MAGNIFI FINANCIAL CREDIT UNION: Form 990, tax year 2013
View the entire original 990 at ProPublica ↗
- Organization
- MAGNIFI FINANCIAL CREDIT UNION (EIN 41-0705136)
- Tax period
- 2013-01-01 to 2013-12-31
- Filed
- 2014-05-14
- IRS object ID
- 201431349349305303
- 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 | 2014-05-14T14:05:01-05:00 | 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 | 2013-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410705136 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CENTRAL MINNESOTA CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | CENT | BusinessNameControlTxt |
| Phone | 3202563669 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE PO BOX 10 | AddressLine1 |
| City | MELROSE | City |
| State | MN | State |
| ZIP Code | 56352 | ZIPCode |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | NANCY ROSKE | PersonNm |
| Person Title | VICE PRESIDENT OF ACCOUNTING | PersonTitleTxt |
| Phone | 3202563669 | PhoneNum |
| Signature | 2014-05-13 | 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 |
| 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) |
|---|---|---|
| Principal Officer | RICHARD ODENTHAL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE PO BOX 10 | AddressLine1 |
| City | MELROSE | City |
| State | MN | State |
| ZIP Code | 56352 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $45,216,238 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MYCMCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1939 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 51,600 MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 313 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $55,593 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$8,590 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $34,264,701 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $35,922,552 | CYProgramServiceRevenueAmt |
| PY Investment Income | $330,153 | PYInvestmentIncomeAmt |
| CY Investment Income | -$246,345 | CYInvestmentIncomeAmt |
| PY Other Revenue | $2,446,049 | PYOtherRevenueAmt |
| CY Other Revenue | $2,870,219 | CYOtherRevenueAmt |
| PY Total Revenue | $37,040,903 | PYTotalRevenueAmt |
| CY Total Revenue | $38,546,426 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $13,152 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $14,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $4,000,528 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $3,422,845 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $13,752,731 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $16,543,400 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $9,906,236 | PYOtherExpensesAmt |
| CY Other Expenses | $10,222,294 | CYOtherExpensesAmt |
| PY Total Expenses | $27,672,647 | PYTotalExpensesAmt |
| CY Total Expenses | $30,202,539 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $9,368,256 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $8,343,887 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $704,884,027 | TotalAssetsBOYAmt |
| Total Assets EOY | $758,951,788 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $599,183,376 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $645,329,430 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $105,700,651 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $113,622,358 | NetAssetsOrFundBalancesEOYAmt |
| Mission | CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 51,600 MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $3,422,845 ON AMOUNTS DEPOSITED BY MEMBERS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 51,600 MEMBER ACCOUNTS WITH DEPOSITS OF $626,180,201 AS OF DECEMBER 31, 2013. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | 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 23,879 LOANS OUTSTANDING AS OF DECEMBER 31, 2013 WITH BALANCES OF $632,726,848. | 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 | Yes (1) | 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 | 16747 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 313 | 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 | 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 | CHARLES FRIEDERICHS | PersonNm |
| Phone | 3202563669 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE | AddressLine1 |
| City | MELROSE | City |
| State | MN | State |
| ZIP Code | 56352 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 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 |
|---|---|---|---|---|---|---|---|
| CHAD MIDDENDORF | |||||||
| CHAIRPERSON | 2.00 | Yes (X) | $257 | $0 | $0 | ||
| MARVIN HINNENKAMP | |||||||
| VICE CHAIRPERSON | 2.00 | Yes (X) | $245 | $0 | $0 | ||
| PHILIP OSENDORF | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| MICHELE ROHE | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| PAUL EVANS | |||||||
| DIRECTOR | 2.00 | Yes (X) | $132 | $0 | $0 | ||
| JAMES MADER | |||||||
| DIRECTOR | 2.00 | Yes (X) | $374 | $0 | $0 | ||
| SUSAN HECHT | |||||||
| DIRECTOR | 2.00 | Yes (X) | $280 | $0 | $0 | ||
