 1,501 VISA LOAN ACCOUNTS IN SERVICE FOR A TOTAL VOLUME OF $1,763,042. THE INTEREST RATES CHARGED ON THESE LOANS IS WELLBELOW THAT OF OUR LOCAL COMPETITION. THE RED WING CREDIT UNION OFFERS SAVINGS DEPOSIT RATES THAT ARE GENERALLY HIGHER THAN OUR LOCAL COMPETITION. WE OFFER BOTH REGULAR AND IRA CERTIFICATES OF DEPOSIT. THE RED WING CREDIT UNION OFFERS VARIOUS CHECKING ACCOUNTS THAT ARE VERY COMPETITIVELY PRICED IN OUR LOCAL MARKET. ALL OUR FEES ARE LOWER THAN THE COMPETITION. IN GENERAL, WE OFFER BETTER PRODUCTS AT A BETTER PRICE. 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 1 0 0 0 0 0 0 0 0 0 1 0 0 1 4961 0 39 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 0 0 1 1 1 1 1 MN X X STACEY STEIN 6512674215 3303 N SERVICE DR RED WING MN 55066 DARYL MARK CHAIR 0.30 X X 1000 0 0 DAVID HULL DIRECTOR 0.30 X 900 0 0 PAUL IRWIN DIRECTOR 0.30 X 1000 0 0 TAMMY WADLEY DIRECTOR 0.30 X 1100 0 0 TONY SEYFFER VICE CHAIRMAN 0.30 X X 1100 0 0 STACY BYSTROM DIRECTOR 0.30 X 1100 0 0 SHIRLEY PERKINS SECRETARY 0.30 X X 700 0 0 AARON DEJONG PRESIDENT 40.00 X 331125 0 14803 STACEY STEIN CFO 40.00 X 108391 0 40417 446416 0 55220 2 0 1 0 FISERV 455 WOMDOMG BROOK DRIVE GLASTONBURY CT 06033 DATA SERVICE 707007 BAUER DESIGN BUILD 14030 21ST AVENUE NORTH PLYMOUTH MN 55447 CONSTRUCTION 334203 PAR 3 IT 5500 ROBERT TRAIL S INVER GROVE HEIGHTS MN 55077 IT SERVICE 193488 3 LOAN INTEREST 522100 5642076 5642076 OTHER OPERATING INCOME 524298 1083630 1083630 FEES & CHARGES 522100 284958 281766 3192 7010664 2488429 2488429 9499093 7007472 3192 2488429 2778626 501636 1251730 74566 336203 122309 30668 736031 90967 541853 125973 60370 214 158945 LOAN SERVICING 495886 MISCELLANEOUS 58116 PROVISION FOR CREDIT LO 50381 STATE EXAMINATION 14454 7428928 1068104 1396837 3476000 12239000 -197596 55495 968275 997474 101469318 102967133 1182414 93698 5204182 2450397 2231954 2753785 45045968 45240044 9334103 18416322 200000 200000 6331669 5249739 171110209 189609527 261496 196863 155110381 171634706 155371877 171831569 X 0 0 0 0 15738332 17777958 15738332 17777958 171110209 189609527 2070165 -30539 0 X X 0 0 0 180000 180000 3779926 1348366 2431560 1244256 1102031 142225 2753785 INVESTMENTS - HELD TO MATURITY SECURITIES 493000 C INVESTMENTS - OTHER FINANCIAL INSTITUTIONS 17820622 C OTHER INVESTMENTS 102700 C 18416322 MEMBER SHARES OF ALL TYPES 171634706 171634706 X PART X, LINE 2: 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, 2024 AUDITED FINANCIAL STATEMENTS, 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 AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2025 AND 2024. THE CREDIT UNION'S 2022 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X 0 1 0 AARON DEJONG PRESIDENT 198125 0 23000 0 110000 0 13862 0 941 0 345928 0 0 0 PART I, LINE 3 THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURRENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE PERSONNEL COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS BASED ON CEO HIRE DATE. PART I, LINE 4B NAME: AARON DEJONG, DESCRIPTION: 457(F), CURRENT YEAR AMOUNT: $26,685. PLAN DESCRIPTION: DEFERRED COMPENSATION AARON S DEJONG PRESIDENT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 997474 0 1 1 997474 SCHEDULE L, PART II NOTED THIS TO BE A NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THE AMOUNT OF 997,474 FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS $1,156,078. FORM 990, PART VI, SECTION A, LINE 6 A MEMBER OF THE RED WING CREDIT UNION MUST LIVE IN OR DO BUSINESS, ATTEND SCHOOL OR CHURCH IN GOODHUE COUNTY, MINNESOTA, USA. THEY MUST OPEN A SHARE ACCOUNT FOR AT LEAST $25.00. THIS ENTITLES THEM TO ONE VOTE AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING. MEMBERS ARE ENTITLED TO BE PAID DIVIDENDS ON THEIR SAVINGS AT A RATE DETERMINED BY THE BOARD OF DIRECTORS EACH MONTH AT THEIR REGULAR BOARD OF DIRECTORS MEETING. RED WING CREDIT UNION HAS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED FOR THREE YEAR TERMS BY THE MEMBERSHIP AT THE CREDIT UNION'S ANNUAL BUSINESS MEETING WHICH IS ANNOUNCED IN ADVANCE IN THE CREDIT UNION'S NEWSLETTER AS WELL AS POSTED AT THE CREDIT UNION OFFICE AND ON ITS WEB PAGE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE BOARD OF DIRECTORS AT A BOARD MEETING. 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 THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE PERSONNEL COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS BASED ON CEO HIRE DATE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE AT THE OFFICE UPON REQUEST AND ARE DISTRIBUTED TO MEMBERS AT THE ANNUAL MEETING. FORM 990, PART XII, LINE 2A AND 2B: 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. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. MN3 CUSO LLC 924 EAST MAIN SLEEPY EYE MN 56085 923315953 CONSULTING MN RELATED -55924 0 0 0.33340 0 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 MN3 CUSO LLC M 79560 VENDOR TRANSACTION TOTAL