2023-11-15T16:59:09-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 396072970 ROYAL CREDIT UNION ROYA 7158337254 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 JOESPH HASTO CHIEF FINANCIAL OFFICER 7158337254 2023-11-15 1 JOESPH HASTO 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOESPH HASTO 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 199797090 0 X WWW.RCU.ORG X CREDIT UNION 1964 WI TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 7 7 1083 441 2401473 36327 0 0 178877257 193016700 5862199 6698399 589042 -838976 185328498 198876123 1951976 2145011 14637163 20849551 60369132 68691741 0 0 0 43430396 67657779 120388667 159344082 64939831 39532041 4046275359 4552578835 3664092598 4134659335 382182761 417919500 TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 0 0 THERE WERE 73,077 LOANS GRANTED IN 2022 FOR A TOTAL OF $4,163,938,695. AS OF 12/31/22, THE CREDIT UNION HAD 218,652 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER AND BUSINESS LOANS. WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 288,306 MEMBERS AT 12/31/22. NET ACCOUNT GROWTH DURING 2022 WAS 51,749 ACCOUNTS FOR A TOTAL AT 12/31/22 OF 538,819 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 1 0 1 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 1 133435 0 1083 1 1 1 0 0 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 WI MN X JOSEPH HASTO 7158337254 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 THOMAS HUFFCUTT CHAIRMAN 10.00 X X 39000 0 0 DOUG OLSON TREASURER 10.00 X X 30500 0 0 JOHN SACKETT ASSISTANT SECRETARY 10.00 X X 25500 0 0 JENNIFER MCDONOUGH SECRETARY 10.00 X X 24000 0 0 STUART SCHAEFER VICE CHAIRMAN 10.00 X X 23500 0 0 WILLIAM BLACKBURN ASSISTANT VICE CHAIRMAN 10.00 X X 23000 0 0 NANCY BELTZ ASSISTANT TREASURER 10.00 X X 19500 0 0 BRANDON RIECHERS CEO/PRESIDENT 40.00 X 1312772 0 722659 JON HEHLI EVP-CHIEF FINANCIAL OFFICER 40.00 X 758118 0 53940 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 40.00 X 1026155 0 51725 MICHAEL DILL EVP-CHIEF LENDING OFFICER 40.00 X 452786 0 190748 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 40.00 X 397085 0 220046 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 40.00 X 385068 0 187163 GEOFFREY BULLOCK EVP - MEMBER EXPERIENCE 40.00 X 368623 0 55072 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 40.00 X 171092 0 11272 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 40.00 X 275687 0 56657 JARED JOHNSON MORTGAGE LOAN OFFICER 40.00 X 535565 0 42216 JEFFREY SPROUL MORTGAGE LOAN OFFICER 40.00 X 322978 0 21669 GLEN KENNISON VP-CREDIT RISK MANAGEMENT 40.00 X 346113 0 50898 MATTHEW GERBER VP-MORTGAGE LENDING 40.00 X 320656 0 53330 RYAN BALTS VP-FINANCE 40.00 X 291834 0 54194 7149532 0 1771589 138 0 1 0 MARKET & JOHNSON INC 2350 GALLOWAY ST EAU CLAIRE WI 54703 GENERAL BUILDING CONTRACTOR 3408219 HOEFT BUILDERS INC 1450 RIVERS EDGE TRAIL SUITE A ALTOONA WI 54720 GENERAL BUILDING CONTRACTOR 1840617 GOOGLE LLC 1600 AMPHITHEATRE PARKWAY MOUNTAIN VI CA 94043 ADVERTISING 1340180 CASE FINANCIAL 701 WEAVER BLVD ANOKA MN 55303 FINANCIAL EQUIPMENT SALES AND SERVICE PR 1087990 STAR TRIBUNE MEDIA COMPANY LLC 650 3RD AVE S SUITE 1300 MINNEAPOLIS MN 55488 ADVERTISING 692885 56 LOAN INTEREST 522100 138128747 138128747 OTHER OPERATING INCOME 522100 33476077 33476077 SERVICE CHARGES & FEE INCOME 522100 21411876 19010403 2401473 193016700 7395129 7395129 224237 920967 -696730 -696730 -696730 PREMIUM ON SALE OF LOANS 522100 1828055 1828055 GAIN FROM MERGER 522100 180952 180952 CHANGE IN VALUE OF EQUITY AND TRA 522100 -2847983 -2847983 -838976 