2024-05-02T13:04:31-05:00 2023-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2023-01-01 410788273 CENTRICITY CREDIT UNION CENT 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 CONSTANCE CARTER CFO 2187402278 2024-05-01 1 CONSTANCE CARTER 999009999 1 MICHAEL J PETERSON CPA P01833529 2187224705 2024-05-01 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z DOUGLAS RALSTON 4477 LAVAQUE RD HERMANTOWN MN 55811 14843862 0 X WWW.CENTRICITY.ORG X 1943 MN THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS. 8 8 98 12 27982 3536 0 0 10757472 13689406 633067 1113618 197925 10248 11588464 14813272 0 0 0 0 4304657 5011897 0 0 0 5652191 7446773 9956848 12458670 1631616 2354602 236873562 243810562 212641065 216797925 24232497 27012637 X WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE. 0 0 CREDIT UNION BANKING SERVICE PROGRAMS: THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2023 OUR MEMBERS AND NON-MEMBERS HAD $194,170,027 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $103,801,038 IN SAVINGS ACCOUNTS, $40,232,555 IN CHECKING ACCOUNTS, $24,707,894 IN MONEY MARKET, AND $19,470,958 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS .12%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .47% AT YEAR END. NON-IRA CERTIFICATES EARNED 2.11% AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 18,645 MEMBERS AND ENDED THE YEAR WITH 18,282 FOR A DECREASE OF 363 MEMBERS. CREDIT UNION LENDING: THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $63,375,917 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2023. USED AUTO LOANS REPRESENT 33.23% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2023. THE CREDIT UNION HAD $30,852,020 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/2023. THEY REPRESENT 16.17% OF OUR LOAN PORTFOLIO AND 12.66% OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2023 FOR FIRST MORTGAGE LOANS WAS 6.38%. THE TOTAL LOAN PORTFOLIO INCREASED $17,709,047 DURING 2023. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS .79%. 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3307 0 1 98 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X JARRED BOHLIN 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 DOUG RALSTON PRESIDENT/CEO 40.00 X 221475 0 36319 CONSTANCE CARTER CFO 40.00 X 187804 0 19171 TORY LUKOVSKY VP OF CREDIT RISK 2.00 X 127758 0 24246 MARGARET TAYLOR CHAIRPERSON 2.00 X X 0 0 0 MARK THORSTEN VICE CHAIRPERSON 2.00 X X 0 0 0 STEPHEN MORGAN SECRETARY 2.00 X X 0 0 0 GARRETT BUSCH DIRECTOR 2.00 X 0 0 0 SCOTT CHRISTENSEN DIRECTOR 2.00 X 0 0 0 PATRICIA HENDRICKSON DIRECTOR 2.00 X 0 0 0 ANDREW HJELLE DIRECTOR 2.00 X 0 0 0 GAYLE WAHNER DIRECTOR 2.00 X 0 0 0 537037 0 79736 3 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE SOFTWARE AND OTHER SERVICE SOFTWARE 1226358 INTEGRIS 1524 EAST 37TH ST HIBBING MN 55746 IT SERVICES 325598 2 INTEREST ON LOANS 522100 10571267 10571267 FEE INCOME 522100 3118139 3090157 27982 13689406 1144208 1144208 1625 28965 -1625 -28965 -30590 -30590 10248 10248 10248 14813272 13661424 27982 1123866 464769 3752797 111161 372250 310920 11985 80503 544405 246525 317917 694578 371800 13624 68222 610854 284041 46411 BAD DEBT EXPENSE 1748461 DIVIDENDS ON MEMBER SHA 800865 ATM FEES 565055 DEBIT AND CREDIT CARD F 478493 563034 12458670 2879538 2972635 9660782 3728997 900395 1046102 1472000 1472000 169772547 187699912 2794357 2764235 7235022 3396951 3951033 3838071 11506146 11676026 25544218 21936070 8392546 6676514 236873562 243810562 1441704 1686123 17902 249021 6786603 20639839 204394856 194222942 212641065 216797925 X 0 0 0 0 24232497 27012637 24232497 27012637 236873562 243810562 X 2354602 420394 5144 X 0 0 0 621712 621712 5139438 2374233 2765205 1400007 988492 411515 73865 34226 39639 3838071 DEPOSITS IN COMMERCIAL BANKS 9983000 C PERPETUAL CONTRIBUTED CAPITAL 525574 C ALL OTHER INVESTMENTS 11427496 C 21936070 MEMBER SHARES & DEPOSITS 194222942 194222942 X X 0 1 0 DOUG RALSTON PRESIDENT/CEO 221475 0 0 0 0 0 11882 0 24437 0 257794 0 0 0 CONSTANCE CARTER CFO 137804 0 0 0 50000 0 9471 0 9700 0 206975 0 50000 0 TORY LUKOVSKY VP OF CREDIT RISK 63988 0 13770 0 50000 0 7473 0 16773 0 152004 0 50000 0 PART I, LINE 4B CONSTANCE CARTER, CFO, TORY LUKOVSKY, VP OF CREDIT RISK, AND JAMES SWANSON, VP OF OPS, ALL PARTICIPATED IN NONQUALIFIED RETIREMENT 457F PLANS. CONSTANCE DID RECEIVE A PAYMENT OF $50K IN 2023. TORY ALSO RECEIVED A PAYMENT OF $50K DURING 2023. THE ORGANIZATION DEFERRED $38,134 TO THEIR 457F PLANS DURING 2023. DOUG RALSTON OFFICER SERP X 1472000 1472000 0 1 1 1472000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. THE FILED FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING FOLLOWING THE FILING OF THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WHEN MATTERS PERTAINING TO THE SPECIFIC PERSONAL INTEREST OF A BOARD MEMBER ARE DISCUSSED, THE AFFECTED BOARD MEMBER OR MEMBERS WILL NOT ENGAGE IN THE DISCUSSION NOR PARTICIPATE IN THE VOTE AND THE MINUTES WILL SO STATE. IF MORE THAN ONE BOARD MEMBER IS INVOLVED IN MATTERS INVOLVING A CONFLICT OF INTEREST AND A VOTE IS CALLED, THE NUMBER VOTING MUST EXCEED THE QUORUM REQUIREMENTS FOR THE MEETING OR UNANIMOUS ACTION IS REQUIRED OF THE VOTING BOARD MEMBERS. EXAMPLES OF CONFLICT OF INTEREST SITUATIONS WOULD BE ACTION TO REDUCE INTEREST ON THE OBLIGATION OF A RELATIVE, PURCHASE LAND FOR THE PURPOSE OF ERECTING A CREDIT UNION OFFICER WHERE THE LAND IS OWNED BY A DIRECTOR, OR SELL CASUALTY INSURANCE THROUGH THE CREDIT UNION WHEN A BOARD MEMBER IS AN AGENT. ANY CREDIT UNION EMPLOYEE, DIRECTOR, OFFICER, OR SPOUSE WHO IS ASSOCIATED *WITH, OR HOLD A MATERIAL** OWNERSHIP INTEREST IN ANOTHER FINANCIAL INSTITUTION, TRADES ASSOCIATION OR RELATED BUSINESS WILL FILE AN ANNUAL DISCLOSURE STATEMENT WITH THE PRESIDENT OR BOARD CHAIRMAN WITHIN 30 DAYS OF JANUARY 1, THE START OF EMPLOYMENT OR TAKING OFFICE. ANY APPARENT CONFLICT OF INTEREST DISCLOSED BY THE STATEMENT WILL BE RESOLVED BY THE PRESIDENT OR BOARD PERSONNEL COMMITTEE AND THE INDIVIDUAL. * AS A DIRECTOR, OFFICER, OR EMPLOYEE **DEFINED IN TERMS OF DOLLARS AS $5,000.00 OR MORE. NOTE: REPORTING MECHANISMS WILL INCLUDE: EMPLOYEES TO THE MANAGER, MANAGEMENT TO THE CHAIRMAN AND OTHERS TO THE SECRETARY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS APPROVES THE PRESIDENT'S COMPENSATION. THIS APPROVAL IS NOTED IN THE BOARD MINUTES. THE CREDIT UNION USES A THIRD-PARTY VENDOR "PAY SCALE" TO SET COMPENSATION RANGES; INCLUDING FOR THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, EMPLOYMENT AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN OCI 5,144.