2023-11-13T15:39:50-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410517445 ST CLOUD FINANCIAL CREDIT UNION STCL 3202522634 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 SHELOA FIELDSETH CFO 3202522634 2023-11-06 1 SHELOA FIELDSETH 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-10-30 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X JED MEYER 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 14690907 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. 7 7 89 14 31296 17459 0 0 13511414 14108597 468780 610991 -13200 -28681 13966994 14690907 0 0 537566 768723 5135566 5526269 0 0 0 5779896 6295982 11453028 12590974 2513966 2099933 289886026 326767101 268049189 305843469 21836837 20923632 X 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. 1 0 THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 3,182 NEW MEMBER DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/2022 WE HAD 24,399 MEMBERS. THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 5,562 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/2022 WE HAD 13,304 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 4917 0 89 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X AMY WEISZ 3202522634 1716 PINE CONE ROAD SOUTH SARTELL MN 56377 JED MEYER CEO 40.00 X 281788 0 43525 ALYCE JUSTIN CAO 40.00 X 158423 0 49003 SHELOA FIELDSETH CFO 40.00 X 150657 0 53437 ALLISON PEICHEL LOAN OFFICER 40.00 X 169839 0 24008 CHASE LARSON CLO 40.00 X 146261 0 33710 JAMIE KLEVE COO 40.00 X 134623 0 33878 JUSTIN BURNARD CTO 40.00 X 133762 0 27289 MEGGAN SCHWIRTZ CXO 40.00 X 131093 0 22232 ANDREW JOHANNES BOARD CHAIR 1.00 X X 0 0 0 RANDY SCHREIFELS BOARD 1ST VICE CHAIR 1.00 X X 0 0 0 KENNETH ERICKSON BOARD 2ND VICE CHAIR 1.00 X X 0 0 0 RICK WURST BOARD MEMBER 1.00 X 0 0 0 AMY WEISZ BOARD MEMBER 1.00 X 0 0 0 BECKY EISENWINTER BOARD MEMBER 1.00 X 0 0 0 SONY MILLER BOARD MEMBER 1.00 X 0 0 0 1306446 0 287082 8 0 1 0 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 ONLINE AND MOBILE ACCESS FOR MEMBERS 307454 MARCO PO BOX 790448 SAINT LOUIS MO 63179 IT SUPPORT 152327 DOXIM 747 E WHITCOME AVE MADISON HEIGHTS MI 48071 STATEMENT PROVIDER 124176 CASE FINANCIAL 701 WEAVER BLVD ANOKA MN 55303 ATM EQUIP/MAIN 107607 4 LOAN INTEREST INCOME 522100 9447884 9447884 OTHER OPERATING INCOME 522100 2643807 2643807 FEES & CHARGES 522100 2016906 1985610 31296 14108597 610991 610991 OTHER NON-INTEREST INCOME (EXPENS 900099 -28681 -28681 -28681 14690907 14048620 31296 610991 X 768723 723254 3706404 205208 524649 366754 56397 55617 2708846 409179 727724 651559 201385 68563 479447 67574 LOAN SERVICING EXPENSE 406800 PROVISION FOR LOAN LOSS 402674 MISCELLANEOUS 45144 OPERATING FEES 15073 12590974 3208275 2819666 17428192 9378976 205646 -36882 213175395 265600042 2229972 2154386 12208296 5477029 7013627 6731267 38318457 30953679 8306462 9165967 289886026 326767101 3252380 4312074 8000000 264796809 293531395 268049189 305843469 X 0 0 0 0 21836837 20923632 21836837 20923632 289886026 326767101 2099933 -3013138 0 X X 0 0 0 1935286 1935286 6449093 2180033 4269060 3823917 3296996 526921 6731267 HELD TO MATURITY SECURITIES 1250000 C OTHER INVESTMENTS 3741900 C PERPETUAL CONT CAPITAL 233237 C AFS SECURITIES 25728542 F 30953679 SHARES AND DEPOSITS 293531395 293531395 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, 2022 AND 2021. THE CREDIT UNION'S 2020 TAX YEAR IS OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. AUDIT IS COMPLETED ANNUALLY AS OF MARCH 31. X X 1 1 X X X X 0 0 0 JED MEYER CEO 232293 0 39500 0 9995 0 12275 0 31250 0 325313 0 0 0 ALYCE JUSTIN CAO 138426 0 10094 0 9903 0 8426 0 40577 0 207426 0 0 0 SHELOA FIELDSETH CFO 138586 0 10500 0 1571 0 8198 0 45239 0 204094 0 0 0 ALLISON PEICHEL LOAN OFFICER 104469 0 65000 0 370 0 5081 0 18927 0 193847 0 0 0 CHASE LARSON CLO 146261 0 0 0 0 0 7374 0 26336 0 179971 0 0 0 JAMIE KLEVE COO 134623 0 0 0 0 0 6967 0 26911 0 168501 0 0 0 JUSTIN BURNARD CTO 133762 0 0 0 0 0 7000 0 20289 0 161051 0 0 0 MEGGAN SCHWIRTZ CXO 131093 0 0 0 0 0 5947 0 16285 0 153325 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 2022, UPON REVIEW AND APPROVAL OF THE FULL BOARD IN AN EXECUTIVE SESSION. FORM 990, PART III, LINE 2 NOW OFFERING SBA FINANCING TO BUSINESS/COMMERCIAL MEMBERS 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 2,708,846. FORM 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED.