MAGNIFI FINANCIAL CREDIT UNION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- MAGNIFI FINANCIAL CREDIT UNION (EIN 41-0705136)
- Tax period
- 2011-01-01 to 2011-12-31
- Filed
- 2012-11-09
- IRS object ID
- 201223149349301802
- Schema version
- 2011v1.2
- 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) |
|---|---|---|
| Timestamp | 2012-11-09T14:47:46-06:00 | Timestamp |
| Tax Period End Date | 2011-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410746749 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| 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 | ReturnType |
| Tax Period Begin Date | 2011-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410705136 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CENTRAL MINNESOTA CREDIT UNION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | CENT | NameControl |
| Phone | 3202563669 | Phone |
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 |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | CHARLES FRIEDERICHS | Name |
| Title | CFO | Title |
| Phone | 3202563669 | Phone |
| Date Signed | 2012-11-08 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | RICHARD J GABRIELSON | Name |
| PTIN | P00001024 | PTIN |
| Phone | 5074347000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | RICHARD ODENTHAL | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| 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 | 42154934 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.MYCMCU.ORG | WebSite |
| Type Of Organization Other | X | TypeOfOrganizationOther |
| Type Of Org Other Description | CU | TypeOfOrgOtherDescription |
| Year Formation | 1939 | YearFormation |
| State Legal Domicile | MN | StateLegalDomicile |
| Activity Or Mission Description | CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 44,000 MEMBERS. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 9 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 9 | NbrIndependentVotingMembers |
| Total Nbr Employees | 229 | TotalNbrEmployees |
| Total Nbr Volunteers | 12 | TotalNbrVolunteers |
| Total Gross UBI | 44883 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 5948 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 5222917 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 31135861 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 173914 | InvestmentIncomePriorYear |
| Investment Income Current Year | 617537 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 359464 | OtherRevenuePriorYear |
| Other Revenue Current Year | 2021556 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 5756295 | TotalRevenuePriorYear |
| Total Revenue Current Year | 33774954 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 16906 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 14000 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 914046 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 4683990 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 1881244 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 11769951 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1710129 | OtherExpensePriorYear |
| Other Expenses Current Year | 9513431 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 4522325 | TotalExpensesPriorYear |
| Total Expenses Current Year | 25981372 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 1233970 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 7793582 | RevenuesLessExpensesCY |
| Total Assets BOY | 564317245 | TotalAssetsBOY |
| Total Assets EOY | 626143533 | TotalAssetsEOY |
| Total Liabilities BOY | 477700645 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 530173506 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 86616600 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 95970027 | NetAssetsOrFundBalancesEOY |
| Mission Description | CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 44,000 MEMBERS. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $1,009,640 ON AMOUNTS DEPOSITED BY MEMBERS. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 44,000 MEMBER ACCOUNTS WITH DEPOSITS OF $508,522,925 AS OF DECEMBER 31, 2011. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | 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 21,003 LOANS OUTSTANDING AS OF DECEMBER 31, 2011 WITH BALANCES OF $492,841,196. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 1 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 16536 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 229 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 9 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 9 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 0 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | CHARLES FRIEDERICHS | NamePerson |
| Telephone Number | 3202563669 | TelephoneNumber |
Address US AddressUS
| 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 Form990PartVIISectionA (18 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|
| CHAD MIDDENDORF | ||||||||
| CHAIRPERSON | 2.00 | X | 0 | 0 | 0 | |||
| DEAN MOHS | ||||||||
| VICE CHAIRPERSON | 2.00 | X | 0 | 0 | 0 | |||
| PHILIP OSENDORF | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| MICHELE ROHE | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| MARVIN HINNENKAMP | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| JAMES MADER | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| SUSAN HECHT | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| FRED FLEISCHHACKER | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| LUANN LOXTERCAMP | ||||||||