| FRED FLEISCHHACKER | |||||||
| DIRECTOR | 2.00 | Yes (X) | $529 | $0 | $0 | ||
| FRAN RAMLER | |||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| RICHARD ODENTHAL | |||||||
| CHIEF EXECUTIVE OFFICER | 45.00 | $490,004 | $0 | $40,543 | Yes (X) | ||
| CHARLES FRIEDERICHS | |||||||
| CHIEF FINANCIAL OFFICER | 45.00 | $226,777 | $0 | $46,911 | Yes (X) | ||
| BERNARD BRIXIUS | |||||||
| CHIEF OPERATING OFFICER | 45.00 | $267,775 | $0 | $37,826 | Yes (X) | ||
| MICHAEL WEHLAGE | |||||||
| CHIEF CREDIT OFFICER | 45.00 | $174,745 | $0 | $32,457 | Yes (X) | ||
| NADINE RIELAND | |||||||
| VP OF HUMAN RESOURCES | 45.00 | $162,431 | $0 | $13,738 | Yes (X) | ||
| JASON MACDONALD | |||||||
| VP OF INFORMATION TECHNOLOGY | 45.00 | $165,519 | $0 | $33,792 | Yes (X) | ||
| DEAN DIRKES | |||||||
| VP OF LENDING | 45.00 | $149,979 | $0 | $38,813 | Yes (X) | ||
| GARY MEYER | |||||||
| VP OF BRANCH ADMINISTRATION | 45.00 | $135,780 | $0 | $39,627 | Yes (X) | ||
| DEAN GOEBEL | |||||||
| MEMBERS FINANCIAL ADVISOR | 45.00 | $159,445 | $0 | $36,170 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,934,272 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $319,877 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 10 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
| Cntrct Rcvd Greater Than100 K | 0 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 900099 | $32,158,094 | $32,158,094 | |
| FEES & CHARGES | 522100 | $3,764,458 | $3,708,865 | $55,593 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $35,922,552 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $623,623 | TotalRevenueColumnAmt |
| Exclusion | $623,623 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $3,445,435 | SecuritiesAmt |
| Other | $2,354,409 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $3,305,145 | SecuritiesAmt |
| Other | $3,364,667 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $140,290 | SecuritiesAmt |
| Other | -$1,010,258 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$869,968 | TotalRevenueColumnAmt |
| Exclusion | -$869,968 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MISCELLANEOUS OPERATIONS INCOME | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $2,870,219 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,870,219 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $2,870,219 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $38,546,426 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $38,737,178 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $55,593 | UnrelatedBusinessRevenueAmt |
| Exclusion | -$246,345 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,000 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,422,845 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,318,855 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $11,928,150 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,077,015 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,324,149 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $895,231 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $725,387 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,139,409 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,745,461 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $491,520 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $326,454 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $422,636 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| UNRELATED BUSINESS INCO | $2,133 |
| LOAN SERVICING EXPENSE | $1,308,059 |
| EDUCATIONAL AND PROMOTI | $779,707 |
| PROVISION FOR LOAN LOSS | $685,569 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $595,959 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,202,539 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $37,214,904 | BOYAmt |
| EOY | $27,335,746 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $63,539,000 | BOYAmt |
| EOY | $54,379,000 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $554,869,683 | BOYAmt |
| EOY | $628,647,629 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $682,036 | BOYAmt |
| EOY | $1,109,350 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $27,180,498 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $8,070,260 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,492,969 | BOYAmt |
| EOY | $19,110,238 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $16,687,454 | BOYAmt |
| EOY | $14,745,157 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,397,981 | BOYAmt |
| EOY | $13,624,668 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $704,884,027 | BOYAmt |
| EOY | $758,951,788 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,477,267 | BOYAmt |
| EOY | $19,149,229 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $578,706,109 | BOYAmt |
| EOY | $626,180,201 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $599,183,376 | BOYAmt |
| EOY | $645,329,430 | 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 | $105,700,651 | BOYAmt |
| EOY | $113,622,358 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $105,700,651 | BOYAmt |
| EOY | $113,622,358 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $704,884,027 | BOYAmt |
| EOY | $758,951,788 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $8,343,887 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$422,180 | NetUnrlzdGainsLossesInvstAmt |
| 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 | 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 | $5,488,823 | OtherCostOrOtherBasisAmt |
| Book Value | $5,488,823 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $16,726,314 | OtherCostOrOtherBasisAmt |
| Book Value | $16,726,314 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $639,030 | OtherCostOrOtherBasisAmt |
| Book Value | $639,030 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,326,331 | OtherCostOrOtherBasisAmt |
| Book Value | $4,326,331 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Depreciation | $8,070,260 | DepreciationAmt |
| Book Value | -$8,070,260 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $19,110,238 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES | Desc |
| Amt | $626,180,201 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $626,180,201 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $38,546,422 | TotalRevEtcAuditedFinclStmtAmt |
| Other Revenue | -$4 | OtherRevenueAmt |
| Revenue Not Reported | -$4 | RevenueNotReportedAmt |
| Revenue Subtotal | $38,546,426 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $38,546,426 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $30,202,541 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $2 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $2 | ExpensesNotReportedAmt |
| Expenses Subtotal | $30,202,539 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $30,202,539 | 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 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 PF DECE,BER 31. 2013 AMD 2012. THE CREDIT UNION'S 2010 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | ROUNDING -4. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | ROUNDING 2. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (2 entries)
| Address Line1USAddress/AddressLine1 | CityUSAddress/City | StateUSAddress/State | ZIP CodeUSAddress/ZIPCode | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|
| PAYNESVILLE BASEBALL CLUB INC | |||||||
| 29153 KORONIS DRIVE | PAYNESVILLE | MN | 56362 | 273708054 | 501(C)(3) | $5,000 | SCOREBARD AT HIGH SCHOOL. |
| ROCORI SCHOOL DISTRICT | |||||||
| 534 5TH AVE N | COLD SPRING | MN | 56320 | 410917354 | GOVERNMENTAL | $9,000 | SCHOOL LOGO CHAIRS. |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 2 | Total501c3OrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| 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 (9 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD ODENTHAL | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $350,964 | $0 | $130,800 | $0 | $8,240 | $0 | $24,027 | $0 | $16,516 | $0 | $530,547 | $0 | $0 | $0 |
| CHARLES FRIEDERICHS | ||||||||||||||
| CHIEF FINANCIAL OFFICER | $173,075 | $0 | $41,842 | $0 | $11,860 | $0 | $25,920 | $0 | $20,991 | $0 | $273,688 | $0 | $0 | $0 |
| BERNARD BRIXIUS | ||||||||||||||
| CHIEF OPERATING OFFICER | $208,653 | $0 | $49,038 | $0 | $10,084 | $0 | $20,782 | $0 | $17,044 | $0 | $305,601 | $0 | $0 | $0 |
| MICHAEL WEHLAGE | ||||||||||||||
| CHIEF CREDIT OFFICER | $139,394 | $0 | $34,060 | $0 | $1,291 | $0 | $18,655 | $0 | $13,802 | $0 | $207,202 | $0 | $0 | $0 |
| NADINE RIELAND | ||||||||||||||
| VP OF HUMAN RESOURCES | $138,325 | $0 | $24,106 | $0 | $0 | $0 | $11,391 | $0 | $2,347 | $0 | $176,169 | $0 | $0 | $0 |
| JASON MACDONALD | ||||||||||||||
| VP OF INFORMATION TECHNOLOGY | $142,049 | $0 | $23,046 | $0 | $424 | $0 | $15,136 | $0 | $18,656 | $0 | $199,311 | $0 | $0 | $0 |
| DEAN DIRKES | ||||||||||||||
| VP OF LENDING | $127,132 | $0 | $22,847 | $0 | $0 | $0 | $22,311 | $0 | $16,502 | $0 | $188,792 | $0 | $0 | $0 |
| GARY MEYER | ||||||||||||||
| VP OF BRANCH ADMINISTRATION | $114,612 | $0 | $21,168 | $0 | $0 | $0 | $21,248 | $0 | $18,379 | $0 | $175,407 | $0 | $0 | $0 |
| DEAN GOEBEL | ||||||||||||||
| MEMBERS FINANCIAL ADVISOR | $159,445 | $0 | $0 | $0 | $0 | $0 | $18,199 | $0 | $17,971 | $0 | $195,615 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 1A | FormAndLineReferenceDesc |
| Explanation | CHARLES FRIEDERICHS - COMPANION TRAVEL - $472 JASON MACDONALD - COMPANION TRAVEL - $424 BOB GERADS - COMPANION TRAVEL - $419 DEAN MOHS - COMPANION TRAVEL - $1,232 FRED FLEISCHHACKER - COMPANION TRAVEL - $923 JIM MADER - COMPANION TRAVEL - $923 CHAD MIDDENDORF - COMPANION TRAVEL - $923 RICHARD ODENTHAL - COMPANY VEHICHLE GROSS-UP $8,240 CHARLES FRIEDERICHS - COMPANY VEHICHLE GROSS-UP $11,860 BERNARD BRIXIUS - COMPANY VEHICHLE GROSS-UP $10,084 MICHAEL WEHLAGE - COMPANY VEHICHLE GROSS-UP $1,291 | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 2014. 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 2013. |
| 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 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. |