2024-11-13T15:14:17-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410517445 ST CLOUD FINANCIAL CREDIT UNION STCL 3202522634 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 SHELOA FIELDSETH CFO 3202522634 2024-11-11 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-11 2023 2024-10-15 13:58:12Z JED MEYER 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 18926234 0 X STCLOUDFCU.COOP X 1930 MN WE ARE A MEMBER-OWNED ORGANIZATION, OFFERING FINANCIAL SERVICES THAT ARE COMPETITIVE WITHIN THE MARKET AND RESPONSIVE TO THE CHANGING NEEDS OF OUR MEMBERS, WHILE MAINTAINING A SAFE AND SOUND BUSINESS PRACTICE. 9 7 102 14 23904 13762 0 0 14108597 15956308 610991 2706053 -28681 -2261 14690907 18660100 0 0 768723 3375021 5526269 5987060 0 0 0 6295982 7009197 12590974 16371278 2099933 2288822 326767101 346848374 305843469 323309834 20923632 23538540 TO MAKE A MEANINGFUL DIFFERENCE FOR ALL, WE ADVOCATE FOR PEOPLE THROUGH A MEMBER-FOCUSED CULTURE, AN ENTHUSIASTIC EMPLOYEE ENVIRONMENT, AND PURPOSEFUL ACTION WITHIN OUR COMMUNITY. 0 0 THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 2,390 NEW MEMBER SHARE ACCOUNTS IN 2023. AS OF 12/31/2023 WE HAD 24,807 MEMBERS. THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 3,045 NEW LOANS TO MEMBERS DURING 2023. AS OF 12/31/2023 WE HAD 13,971 LOANS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 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 5608 0 102 1 1 1 0 0 0 0 0 0 0 0 0 X 9 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X FRANCO CUSIPAG 3202579830 1716 PINE CONE ROAD S SARTELL MN 56377 AMY WEISZ BOARD SECRETARY/DIRECTOR OF ACCOUNTING 40.00 X 83840 0 9926 SARAH JOHNSON BOARD SECRETARY/EXEC ASSISTANT 30.00 X X 48378 0 2419 BECKY EISENWINTER BOARD MEMBER 1.00 X 1830 0 0 ANDREW JOHANNES BOARD CHAIR 1.00 X X 1830 0 0 KENNETH ERICKSON BOARD 2ND VICE CHAIR 1.00 X X 1830 0 0 RICK WURST BOARD MEMBER 1.00 X 1830 0 0 SONY MILLER BOARD MEMBER 1.00 X 1830 0 0 RANDY SCHREIFELS BOARD 1ST VICE CHAIR 1.00 X X 1830 0 0 SARAH MAIER BOARD MEMBER 1.00 X 1830 0 0 JED MEYER CEO 40.00 X 277969 0 49837 SHELOA FIELDSETH CFO 40.00 X 100174 0 29749 FRANCO CUSIPAG CFO 40.00 X 51928 0 5846 CHASE LARSON CLO 40.00 X 166258 0 34844 MEGGAN SCHWIRTZ CXO 40.00 X 150646 0 24651 ALYCE JUSTIN CAO 40.00 X 144206 0 34583 ALLISON SPODEN LOAN OFFICER 40.00 X 153445 0 22913 JAMIE KLEVE COO 40.00 X 145679 0 29048 JUSTIN BURNARD CTO 40.00 X 145742 0 28189 JASON GROTH VP OF MORTGAGE 40.00 X 113933 0 18343 1595008 0 290348 9 0 1 0 CO-OP SOLUTIONS 9692 HAVEN AVE STE 300 RANCHO CUCAMONGA CA 917300101 DEBIT/CREDIT CARD PROVIDER 612211 ALKAMI 2223 PO BOX 122223 DALLAS TX 753122223 ONLINE BANKING 394744 MARCO PO BOX 1450 NW 7128 MINNEAPOLIS MN 554857128 IT SUPPORT 324682 CASE FINANCIAL 701 WEAVER BLVD ANOKA MN 55303 ATM/ITM SERVICE PROVIDER 220872 DOXIM 747 E WHITCOME AVE MADISON HEIGHTS MI 48071 STATEMENT PROVIDER 140733 6 LOAN INTEREST INCOME 522100 12042034 12042034 OTHER OPERATING INCOME 522100 2034579 2034579 FEES & CHARGES 522100 1879695 1855791 23904 15956308 1333539 1333539 1071600 567048 37500 228634 1034100 338414 1372514 1372514 OTHER NON-INTEREST INCOME (EXPENS 900099 -2261 -2261 -2261 18660100 15930143 23904 2706053 X 3375021 1049275 3865635 147314 513249 411587 85924 62524 3084527 361356 847948 681181 158539 373655 421533 PROVISION FOR CREDIT LO 616678 LOAN SERVICING EXPENSE 217561 MISCELLANEOUS 83365 OPERATING FEES 14406 16371278 2819666 3036888 9378976 9214176 -36882 47494 265600042 280985705 2154386 1953118 12221297 5592120 6731267 6629177 30953679 35089689 9165967 9892127 326767101 346848374 4312074 3581783 8000000 8000000 293531395 311728051 305843469 323309834 X 0 0 0 0 20923632 23538540 20923632 23538540 326767101 346848374 X 2288822 755086 -429000 X X 0 0 0 1833886 1833886 6262540 2235349 4027191 3821043 3303771 517272 303828 53000 250828 6629177 HELD TO MATURITY SECURITIES 1250000 C OTHER INVESTMENTS 8376100 C PERPETUAL CONT CAPITAL 233237 C AFS SECURITIES 25230352 F 35089689 SHARES AND DEPOSITS 311717551 ALLOWANCE FOR CREDIT LOSS - OFF BALANCE SHEET 10500 311728051 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, AND AMENDMENTS THEREOF, BASED ON THE RECENT COURT CASES, FOR POTENTIAL TAXABLE ACTIVITIES, REMITTING, AND RECOGNIZING AS EXPENSE, FEDERAL AND STATE TAX AND RELATED ESTIMATE PAYMENTS, AS APPLICABLE. INCOME TAXES INCURRED, OR REFUNDS THEREOF, HAVE NOT BEEN MATERIAL TO DATE TO THE CREDIT UNION. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2023 AND 2022. THE CREDIT UNION'S 2021 TAX YEAR IS OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X X 1 1 X X X X 0 0 0 JED MEYER CEO 241799 0 29400 0 6770 0 25660 0 24177 0 327806 0 0 0 CHASE LARSON CLO 155071 0 11025 0 162 0 21887 0 12957 0 201102 0 0 0 ALYCE JUSTIN CAO 144206 0 0 0 0 0 22189 0 12394 0 178789 0 0 0 ALLISON SPODEN LOAN OFFICER 100200 0 44000 0 9245 0 11650 0 11263 0 176358 0 0 0 MEGGAN SCHWIRTZ CXO 139804 0 10080 0 762 0 5796 0 18855 0 175297 0 0 0 JAMIE KLEVE COO 145679 0 0 0 0 0 10351 0 18697 0 174727 0 0 0 JUSTIN BURNARD CTO 145742 0 0 0 0 0 9399 0 18790 0 173931 0 0 0 PART I, LINE 1A BOARD MEMBERS AND EXECUTIVES ARE ELIGIBLE TO HAVE A COMPANION ACCOMPANY THEM ON CREDIT UNION RELATED TRAVEL. BOARD MEMBERS RECEIVE A 1099 AT YEAR END FOR THE VALUE OF COMPANION TRAVEL EXPENSES. EXECUTIVES ARE ELIGIBLE FOR UP TO $500/YR TOWARD HEALTH OR SOCIAL CLUB DUES, AMOUNT IS INCLUDED IN W-2 EARNING TOTALS. PART I, LINE 3 BOARD COMPENSATION COMMITTEE IS RESPONSIBLE FOR ESTABLISHING CEO COMPENSATION STRUCTURE AS WELL AS THE CREATION AND EXECUTION OF THE CEO EMPLOYMENT CONTRACT IN 2023, UPON REVIEW AND APPROVAL OF THE FULL BOARD IN AN EXECUTIVE SESSION. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. TO BE A MEMBER, YOU MUST HAVE A SHARE (SAVINGS) ACCOUNT AT THE CREDIT UNION FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE CREDIT UNION MEMBERS. EACH MEMBER HAS ONE VOTE FORM 990, PART VI, SECTION A, LINE 7B A MEMBER VOTE IS REQUIRED FOR DECISIONS WHICH ARE BEYOND THE AUTHORITY OF THE BOARD OF DIRECTORS. ITEMS WHICH REQUIRE MEMBERSHIP VOTE ARE OUTLINED AND SPECIFIED IN OUR BYLAWS. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PROVIDES NECESSARY DATA TO INDEPENDENT CPA WHO PREPARES THE RETURN. MANAGEMENT REVIEWS THE RETURN FOR ACCURACY, AND THEN AUTHORIZES CPA TO FILE THE APPROVED RETURN. FORM 990, PART VI, SECTION B, LINE 12C MANAGEMENT REVIEWS TRANSACTIONS AGAINST DISCLOSED INTERESTS FOR ANY POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS COMPENSATION COMMITTEE REVIEWS AND RECOMMENDS COMPENSATION ON AN ANNUAL BASIS TO THE ENTIRE BOARD OF DIRECTORS, WHO THEN VOTE IN AN EXCUTIVE SESSION TO SET THE CEO'S COMPENSATION. THE MINUTES OF THE EXECUTIVE SESSION ARE RETAINED BY THE BOARD OF DIRECTORS. EXECUTIVE AND MANAGEMENT COMPENSATION IS DETERMINED BY CEO AS PER THE TOTAL COMPENSATION POLICY, WHICH IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY MONTHLY AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,433,151. ATM OPERATIONS 274,158. DEBIT CARD EXPENSE 1,377,218. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -429,000. FORM 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED.