MILL CITY CREDIT UNION: Form 990, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- MILL CITY CREDIT UNION (EIN 41-0280115)
- Tax period
- 2015-01-01 to 2015-12-31
- Filed
- 2016-08-11
- IRS object ID
- 201642249349301889
- Schema version
- 2015v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2016-08-11T14:03:28-05:00 | ReturnTs |
| Tax Period End | 2015-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 217 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2015-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410280115 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MILL CITY CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MILL | BusinessNameControlTxt |
| Phone | 7637646900 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9999 WAYZATA BLVD | AddressLine1Txt |
| City | MINNETONKA | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55305 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | SHIRLEY NEUKOM | PersonNm |
| Person Title | SVP/CFO | PersonTitleTxt |
| Phone | 7637646900 | PhoneNum |
| Signature | 2016-08-09 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | SHERRI WESSELS | PreparerPersonNm |
| PTIN | P00888088 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2016-08-09 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2016-12-15 16:53:06Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KENT GREFF | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9999 WAYZATA BLVD | AddressLine1Txt |
| City | MINNETONKA | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55305 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $65,388,156 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MILLCITYCU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1935 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | OUR MISSION AT MILL CITY CREDIT UNION IS TO HELP OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING EXCEPTIONAL VALUE THORUGH INNOVATIVE PRODUCTS, PERSONALIZED SERVICES, AND SECURE GROWTH OPPORTUNITIES. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $2,668,971 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $10,266,543 | CYProgramServiceRevenueAmt |
| PY Investment Income | $277,643 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,556,699 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $2,946,614 | PYTotalRevenueAmt |
| CY Total Revenue | $11,823,242 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $234,702 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $933,478 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,165,995 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $4,779,891 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,038,176 | PYOtherExpensesAmt |
| CY Other Expenses | $4,693,393 | CYOtherExpensesAmt |
| PY Total Expenses | $2,438,873 | PYTotalExpensesAmt |
| CY Total Expenses | $10,406,762 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $507,741 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,416,480 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $300,775,245 | TotalAssetsBOYAmt |
| Total Assets EOY | $315,936,703 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $267,420,892 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $281,448,643 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $33,354,353 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $34,488,060 | NetAssetsOrFundBalancesEOYAmt |
| Mission | OUR MISSION AT MILL CITY CREDIT UNION IS TO HELP OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS BY PROVIDING EXCEPTIONAL VALUE THORUGH INNOVATIVE PRODUCTS, PERSONALIZED SERVICES, AND SECURE GROWTH OPPORTUNITIES. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE CREDIT UNION PROVIDED 8,937 LOANS TO MEMBERS TOTALING $181 MILLION. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | THE CREDIT UNION PROVIDED 42,962 DEPOSIT ACCOUNTS TO MEMBERS TOTALING $279 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, DEBIT AND ATM CARDS. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | THE CREDIT UNION PROVIDES ACCESS TO APPROXIMATELY 27,084 MEMBERS THROUGH THE USE OF BRANCHES, PHONE/CALL CENTER, ATMS, ONLINE BANKING AND MOBILE BANKING CHANNELS. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 4200 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | SHIRLEY NEUKOM | PersonNm |
| Phone | 7637646995 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 9999 WAYZATA BLVD | AddressLine1Txt |
| City | MINNETONKA | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55305 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (15 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| BOB KIRK | ||||||
| CHAIRMAN OF THE BOARD | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| PETER MCDONALD | ||||||
| VICE CHAIRMAN OF THE BOARD | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| CAM HOANG | ||||||
| SECRETARY OF THE BOARD | 1.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| EARL ROBERTSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| MARTHA GSCHNEIDNER | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| TITO WOUDA | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| CHAD KERLIN | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| GEOFF JOHNSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| REBEKAH FERGUSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| KENT GREFF | ||||||
| PRESIDENT/CEO | 37.50 | Yes (X) | $263,467 | $0 | $125,969 | |
| SHIRLEY NEUKOM | ||||||
| SVP/CFO | 37.50 | Yes (X) | $133,682 | $0 | $56,111 | |
| MISSY MOUND | ||||||
| VICE PRESIDENT LOANS | 37.50 | Yes (X) | $87,059 | $0 | $42,057 | |
| MITCH MYRE | ||||||
| VICE PRESIDENT OPERATIONS | 37.50 | Yes (X) | $86,451 | $0 | $32,714 | |
| PAM LABELLE | ||||||
| VICE PRESIDENT MKTG & BUS | 37.50 | Yes (X) | $78,950 | $0 | $35,462 | |
| ROBIN DOWNING | ||||||
| VICE PRESIDENT HUMAN RESOU | 37.50 | Yes (X) | $80,693 | $0 | $32,409 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $730,302 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $324,722 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| GENERAL MILLS INC | |||||
| BT03-A POBOX 1113 | MINNEAPOLIS | MN | 55440 | HUMAN RESOURCES, BENEFITS, TECHNOLOGY | $5,171,772 |
| FISERV | |||||
| 75 REMITTANCE DR STE 1649 | CHICAGO | IL | 60675 | ELECTRONIC SERVICES | $1,464,771 |
| XPRESS DATA INC | |||||
| 10983 VIA FRONTERA | SAN DIEGO | CA | 92127 | BULK PRINTING AND MAILING | $100,080 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $7,777,530 | $7,777,530 |
| OTHER OPERATING INCOME | 522100 | $1,559,044 | $1,559,044 |
| FEES & SERVICE CHARGES | 522100 | $929,969 | $929,969 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $10,266,543 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,354,791 | TotalRevenueColumnAmt |
| Exclusion | $1,354,791 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $21,074,387 | SecuritiesAmt |
| Other | $32,692,435 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $21,038,038 | SecuritiesAmt |
| Other | $32,526,876 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $36,349 | SecuritiesAmt |
| Other | $165,559 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $201,908 | TotalRevenueColumnAmt |
| Exclusion | $201,908 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $11,823,242 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $10,266,543 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,556,699 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $933,478 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,055,024 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,884,219 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $840,648 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $19,823 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,354 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $149,527 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $421,325 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $390,843 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $962,120 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $276,766 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $28,157 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $40,644 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $220 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $426,962 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $105,972 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PLASTIC CARD EXPENSES & | $1,302,609 |
| LOAN SERVICING EXPENSE | $371,549 |
| PROPERTY TAX AND OREO E | $114,789 |
| ASSOCIATION DUES | $57,256 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $477 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,406,762 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,198,751 | BOYAmt |
| EOY | $1,802,046 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,065,252 | BOYAmt |
| EOY | $41,948,319 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $173,762,465 | BOYAmt |
| EOY | $181,272,891 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $211,791 | BOYAmt |
| EOY | $254,604 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $7,472,477 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,211,571 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,499,183 | BOYAmt |
| EOY | $3,260,906 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $56,355,603 | BOYAmt |
| EOY | $64,904,621 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,374,819 | BOYAmt |
| EOY | $13,398,419 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,307,381 | BOYAmt |
| EOY | $9,094,897 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $300,775,245 | BOYAmt |
| EOY | $315,936,703 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,638,447 | BOYAmt |
| EOY | $2,304,113 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $265,782,445 | BOYAmt |
| EOY | $279,144,530 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $267,420,892 | BOYAmt |
| EOY | $281,448,643 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,354,353 | BOYAmt |
| EOY | $34,488,060 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,354,353 | BOYAmt |
| EOY | $34,488,060 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $300,775,245 | BOYAmt |
