2024-11-15T09:39:15-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 JAY A GOSTONCZIK CEO 5077946712 2024-11-13 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-13 2023 2024-10-15 13:58:12Z JAY A GOSTONCZIK 924 MAIN STREET EAST SLEEPY EYE MN 56085 26142892 0 X WWW.SOUTHPOINTFINANCIAL.COM X 1936 MN SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 9 9 141 11 364349 9409 0 0 20121281 24710206 1172459 1432686 0 0 21293740 26142892 0 0 1997591 6117475 7528220 8376187 0 0 0 8552945 10229362 18078756 24723024 3214984 1419868 533091091 524062187 480384586 467764605 52706505 56297582 X SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 1 0 THE CREDIT UNION HAS PROVIDED 14,494 LOANS TO MEMBERS, TOTALING $390K (3,444 LOANS PROVIDED IN 2023) THE CREDIT UNION PROVIDED 65,302 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $397 MILLION, CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, WITH THE USE OF DEBIT AND ATM CARDS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 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 11562 0 141 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 0 MN X ALAN PETERSON 5072335602 924 MAIN STREET E SLEEPY EYE MN 56085 ASHOK GOYAL DIRECTOR 4.00 X 5776 0 0 MATTHEW LUX CHAIRMAN 4.00 X X 4569 0 0 ADAM SEIFERT DIRECTOR - VICE CHAIRMAN 4.00 X X 3900 0 0 JERRY FORSTER DIRECTOR 4.00 X 3502 0 0 CHARLES GRAVELLE DIRECTOR - SECRETARY 4.00 X X 3466 0 0 ROBERT WEISS DIRECTOR 4.00 X 3096 0 0 SCOTT SUPRENANT DIRECTOR 4.00 X 2725 0 0 MARK BRUGGEMAN DIRECTOR 4.00 X 2425 0 0 MIKE KRUEGER VICE-CHAIRMAN (PART YEAR) 4.00 X X 693 0 0 JEFFREY IBBERSON DIRECTOR (PART YEAR) 4.00 X 0 0 0 JAY GOSTONCZIK CEO 40.00 X 273594 0 34607 AL PETERSON CFO 40.00 X 184770 0 19375 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 40.00 X 176123 0 10250 PATRICE GOHL CHIEF OPERATIONS OFFICER 40.00 X 175770 0 10420 DAVID SCHOUTEN CIO 40.00 X 134782 0 9923 ROBERT SCHMID CLO 40.00 X 130782 0 10308 THOMAS BATTIS DIRECTOR OF GROWTH AND REVENUE 40.00 X 101190 0 24058 JOEL HEITNER DIRECTOR OF DEPOSITS AND MEMBERS 40.00 X 116853 0 6670 JEFFREY ANDERSON VP OF LENDING 40.00 X 102577 0 17641 1426593 0 143252 11 0 1 0 FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING 1560481 MNCUN 555 WABASHA ST N SUITE 200 ST PAUL MN 55102 INSURANCE POLICIES 808712 NCR PO BOX 740641 LOS ANGELES CA 900740641 ONLINE BANKING PLATFORM 501592 THRIVEON 210 S 20TH ST PO BOX 636 NEW ULM MN 56073 IT SERVICES 308642 MERIDIAN LINK PO BOX 846822 LOS ANGELES CA 900846822 LOAN ORIGINATION SYSTEM 222379 12 LOAN INTEREST 522100 18877418 18877418 OTHER OPERATING INCOME 522100 3616340 3616340 FEES & SERVICE CHARGES 522100 2216448 1852099 364349 24710206 1414686 1414686 18000 0 18000 18000 18000 26142892 24345857 364349 1432686 6117475 915061 5580871 237536 1149433 493286 162330 21600 469836 233588 412046 4209052 18686 574821 186042 1279363 1002818 LOAN SERVICING EXPENSE 909882 PROVISION FOR CREDIT LO 528962 MISC EXPENSE 198736 OPERATING FEES 21600 24723024 28978879 12447090 10728000 9232000 1585161 48197 373400503 394341536 854909 977554 24759369 8981988 15473230 15777381 77613645 64979555 560000 24456764 25698874 533091091 524062187 5344810 6690644 27995000 10000000 447044776 451073961 480384586 467764605 X 0 0 0 0 52706505 56297582 52706505 56297582 533091091 524062187 X 1419868 2171251 -42 X X 0 1 X 1 0 3913253 3913253 11616225 3700188 7916037 172347 172347 0 8587750 5109453 3478297 469794 469794 15777381 SECURITIES - AFS 64126255 F OTHER INVESTMENTS 853300 C 64979555 MEMBERS' SHARES AND SAVINGS ACCOUNTS 451073961 451073961 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM 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 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. X X 0 0 0 JAY GOSTONCZIK CEO 253822 0 1580 0 18192 0 16138 0 18469 0 308201 0 0 0 AL PETERSON CFO 182518 0 1580 0 672 0 11313 0 8062 0 204145 0 0 0 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 170726 0 1580 0 3817 0 10250 0 0 0 186373 0 0 0 PATRICE GOHL CHIEF OPERATIONS OFFICER 173548 0 1580 0 642 0 10420 0 0 0 186190 0 0 0 FORM 990, PART III, LINE 2 PURCHASED AN INSURANCE AGENCY AS A WHOLLY OWNED CUSO. ENTERED INTO A TECHNOLOGY CUSO (SHARED WITH 2 OTHER CUS), ESTABLISHED NEW CORE VALUES TO REPLACE OUR PREVIOUS MISSION STATEMENT FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN SOUTHPOINT FINANCIAL CREDIT UNION (SPFCU OR THE CREDIT UNION) IS OPEN BY GEOGRAPHIC CHARTER TO SERVE INDIVIDUALS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED WITHIN THE AREA OF BROWN, REDWOOD, RENVILLE, NICOLLET, SIBLEY, BLUE EARTH, FARIBAULT, MARTIN, WATONWAN, COTTONWOOD, MURRAY, LYON, KANDIYOHI, MEEKER, MCLEOD, CARVER, LE SUEUR, WRIGHT, SCOTT, RICE, WASECA, STEELE, AND FREEBORN COUNTIES, MINNESOTA, (AND/OR BECOME A PATRON OF THE SOUTHPOINT FINANCIAL CREDIT UNION FOUNDATION). MEMBERS MAY MAINTAIN THEIR MEMBERSHIP FOR A LIFETIME AND THEREFORE, MAY UTILIZE THE SERVICES AT SPFCU EVEN IF THEY HAVE MOVED AWAY FROM THIS AREA. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS VOTE FOR BOARD OF DIRECTORS, WHICH ARE ALSO MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON BOARD OF DIRECTORS AND ANY COMPENSATION OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B CFO REVIEWS DOCUMENTS FOR ACCURACY, THEN CEO DOES FINAL APPROVAL OF THE 990 FORM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SUPERVISORY COMMITTEE SIGN AN ANNUAL AGREEMENT REGARDING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS DETERMINED BY THE BOD. EXECUTIVE MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO IN ACCORDANCE WITH THE CREDIT UNION'S COMPENSATION STRUCTURE. EXECUTIVE MANAGERS COMPENSATE MID-LEVEL MANAGERS AND KEY EMPLOYEES BASED ON THE CREDIT UNION'S COMPENSATION STRUCTURE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. FORM 990, PART XI, LINE 9: ROUNDING -42. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.