2014-11-21T09:01:28-06:00 2013-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2013-04-01 410683383 LAKE STATE CREDIT UNION LAKE 2184854444 301 ELM AVENUE MOOSE LAKE MN 55767 RICK BORCHARDT CFO 2184854444 2014-11-21 1 SHERRI WESSELS P00888088 5074347000 2014-11-13 2013 2015-11-30 17:44:51Z X TIM SMITH PO BOX 330 MOOSE LAKE MN 55767 7219526 0 X HTTP://LAKESTATECU.COM X CU 1939 MN 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. 7 7 104 20 40061 -4294 0 6906276 286015 27235 7219526 0 690301 3223966 0 0 2896664 6810931 408595 185207099 183149905 165603278 163137489 19603821 20012416 X 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. 0 0 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. 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. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 6026 0 1 104 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 0 1 1 0 RICK BORCHARDT 2184854444 301 ELM AVENUE MOOSE LAKE MN 55767 MARLEN ANDERSON DIRECTOR 1.00 X 0 0 0 DIANNE CARLSON DIRECTOR 1.00 X 0 0 0 TIM CAROLINE DIRECTOR 1.00 X 0 0 0 LEE ELLEN OLSON DIRECTOR 1.00 X 0 0 0 JOHN GILBERT DIRECTOR 1.00 X 0 0 0 KAREN JOHNSON DIRECTOR 1.00 X 0 0 0 JERRY TELKER DIRECTOR 1.00 X 0 0 0 TIMOTHY J SMITH PRESIDENT/CEO 40.00 X 149466 0 24110 FREDERICK BORCHARDT SVP/CFO 40.00 X 98517 0 24684 JERRY SINNOTT VP OF COMMERCIAL LENDING 40.00 X 105568 0 7389 353551 0 56183 2 0 1 0 FISERV 75 REMITTANCE DRIVE SUITE 6959 CHICAGO IL 60675 CORE PROCESSING 508499 CU ANSWERS 6000 28TH ST SE SUITE 100 GRAND RAPIDS MI 49546 CORE PROCESSING 106460 2 LOAN INTEREST 522100 5169520 5159377 10143 FEE INCOME 522100 928894 922124 6770 OTHER OPERATING INCOME 522100 807862 784714 23148 6906276 263309 263309 27235 0 27235 27235 27235 22706 0 22706 22706 22706 7219526 6893450 40061 286015 690301 222580 2422453 87969 301084 189880 148415 190024 469444 533450 37565 LOAN SERVICE EXPENSE 595937 DATA PROCESSING 426210 LOAN LOSS PROVISION 233000 NCUA CORPORATE STABILIZ 127548 135071 6810931 1744135 3741419 114715246 114428829 568194 8746365 4287829 4007650 4458536 59236185 56384051 5503883 3568876 185207099 183149905 1008351 2063603 164594927 161073886 165603278 163137489 X 0 0 0 0 19603821 20012416 19603821 20012416 185207099 183149905 408595 0 X X 0 0 0 843830 843830 5311931 2452899 2859032 2590604 1834930 755674 4458536 INVESTMENT CERTIFICATES 51034470 C INVESTMENTS IN FRB & OTHERS 5349581 C 56384051 MEMBER ACCOUNTS AND CERTIFICATES 161073886 161073886 X X X 0 0 0 TIMOTHY J SMITH PRESIDENT/CEO 135219 0 13500 0 747 0 7823 0 16287 0 173576 0 0 0 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.