2022-05-23T09:35:20-05:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410517445 ST CLOUD FINANCIAL CREDIT UNION STCL 3202582195 3030 S 1ST STREET ST CLOUD MN 55301 SHELOA FIELDSETH CFO 3202582195 2022-05-15 1 SHELOA FIELDSETH 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-05-13 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JED MEYER 3030 S 1ST STREET ST CLOUD MN 55301 13966994 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 99 13 20167 3370 0 0 11812971 13511414 623926 468780 0 -13200 12436897 13966994 0 0 833928 537566 4915174 5135566 0 0 0 5415713 5779896 11164815 11453028 1272082 2513966 248270161 289886026 228613495 268049189 19656666 21836837 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. 0 0 THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 2,815 NEW MEMBER DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/2021 WE HAD 23,256 MEMBERS. THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 4,969 NEW LOANS TO MEMBERS DURING 2021. AS OF 12/31/2021 WE HAD 16,307 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 3152 0 1 99 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 0 0 X SHELOA FIELDSETH 3202582187 1716 PINE CONE ROAD SOUTH SARTELL MN 56377 BECKY EISENWINTER BOARD CHAIR 1.00 X X 0 0 0 ANDREW JOHANNES 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 SONY MILLER BOARD MEMBER 1.00 X 0 0 0 RANDY SCHREIFELS BOARD MEMBER 1.00 X 0 0 0 GREG KONERZA BOARD MEMBER 1.00 X 0 0 0 JED MEYER CEO 40.00 X 226271 0 42297 SHELOA FIELDSETH CFO 40.00 X 106472 0 33363 ALYCE JUSTIN CAO 40.00 X 169590 0 48843 THERESA TSCHUMPERLIN COO 40.00 X 158644 0 39654 ALLISON PEICHEL MORTGAGE DIRECTOR 40.00 X 151940 0 42462 MEL TODY CFO 40.00 X 135863 0 36804 948780 0 243423 6 0 1 0 CO-OP 1500 NW 118TH ST DES MOINES IA 50325 DEBIT CARD PROVIDER 728301 ALKAMI 5601 GRANITE PARKWAY PLANO TX 75024 ONLINE AND MOBILE ACCESS FOR MEMBERS 317562 MARCO PO BOX 790448 SAINT LOUIS MO 63179 IT SUPPORT 174452 DOXIM 747 E WHITCOME AVE MADISON HEIGHTS MI 48071 STATEMENT PROVIDER 118049 CASE FINANCIAL 701 WEAVER BLVD ANOKA MN 55303 ATM EQUIP/MAIN 101598 6 LOAN INTEREST INCOME 522100 8084008 8084008 OTHER OPERATING INCOME 522100 4032851 4032851 FEES & CHARGES 522100 1394555 1374388 20167 13511414 468130 468130 650 0 650 650 650 OTHER NON-INTEREST INCOME (EXPENS -13200 -13200 -13200 13966994 13478047 20167 468780 X 537566 408403 3642352 163089 553546 368176 29073 45547 2515262 278461 655527 670790 145514 5 567683 PROVISION FOR LOAN LOSS 568267 LOAN SERVICING EXPENSE 237074 MISCELLANEOUS 50541 OPERATING FEES 16152 11453028 3116085 3208275 29706310 17428192 201672 205646 168032715 213175395 2373559 2229972 12118828 5105201 7412606 7013627 25706837 38318457 11720377 8306462 248270161 289886026 3032498 3252380 225580997 264796809 228613495 268049189 X 0 0 0 0 19656666 21836837 19656666 21836837 248270161 289886026 X 2513966 -333793 -2 X X 0 0 0 1935286 1935286 6440932 1995123 4445809 3742610 3110078 632532 7013627 HELD TO MATURITY SECURITIES 1250000 C OTHER INVESTMENTS 13665683 C PERPETUAL CONT CAPITAL 233237 C AFS SECURITIES 23169537 F 38318457 SHARES AND DEPOSITS 264796809 264796809 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, 2021 AND 2020. THE CREDIT UNION'S 2019 TAX YEAR IS OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. AUDIT IS COMPLETED ANNUALLY AS OF MARCH 31. X 1 1 X X X 1 0 0 JED MEYER CEO 201612 0 19359 0 5300 0 24988 0 17309 0 268568 0 0 0 ALYCE JUSTIN CAO 158590 0 10500 0 500 0 32077 0 16766 0 218433 0 0 0 THERESA TSCHUMPERLIN COO 148144 0 10500 0 0 0 38941 0 713 0 198298 0 0 0 ALLISON PEICHEL MORTGAGE DIRECTOR 91157 0 60783 0 0 0 25307 0 17155 0 194402 0 0 0 MEL TODY CFO 127460 0 7980 0 423 0 35572 0 1232 0 172667 0 0 0 PART I, LINE 1A JED MEYER - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES -$500 - INCLUDED IN TAXABLE COMPENSATION MEL TODY - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES -$500 - INCLUDED IN TAXABLE COMPENSATION ALYCE JUSTIN - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES -$500 - INCLUDED IN TAXABLE COMPENSATION SHELOA FIELDSETH - HEALTH OR SOCIAL CLUB DUES OR INITIATION FEES -$500 - INCLUDED IN TAXABLE COMPENSATION PART I, LINE 4A VONDA DICKEY - SEVERANCE PAYMENT OF $19,000. 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 NECESSAY 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 15A 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. THIS WAS MOST RECENTLY COMPLETED IN 2021. 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 2,515,262. FORM 990, PART XI, LINE 9: ROUNDING -2. FORM 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED.