2024-11-12T15:00:23-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410519270 IDEAL CREDIT UNION IDEA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 BRIAN SHERRICK CEO 6517707000 2024-11-12 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-12 2023 2024-10-15 13:58:12Z BRIAN SHERRICK 8499 TAMARACK RD WOODBURY MN 55125 159576440 0 X WWW.IDEALCU.COM X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 9 9 246 12 31969 0 0 0 44488986 50492582 3682687 5685543 0 0 48171673 56178125 0 0 3722466 9187157 19330986 19966911 0 0 0 18078214 21484518 41131666 50638586 7040007 5539539 988489095 1021960738 888543898 918335306 99945197 103625432 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 50,295 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 34688 0 1 246 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 1 1 1 1 1 1 1 1 0 X X AMARA MACKEY 6517732724 8499 TAMARACK RD WOODBURY MN 55125 PETER OLSEN BOD - CHAIRMAN 1.00 X X 5850 0 0 LEWIS LAMBERT BOARD OF DIRECTORS 1.00 X 3050 0 0 MARY WESTBURG BOARD OF DIRECTORS 1.00 X 2488 0 0 CHRIS VOLKERS BOD - SECRETARY 1.00 X X 2350 0 0 CRAIG SPREITER BOD - VICE CHAIRMAN 1.00 X X 2338 0 0 LISA LIDDELL BOARD OF DIRECTORS 1.00 X 1988 0 0 RICHARD OSBORN SUP COMMITTEE - CHAIRMAN 1.00 X 1850 0 0 PAUL FAHEY BOARD OF DIRECTORS 1.00 X 1838 0 0 JIM MOSNER BOARD OF DIRECTORS 1.00 X 1638 0 0 ERIN PETSCHEL SUP COMMITTEE 1.00 X 1150 0 0 DANIELLE DUCHEMIN BOARD OF DIRECTORS - ASSOC 1.00 X 900 0 0 KEITH E HAUGE BOARD OF DIRECTORS 1.00 X 800 0 0 DAN OLSON BOARD OF DIRECTORS 1.00 X 425 0 0 SARA RACINE SUP COMMITTEE 1.00 X 238 0 0 BRIAN SHERRICK CEO 40.00 X 757513 0 231196 DENNIS BAUER CFO - EVP 40.00 X 745561 0 47863 ALISHA JOHNSON CHIEF GROWTH OFFICER 40.00 X 343121 0 90683 LAWRENCE MIGGLER CHIEF TECHNOLOGY OFFICER 40.00 X 311327 0 121881 RICK BLOOD CLO 40.00 X 330660 0 70564 HERBERT HALL SVP MEMBER EXPERIENCE 40.00 X 275770 0 49410 EMILY KELLY SVP HR & ADMIN 40.00 X 256039 0 36518 FAITH THOLKES SVP MORTGAGE AND CONSUMER 40.00 X 255957 0 30077 SHANNON BUTLER SVP OPS 40.00 X 241317 0 38985 SHARON RILLEY VP RISK 40.00 X 213317 0 23634 AMARA MACKEY VP FINANCE 40.00 X 203582 0 25306 CRAIG LUNDQUIST WEALTH MANAGEMENT ADVISOR 40.00 X 417830 0 22275 JANE HENNEN VP MARKETING 40.00 X 175275 0 28877 JENNIFER HANSON VP ENTERPRISE APPLICATIONS 40.00 X 180854 0 22598 CRYSTAL CURRIER VP BUSINESS LENDING 40.00 X 181650 0 20764 COURTNEY HUSSEY VP OPS 40.00 X 169636 0 29090 5086312 0 889721 36 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE PROCESSING AND ACCOUNTING SYSTEMS 1700171 ENGAGE FI 5550 W EXECUTIVE DR TAMPA FL 33609 CONSULTING 1040661 ALKAMI TECHNOLOGY INC 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 ONLINE BANKING SYSTEM 784873 IT1 SOURCE LLC 1860 W UNIVERSITY DR TEMPE AZ 85281 NETWORKING & DATA MANAGEMENT 750004 JSML MEDIA LLC 3300 FERNBROOK LANE STE 190 PLYMOUTH MN 55447 STRATEGIC MEDIA SERVICES 597287 23 LOAN INTEREST 522100 38664727 38664727 OTHER INCOME 522100 6238498 6238498 FEES & SERVICE CHGS 522100 5589357 5557388 31969 50492582 5606534 5606534 88422255 15055069 88400613 14997702 21642 57367 79009 79009 56178125 50460613 31969 5685543 X 9187157 4727184 11512839 2694317 1032571 6270 5562754 3373833 1220979 527203 1430270 1958229 PROVISION FOR CREDIT LO 3849674 LOAN SERVICING EXPENSES 1900795 EDUCATIONAL & PROMOTION 1236947 MISC. EXPENSE 375320 42244 50638586 85071443 136110855 10500235 500235 7688161 8020063 825284665 