LAKE STATE CREDIT UNION: Form 990, tax year 2013
View the entire original 990 at ProPublica ↗
- Organization
- LAKE STATE CREDIT UNION (EIN 41-0683383)
- Tax period
- 2013-04-01 to 2013-12-31
- Filed
- 2014-11-21
- IRS object ID
- 201403259349300505
- Schema version
- 2013v3.0
- 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 | 2014-11-21T09:01:28-06:00 | ReturnTs |
| Tax Period End | 2013-12-31 | 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 | BusinessNameLine1 |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 217 | AddressLine1 |
| City | AUSTIN | City |
| State | MN | State |
| ZIP Code | 55912 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2013-04-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410683383 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LAKE STATE CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | LAKE | BusinessNameControlTxt |
| Phone | 2184854444 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 ELM AVENUE | AddressLine1 |
| City | MOOSE LAKE | City |
| State | MN | State |
| ZIP Code | 55767 | ZIPCode |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICK BORCHARDT | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2184854444 | PhoneNum |
| Signature | 2014-11-21 | 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 | 2014-11-13 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2013 | TaxYr |
| Build TS | 2015-11-30 17:44:51Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Initial Return | Yes (X) | InitialReturnInd |
| Principal Officer | TIM SMITH | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 330 | AddressLine1 |
| City | MOOSE LAKE | City |
| State | MN | State |
| ZIP Code | 55767 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $7,219,526 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | HTTP://LAKESTATECU.COM | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1939 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | THE CREDIT UNION IS A NONPROFIT, COOPERATIVE FINANCIAL INSTITUTION. IT IS OWNED AND RUN BY ITS MEMBERS AND ORGANIZED TO SERVE AND PROVIDE THEIR MEMBERS WITH A SAFE PLACE TO SAVE AND BORROW AT REASONABLE RATES. MEMBERS POOL THEIR FUNDS TO MAKE LOANS TO ONE ANOTHER. THE VOLUNTEER BOARD THAT RUNS EACH CREDIT UNION IS ELECTED BY THE MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 104 | TotalEmployeeCnt |
| Total Volunteers | 20 | TotalVolunteersCnt |
| Total Gross UBI | $40,061 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$4,294 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| CY Program Service Revenue | $6,906,276 | CYProgramServiceRevenueAmt |
| CY Investment Income | $286,015 | CYInvestmentIncomeAmt |
| CY Other Revenue | $27,235 | CYOtherRevenueAmt |
| CY Total Revenue | $7,219,526 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $690,301 | CYBenefitsPaidToMembersAmt |
| CY Salaries Comp Emp Bnft Paid | $3,223,966 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| CY Other Expenses | $2,896,664 | CYOtherExpensesAmt |
| CY Total Expenses | $6,810,931 | CYTotalExpensesAmt |
| CY Revenues Less Expenses | $408,595 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $185,207,099 | TotalAssetsBOYAmt |
| Total Assets EOY | $183,149,905 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $165,603,278 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $163,137,489 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $19,603,821 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $20,012,416 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE CREDIT UNION IS A NONPROFIT, COOPERATIVE FINANCIAL INSTITUTION. IT IS OWNED AND RUN BY ITS MEMBERS AND ORGANIZED TO SERVE AND PROVIDE THEIR MEMBERS WITH A SAFE PLACE TO SAVE AND BORROW AT REASONABLE RATES. MEMBERS POOL THEIR FUNDS TO MAKE LOANS TO ONE ANOTHER. THE VOLUNTEER BOARD THAT RUNS EACH CREDIT UNION IS ELECTED BY THE MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 9,122 LOANS OUTSTANDING AS OF DECEMBER 31, 2013 WITH BALANCES OF $116,150,069. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 41,117 MEMBER ACCOUNTS WITH DEPOSITS OF $161,073,886 AS OF DECEMBER 31, 2013. | 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 | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | 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 | 6026 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 104 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| 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 | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | 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 | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | 0 | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICK BORCHARDT | PersonNm |
| Phone | 2184854444 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 ELM AVENUE | AddressLine1 |
| City | MOOSE LAKE | City |
| State | MN | State |
| ZIP Code | 55767 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionAGrp (10 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| MARLEN ANDERSON | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| DIANNE CARLSON | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| TIM CAROLINE | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| LEE ELLEN OLSON | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JOHN GILBERT | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| KAREN JOHNSON | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| JERRY TELKER | |||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | ||
| TIMOTHY J SMITH | |||||||
| PRESIDENT/CEO | 40.00 | $149,466 | $0 | $24,110 | Yes (X) | ||
| FREDERICK BORCHARDT | |||||||
| SVP/CFO | 40.00 | $98,517 | $0 | $24,684 | Yes (X) | ||
| JERRY SINNOTT | |||||||
| VP OF COMMERCIAL LENDING | 40.00 | $105,568 | $0 | $7,389 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $353,551 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $56,183 | 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 (2 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1 | CityContractorAddress/USAddress/City | StateContractorAddress/USAddress/State | ZIP CodeContractorAddress/USAddress/ZIPCode | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| FISERV | |||||
| 75 REMITTANCE DRIVE SUITE 6959 | CHICAGO | IL | 60675 | CORE PROCESSING | $508,499 |
| CU ANSWERS | |||||
| 6000 28TH ST SE SUITE 100 | GRAND RAPIDS | MI | 49546 | CORE PROCESSING | $106,460 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 2 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 522100 | $5,169,520 | $5,159,377 | $10,143 |
| FEE INCOME | 522100 | $928,894 | $922,124 | $6,770 |
| OTHER OPERATING INCOME | 522100 | $807,862 | $784,714 | $23,148 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $6,906,276 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $263,309 | TotalRevenueColumnAmt |
| Exclusion | $263,309 | ExclusionAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $27,235 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $27,235 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $27,235 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $27,235 | RelatedOrExemptFuncIncomeAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $22,706 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $0 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $22,706 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $22,706 | TotalRevenueColumnAmt |
| Exclusion | $22,706 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $7,219,526 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $6,893,450 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $40,061 | UnrelatedBusinessRevenueAmt |
| Exclusion | $286,015 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $690,301 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $222,580 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,422,453 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $87,969 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $301,084 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $189,880 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $148,415 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $190,024 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $469,444 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $533,450 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $37,565 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICE EXPENSE | $595,937 |
| DATA PROCESSING | $426,210 |
| LOAN LOSS PROVISION | $233,000 |
| NCUA CORPORATE STABILIZ | $127,548 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $135,071 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,810,931 | TotalAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,744,135 | BOYAmt |
| EOY | $3,741,419 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $114,715,246 | BOYAmt |
| EOY | $114,428,829 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $568,194 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $8,746,365 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $4,287,829 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,007,650 | BOYAmt |
| EOY | $4,458,536 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $59,236,185 | BOYAmt |
| EOY | $56,384,051 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,503,883 | BOYAmt |
| EOY | $3,568,876 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $185,207,099 | BOYAmt |
| EOY | $183,149,905 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,008,351 | BOYAmt |
| EOY | $2,063,603 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $164,594,927 | BOYAmt |
| EOY | $161,073,886 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $165,603,278 | BOYAmt |
| EOY | $163,137,489 | 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 | $19,603,821 | BOYAmt |
| EOY | $20,012,416 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $19,603,821 | BOYAmt |
| EOY | $20,012,416 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $185,207,099 | BOYAmt |
| EOY | $183,149,905 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $408,595 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $0 | 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 | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $843,830 | OtherCostOrOtherBasisAmt |
| Book Value | $843,830 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,311,931 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,452,899 | DepreciationAmt |
| Book Value | $2,859,032 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,590,604 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,834,930 | DepreciationAmt |
| Book Value | $755,674 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $4,458,536 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (2 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| INVESTMENT CERTIFICATES | $51,034,470 | C |
| INVESTMENTS IN FRB & OTHERS | $5,349,581 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $56,384,051 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER ACCOUNTS AND CERTIFICATES | Desc |
| Amt | $161,073,886 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $161,073,886 | TotalLiabilityAmt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | TIMOTHY J SMITH | PersonNm |
| Title | PRESIDENT/CEO | TitleTxt |
| Base Compensation Filing Org | $135,219 | BaseCompensationFilingOrgAmt |
| Compensation Based On Rltd Orgs | $0 | CompensationBasedOnRltdOrgsAmt |
| Bonus Filing Organization | $13,500 | BonusFilingOrganizationAmount |
| Bonus Related Organizations | $0 | BonusRelatedOrganizationsAmt |
| Other Compensation Filing Org | $747 | OtherCompensationFilingOrgAmt |
| Other Compensation Rltd Orgs | $0 | OtherCompensationRltdOrgsAmt |
| Deferred Compensation Flng Org | $7,823 | DeferredCompensationFlngOrgAmt |
| Deferred Comp Rltd Orgs | $0 | DeferredCompRltdOrgsAmt |
| Nontaxable Benefits Filing Org | $16,287 | NontaxableBenefitsFilingOrgAmt |
| Nontaxable Benefits Rltd Orgs | $0 | NontaxableBenefitsRltdOrgsAmt |
| Total Compensation Filing Org | $173,576 | TotalCompensationFilingOrgAmt |
| Total Compensation Rltd Orgs | $0 | TotalCompensationRltdOrgsAmt |
| Comp Report Prior990 Filing Org | $0 | CompReportPrior990FilingOrgAmt |
| Comp Report Prior990 Rltd Orgs | $0 | CompReportPrior990RltdOrgsAmt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION MEMBERSIP IS LIMITED TO ALL RESIDENTS LIVING IN CARLTON, CHISAGO, KANABEC, ISANTI, PINE, AITKIN, WASHINGTON, AND ST LOUIS COUNTIES, AND ALL MEMBERS OF THEIR IMMEDIATE FAMILIES REGARDLESS OF THEIR PLACE OF RESIDENCE. |
| FORM 990, PART VI, SECTION A, LINE 7A | EACH YEAR 2 OR 3 MEMBERS OF OUR BOARD OF DIRECTORS ARE UP FOR ELECTION. OUR MEMBERS VOTE FOR THEM EACH YEAR. |
| FORM 990, PART VI, SECTION A, LINE 7B | OUR MEMBERSHIP HAD TO APPROVE OUR CONVERSION FROM FEDERALLY CHARTERED CREDIT UNION TO A STATE CHARTERED CREDIT UNION |
| FORM 990, PART VI, SECTION B, LINE 11 | WE WILL PUT A COPY OF FORM 990 IN OUR ONLINE DOCUMENT STORAGE SITE (CU BOARD MEMBERS.COM), SEND THE EACH BOARD MEMBER A MESSAGE THAT IT IS THERE, AND REVIEW THE FORM AT OUR NEXT BOARD MEETING. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL ETHIC STATEMENTS ARE REVIEWED BY THE PRESIDENT/CEO AND RESULTS REPORTED TO THE BOARD OF DIRECTORS. ANY EXCEPTIONS MUST BE APPROVED BY THE CEO AND BOARD OF DIRECTORS. THE ETHIC STATEMENTS ARE FILED IN THE HR MANAGER'S OFFICE FOR DOCUMENTATION AND REFERRAL PURPOSES. AT THIS TIME, THERE ARE NO KNOWN OR POTENTIAL CONFLICTS OF INTEREST TO MONITOR. |
| FORM 990, PART VI, SECTION B, LINE 15 | FOR 2014 COMPENSATION, BASED ON THE INFORMATION RECEIVED FROM THE SALARY REVIEW USING CUNA'S SALARY SURVEY AND MARKET TRENDS, AND AFTER CONSULTATION WITH NANCY GOSSELL, OUR HR ATTORNEY WE HAVE ON RETAINER, THE PRESIDENT/CEO, SVP-CFO, VP OF ACCOUNTING, AND HR MANAGER APPLIED A SALARY RANGE INCREASE OF 3% FOR THE CEO AND EXECUTIVE OFFICERS. THE PRESIDENT/CEO'S SALARY INCREASE IS BASED ON HIS PERFORMANCE REVIEW FROM THE BOARD OF DIRECTOR'S PERSONNEL COMMITTEE, USING THE SALARY RANGE AS A GUIDELINE FOR ANNUAL INCREASE. THE EXECUTIVE OFFICERS RECEIVED THEIR PERFORMANCE REVIEWS FROM THE PRESIDENT/CEO USING THE SAME SALARY GUIDELINE FOR THE WAGE INCREASE BASED ON PERFORMANCE RATING AND WHERE THEY CURRENTLY FALL IN THE SALARY RANGE. FOR 2014 COMPENSATION, BASED ON THE INFORMATION RECEIVED FROM THE SALARY REVIEW USING CUNA'S SALARY SURVEY AND MARKET TRENDS, AND AFTER CONSULTATION WITH NANCY GOSSELL, OUR HR ATTORNEY WE HAVE ON RETAINER, THE PRESIDENT/CEO, SVP-CFO, VP OF ACCOUNTING, AND HR MANAGER APPLIED A SALARY RANGE INCREASE OF 3% FOR THE OTHER MANAGEMENT POSITIONS AND THE REMAINING POSITIONS. THE MANAGEMENT AND OTHER POSITIONS RECEIVED THEIR PERFORMANCE REVIEWS FROM THEIR SUPERVISOR, USING THE SAME SALARY GUIDELINE FOR THE WAGE INCREASE BASED ON PERFORMANCE RATING AND WHERE THEY CURRENTLY FALL IN THE SALARY RANGE. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2013. |
| FORM 990, PART VI, SECTION C, LINE 18 | THIS IS THE CREDIT UNION'S FIRST YEAR OF BEING STATE-CHARTERED, THEREFORE WE HAVE NOT HAD ANYTHING TO MAKE AVAILABLE. FORM 990 WILL BE AVAILABLE UPON REQUEST IN THE FUTURE. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE MADE AVILABLE IF MEMBERS REQUEST THEM. FINANCIAL REPORTS ARE ALSO POSTED IN EACH OF OUR LOBBIES AND PUT IN OUR ANNUAL REPORT. |
| FORM 990, PART XII, LINE 2B: | AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF 3/31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. |
| FORM 990, PART IX, LINE 5: | LAKE STATE CREDIT UNION WAS A FEDERALLY CHARTERED CREDIT UNION UNTIL APRIL 1, 2013 WHEN IT BECAME STATE CHARTERED. AS THE CREDIT UNION IS ONLY REPORTING ITEMS OF INCOME AND EXPENSES FOR 9 MONTHS ON THE 2013 FORM 990, COMPENSATION AMOUNTS LISTED ON LINE 5 OF PART IX DO NOT MATCH THE AMOUNTS LISTED IN PART VII. THE AMOUNTS LISTED IN VII ARE FROM THE 2013 FORMS W-2 AND THE AMOUNTS LISTED IN PART IX ARE PRO-RATED FOR THE PERIOD APRIL 1 THROUGH DECEMBER 31, 2013. |