2024-11-12T10:45:01-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 DANIELLE STEELE CONTROLLER 2186258500 2024-11-11 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-11 2023 2024-10-15 13:58:12Z STEVE EWERS 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 86381994 0 X WWW.MEMBERSCCU.ORG X CREDIT UNION 1936 MN 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. 13 11 330 0 392889 4035 0 0 47097569 54391833 -670322 6280681 0 0 46427247 60672514 181419 199967 5491436 12589861 21779729 22412678 0 0 0 19325045 25379364 46777629 60581870 -350382 90644 1152300712 1193596347 1053055443 1093620853 99245269 99975494 TO MAKE OUR COMMUNITIES STRONGER, OUR EMPLOYEES HAPPIER, AND OUR WORLD BETTER. 0 0 DIVIDENDS AND INTEREST OF $12.59 MILLION WAS PAID TO MEMBERS IN 2023 ON 127,664 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 29,403 LOANS TOTALING OVER $938 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ALSO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES. AVAILABILITY OF 13 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 1 0 0 0 0 1 1 1 0 0 1 38736 0 330 1 1 1 0 0 0 0 0 0 0 0 0 X 13 11 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MN X STEVE EWERS 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 DORIS DAHL CHAIR 14.70 X X 18790 0 0 DAVID VUKELICH BOARD VICE CHAIR 13.10 X X 12716 0 0 NICOLE BARKER BOARD SECRETARY & TREASURER 6.10 X X 6000 0 0 THERESA DANDREA DIRECTOR 10.60 X 1700 0 0 JOHN GILBERT DIRECTOR 6.70 X 6000 0 0 RUSS SALGY DIRECTOR 7.10 X 6000 0 0 JENNIE SIEBERT DIRECTOR 6.70 X 6000 0 0 PETER VANG DIRECTOR 6.70 X 6000 0 0 RODNEY BIBEAU DIRECTOR 1.30 X 6000 0 0 JOE WOLFF DIRECTOR 3.20 X 6591 0 0 DIANNE CARLSON EMERITUS DIRECTOR 6.70 X 6000 0 0 MARY KROHN ASSOCIATE DIRECTOR 5.00 X 3500 0 0 NIAL ANDRE MUSON KLYN ASSOCIATE DIRECTOR 4.00 X 2500 0 0 STEPHEN EWERS PRESIDENT/CEO 55.00 X 543424 0 52664 RALPH HAMANN CFO/CHRO 50.00 X 351009 0 69906 JANET VOLD CIO/COO 50.00 X 368941 0 61440 STEPHAN GLONCHAK CHIEF LENDING OFFICER 50.00 X 368757 0 32111 SIMONE SURI GENERAL COUNSEL 50.00 X 318312 0 56666 RYANNE BATTAGLIA CMO 50.00 X 255011 0 13394 BRAE OLSON VP MARKETING 45.00 X 177617 0 22410 PAUL MILLER VP DATA AND ANALYTICS 45.00 X 175457 0 23610 ANDY JONESON VP IT 45.00 X 166569 0 28279 JEFFREY STANLEY VP DIGITAL SERVICES 45.00 X 165235 0 28458 CORY STENSON MORTGAGE MANAGER 45.00 X 161388 0 29256 3139517 0 418194 42 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 ANNUAL SOFTWARE MAINTENANCE 1919288 INTEGRIS 1524 E 37TH STREET HIBBING MN 55746 COMPUTER SERVICE CONTRACT 722034 SERVION COMMERCIAL LOAN 500 MAIN STREET NEW BRIGHTON MN 55112 LOAN SERVICING 618522 EQUIFAX INFO PO BOX 71221 CHARLOTTE NC 28272 LENDING CREDIT REPORTS 289395 NUSOURCE 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 TECHNOLOGY AND INSTALLMENT OF NEW ITMS 288238 19 LOAN INTEREST INCOME 522100 42172233 42172233 OTHER OPERATING INCOME 524298 6700059 6700059 FEE INCOME 522100 5519541 5126652 392889 54391833 4372467 4372467 26510226 1107468 24509953 1199527 2000273 -92059 1908214 1908214 60672514 53998944 392889 6280681 199967 12589861 2579432 13927526 2138598 2342454 1424668 21610 225155 1006891 881484 5954507 1616286 45382 251041 4228402 1833696 PROVISION FOR CREDIT LO 3892986 MISCELLANEOUS OPERATING 3694911 LOAN SERVICING EXPENSE 1677632 OPERATING FEES 49381 60581870 51329412 41843102 1225633 683160 9149810 8903532 914315580 959391667 1782736 1553215 50497337 19990578 29730631 30506759 58946239 56969817 9129500 7036414 13744876 52498445 62946295 34210236 1152300712 1193596347 9842722 20625306 90500000 109500000 952712721 963495547 1053055443 1093620853 X 0 0 0 0 99245269 99975494 99245269 99975494 1152300712 1193596347 X 90644 842920 -203339 X X 0 1 X 1 0 5709968 5709968 24138520 5960830 18177690 17656910 13427169 4229741 665049 602579 62470 2326890 2326890 30506759 NON MEMBER DEPOSITS 18165178 ALLOWANCE FOR CREDIT LOSSES OFF-BALANCE SHEET 8185 MEMBER SHARES 945322184 963495547 X 60672514 0 60672514 0 60672514 60581870 0 60581870 0 60581870 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 1 GRANDMA'S MARATHON PO BOX 16234 DULUTH MN 55816 411573627 501(C)(3) 60000 0 OTHER SPONSORSHIP AND SUPPORT OF COMMUNITY EVENT DULUTH AIR SHOW 2110 W 