2023-11-08T15:14:18-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410800081 NOVATION CREDIT UNION NOVA 6517398080 500 IMPERIAL AVE OAKDALE MN 551287151 TERRY KAHLE CFO 6517398080 2023-11-08 1 TERRY KAHLE 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KRISTI MUKOMELA 500 IMPERIAL AVE OAKDALE MN 551287151 9264760 0 X WWW.NOVATION.ORG X CREDIT UNION 1954 MN NOVATION CREDIT UNION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE PROVIDING 16,800 MEMBER OWNERS. 9 9 34 13 16055 0 0 0 8661924 8566002 134709 698758 0 0 8796633 9264760 0 0 331248 432117 3016445 3331596 0 0 0 3135507 3560229 6483200 7323942 2313433 1940818 218712368 224719719 201872845 206635423 16839523 18084296 TO OFFER PERSONALIZED FINANCIAL SOLUTIONS EXCLUSIVELY TO 3M EMPLOYEES AND THEIR FAMILIES. 0 0 LENDING:PROVIDE VEHICLE, REAL ESTATE, STUDENT, VISA AND OTHER LOANS TO 16,800 MEMBER OWNERS. SAVINGS:PROVIDE CHECKING AND SAVINGS PRODUCTS INCLUDING ATM, DEBIT CARDS, DIRECT DEPOSIT, ONLINE BANKING, ACH AND MOBILE PAYMENTS TO 16,800 MEMBER OWNERS. INVESTMENT:PROVIDE COMPETITIVE SAVINGS AND INVESTMENT OPPORTUNITIES AND RETIREMENT PLANNING SERVICES TO MEMBER OWNERS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 3842 0 1 34 1 1 1 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 0 1 1 1 1 0 X TERRY KAHLE 6517359957 500 IMPERIAL AVE OAKDALE MN 55128 MIKE KRONEBUSCH CHAIR (PART YEAR) 1.00 X X 700 0 0 MARY EDINGER DIRECTOR 1.00 X 1200 0 0 DAN CARLSON DIRECTOR 1.00 X 1200 0 0 DARYL THOENNES DIRECTOR 1.00 X 1200 0 0 DAWN MCGINLEY CHAIR (PART YEAR) 1.00 X X 1200 0 0 JOHN SCHWALBACH DIRECTOR 1.00 X 1100 0 0 MATT JUHL DIRECTOR 1.00 X 1100 0 0 NANCY SELESKI DIRECTOR 1.00 X 100 0 0 SHAWN SCHOW DIRECTOR 1.00 X 1200 0 0 JOSEPH PAUL DIRECTOR 1.00 X 700 0 0 WENDY BENSON DIRECTOR 1.00 X 0 0 0 KRISTI MUKOMELA PRESIDENT/CEO 50.00 X 240408 0 39017 TERRY KAHLE VP OF FINANCE/CFO 50.00 X 152110 0 66872 SCOTT HENNING VP OF MARKETING/CMO 50.00 X 220488 0 12965 NICK ALTAVILLA VP OF OPERATIONS/COO 50.00 X 207603 0 5697 MICHAEL KRONEBUSCH EVP CHIEF STRATEGY OFFICER 50.00 X 39166 0 648 869475 0 125199 4 0 1 0 PSCU 560 CARILLOON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING 607512 INSPERITY 19001 CRESCENT SPRINGS DR KINGSWOOD TX 77339 PEO SERVICES 518222 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 ACCOUNT PROCESSING 389929 NCR 864 SPRING ST ATLANTA GA 30308 E-SERVICES 306525 RSM US LLP 801 NICOLLET MALL SUITE 1200 MINNEAPOLIS MN 55402 IT/NETWORK MANAGED SERVICES 212242 9 LOAN INTEREST INCOME 522100 5719882 5719882 OTHER INCOME 522100 2464300 2454020 10280 FEE INCOME 522100 381820 376045 5775 8566002 698758 698758 9264760 8549947 16055 698758 X 432117 994674 1641779 113300 581843 1206 101493 794452 118696 1089781 204399 67594 257 313043 LOAN SERVICING EXPENSE 626808 LOAN LOSS PROVISION 161636 MISCELLANEOUS OPERATING 77864 OPERATING FEES 3000 7323942 