2015-05-11T16:06:37-05:00 2014-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2014-01-01 410705136 CENTRAL MINNESOTA CREDIT UNION CENT 3202563669 20 4TH AVE SE PO BOX 10 MELROSE MN 56352 NANCY ROSKE VICE PRESIDENT OF ACCOUNTING 3202563669 2015-05-07 1 SHERRI WESSELS P00888088 5074347000 2014 2016-03-07 17:11:31Z RICHARD ODENTHAL 20 4TH AVE SE PO BOX 10 MELROSE MN 56352 54465459 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 57,538 MEMBERS. 9 9 310 12 62940 -15160 0 0 35922552 37800998 -246345 424738 2870219 5844620 38546426 44070356 14000 114000 3422845 3577163 16543400 16378484 0 0 0 10222294 11563247 30202539 31632894 8343887 12437462 758951788 856455313 645329430 729993549 113622358 126461764 CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 57,538 MEMBERS. 0 0 CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $3,577,163 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 171,270 MEMBER ACCOUNTS WITH DEPOSITS OF $700,974,944 AS OF DECEMBER 31, 2014. 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 27,024 LOANS OUTSTANDING AS OF DECEMBER 31, 2014 WITH BALANCES OF $698,494,433. 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 18817 0 1 310 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 CHAD MIDDENDORF CHAIRPERSON 2.00 X 1588 0 0 MARVIN HINNENKAMP VICE CHAIRPERSON 2.00 X 218 0 0 MARK MEYER DIRECTOR 2.00 X 0 0 0 MICHELE ROHE DIRECTOR 2.00 X 714 0 0 PAUL EVANS DIRECTOR 2.00 X 270 0 0 JAMES MADER DIRECTOR 2.00 X 1864 0 0 SUSAN HECHT DIRECTOR 2.00 X 1475 0 0 FRED FLEISCHHACKER DIRECTOR 2.00 X 1385 0 0 FRAN RAMLER DIRECTOR 2.00 X 0 0 0 RICHARD ODENTHAL CHIEF EXECUTIVE OFFICER 45.00 X 534766 0 42167 CHARLES FRIEDERICHS CHIEF FINANCIAL OFFICER 45.00 X 278965 0 41703 BERNARD BRIXIUS CHIEF OPERATING OFFICER 45.00 X 295402 0 40114 MICHAEL WEHLAGE CHIEF CREDIT OFFICER 45.00 X 191253 0 39478 NADINE RIELAND VP OF HUMAN RESOURCES 45.00 X 185746 0 15760 NANCY ROSKE VP OF ACCOUNTING 45.00 X 111302 0 23415 JASON MACDONALD VP OF INFORMATION TECHNOLO 45.00 X 184181 0 35239 DEAN DIRKES VP OF LENDING 45.00 X 164809 0 38782 GARY MEYER VP OF BRANCH ADMINISTRATIO 45.00 X 148511 0 42857 DEAN GOEBEL MEMBERS FINANCIAL ADVISOR 45.00 X 274017 0 31726 BOBBY GERADS DEPOSIT SUPPORT MANAGER 45.00 X 102140 0 31592 CHAD VAN BECK SR COMMERCIAL LENDER 45.00 X 112152 0 22681 ANDY WELLE SR AGRICULTURAL LENDER 45.00 X 107370 0 28833 2698128 0 434347 14 0 1 0 0 LOAN INTEREST 900099 34429847 34429847 FEES & CHARGES 522100 3371151 3308211 62940 37800998 891912 891912 9187464 740465 9199577 1195526 -12113 -455061 -467174 -467174 MISCELLANEOUS OPERATIONS INCOME 900099 3360735 3360735 GAIN ON BARGAIN PURCHASE/MERGER 900099 2483885 2483885 5844620 44070356 43582678 62940 424738 114000 3577163 2230596 11103381 979574 1130903 934030 1179222 3686490 1854244 523496 316314 1800 EDUCATIONAL AND PROMOTI 1278576 LOAN SERVICING EXPENSE 1263987 PROVISION FOR LOAN LOSS 946588 MISCELLANEOUS EXPENSE 487014 25516 31632894 27335746 26307318 54379000 79627396 628647629 692852210 1109350 930700 29108607 9138289 19110238 19970318 14745157 21995986 239905 13624668 14531480 758951788 856455313 19149229 29018605 626180201 700974944 645329430 729993549 X 0 0 0 0 113622358 126461764 113622358 126461764 758951788 856455313 X 12437462 303977 97967 X X 0 1 X 1 0 6015197 6015197 17768034 17768034 649460 649460 4675916 4675916 9138289 -9138289 19970318 MEMBER SHARES 700974944 700974944 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 THEY HAVE DEEMED TAXABLE. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2014 AND 2013. THE CREDIT UNION'S 2011 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 PAYNESVILLE BASEBALL CLUB INC 29153 KORONIS DRIVE PAYNESVILLE MN 56362 273708054 501(C)(3) 5000 SCOREBARD AT HIGH SCHOOL. ROCORI SCHOOL DISTRICT 534 5TH AVE N COLD SPRING MN 56320 410917354 GOVERNMENTAL 9000 SCHOOL LOGO CHAIRS. CENTRAL MINNESOTA CREDIT UNION FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 501(C)(3) 100000 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE. 3 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 X 0 0 0 RICHARD ODENTHAL CHIEF EXECUTIVE OFFICER 373350 0 153002 0 8414 0 25648 0 16519 0 576933 0 0 0 CHARLES FRIEDERICHS CHIEF FINANCIAL OFFICER 191670 0 73361 0 13934 0 25141 0 16562 0 320668 0 0 0 BERNARD BRIXIUS CHIEF OPERATING OFFICER 210796 0 73938 0 10668 0 22166 0 17948 0 335516 0 0 0 MICHAEL WEHLAGE CHIEF CREDIT OFFICER 140696 0 49008 0 1549 0 24847 0 14631 0 230731 0 0 0 NADINE RIELAND VP OF HUMAN RESOURCES 149519 0 35966 0 261 0 12152 0 3608 0 201506 0 0 0 JASON MACDONALD VP OF INFORMATION TECHNOLO 145017 0 38746 0 418 0 15260 0 19979 0 219420 0 0 0 DEAN DIRKES VP OF LENDING 130149 0 34410 0 250 0 22252 0 16530 0 203591 0 0 0 GARY MEYER VP OF BRANCH ADMINISTRATIO 116626 0 31655 0 230 0 23780 0 19077 0 191368 0 0 0 DEAN GOEBEL MEMBERS FINANCIAL ADVISOR 273746 0 0 0 271 0 13200 0 18526 0 305743 0 0 0 PART I, LINE 1A FRED FLEISCHHACKER - COMPANION TRAVEL - $1,019 JIM MADER - COMPANION TRAVEL - $1,019 CHAD MIDDENDORF - COMPANION TRAVEL - $845 SUSAN HECHT - COMPANION TRAVEL - $1,369 RICHARD ODENTHAL - COMPANY VEHICLE GROSS-UP $8,048 CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $13,578 BERNARD BRIXIUS - COMPANY VEHICHLE GROSS-UP $10,303 MICHAEL WEHLAGE - COMPANY VEHICHLE GROSS-UP $1,284 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 11 THE 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 2015. 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 IN NOVEMBER 2014. 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 XI, LINE 9: EQUITY ACQUIRED IN MERGER 97,967. 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 1 1 0 0 1 0 CENTRAL MINNESOTA CREDIT UNION FOUNDATION B 100000 ACTUAL AMOUNT