2024-11-12T10:45:40-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410415960 TOPLINE FINANCIAL CREDIT UNION TOPL 7633919494 9353 JEFFERSON HIGHWAY MAPLE GROVE MN 55369 MITCHELL OLSON PRESIDENT AND CEO 7633919494 2024-11-08 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-08 2023 2024-10-15 13:58:12Z X MITCHELL OLSON 9353 JEFFERSON HIGHWAY MAPLE GROVE MN 55369 42876775 0 X WWW.TOPLINECU.COM X CREDIT UNION 1996 MN DEDICATED TO BUILDING LIFE-LONG RELATIONSHIPS TO HELP YOU REACH AND MANAGE YOUR PERSONAL FINANCIAL GOALS. 9 9 144 14 24221 0 0 0 14744888 40907024 3237306 1455997 0 513754 17982194 42876775 0 0 1495762 7714729 4812420 12925898 0 0 0 7186251 15103018 13494433 35743645 4487761 7133130 737393809 801323948 675665490 732517334 61728319 68806614 DEDICATED TO BUILDING LIFE-LONG RELATIONSHIPS TO HELP YOU REACH AND MANAGE YOUR PERSONAL FINANCIAL GOALS. 0 0 MEMBERS HELPING MEMBERS IN A COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATION, WITH THE GOAL OF BECOMING OUR MEMBERS PRIMARY FINANCIAL INSTITUTION 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 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9333 0 1 144 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X MICK OLSON 7633910515 9353 JEFFERSON HIGHWAY MAPLE GROVE MN 55369 PAUL JACOBSON CHAIR 1.00 X X 0 0 0 JOAN MOLENAAR VICE CHAIR 1.00 X X 0 0 0 BILL HNATH TREASURER 1.00 X X 0 0 0 JOHN JACOBS SECRETARY 1.00 X X 0 0 0 PAM STEGORA AXBERG DIRECTOR 1.00 X 0 0 0 KELLY BREIT DIRECTOR 1.00 X 0 0 0 DAVID ENSTENESS DIRECTOR 1.00 X 0 0 0 PRABHAKAR KARRI DIRECTOR 1.00 X 0 0 0 THERESE KIEFFER DIRECTOR 1.00 X 0 0 0 MITCHELL OLSON CEO 40.00 X 392049 0 136910 ALAN SONNENBURG SVP LENDING, CLO 40.00 X 243277 0 48621 SHAWN GAUSTAD SENIOR INVESTMENT REPRESEN 40.00 X 345679 0 28259 VICKI ERICKSON CMO 40.00 X 262283 0 42620 KENT ENGLER SVP MEMBER SERVICES & BRAN 40.00 X 232160 0 39802 COLLEEN JAKES SVP INFORMATION SERVICES 40.00 X 225592 0 29463 ALICIA BARBER VP OF HR 40.00 X 210809 0 15138 1911849 0 340813 31 0 1 0 LA MACCHIA GROUP 157 NORTH MILWAUKEE ST MILWAUKEE WI 53202 BUILDING CONSTRUCTION 4459813 NUSOURCE FINANCIAL 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 CASH HANDLER PURCHAES AND MAINTENANCE 628127 FISERV PO BOX 934057 ATLANTA GA 311934057 DATA PROCESSING HARDWARE & SOFTWARE 596315 ALKAMI TECHNOLOGY 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 DATA PROCESSING HARDWARE & SOFTWARE 556694 CONVERGINT TECHNOLOGIES LLC 35257 EAGLE WAY CHICAGO IL 60678 SYSTEMS INTEGRATION 187474 24 INTEREST INCOME 522100 32563537 32563537 OTHER INCOME 522100 5012312 5012312 FEE INCOME 522100 3331175 3306954 24221 40907024 1455997 1455997 OTHER NON-INTEREST INCOME 522100 513754 513754 513754 42876775 41396557 24221 1455997 7714729 820857 9901308 400374 1069237 734122 117849 153348 2885405 917152 2268234 1019537 378426 2602030 927985 LOAN SERVICING EXPENSE 2179813 PROVISION FOR CREDIT LO 1413198 MISCELLANEOUS 215681 OPERATING FEES 24360 35743645 3012757 7125822 11561482 13625547 52046 23092 5289473 5391025 644676925 699287890 1137260 1164325 22584962 9504131 7856595 13080831 39561801 35541881 792469 792469 23453001 25291066 737393809 801323948 11567326 25389850 33078562 59169790 631019602 647957694 675665490 732517334 X 0 0 0 0 61728319 68806614 61728319 68806614 737393809 801323948 X 7133130 1001822 -1056657 X 0 0 0 2748911 2748911 11525727 4119426 7406301 791901 791901 0 7518423 4592804 2925619 13080831 DEPOSITS 647957694 647957694 X PART X, LINE 2: AS ALLOWED BY THE STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF JUNE 30. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S JUNE 30, 2023 AUDITED FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. 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. X 1 1 X X X 0 0 0 MITCHELL OLSON CEO 333153 0 48966 0 9930 0 116800 0 20110 0 528959 0 0 0 SHAWN GAUSTAD SENIOR INVESTMENT REPRESEN 3176 0 341869 0 634 0 19800 0 8459 0 373938 0 0 0 VICKI ERICKSON CMO 222263 0 39246 0 774 0 36161 0 6459 0 304903 0 0 0 ALAN SONNENBURG SVP LENDING, CLO 205017 0 37513 0 747 0 34029 0 14592 0 291898 0 0 0 KENT ENGLER SVP MEMBER SERVICES & BRAN 195090 0 36333 0 737 0 31545 0 8257 0 271962 0 0 0 COLLEEN JAKES SVP INFORMATION SERVICES 191232 0 33623 0 737 0 14106 0 15357 0 255055 0 0 0 ALICIA BARBER VP OF HR 179366 0 30740 0 703 0 12757 0 2381 0 225947 0 0 0 PART I, LINE 1A NO COMPENSATION PAID IN 2023. THOMAS SMITH CEO SPLIT DOLLAR LOAN X 5200000 5391025 0 1 1 5391025 FORM 990, PART VI, SECTION A, LINE 6 OUR MEMBERS ARE COMPOSED OF THOSE WHO LIVE, WORK, WORSHIP, VOLUNTEER, OR ATTEND SCHOOL IN THE SEVEN COUNTY METROPOLITAN AREA OF ANOKA, CARVER, DAKOTA, HENNEPIN, RAMSEY, SCOTT OR WASHINGTON COUNTIES IN MINNESOTA AND THEIR IMMEDIATE FAMILY MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL PRIMARY MEMBERS HAVE THE RIGHT TO VOTE TO ELECT MEMBERS TO OUR GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B ALL ELIGIBLE MEMBERS MAY VOTE ON CHANGES TO THE BYLAWS OF TOPLINE FINANCIAL CREDIT UNION, APPROVAL OF A DIRECTOR STIPENDS, REMOVAL OF DIRECTORS AND MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE CFO AND CEO. FORM 990, PART VI, SECTION B, LINE 12C ALL POLICIES ARE REVIEWED YEARLY BY SENIOR MANAGEMENT AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 15 THE VICE PRESIDENT OF HUMAN RESOURCES USES AN INDEPENDENT CONSULTANT, BALANCE COMP., TO REVIEW AND COLLECT INFORMATION FROM CREDIT UNION EXECUTIVE SOCIETY (CUES) CUNA AND OTHER OUT SIDE AGENCIES TO FORMULATE RANGES FOR COMPENSATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST AND INCLUDED IN ANNUAL REPORT. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -1,326,358. CHANGE IN OCI 269,701.