813095651 2711231 3152423 38286665 17688824 21387679 20597841 246011 10277753 4676163 4812522 30923507 25393395 988489095 1021960738 10925291 12739344 48575000 56675000 829043607 848920962 888543898 918335306 X 0 0 0 0 99945197 103625432 99945197 103625432 988489095 1021960738 X 5539539 31742 -1891046 X X 0 1 X 1 0 5967299 5967299 17939637 6888553 11051084 14379729 10800271 3579458 20597841 MEMBER ACCOUNTS 777797342 NONMEMBER DEPOSITS 71123620 848920962 X 56178125 0 56178125 0 56178125 50638586 0 50638586 0 50638586 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 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 X X X 0 1 0 BRIAN SHERRICK CEO 599312 0 135701 0 22500 0 216333 0 14863 0 988709 0 0 0 DENNIS BAUER CFO - EVP 417691 0 84686 0 243184 0 33000 0 14863 0 793424 0 225000 0 CRAIG LUNDQUIST WEALTH MANAGEMENT ADVISOR 90426 0 321984 0 5420 0 22275 0 0 0 440105 0 0 0 ALISHA JOHNSON CHIEF GROWTH OFFICER 288713 0 52580 0 1828 0 78050 0 12633 0 433804 0 0 0 LAWRENCE MIGGLER CHIEF TECHNOLOGY OFFICER 267350 0 43977 0 0 0 107118 0 14763 0 433208 0 0 0 RICK BLOOD CLO 286805 0 43855 0 0 0 70564 0 0 0 401224 0 0 0 HERBERT HALL SVP MEMBER EXPERIENCE 238829 0 36941 0 0 0 40408 0 9002 0 325180 0 0 0 EMILY KELLY SVP HR & ADMIN 220779 0 35260 0 0 0 26461 0 10057 0 292557 0 0 0 FAITH THOLKES SVP MORTGAGE AND CONSUMER 225697 0 30260 0 0 0 25884 0 4193 0 286034 0 0 0 SHANNON BUTLER SVP OPS 211539 0 29778 0 0 0 25378 0 13607 0 280302 0 0 0 SHARON RILLEY VP RISK 192109 0 21208 0 0 0 21364 0 2270 0 236951 0 0 0 AMARA MACKEY VP FINANCE 177782 0 25800 0 0 0 19292 0 6014 0 228888 0 0 0 JANE HENNEN VP MARKETING 155164 0 20111 0 0 0 15867 0 13010 0 204152 0 0 0 JENNIFER HANSON VP ENTERPRISE APPLICATIONS 163309 0 17545 0 0 0 18405 0 4193 0 203452 0 0 0 CRYSTAL CURRIER VP BUSINESS LENDING 165522 0 16128 0 0 0 18321 0 2443 0 202414 0 0 0 COURTNEY HUSSEY VP OPS 152025 0 17611 0 0 0 16753 0 12337 0 198726 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED PLAN IN 2023: DENNIS BAUER BRIAN SHERRICK LAWRENCE MIGGLER ALISHA JOHNSON RICK BLOOD FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 50,295 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDNESS OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS AND CERTIFICATE OF ORGANIZATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 FORM 990, PART VI, LINE 15A THE CEO RELATIONS COMMITTEE CONTINUES TO MEET SINCE IT WAS FORMED IN 2020. IN 2023 WE WORKED WITH HRN, ETC. THEY ALSO MET TO DETERMINE THE ANNUAL INCREASE FOR THE CEO WHICH WAS VOTED ON BY THE BOARD OF DIRECTORS. FORM 990, PART VI, LINE 15B HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. IN 2020 ALL SALARY RANGES MOVED BASED ON THE RECOMMENDATIONS FROM HRN AS WELL AS MOVING RANGES FROM THE 50TH PERCENTILE TO THE 60TH PERCENTILE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SOURCES 1,929,008. CARD PROCESSING 2,362,441. ECOMMERCE EXP 852,871. COURIER/DELIVERY 418,434. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE INCOME 596,157. CECL ADJUSTMENT -2,487,196. ROUNDING -7. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. IDEAL CREDIT UNION COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPPORT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) GOV/PUBLIC FUNDED IDEAL CREDIT UNION 0 IDEAL CREDIT UNION SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) GOV/PUBLIC FUNDED IDEAL CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000