1946290 1165202 42195487 18133896 43176 51371 152378018 164970569 330627 374393 6323424 4013238 2361120 2310186 12811597 30538391 6646053 7175711 218712368 224719719 899732 1054462 200973113 205580961 201872845 206635423 X 0 0 0 0 16839523 18084296 16839523 18084296 218712368 224719719 1940818 -696045 0 X X 0 0 0 734664 734664 1929808 1196584 733224 323561 273395 50166 3087448 2479694 607754 247943 63565 184378 2310186 AFS DEBT SECURITIES 18936508 F FEDERAL HOME LOAN BANK STOCK 262500 C HTM DEBT SECURITIES 11339383 C 30538391 SHARE DRAFTS 69279810 REGULAR SHARES 70768554 MONEY MARKET SHARES 60475023 SHARE CERTIFICATES 4876006 OTHER SHARES 181568 205580961 X PART X, LINE 2: THE CREDIT UNION IS GENERALLY EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES AND STATE CORPORATE BUSINESS TAX. HOWEVER, THE CREDIT UNION IS SUBJECT TO FEDERAL TAX ON NET UNRELATED BUSINESS INCOME. THE CREDIT UNION MAY RECOGNIZE A LIABILITY FOR UNRECOGNIZED TAX BENEFITS FROM UNCERTAIN TAX POSITIONS. UNRECOGNIZED TAX BENEFITS REPRESENT THE DIFFERENCES BETWEEN A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN AND THE BENEFIT RECOGNIZED AND MEASURED IN THE FINANCIAL STATEMENTS. INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS INCOME TAX EXPENSE. X X X 0 1 0 KRISTI MUKOMELA PRESIDENT/CEO 195356 0 40622 0 4430 0 33532 0 5485 0 279425 0 0 0 SCOTT HENNING VP OF MARKETING/CMO 115477 0 5011 0 100000 0 0 0 12965 0 233453 0 0 0 TERRY KAHLE VP OF FINANCE/CFO 133806 0 18304 0 0 0 55283 0 11589 0 218982 0 0 0 NICK ALTAVILLA VP OF OPERATIONS/COO 99885 0 7718 0 100000 0 0 0 5697 0 213300 0 0 0 PART I, LINE 3 PART I, LINE 4B: THE FOLLOWING WERE PARTICIPANTS IN A NON-QUALIFIED 457(F) PLAN: KRISTI MUKOMELA-NO DISTRIBUTION IN 2022 TERRY KAHLE-NO DISTRIBUTION IN 2022 NICK ALTAVILLA-SEE BELOW FOR DISTRIBUTION IN 2022 SCOTT HENNING - SEE BELOW FOR DISTRIBUTUION IN 2022 PART I, LINE 4B NAME: NICK ALTAVILLA, DESCRIPTION: EXECUTIVE RETENTION PLAN, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: EXECUTIVE RETENTION PLAN NAME: SCOTT HENNING, DESCRIPTION: EXECUTIVE RETENTION PLAN, CURRENT YEAR AMOUNT: $100,000. PLAN DESCRIPTION: EXECUTIVE RETENTION PLAN TRACY JUHL SPOUSE OF BOARD MEMBER MATT JUHL 23062 COMPENSATION FOR PART-TIME EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B CFO AND OTHER MANAGEMENT WILL REVIEW. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTE REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS AND RECOMMENDS CEO COMPENSATION CHANGES TO FULL BOARD FOR APPROVAL. THE CEO REVIEWS SURVEY DATA AND PROGRESS ON CREDIT UNION GOALS IN DETERMINING MANAGEMENT AND OTHER EMPLOYEE COMPENSATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE IN THE ANNUAL REPORT, NCUA WEBSITE AND ARE POSTED IN BRANCH LOBBIES. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 794,452. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.