| EOY | $315,936,703 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,416,480 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$246,424 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$36,349 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,375,000 | OtherCostOrOtherBasisAmt |
| Book Value | $1,375,000 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,404,710 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,954,606 | DepreciationAmt |
| Book Value | $1,450,104 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,624,070 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,256,965 | DepreciationAmt |
| Book Value | $367,105 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $68,697 | OtherCostOrOtherBasisAmt |
| Book Value | $68,697 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,260,906 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARE ACCOUNTS | Desc |
| Amt | $279,144,530 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $279,144,530 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $11,715,884 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | -$107,358 | OtherRevenueAmt |
| Revenue Not Reported | -$107,358 | RevenueNotReportedAmt |
| Revenue Subtotal | $11,823,242 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $11,823,242 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $10,299,407 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | -$107,355 | OtherExpensesIncludedAmt |
| Expenses Not Reported | -$107,355 | ExpensesNotReportedAmt |
| Expenses Subtotal | $10,406,762 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $10,406,762 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 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. WHEN THE CREDIT UNION CONVERTED TO A STATE CHARTERED CREDIT UNION DURING 2014, IT ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT OF THE IMPLEMENTATION, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2015 AND 2014. THE CREDIT UNION'S 2014 AND 2015 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON SALES OF ASSETS REPORTED AS EXPENSE ON FORM 990 -107,358. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | LOSS ON SALES OF ASSETS REPORTED AS EXPENSE ON FORM 990 -107,358. ROUNDING 3. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KENT GREFF | ||||||||||||||
| PRESIDENT/CEO | $194,376 | $0 | $69,091 | $0 | $0 | $0 | $0 | $0 | $125,969 | $0 | $389,436 | $0 | $0 | $0 |
| SHIRLEY NEUKOM | ||||||||||||||
| SVP/CFO | $113,699 | $0 | $19,983 | $0 | $0 | $0 | $0 | $0 | $56,111 | $0 | $189,793 | $0 | $0 | $0 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERSHIP IN THIS CREDIT UNION IS COMPOSED OF EMPLOYEES AND RETIREES OF GENERAL MILLS; FAMILY MEMBERS OF EMPLOYEES AND MEMBERS, INCLUDING SPOUSE CHILD, STEPCHILD, FOSTER CHILD, ADOPTED CHILD, SIBLING, STEPSIBLING, PARENT, STEPPARENT, GRANDPARENT, AND GRANDCHILD; PERSONS RESIDING IN AND MAINTAINING THE SAME HOUSEHOLD AS CURRENT MEMBER. THE CREDIT UNION SERVES PERSONS WHO LIVE, WORK, WORSHIP, VOUNTEER OR ATTEND SCHOOL IN CARVER, HENNEPIN, MEEKER MCLEOD AND WRIGHT COUNTIES IN MINNESOTA. THE CREDIT UNION HAS ONE CLASS OF MEMBERS. |
| FORM 990, PART VI, SECTION A, LINE 7A | A MEMBER SHALL HAVE BUT A SINGLE VOTE REGARDLESS OF THE AMOUNT OF HIS SHARE HOLDINGS. |
| FORM 990, PART VI, SECTION A, LINE 7B | UPON RESOLUTION OF THE BOARD, CREDIT UNION MEMBERS SHALL BE AUTHORIZED TO VOTE BY MAIL FOR ELECTION OF DIRECTORS, AND FOR AMENDMENTS TO THE CERTIFICATE OF ORGANIZATION OR BYLAWS, AT ANNUAL AND SPECIAL MEETINGS. |
| FORM 990, PART VI, SECTION B, LINE 11 | DETAILED REVIEW OF FORM 990 BY THE CFO AND CEO WITH COPIES PROVIDED TO THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL EMPLOYEES AND VOLUNTEERS ARE SUBJECT TO THIS POLICY AND EACH ARE REQUIRED TO CERTIFY EACH YEAR IF THERE IS A CONFLICT OF INTEREST. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE PROCESS FOR DETERMINING THE COMPENSATION OF THE CREDIT UNION'S CEO IS BASED ON MARKET ANALYSIS AND REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. THE PROCESS FOR DETERMINING THE COMPENSATION OF THE CREDIT UNION'S OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON MARKET ANALYSIS AND REVIEWED AND APPROVED BY THE CEO AND HUMAN RESOURCES. THIS PROCESS WAS LAST COMPLETED IN 2015. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS ARE AVAILABLE IN EVERY BRANCH LOBBY. |
| FORM 990, PART XI, LINE 9: | RECLASSIFICATION FOR GAIN INCLUDED IN NET INCOME -36,349. |
| FORM 990, PART XII, LINE 2C: | THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. |
| FORM 990, PART V, LINE 2A: | GENERAL MILLS IS THE CREDIT UNION'S SPONSOR FOR MEMBERSHIP PURPOSES, BUT GENERAL MILLS DOES NOT HAVE ANY CONTROL OVER THE CREDIT UNION. PAYROLL FOR THE CREDIT UNION IS PREPARED BY GENERAL MILLS AND FORMS W-2 ARE ISSUED BY GENERAL MILLS. THEREFORE, 0 EMPLOYEES ARE REPORTED ON LINE 21 OF PART V OF FORM 990. HOWEVER, COMPENSATION INFORMATION IS REPORTED ON PAGE 7, PART VII AND ON PAGE 10, PART X, LINES 5 - 9 TO ACCURATELY REFLECT THE AMOUNTS PAID BY THE CREDIT UNION TO GENERAL MILLS FOR OFFICER COMPENSATION AND BENEFITS. |