198876123 192624234 2401473 3850416 2145011 20849551 6881668 47192280 3126458 7163050 4328285 2398544 6854762 17890639 4011029 347036 4496516 4293185 PROVISION FOR LOAN LOSS 11265863 LOAN SERVICING 10256791 MISCELLANEOUS OPERATING 5620852 OPERATING FEES 222562 159344082 878500771 74875424 7969000 1695000 22445470 31790003 2873089044 4126766759 3103607 3815761 102490097 48207910 42656483 54282187 69308563 77696135 60633222 42627067 13007120 56020940 75562079 83009559 4046275359 4552578835 69842008 68826227 94000000 3594250590 3971833108 3664092598 4134659335 X 0 0 0 0 382182761 417919500 382182761 417919500 4046275359 4552578835 39532041 -3795302 0 X X 0 1 X 1 0 1 0 577352641 572275552 5077089 0 11632634 11632634 55342563 20821698 34520865 1116155 1030559 85596 34306949 26355653 7951296 91796 91796 54282187 MEMBERS' SHARES 3971833108 3971833108 X 198885198 9075 9075 198876123 0 198876123 159353157 9075 9075 159344082 0 159344082 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE US FEDERAL JURISDICTION. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 9,075. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 9,075. 1 UNITED WAY OF THE GREATER CHIPPEWA VALLEY 3606 N HASTINGS WAY SUITE 200 EAU CLAIRE WI 54703 391077901 501(C)(3) 10250 0 ANNUAL DONATION EAU CLAIRE COMMUNITY FOUNDATION 306 S BARSTOW ST 104 EAU CLAIRE WI 54701 391891064 501(C)(3) 5500 0 RCU AND ECCF NONPROFIT PROFESSIONAL DEVELOPMENT FUND AND EVENT DONATION NORTH CENTRAL WISCONSIN AHEC INC 518 S 7TH AVE ROOM 086 WAUSAU WI 54401 391740838 501(C)(3) 5600 0 COMMUNITY HEALTH INTERNSHIP PROGRAM UW-EAU CLAIRE FOUNDATION 105 GARFIELD AVE EAU CLAIRE WI 54701 390972350 501(C)(3) 15000 0 CARSON PARK TURF NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY SUITE 300 MADISON WI 53705 391383650 501(C)(3) 10000 0 ANNUAL SUPPORT POWER OF PERCEPTION 5576 NORMANDALE DR EAU CLAIRE WI 54703 862587368 501(C)(3) 10000 0 END OF YEAR DONATION - PROGRAM SUPPORT BOYS AND GIRLS CLUB OF THE GREATER CHIPPEWA VALLEY 1005 OXFORD AVE EAU CLAIRE WI 54703 392032491 501(C)(3) 8000 0 ALTOONA EXPANSION AND END OF YEAR DONATION FEED MY PEOPLE 2610 ALPINE RD EAU CLAIRE WI 54703 361488941 501(C)(3) 5500 0 OPERATION PICNIC AND EMPTY BOWLS GREATER TWIN CITIES UNITED WAY 404 S 8TH ST MINNEAPOLIS MN 55404 411973442 501(C)(3) 21000 0 ANNUAL DONATION - METRO BRANCHES PARTNERSHIP PLAN FOR STILLWATER AREA PUBLIC SCHOOLS 1875 GREELEY ST S STILLWATER MN 55082 203012418 501(C)(3) 11000 0 PONY UP FOR KIDS CAMPAIGN 15 PART I, LINE 2: DONATIONS ARE GIVEN TO ORGANIZATIONS WHO REQUEST FUNDS VIA COMPLETION OF A SHORT FORM OR ARE DONATIONS GRANTED FOR GENERAL OPERATING FUNDS. EIN AND W-9 INFORMATION IS COLLECTED PRIOR TO FUNDS BEING DISBURSED. X X X X X 0 1 0 BRANDON RIECHERS CEO/PRESIDENT 718201 0 239571 0 355000 0 665091 0 57568 0 2035431 0 283635 0 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 336820 0 195439 0 493896 0 12877 0 38848 0 1077880 0 83754 0 JON HEHLI EVP-CHIEF FINANCIAL OFFICER 249268 0 222715 0 286135 0 15250 0 38690 0 812058 0 56512 0 MICHAEL DILL EVP-CHIEF LENDING OFFICER 286870 0 165916 0 0 0 131960 0 58788 0 643534 0 0 0 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 253041 0 144044 0 0 0 187776 0 32270 0 617131 0 0 0 JARED JOHNSON MORTGAGE LOAN OFFICER 432353 0 103212 0 0 0 10755 0 31461 0 577781 0 0 0 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 243548 0 141520 0 0 0 145788 0 41375 0 572231 0 0 0 GEOFFREY BULLOCK EVP - MEMBER EXPERIENCE 227660 0 140963 0 0 0 15250 0 39822 0 423695 0 0 0 GLEN KENNISON VP-CREDIT RISK MANAGEMENT 246158 0 99955 0 0 0 15250 0 35648 