| DIRECTOR | 2.00 | X | 0 | 0 | 0 | |||
| RICHARD ODENTHAL | ||||||||
| CHIEF EXECUTIVE OFFICER | 45.00 | 447177 | 0 | 46583 | X | |||
| CHARLES FRIEDERICHS | ||||||||
| CHIEF FINANCIAL OFFICER | 45.00 | 191632 | 0 | 44423 | X | |||
| BERNARD BRIXIUS | ||||||||
| CHIEF OPERATING OFFICER | 45.00 | 229760 | 0 | 27171 | X | |||
| MICHAEL WEHLAGE | ||||||||
| CHIEF CREDIT OFFICER | 45.00 | 175374 | 0 | 36197 | X | |||
| NADINE RIELAND | ||||||||
| DIRECTOR OF HUMAN RESOURCE | 45.00 | 136745 | 0 | 29579 | X | |||
| JASON MACDONALD | ||||||||
| DIRECTOR OF INFORMATION TE | 45.00 | 129844 | 0 | 32523 | X | |||
| CHAD VAN BECK | ||||||||
| BUSINESS LENDING ADVISOR | 45.00 | 119377 | 0 | 26075 | X | |||
| GARY MEYER | ||||||||
| DIRECTOR OF BRANCHES | 45.00 | 114162 | 0 | 25734 | X | |||
| DEAN DIRKES | ||||||||
| DIRECTOR OF LENDING | 45.00 | 110001 | 0 | 38277 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1654072 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 306562 | TotalOtherCompensation |
| Number Individuals GT100 K | 13 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue |
|---|---|---|---|---|
| LOAN INTEREST | 900099 | 28792846 | 28792846 | |
| FEES & CHARGES | 522100 | 2343015 | 2298132 | 44883 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 31135861 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 717630 | TotalRevenueColumn |
| Exclusion | $717,630 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 8279887 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 8379980 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -100093 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -100093 | TotalRevenueColumn |
| Exclusion | -$100,093 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MISCELLANEOUS OPERATIO | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | 2021556 | TotalRevenueColumn |
| Related Or Exempt Function Income | 2021556 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 2021556 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 33774954 | TotalRevenueColumn |
| Related Or Exempt Function Income | 33112534 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 44883 | UnrelatedBusinessRevenue |
| Exclusion | $617,537 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 14000 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4683990 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1198317 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 8162760 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 556147 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1181349 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 671378 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 466545 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2261147 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1343498 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 376186 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 431581 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1074887 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| PROVISION FOR LOAN LOSS | 1213058 |
| LOAN SERVICING EXPENSE | 999708 |
| EDUCATIONAL AND PROMOTI | 724175 |
| MISCELLANEOUS EXPENSE | 598755 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 23891 | Total |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 25981372 | Total |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2638800 | BOY |
| EOY | 41542768 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 80038035 | BOY |
| EOY | 61536000 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 447757975 | BOY |
| EOY | 490300986 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 521070 | BOY |
| EOY | 628655 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 19024286 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 5795718 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 13089534 | BOY |
| EOY | 13228568 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1289400 | BOY |
| EOY | 6293158 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 18982431 | BOY |
| EOY | 12613398 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 564317245 | BOY |
| EOY | 626143533 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 15870700 | BOY |
| EOY | 17715432 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 461829945 | BOY |
| EOY | 512458074 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 477700645 | BOY |
| EOY | 530173506 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 86616600 | BOY |
| EOY | 95970027 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 86616600 | BOY |
| EOY | 95970027 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 564317245 | BOY |
| EOY | 626143533 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 7793582 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 1559845 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 4159033 | OtherCostOrOtherBasis |
| Book Value | 4159033 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 11435602 | OtherCostOrOtherBasis |
| Book Value | 11435602 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 550808 | OtherCostOrOtherBasis |
| Book Value | 550808 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 2878843 | OtherCostOrOtherBasis |
| Book Value | 2878843 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Depreciation | 5795718 | Depreciation |
