2022-04-26T07:07:36-05:00 2021-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2021-01-01 410429399 First Alliance Credit Union FIRS 5072880330 300 N Main Street Stewartville MN 55976 Mike Rosek President/CEO 5072880330 2022-04-25 1 Mike Rosek XXX-XX-XXXX Deb Nelson CPA P01264758 6122536500 2022-04-25 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Mike Rosek 300 N Main Street Stewartville MN 55976 16182389 0 X www.firstalliancecu.com X 1932 MN First Alliance Credit Union places members' needs first by providing compassion, guidance, and resources to promote their financial well-being. 7 7 91 11 12660 0 0 0 14363507 15285624 641127 635421 0 0 15004634 15921045 0 0 862397 425051 5672312 6484336 0 0 0 7105768 7363478 13640477 14272865 1364157 1648180 236689714 266858268 213431118 241619717 23258596 25238551 We place our members' needs first by providing compassion, guidance, and resources to promote their financial well-being. As a financial cooperative all income is used to pay operating expenses or returned to members in the form of dividends or services. 0 0 Pay interest and dividends on amounts deposited by members. Provide free checking and cash handling services to members. Provide residential mortgage, home improvement, commercial, and other misc. loans to members. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4708 0 1 91 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 0 1 1 1 0 MN X Mike Rosek PresidentCEO 5072880330 300 N Main Street Stewartville MN 55976 Theresa Hornberg Chair 3.00 X X 0 0 0 Bobbi Olson Vice Chair 3.00 X X 0 0 0 Russell Hess Secretary 3.00 X X 0 0 0 Julian Currie Director 3.00 X 0 0 0 Alan Michael DeBolt Director 3.00 X 0 0 0 Jane Drennan Director 3.00 X 0 0 0 Hilary Stonelake-Curtis Director 3.00 X 0 0 0 Mike Rosek President/CEO/Treasurer 50.00 X 342900 0 83106 Mark Hettinger EVP/COO 50.00 X 177719 0 67347 Valerie Mathias SVP Finance/CFO 50.00 X 174362 0 62093 David Schouten SVP IT/CIO 50.00 X 163242 0 57465 Lisett Comai-Legrand -Director of Retail and Member Experience 40.00 X 105951 0 28286 964174 0 298297 5 0 1 0 Fiserv 255 Fiserv Dr Brookfield WI 53045 Core Data Processor 2857635 Kramer Contracting 4330 48th St NE Rochester MN 55906 Building Contractor 292037 Townsquare Media Rochester 122 4th St SW Rochester MN 55902 Media Advertising Provider 214469 Computer Integration Technologies 2375 Ventura Dr Woodbury MN 55125 Tech Products and Services 157460 4 Interest on Loans 522100 9638449 9638449 Member Service Fees 522100 4291983 4279323 12660 Loan Income and Fees 522100 960549 960549 Credit Card Income 522210 394643 394643 15285624 682962 682962 213803 261344 -47541 -47541 -47541 15921045 15272964 12660 635421 425051 1130034 3914271 189007 904865 346159 112548 58013 6995 375345 644814 464299 1000589 470618 44393 146984 794 73031 890123 85581 ATM Expense 1212432 Lending Expense 889900 Credit Card Expense 345121 Provision for Loan Loss 316470 225428 14272865 3438031 5245980 18999900 21553618 519220 1045216 29546 28363 169686150 190915118 532696 598872 18330102 5933395 11684057 12396707 22781117 25234644 279726 9018997 9560024 236689714 266858268 2102209 2054064 76763 34871 211252146 239530782 213431118 241619717 X 0 0 0 0 23258596 25238551 23258596 25238551 236689714 266858268 X 1648180 -265588 597363 X X 0 0 0 2308207 2308207 9900465 2806761 7093704 4671874 2281219 2390655 1449556 845415 604141 12396707 Member Deposits 239530782 239530782 X X X X 0 1 0 Mike Rosek President/CEO/Treasurer 238246 0 25950 0 78704 0 62362 0 21129 0 426391 0 55520 0 Mark Hettinger EVP/COO 155779 0 21940 0 0 0 36242 0 31597 0 245558 0 0 0 Valerie Mathias SVP Finance/CFO 154412 0 19950 0 0 0 41349 0 21209 0 236920 0 0 0 David Schouten SVP IT/CIO 145173 0 18069 0 0 0 26360 0 31563 0 221165 0 0 0 Part I, Line 4b The following individuals participated in the 457(f) plans offered by the Credit Union. Mike Rosek - President/CEO (457f) - Accrued $46,373 Mark Hettinger - EVP/COO (457f) - Accrued $23,100 Valerie Mathias - SVP Finance/CFO (457f) - Accrued $29,000 David Schouten - SVP IT/CIO (457f) - Accrued $21,231 There was one distribution during 2021. Mike Rosek - President/CEO - Distributed $78,704 Mike Rosek CEO LOC X 10000 8572 0 1 1 Mark Hettinger COO LOC X 10000 9800 0 1 1 David Schouten CIO LOC X 10000 9991 0 1 1 28363 Form 990, Part VI, Section A, line 6 First Alliance Credit Union is a member owned cooperative. Form 990, Part VI, Section A, line 7a The governing board, consisting of seven directors, are elected by the membership base. Form 990, Part VI, Section A, line 7b Any interim appointment of directors must be ratified by the membership at the next annual meeting. Any amendments to the bylaws must be ratified by the membership at the next annual meeting. Form 990, Part VI, Section B, line 11b The SVP Finance/CFO coordinates preparation of the Form 990 annually and it is reviewed by the President/CEO for accuracy and completeness prior to transmission. Form 990, Part VI, Section B, line 12c The Conflict of Interest Policy shall be reviewed and reaffirmed annually by the Credit Union Board of Directors at its organizational meeting. Evidence of the review and affirmation shall be entered in the minutes. Additionally, each director of the Credit Union board shall, on an annual basis, disclose any potential conflicts of interest he or she may have by executing a Conflict Disclosure and Code of Conduct Affirmation. Copies of the executed forms shall be retained in Director's folder. A director of the Credit Union Board shall not engage in the discussion of any matter in which he or she has a conflict of interest. A director of the Credit Union Board shall not vote on any matter in which he or she has a conflict of interest. The authorization, approval or ratification of any matter in which a director of the Credit Union Board has a conflict of interest must be made by a majority vote of the Credit Union directors present, excluding the interested director(s). The interested director(s) shall not be counted for purposes of establishing a majority or determining the presence of a quorum. The minutes shall reflect all abstentions by the Credit Union director(s). Form 990, Part VI, Section B, line 15 The Personnel Committee reviews and approves officer compensation annually. Increases are based, in part, on industry comparability data. Form 990, Part VI, Section C, line 19 The organization makes its governing documents and conflict of interest policy available to the public upon demand. Summary financial statements are posted in each branch lobby monthly and in an annual report to the membership. Form 990, Part XI, line 9: Merger with AE Goetze Employee Credit Union as of 07/01/21 597,363. Form 990, Part XII, Line 2b: Audited Financial Statements: The financial statements for First Alliance Credit Union are audited based on a fiscal year ending March 31. IRS Form 990 Part XII, Line 2b has been answered no because the 990 is prepared based on a calendar year.