2024-09-10T09:40:31-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410800081 NOVATION CREDIT UNION NOVA 6517398080 500 IMPERIAL AVE OAKDALE MN 551287151 TERRY KAHLE VP OF FINANCE/CFO 6517398080 2024-09-03 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-09-03 2023 2024-08-08 14:25:15Z MICHAEL KRONEBUSCH 1315 PALISADE PATH WOODBURY MN 55129 11293465 0 X WWW.NOVATION.ORG X CREDIT UNION 1954 MN NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 17,000 MEMBER OWNERS. 9 9 41 14 19601 0 0 0 8566002 10011385 698758 1282080 0 0 9264760 11293465 0 20878 432117 2233645 3331596 3685983 0 0 0 3560229 3829818 7323942 9770324 1940818 1523141 224719719 227086966 206635423 207444417 18084296 19642549 TO OFFER PERSONALIZED FINANCIAL SOLUTIONS EXCLUSIVELY TO 3M EMPLOYEES, MCLEOD COUNTY, NOVATION CREDIT UNION FOUNDATION DONORS AND THEIR FAMILIES. 0 0 LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 17,000 MEMBER OWNERS. SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 17,000 MEMBER OWNERS. INVESTMENT:PROVIDE COMPETITIVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS. 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 1 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 9468 0 1 41 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 0 0 0 0 1 1 0 1 1 1 1 0 X TERRY KAHLE 6517359957 500 IMPERIAL AVE OAKDALE MN 55128 MIKE KRONEBUSCH EVP OF STRATEGY 50.00 X X 194475 0 18016 MARY EDINGER DIRECTOR 1.00 X 1200 0 0 DAN CARLSON DIRECTOR 1.00 X 1200 0 0 DARYL THOENNES DIRECTOR 1.00 X 1200 0 0 DAWN MCGINLEY CHAIR 1.00 X X 1200 0 0 JOHN SCHWALBACH DIRECTOR 1.00 X 1200 0 0 MATT JUHL DIRECTOR 1.00 X 1200 0 0 SHAWN SCHOW DIRECTOR 1.00 X 1200 0 0 JOSEPH PAUL DIRECTOR 1.00 X 1200 0 0 WENDY BENSON DIRECTOR 1.00 X 1200 0 0 KRISTI MUKOMELA PRESIDENT/CEO 50.00 X 267082 0 20636 TERRY KAHLE VP OF FINANCE/CFO 50.00 X 165978 0 26506 NICK ALTAVILLA VP OF OPERATIONS/COO 50.00 X 117744 0 14600 SCOTT HENNING VP OF MARKETING/CMO 50.00 X 104475 0 13353 860554 0 93111 5 0 1 0 PSCU 560 CARILLOON PARKWAY ST PETERBURGS FL 33716 CARD PROCESSING 700002 G&A OUTSOURCING LLC 17220 KATY FREEWAY SUITE 350 HOUSTON TX 77094 PEO SERVICES 602710 NCR 864 SPRING ST ATLANTA GA 30308 E_SERVICES 331169 FISERV INC 225 FISERV DRIVE BROOKFIELD WI 53045 ACCOUNT PROCESSING 228997 RSM US LLP 801 NICOLLET MALL SUITE 1200 MINNEAPOLIS MN 55402 IT/NETWORK MANAGED SERVICES 218405 6 LOAN INTEREST INCOME 522100 7201941 7201941 OTHER INCOME 522100 2417127 2408052 9075 FEE INCOME 522100 392317 381791 10526 10011385 1282080 1282080 11293465 9991784 19601 1282080 20878 2233645 953665 2009400 168864 554054 810 102263 820857 143334 1101457 231827 86784 18 316644 LOAN SERVICING EXPENSE 690571 CREDIT LOSS PROVISION 260109 MISCELLANEOUS OPERATING 59776 OPERATING FEES 15368 9770324 1165202 1611302 18133896 32894175 51371 51847 2829414 164970569 159762932 374393 351412 6445079 4330247 2310186 2114832 30538391 20874521 7175711 6596531 224719719 227086966 1054462 1341838 205580961 