| Book Value | -5795718 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 13228568 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MEMBER SHARES | Description |
| Amount | $512,458,074 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 512458074 | TotalOfAmounts |
| Total Revenue | 33774954 | TotalRevenue |
| Total Expenses | 25981372 | TotalExpenses |
| Excess Or Deficit For Year | 7793582 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -2324 | NetUnrealizedGLOnInvestments |
| Other | $1,562,169 | OtherAmount |
| Total Adjustments | 1559845 | TotalAdjustments |
| Excess Or Deficit Per FS | 9353427 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 33774953 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 33774953 | RevenueSubtotal |
| Other Revenues Not Included | 1 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | 1 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 33774954 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 25981372 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 25981372 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 25981372 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (3 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | PART X: | 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 A TAX RETURN FOR 2010, SUBSEQUENT TO THEIR CONVERSION TO A STATE CHARTER, FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. WHEN THE CREDIT UNION CONVERTED TO A STATE CHARTERED CREDIT UNION AS OF NOVEMBER 1, 2010, IT ADOPTED THE INCOME TAX STANDARD FOR UNCERTAIN TAX POSITIONS. AS A RESULT OF THE IMPLEMENTATION, THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2011 AND 2010. THE CREDIT UNION'S 2010 THROUGH 2011 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. |
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | EQUITY ACQUIRED IN MERGER 1,562,169. | |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | ROUNDING 1. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Recipient Table RecipientTable (2 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EIN Of RecipientEINOfRecipient | Amount Of Cash GrantAmountOfCashGrant | Purpose Of GrantPurposeOfGrant | IRC SectionIRCSection |
|---|---|---|---|---|---|---|---|
| RICORI SCHOOL DISTRICT | |||||||
| 534 5TH AVENUE NORTH | COLD SPRING | MN | 56320 | 410917354 | 9000 | PURCHASE SCOREBARD FOR NEW HIGH SCHOOL GYM. | |
| PAYNESVILLE BASEBALL CLUB INC | |||||||
| 29153 KORONIS DRIVE | PAYNESVILLE | MN | 56362 | 273708054 | 5000 | ASSIST IN BUILDING A BASEBALL STADIUM IN THE PAYNESVILLE COMMUNITY. | 501(C)(3) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Nbr Of501 C3 And Govt Grants | 1 | TotalNbrOf501C3AndGovtGrants |
| Total Nbr Of Other Organizations | 1 | TotalNbrOfOtherOrganizations |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: | Identifier |
| Return Reference | PART I, LINE 2: | ReturnReference |
| Explanation | SCHEDULE I, 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. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Idemnification Gross Up Payments | X | IdemnificationGrossUpPayments |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Independent Consultant | X | IndependentConsultant |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (6 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RICHARD ODENTHAL | |||||||||||||
| 326808 | 0 | 111731 | 0 | 8638 | 0 | 26300 | 0 | 20283 | 0 | 493760 | 0 | 0 | 0 |
| CHARLES FRIEDERICHS | |||||||||||||
| 137535 | 0 | 43481 | 0 | 10616 | 0 | 20281 | 0 | 24142 | 0 | 236055 | 0 | 0 | 0 |
| BERNARD BRIXIUS | |||||||||||||
| 169092 | 0 | 50486 | 0 | 10182 | 0 | 9017 | 0 | 18154 | 0 | 256931 | 0 | 0 | 0 |
| MICHAEL WEHLAGE | |||||||||||||
| 136108 | 0 | 37183 | 0 | 2083 | 0 | 18740 | 0 | 17457 | 0 | 211571 | 0 | 0 | 0 |
| NADINE RIELAND | |||||||||||||
| 111413 | 0 | 25332 | 0 | 0 | 0 | 12744 | 0 | 16835 | 0 | 166324 | 0 | 0 | 0 |
| JASON MACDONALD | |||||||||||||
| 104602 | 0 | 24642 | 0 | 600 | 0 | 13675 | 0 | 18848 | 0 | 162367 | 0 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Reference | PART I, LINE 1A | ReturnReference |
| Explanation | ART KERFELD - SPOUSE AIRFARE FOR CONFERENCE - $578 FRED FLEISCHHACKER - SPOUSE AIRFARE FOR CONFERENCE - $578 MARVIN HINNENKAMP - SPOUSE AIRFARE FOR CONFERENCE - $390 DEAN MOHS - SPOUSE AIRFARE FOR CONFERENCE - $270 CHAD MIDDENDORF - SPOUSE AIRFARE FOR CONFERENCE - $790 LUANN LOXTERCAMP - SPOUSE AIRFARE FOR CONFERENCE - $790 PHILIP OSENDORF - SPOUSE AIRFARE FOR CONFERENCE - $1,011 BERNARD BRIXIUS - SPOUSE AIRFARE FOR CONFERENCE - $272 JASON MACDONALD - SPOUSE AIRFARE FOR CONFERENCE - $345 RICHARD ODENTHAL - MEDICARE TAX ON COMPANY VEHICHLE GROSS-UP $125 CHARLES FRIEDERICHS - MEDICARE TAX ON COMPANY VEHICHLE GROSS-UP $154 BERNARD BRIXIUS - MEDICARE TAX ON COMPANY VEHICHLE GROSS-UP $148 MICHAEL WEHLAGE - MEDICARE TAX ON COMPANY VEHICHLE GROSS-UP $30 | Explanation |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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 13 CONTIGUOUS COUNTIES IN CENTRAL MINNESOTA. 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 CHIEF FINANCIAL OFFICER 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 2011. 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 OCTOBER 2011. | |
| 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 5: | NET UNREALIZED LOSSES ON INVESTMENTS: -2,324. EQUITY ACQUIRED IN MERGER 1,562,169. TOTAL TO FORM 990, PART XI, LINE 5: 1,559,845. | CHANGES IN NET ASSETS OR FUND BALANCES: |
| FORM 990, PART XII, LINE 2C | THERE HAS BEEN NO CHANGE TO THIS PROCESS SINCE THE PRIOR YEAR. |