0 397011 0 0 0 MATTHEW GERBER VP-MORTGAGE LENDING 229297 0 91359 0 0 0 11575 0 41755 0 373986 0 0 0 RYAN BALTS VP-FINANCE 199313 0 92521 0 0 0 15221 0 38973 0 346028 0 0 0 JEFFREY SPROUL MORTGAGE LOAN OFFICER 261698 0 61280 0 0 0 7139 0 14530 0 344647 0 0 0 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 208403 0 67284 0 0 0 34225 0 22432 0 332344 0 0 0 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 171092 0 0 0 0 0 0 0 11272 0 182364 0 0 0 PART I, LINE 3 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. PART I, LINE 4B BRANDON REICHERS - PARTICIPATED IN 457-F PLAN, $355,000 DISTRIBUTED IN 2022, $649,841 DEFERRED MICHAEL DILL - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $121,039 DEFERRED PAMELA HALLER - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $174,642 DEFERRED ADAM KINNARD - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $132,906 DEFERRED JAN JOHNSON - PARTICIPATED IN 457-F PLAN, $493,896 DISTRIBUTED IN 2022, NO DEFERRAL JON HEHLI - PARTICIPATED IN 457-F PLAN, $286,135 DISTRIBUTED IN 2022, NO DEFERRAL WILLIAM BLACKBURN BOARD OF DIRECTOR & CO-OWNER OF L&M MAIL AND COURIER 142146 MAIL PROCESSING SERVICES ARE PROVIDED TO ROYAL CREDIT UNION BY L&M MAIL AND COURIER 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER HAS ONE VOTE TO UTILIZE IN RATIFYING SIGNIFICANT DECISIONS BEYOND THE AUTHORITY OF THE BOARD AS OUTLINED IN THE ORGANIZATION'S BYLAWS. ANY DECISION TO DISSOLVE OR MERGE THE ORGANIZATION REQUIRES APPROVAL OF MEMBERSHIP, UNLESS MANDATED BY REGULATORY AGENCY (I.E., NCUA, WISCONSIN OFFICE OF CREDIT UNIONS). FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER EMAILS A COPY OF THE FINAL FORM 990 TO THE VP-FINANCE FOR REVIEW. THE CFO PERFORMS A FINAL REVIEW PRIOR TO SIGNING AND SUBMISSION TO THE IRS. THE CFO REPORTS THE COMPLETION OF THE FORM 990 BY THE REQUIRED DEADLINES TO MANAGEMENT AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE CODE OF ETHICS POLICY. THE POLICY PREVENTS TEAM MEMBERS FROM TRANSACTING BUSINESS ON THEIR ACCOUNTS. THE CODE OF ETHICS ALSO PROHIBITS TEAM MEMBERS FROM TRANSACTING ON ACCOUNTS THEY ARE ASSOCIATED WITH, REGARDLESS OF OWNERSHIP. FORM 990, PART VI, SECTION B, LINE 15 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. ROYAL CREDIT UNION UTILIZES MARKET SALARY SURVEYS AND AN OUTSIDE COMPENSATION CONSULTANT TO ASSIST THEM IN DETERMINING MARKET APPROPRIATE SALARY GRADES AND THE PLACEMENT OF POSITIONS INTO THEM FOR THE EXECUTIVE TEAM. THE VP AND EVP OF THE TALENT SERVICES TEAM THEN REVIEWED AND APPROVED THE CONSULTANT'S RECOMMENDATION FOR THE EXECUTIVE TEAM'S MARKET SALARY RANGES AND BONUS TIER RECOMMENDATIONS IN ALIGNMENT TO OUR COMPENSATION PHILOSOPHY. ANY SIGNIFICANT CHANGES ARE ALSO APPROVED BY THE CEO. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 ROYAL CREDIT UNION'S ANNUAL FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH OFFICES. YEAR-END FINANCIAL STATEMENTS ARE ALSO PROVIDED IN THE ANNUAL REPORT AND PRESENTED AT THE ANNUAL MEETING IN APRIL. GOVERNING DOCUMENTS WOULD BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM LAST YEAR. 317 LLC 402 GRAHAM AVE EAU CLAIRE WI 54701 384119611 REAL ESTATE HOLDING COMPANY WI 0 1458 ROYAL CREDIT UNION LEDGENDS TITLE SERVICES 2225 BRACKETT AVE EAU CLAIRE WI 54701 465193797 TITLE SERVICE WI 2154038 3502719 ROYAL CREDIT UNION RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 CHARITABLE FOUNDATION TO BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES WI 501(C)(3) PF ROYAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 RCU FOUNDATION INC B 1723741 FAIR MARKET VALUE