206102579 206635423 207444417 X 0 0 0 0 18084296 19642549 18084296 19642549 224719719 227086966 X 1523141 230140 -195028 X X 0 0 0 734664 734664 1929808 1260720 669088 356932 287423 69509 3175732 2701549 474183 247943 80555 167388 2114832 AFS DEBT SECURITIES 10635281 F FEDERAL HOME LOAN BANK STOCK 134900 C HTM DEBT SECURITIES 10104340 C 20874521 MEMBER SHARES ALL TYPES 206102579 206102579 X PART X, LINE 2: THE CREDIT UNION IS GENERALLY EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES AND STATE CORPORATE BUSINESS TAX. HOWEVER, THE CREDIT UNION IS SUBJECT TO FEDERAL TAX ON NET UNRELATED BUSINESS INCOME. THE CREDIT UNION MAY RECOGNIZE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS FROM UNCERTAIN TAX POSITIONS. UNRECOGNIZED TAX BENEFITS REPRESENT THE DIFFERENCES BETWEEN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN AND THE BENEFIT RECOGNIZED AND MEASURED IN THE FINANCIAL STATEMENTS. INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS INCOME TAX EXPENSE. 1 NOVATION CREDIT UNION FOUNDATION 500 IMPERIAL AVE OAKDALE MN 551287151 922763426 20878 0 DONATION 1 PART I, LINE 2: WE HAVE A POLICY FOR CHARITABLE GIVING AND OUR CHARITABLE DONATION ACCOUNT. THIS INCLUDES DOCUMENTATION OF A DONATION MADE TO NOVATION CREDIT UNION FOUNDATION FOR $20,878.38. X X X 1 1 0 KRISTI MUKOMELA PRESIDENT/CEO 222287 0 40622 0 4173 0 12872 0 7764 0 287718 0 0 0 MIKE KRONEBUSCH EVP OF STRATEGY 189379 0 5096 0 0 0 10626 0 7390 0 212491 0 0 0 TERRY KAHLE VP OF FINANCE/CFO 147674 0 18304 0 0 0 11122 0 15384 0 192484 0 0 0 PART I, LINES 4A-B TERRY KAHLE - 457(F) - ACCRUAL AMOUNT: $60,918 - NO PAYMENT MADE TO TERRY, JUST ACCRUALS TO LIABILITY ACCOUNT KRISTI MUKOMELA - 457(F) - ACCRUAL AMOUNT: $36,949 - NO PAYMENT MADE TO KRISTI, JUST ACCRUALS TO LIABILITY ACCOUNT SCOTT HENNING - SEVERANCE PAYOUT - PAYOUT AMOUNT: $15,000 - SEVERANCE PAYOUT MICHAEL KRONEBUSCH EVP OF STRATEGY SPLIT DOLLAR LOAN X 2750000 2829414 0 1 1 2829414 TRACY JUHL SPOUSE OF BOARD MEMBER MATT JUHL 24043 COMPENSATION FOR PART-TIME EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNIONS BYLAWS WERE AMENDED TO ADD DONORS OF NOVATION CREDIT UNION FOUNDATION TO THE FIELD OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS 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, 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 A, LINE 8B NO COMMITTEE WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B 990 IS REVIEWED BY THE CFO. IT IS AVAILABLE TO MEMBERS UPON WRITTEN REQUEST TO THE CFO. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS AND RECOMMENDS CEO COMPENSATION CHANGES TO FULL BOARD FOR APPROVAL. THE CEO REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS IN DETERMINING MANAGEMENT AND OTHER EMPLOYEE COMPENSATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE IN THE ANNUAL REPORT, NCUA WEBSITE AND ARE POSTED IN BRANCH LOBBIES. FORM 990, PART XI, LINE 9: CECL TRANSITION ADJUSTMENT -195,028. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.