1ST ST DULUTH MN 55806 824190491 501(C)(3) 15000 0 OTHER SPONSORSHIP AND SUPPORT OF COMMUNITY EVENT MCCU COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 501(C)(3) 11000 0 OTHER SUPPORT YOUTH FOUNDATION EVENTS UNIVERSITY OF MINNESOTA REGENTS PO BOX 1450 MINNEAPOLIS MN 55485 416007513 STATE GOVERNMENT 10000 0 OTHER SPONSORSHIP OF COLLEGE SPORTS 4 PART I, LINE 2: THE CREDIT UNION HAS A CONTRACT DEFINING THE TERMS OF THE SPONSORSHIP. X 1 1 X X X X X 1 0 0 STEPHEN EWERS PRESIDENT/CEO 475456 0 0 0 67968 0 16500 0 36164 0 596088 0 0 0 JANET VOLD CIO/COO 326656 0 0 0 42285 0 29431 0 32009 0 430381 0 0 0 RALPH HAMANN CFO/CHRO 333178 0 350 0 17481 0 29127 0 40779 0 420915 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 331635 0 0 0 37122 0 29410 0 2701 0 400868 0 0 0 SIMONE SURI GENERAL COUNSEL 279888 0 0 0 38424 0 28816 0 27850 0 374978 0 0 0 RYANNE BATTAGLIA CMO 117776 0 0 0 137235 0 12268 0 1126 0 268405 0 0 0 BRAE OLSON VP MARKETING 174146 0 0 0 3471 0 9036 0 13374 0 200027 0 0 0 PAUL MILLER VP DATA AND ANALYTICS 139209 0 3330 0 32918 0 6653 0 16957 0 199067 0 0 0 ANDY JONESON VP IT 166479 0 0 0 90 0 17481 0 10798 0 194848 0 0 0 JEFFREY STANLEY VP DIGITAL SERVICES 132110 0 0 0 33125 0 6336 0 22122 0 193693 0 0 0 CORY STENSON MORTGAGE MANAGER 155408 0 0 0 5980 0 16454 0 12802 0 190644 0 0 0 PART I, LINE 1A AIR FARE FOR SPOUSE FOR 3 BOARD MEMBERS FOR BOARD CONFERENCE PART I, LINE 1B BOARD MEMBERS RECEIVE 1099'S; NOT W2'S. PART I, LINE 3 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. PART I, LINE 4A RYANNE BATTAGLIA - SEVERANCE PAY - CURRENT YEAR AMOUNT: $120,992. PLAN DESCRIPTION: POSITION WAS ELIMINATED; AS SUCH, SEVERANCE PAY WAS GIVEN UPON TERMINATION AS PART OF EMPLOYMENT AGREEMENT TAMMY HEIKKINEN FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6175000 5635618 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 689531 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 950038 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1628345 0 1 1 8903532 DIANNE CARLSON OWNER ROSE GREENHOUSE & NURSERY FLOWER DELIVERY 0 SCHEDULE L, PART II NOTED THESE TO BE A NON-RECOURSE PLAN THAT IS RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCES ARE AS FOLLOWS:TAMMY HEIKKINEN - 7,612,961JANET VOLD - 739,273RALPH HAMANN - 1,106,872TIMOTHY SMITH - 2,652,192 FORM 990, PART VI, SECTION A, LINE 1A THERE IS A SUPERVISORY COMMITTEE THAT REVIEWS AUDIT RESULTS. MEMBERS OF THE COMMITTEE ARE NOT ON THE BOARD OF DIRECTORS OR ON THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 6 SUBSTANTIALLY ALL CUSTOMERS OF THE CREDIT UNION ARE MEMBERS. EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP MUST APPROVE CHANGES TO THE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990'S CALCULATION IS COMPLETED BY THE SENIOR ACCOUNTANT AND REVIEWED BY THE CONTROLLER ANNUALLY. FURTHER, THE CFO OBTAINS A DRAFT OF THE FORM 990 PRIOR TO SIGNING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST MUST BE DISCLOSED PURSUANT TO THE POLICY. SUCH DISCLOSURES MUST BE MADE IN WRITING TO THE COMPLIANCE OFFICER. THE COMPLIANCE OFFICER MUST RETAIN THOSE DISCLOSURES. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS AND EACH BOARD MEMBER ATTESTS THAT THEY UNDERSTAND AND AGREE TO ADHERE TO THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE TO THE MEMBERSHIP. A MONTHLY BALANCE SHEET IS POSTED IN LOBBY OF PRIMARY BRANCHES. THE ANNUAL REPORT IS POSTED ON THE CU'S WEBSITE. ALSO, QUARTERLY REPORTS ARE AVAILABLE ON THE NCUA WEBSITE. THE CU DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -203,339. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE INDEPENDENT AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND ASSUMES RESPONSIBILITY FOR THE SELECTION OF THE INDEPENDENT AUDITOR. MEMBERS DIRECT INSURANCE AGENCY 101 14TH STREET CLOQUET MN 55720 463985484 INSURANCE MN MEMBERS COOPERATIVE CREDIT UNION MEMBERS COOPERATIVE CREDIT UNION COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 PROMOTING YOUTH MN 501(C)(3) PF MEMBERS COOPERATIVE CREDIT UNION 1 LAKEHEAD FINANCIAL MANAGEMENT INC 4628 MIKE COLALILLO DR DULUTH MN 55807 411542100 CREDIT UNION SERVICE ORGANIZATION MN MEMBERS COOPERATIVE CREDIT UNION C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000