2013-05-14T10:04:20-05:00 2012-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2012-01-01 410319960 ACCENTRA CREDIT UNION ACCE 5074331829 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 PAUL KNORR 5074331829 2013-05-13 1 RICHARD J GABRIELSON P00001024 5074347000 2012 2016-02-24 21:20:13Z PAUL KNORR 400 4TH AVENUE NE PO BOX 657 AUSTIN MN 55912 5398973 0 X WWW.ACCENTRACU.ORG X CU 1930 MN FINANCIAL SERVICES TO MEMBERS/OWNERS 7 7 49 8 9318 -13602 0 0 5221570 5091513 275564 271141 0 319 5497134 5362973 0 0 575326 453462 2286972 2230823 0 0 0 2564063 2467311 5426361 5151596 70773 211377 106642870 114173380 97378091 104653230 9264779 9520150 TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 0 0 TO PROVIDE LOANS TO MEMBERS AND TO PAY DIVIDENDS ON MEMBER SHARE ACCOUNTS, SHAREDRAFT ACCOUNTS AND CERTIFICATES. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 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 2128 0 1 49 1 1 1 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 0 1 1 1 1 1 0 X MICHEL CASE 5074343325 400 4TH AVE NE PO BOX 657 AUSTIN MN 55912 RON CHRISTENSEN 0.30 X 233 0 0 BRUCE HUFFER 0.50 X 416 0 0 DAVID KUBAT 0.80 X 521 0 0 GORDON KUEHNE 0.80 X 555 0 0 MARISA NAGELE 0.50 X 0 0 0 STEVE TUFTE 0.80 X 563 0 0 JIM WEISS 0.50 X 304 0 0 JANE HANDEL 0.50 X 461 0 0 PAUL KNORR 40.00 X 158719 0 18465 MICHEL CASE 40.00 X 91166 0 19894 252938 0 38359 1 0 1 0 FISERV EFT SOLUTIONS PO BOX 60000 SAN FRANCISCO CA 94160 EFT PROCESSING 302353 FISERV INC 75 REMITTANCE DRIVE CHICAGO IL 60675 DATA PROCESSING 200637 DIGITAL INSIGHT CORPORATION PO BOX 515306 LOS ANGELES CA 90051 ONLINE BANKING PROCESSING 110714 3 LOAN INTEREST 900099 3668628 3668628 FEES/CHARGES 522100 1422885 1413567 9318 5091513 307141 307141 36000 -36000 -36000 -36000 OTHER NON-OPERATING IN 900099 319 319 319 5362973 5082514 9318 271141 453462 291297 1549799 114117 128279 147331 31574 45626 641883 258587 209954 7189 43959 175670 PROVISION FOR LOAN & LE 281973 PROFESSIONAL & OUTSIDE 201782 LOAN SERVICING 200609 EDUCATION AND PROMOTION 155378 213127 5151596 1300036 1178952 2808593 4792117 1227107 1044885 71625755 73422802 97495 114896 6727377 2834892 4018582 3892485 4609343 3257643 19788376 24241328 1167583 2228272 106642870 114173380 1647491 1534269 95730600 103118961 97378091 104653230 X 0 0 0 0 9264779 9520150 9264779 9520150 106642870 114173380 X 211377 43994 X X 0 0 1 0 815728 815728 4023586 1278567 2745019 79268 36732 42536 1808795 1519593 289202 3892485 DEPOSITS IN COMM. BANKS, ETC. 22997000 C OTHER IN CORP. CREDIT UNIONS 250000 C OTHER INVESTMENTS 994328 C 24241328 SHARE DRAFTS 16599091 REGULAR SHARES 33432853 MONEY MARKET SHARES 23383275 SHARE CERTIFICATES 24029274 IRA/KEOGH ACCOUNTS 5674468 103118961 X DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: PART X: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31, 2012 FINANCIAL STATEMENTS,THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 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 IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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. THE CREDIT UNION ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2012 AND 2011. THE CREDIT UNION'S 2008 AND SUBSEQUENT YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X X X 0 0 0 PAUL KNORR 158719 0 0 0 0 0 6380 0 12085 0 177184 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 12,400 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST TWO-THIRDS OF THE MEMBER-OWNERS THAT VOTE DO VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11 THE 990 IS REVIEWED BY APPROPRIATE OFFICERS PRIOR TO FILING. IT IS ALSO REVIEWED BY THE SUPERVISORY COMMITTEE AFTER FILING. FORM 990, PART VI, SECTION B, LINE 12C REVIEW OF VENDOR INVOICES AND TRANSACTIONS TO MONITOR COMPLIANCE TO THE POLICY. ALL STAFF AND BOARD ARE SUBJECT TO THIS POLICY. IF THERE IS A CONFLICT, IT IS PRESENTED TO SENIOR MANAGEMENT AND BUSINESS ACTIVITY WOULD CEASE. FORM 990, PART VI, SECTION B, LINE 15 A COMMITTEE COMPRISED OF BOARD MEMBERS ANNUALLY REVIEWS, RESEARCHES, AND THEN RECOMMENDS THE AMOUNT OF CEO COMPENSATION. THIS AMOUNT IS APPROVED BY THE BOARD OF DIRECTORS AND IS ALSO MADE AVAILABLE TO EXAMINERS AND AUDITORS FOR THEIR REVIEW DURING EXAMS AND AUDITS. THE CREDIT UNION HAS A COMPENSATION POLICY THAT SETS GUIDELINES TO BE FOLLOWED FOR STAFF COMPENSATION. THE CU USES INDUSTRY SALARY AND BENEFIT COMPARISON REPORTS OBTAINED IN REVIEWING PROPER COMPENSATION LEVELS FOR OFFICERS AND KEY EMPLOYEES. ALL CHANGES TO COMPENSATION ARE RECORDED ON A FORM AND SUBMITTED FOR APPROVAL AND REVIEW BY THE CEO AND HR DEPARTMENT. PERIODIC REVIEWS HAVE BEEN DONE IN THE PAST BY A 3RD PARTY COMPANY SPECIALIZING IN COMPENSATION THAT WAS CONTRACTED TO GATHER INFORMATION AND RECOMMENDATIONS ON THE COMPENSATION LEVELS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH POSTING IN THE CREDIT UNION'S OFFICE OR CAN BE REVIEWED BY APPOINTMENT. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN UNREALIZED GAIN/LOSS ON INVESTMENTS 43,994. AUDITED FINANCIAL STATEMENTS FORM 990, PART XII, LINE 2B THE AUDIT WAS DONE AS OF 3/31. THEREFORE, THE REPORTING PERIOD FOR THE AUDIT DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. AUDIT OVERSIGHT FORM 990, PART XII, LINE 2C THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT.