2022-05-03T14:14:14-05:00 2021-12-31 390758449 WIPFLI LLP PO BOX 8010 WAUSAU WI 544028010 990 2021-01-01 410788273 CENTRICITY CREDIT UNION CENT 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 CONSTANCE CARTER CFO 2187402278 2022-05-03 1 CONSTANCE CARTER 999009999 MARY A COATES CPA P00134220 7158453111 2022-05-03 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z DOUGLAS RALSTON 4477 LAVAQUE RD HERMANTOWN MN 55811 11416456 0 X WWW.CENTRICITY.ORG X 1943 MN THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS. 7 7 94 12 19513 4390 0 0 9938438 10918710 373476 295706 9382 196691 10321296 11411107 23970 46399 0 0 3013035 3622120 0 0 0 5544140 5126534 8581145 8795053 1740151 2616054 196623078 227596468 175866718 204206417 20756360 23390051 X WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE. 0 0 CREDIT UNION BANKING SERVICE PROGRAMS: THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2021 OUR MEMBERS HAD $198,030,963 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $113,587,474 IN SAVINGS ACCOUNTS, $39,922,010 IN CHECKING ACCOUNTS, $29,414,494 IN MONEY MARKET, AND $12,114,738 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS 05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .20 % AT YEAR END. NON-IRA CERTIFICATES EARNED .75 % AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 16,828 MEMBERS AND ENDED THE YEAR WITH 17,648 FOR AN INCREASE OF 820 MEMBERS. CREDIT UNION LENDING: THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $39,965,399 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2021. USED AUTO LOANS REPRESENT 25.29% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2021. THE CREDIT UNION HAD $29,980.742 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/21. THEY REPRESENT 18.98% OF OUR LOAN PORTFOLIO AND 13.17 % OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2021 FOR FIRST MORTGAGE LOANS WAS 3.00 %. THE TOTAL LOAN PORTFOLIO INCREASED $15,311,496 DURING 2021. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS .81%. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 2697 0 1 94 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X CONSTANCE CARTER 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 MARGARET TAYLOR CHAIRPERSON 2.00 X X 0 0 0 MARK THORSTEN VICE CHAIRPERSON 2.00 X X 0 0 0 STEPHEN MORGAN SECRETARY 2.00 X X 0 0 0 GARRETT BUSCH DIRECTOR 2.00 X 0 0 0 SCOTT CHRISTENSEN DIRECTOR 2.00 X 0 0 0 PATRICIA HENDRICKSON DIRECTOR 2.00 X 0 0 0 GAYLE WAHNER DIRECTOR 2.00 X 0 0 0 DOUG RALSTON PRESIDENT/CEO 40.00 X 198378 0 87181 CONSTANCE CARTER CFO 40.00 X 330352 0 61463 528730 0 148644 2 0 1 0 FISERV 75 REMITTANCE DRIVE SUITE 1649 CHICAGO IL 60675 CORE SOFTWARE AND OTHER SERVICE SOFTWARE 1142161 INTEGRIS 1524 EAST 37TH ST HIBBING MN 55746 IT SERVICES 291792 GUIDELINE AMC 1107 HAZELTINE BLVD 150 CHASKA MN 55318 APPRAISAL SERVICES 102725 3 INTEREST ON LOANS 522100 7507809 7507809 FEE INCOME 522100 2906844 2887331 19513 SETTLEMENT 522100 504057 504057 10918710 301055 301055 6000 0 6000 6000 6000 5349 -5349 -5349 -5349 BAD DEBT RECOVERIES 900099 190691 190691 190691 11411107 11089888 19513 301706 46399 677373 2527040 186103 231604 8380 56060 475399 192893 262309 585556 323968 10772 40121 20654 296792 39834 LOAN & CLOSING COSTS 971728 DIVIDENDS ON MEMBER SHA 607182 DEBIT AND CREDIT CARD F 542801 ATM FEES 508777 183308 8795053 1484492 2082671 20583588 20649586 648022 720382 1472000 1472000 139738711 155478159 2131966 2605498 7217844 3201000 4159750 4016844 1251764 8498029 17108974 21839767 8043811 10233532 196623078 227596468 1396204 1550616 29217 20863 2476114 2332024 171965183 200302914 175866718 204206417 X 0 0 0 0 20756360 23390051 20756360 23390051 196623078 227596468 X 2616054 -106136 123773 X 0 0 0 621712 621712 5127552 2138667 2988885 2639 2639 0 1448560 1046850 401710 17381 12844 4537 4016844 DEPOSITS IN COMMERCIAL BANKS 13098893 C LOANS TO AND INVESTMENTS IN NATURAL PERSON CREDIT UNIONS 3036000 C PERPETUAL CONTRIBUTED CAPITAL 525574 C ALL OTHER INVESTMENTS 329300 C INVESTMENTS IN CORPORATE CREDIT UNIONS 4850000 C 21839767 MEMBER SHARES & DEPOSITS 200302914 200302914 1 BOARD OF REGENTS AT UMD 204/210 KSC UNIV OF MN DULUTH DULUTH MN 55812 411406587 501(C)(3) 23000 0 GENERAL SUPPORT 1 0 PART I, LINE 2: CENTRICITY CREDIT UNION MAKES REGULAR CONTRIBUTIONS TO THE BOARD OF REGENTS AT UMD. X X X 0 1 0 CONSTANCE CARTER CFO 109314 0 30422 0 190616 0 50906 0 10557 0 391815 0 0 0 DOUG RALSTON PRESIDENT/CEO 153246 0 44680 0 452 0 63087 0 24094 0 285559 0 0 0 PART I, LINE 4B CONSTANCE CARTER, CFO AND DOUGLAS RALSTON, CEO, BOTH PARTICIPATED IN NONQUALIFIED RETIREMENT 457F PLANS. DOUG DID NOT RECEIVE A PAYMENT IN 2021. CONSTANCE RECEIVED A PAYMENT OF $190,000 IN 2021. THE ORGANIZATION DEFERRED $36,650 AND $52,424 TO CONSTANCE AND DOUGLAS'S 457F PLAN DURING 2021. DOUG RALSTON OFFICER SERP X 1472000 1472000 0 1 1 1472000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE THE RIGHT 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, OR 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 FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. THE FILED FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING FOLLOWING THE FILING OF THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WHEN MATTERS PERTAINING TO THE SPECIFIC PERSONAL INTEREST OF A BOARD MEMBER ARE DISCUSSED, THE AFFECTED BOARD MEMBER OR MEMBERS WILL NOT ENGAGE IN THE DISCUSSION NOR PARTICIPATE IN THE VOTE AND THE MINUTES WILL SO STATE. IF MORE THAN ONE BOARD MEMBER IS INVOLVED IN MATTERS INVOLVING A CONFLICT OF INTEREST AND A VOTE IS CALLED, THE NUMBER VOTING MUST EXCEED THE QUORUM REQUIREMENTS FOR THE MEETING OR UNANIMOUS ACTION IS REQUIRED OF THE VOTING BOARD MEMBERS. EXAMPLES OF CONFLICT OF INTEREST SITUATIONS WOULD BE ACTION TO REDUCE INTEREST ON THE OBLIGATION OF A RELATIVE, PURCHASE LAND FOR THE PURPOSE OF ERECTING A CREDIT UNION OFFICER WHERE THE LAND IS OWNED BY A DIRECTOR, OR SELL CASUALTY INSURANCE THROUGH THE CREDIT UNION WHEN A BOARD MEMBER IS AN AGENT. ANY CREDIT UNION EMPLOYEE, DIRECTOR, OFFICER, OR SPOUSE WHO IS ASSOCIATED *WITH, OR HOLD A MATERIAL** OWNERSHIP INTEREST IN ANOTHER FINANCIAL INSTITUTION, TRADES ASSOCIATION OR RELATED BUSINESS WILL FILE AN ANNUAL DISCLOSURE STATEMENT WITH THE PRESIDENT OR BOARD CHAIRMAN WITHIN 30 DAYS OF JANUARY 1, THE START OF EMPLOYMENT OR TAKING OFFICE. ANY APPARENT CONFLICT OF INTEREST DISCLOSED BY THE STATEMENT WILL BE RESOLVED BY THE PRESIDENT OR BOARD PERSONNEL COMMITTEE AND THE INDIVIDUAL. * AS A DIRECTOR, OFFICER, OR EMPLOYEE **DEFINED IN TERMS OF DOLLARS AS $5,000.00 OR MORE. NOTE: REPORTING MECHANISMS WILL INCLUDE: EMPLOYEES TO THE MANAGER, MANAGEMENT TO THE CHAIRMAN AND OTHERS TO THE SECRETARY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS APPROVES THE PRESIDENT'S COMPENSATION. THIS APPROVAL IS NOTED IN THE BOARD MINUTES. THE CREDIT UNION USES A THIRD-PARTY VENDOR "PAY SCALE" TO SET COMPENSATION RANGES; INCLUDING FOR THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, EMPLOYMENT AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN OCI 123,774. OTHER CHANGES -1.