2023-11-14T10:11:28-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410824021 MY CREDIT UNION MYCR 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 GREG WORTHEN PRESIDENT 6127987176 2023-11-13 1 GREG WORTHEN 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z GREG WORTHEN 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 18580462 0 X WWW.MYMNCU.ORG X CU 1957 MN TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. 9 9 103 14 122521 0 0 0 16326375 16935004 105796 219715 1188440 966021 17620611 18120740 0 0 281651 262317 5739713 6718866 0 0 0 7845780 8152526 13867144 15133709 3753467 2987031 393544128 399653229 363334002 367127824 30210126 32525405 TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS. 0 0 DIVIDENDS AND INTEREST EXCEEDING $283,735. PAID TO MEMBERS ON $400,833,777 DEPOSIT ACCOUNTS HELD BY 23,958 MEMBERS. PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,193 LOANS IN 2022 WHICH EXCEEDED $68,530,485 IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $336,340,733 AT YEAR END. PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO FOUR IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 3 SURCHARGE FREE ATM'S, OVER 6,314 CREDIT CARDS, OVER 23,073 DEBIT CARDS, AND NEARLY 13,640 MEMBERS USING OUR INTERNET BANKING SITE. 0 0 0 0 0 0 0 1 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 1 0 0 0 0 0 0 0 0 0 1 4466 0 1 103 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X RICK RASMUSSON 6127987100 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 JAMES HABECK CHAIRMAN 1.00 X X 0 0 0 LYNN SCHERER VICE CHAIRMAN 1.00 X X 0 0 0 TERESA KRUSE SECRETARY 1.00 X X 0 0 0 JAMES MCDONALD TREASURER 1.00 X X 0 0 0 DYLAN KLOPP DIRECTOR 1.00 X 0 0 0 DOUG FORSMAN DIRECTOR 1.00 X 0 0 0 EVANS ONCHIRI DIRECTOR 1.00 X 0 0 0 JOHN SUAREZ DIRECTOR 1.00 X 0 0 0 LUANN WERNER DIRECTOR 1.00 X 0 0 0 GREG WORTHEN PRESIDENT 40.00 X 409577 0 37089 RICK RASMUSSON CHIEF FINANCIAL OFFICER 40.00 X 207087 0 28495 KAREN HOEPPNER VICE PRESIDENT, LENDING 40.00 X 195095 0 10277 PIERRE MERLIN VICE PRESIDENT, IT 40.00 X 175264 0 14269 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 40.00 X 152813 0 8293 TODD BARDUSON VICE PRESIDENT, MARKETING 40.00 X 136227 0 14366 TERRY STIREWALT VICE PRESIDENT, COMMERCIAL 40.00 X 124402 0 4070 1400465 0 116859 7 0 1 0 LOFFLER PO BOX 1511 BIN 131511 MINNEAPOLIS MN 554801511 IT SERVICES 977880 FISERV PO BOX 934057 ATLANTA GA 31193 CORE PROCESSING SYSTEM 637384 SERVION 500 MAIN STREET NEW BRIGHTON MN 55112 COMMERCIAL LENDING PROCESSING & SUPPORT 441835 CASE 701 WEAVER BLVD ANOKA MN 55303 BANKING AND SECURITY PROVIDER 324953 HENNEPIN COUNTY A-600 GOVERNMENT CENTER 300 SOUTH MINNEAPOLIS MN 55487 PROPERTY TAXES 321570 12 LOAN INTEREST 522100 13527671 13527671 OTHER INCOME 524298 2494387 2494387 FEE INCOME 522100 912946 790425 122521 16935004 288429 288429 46959 344049 117722 342000 -70763 2049 -68714 -68714 NON-OPERATING INCOME 522100 649420 649420 OTHER INTEREST INCOME 522100 316601 316601 966021 18120740 17778504 122521 219715 X 262317 1517324 3471803 201996 634148 893595 28190 90885 1712100 1614308 966855 109849 21418 1047242 LOAN SERVICING EXPENSE 1686977 MISCELLANEOUS OPERATING 724136 EDUCATIONAL AND PROMOTI 335600 OPERATING FEES -56576 -128458 15133709 1002807 1230856 14633141 17685064 40739 146380 6397269 6230214 320177878 334978843 661125 543656 21952810 5183299 16723598 16769511 17670028 12605746 497041 15740502 9462959 393544128 399653229 2343739 3225214 963915 913747 5000000 360026348 357988863 363334002 367127824 X 0 0 0 0 30210126 32525405 30210126 32525405 393544128 399653229 X 2987031 -713565 41813 X X 0 0 0 0 1 X 4907335 4907335 13625560 3364791 10260769 3419915 1818508 1601407 16769511 SHARES/DEPOSITS 357988863 357988863 X PART IV, LINE 2B: THE CREDIT UNION SERVICES MORTGAGE LOANS. CUSTODIAL ESCROW BALANCES ARE MAINTAINED IN CONNECTION WITH THESE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. PART X, LINE 2 AS ALLOWED BY 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 FORM 990. X X X X X 0 0 0 GREG WORTHEN PRESIDENT 338461 0 39028 0 32088 0 19396 0 17693 0 446666 0 0 0 RICK RASMUSSON CHIEF FINANCIAL OFFICER 177580 0 20949 0 8558 0 14226 0 14269 0 235582 0 0 0 KAREN HOEPPNER VICE PRESIDENT, LENDING 168277 0 18892 0 7926 0 10277 0 0 0 205372 0 0 0 PIERRE MERLIN VICE PRESIDENT, IT 155274 0 18378 0 1612 0 0 0 14269 0 189533 0 0 0 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 135419 0 15936 0 1458 0 8293 0 0 0 161106 0 0 0 TODD BARDUSON VICE PRESIDENT, MARKETING 118249 0 13495 0 4483 0 7860 0 6506 0 150593 0 0 0 PART I, LINE 3 COMPENSATION COMMITTEE REVIEWS THE CEO'S PERFORMANCE AND APPROVES SALARY/BENEFIT CHANGES. THIS INFORMATION IS PROVIDED TO THE ENTIRE BOARD ON AN ANNUAL BASIS. GREG WORTHEN PRESIDENT SPLIT DOLLAR PLAN X 3200000 3044342 0 1 1 RICK RASMUSSON CHIEF FINANCIAL OFFICER SPLIT DOLLAR PLAN X 1400000 1385280 0 1 1 KAREN HOEPPNER VP-LENDING SPLIT DOLLAR PLAN X 675000 657490 0 1 1 JOHN DEBETTIGNIES VP-MEMBER SERVICES SPLIT DOLLAR PLAN X 1200000 1143102 0 1 1 6230214 JULIEANN WORTHEN JULIEANN IS WIFE OF GREG WORTHEN, CEO. 45431 JULIEANN IS AN EMPLOYEE OF THE CREDIT UNION 0 SCHEDULE L, PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:GREG WORTHEN - $3,602,116RICK RASMUSSON - $1,560,495KAREN HOEPPNER - $759,821JOHN DEBETTIGNIES - $1,317,725 FORM 990, PART VI, SECTION A, LINE 6 ELIGIBLE MEMBERSHIP OF MY CREDIT UNION CONSISTS OF PERSONS WHO LIVE IN, WORSHIP IN, ATTEND SCHOOL IN, WORK IN, OR VOLUNTEER IN AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED IN THE COUNTIES OF: HENNEPIN, DAKOTA, SCOTT COUNTIES, LESUEUR, CARVER AND RICE. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, MEMBERS OF THE SAME HOUSEHOLD, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER AND THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS IN GOOD STANDING AND AT LEAST 18 YEARS OLD RECEIVE ONE VOTE IN ANNUAL ELECTIONS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE CREDIT UNION'S CFO AND THEN BE SUBMITTED TO THE PRESIDENT FOR FINAL APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SENIOR MANAGERS ARE REQUIRED TO DISCLOSE ANY AFFILIATIONS IN A SIGNED DOCUMENT ANNUALLY. CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK. FORM 990, PART VI, SECTION B, LINE 15 IN AUGUST OF 2022, THE ORGANIZATION HAD ALL SALARIES, JOB DESCRIPTIONS AND POSITIONS EVALUATED BY A THIRD-PARTY ORGANIZATION. PERFORMANCE PRO IS A COMPREHENSIVE SALARY ADMINISTRATION TOOL WHICH INCORPORATES THE INDIVIDUAL JOB FUNCTIONS AND SCORES EACH FUNCTION TO CREATE POSITION GRADES. THESE GRADES ARE THEN COMPARED WITH SIMILAR POSITION GRADES, ON A LOCAL AND NATIONAL LEVEL TO CREATE POSITION SALARY RANGES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2022 FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART IX, LINE 11G PROFESSIONAL AND OUTSIDE SERVICES 1,712,100. FORM 990, PART XI, LINE 9: CHANGE IN OTTI 41,812. ROUNDING 1. FORM 990, PART XII, LINE 2B: AS ALLOWED BY 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 FORM 990.