2022-11-15T14:51:49-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 396072970 ROYAL CREDIT UNION ROYA 7158338111 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 JOE HASTO CHIEF FINANCIAL OFFICER 7158338111 2022-11-14 1 JOE HASTO 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-11-11 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z JOE HASTO 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 185328498 0 X WWW.RCU.ORG X CREDIT UNION 1964 WI TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 7 7 862 468 320368 0 0 0 167112473 178877257 4114175 5862199 -1126172 589042 170100476 185328498 1719770 1951976 25351195 14637163 55457880 60369132 0 0 0 59065751 43430396 141594596 120388667 28505880 64939831 3465269366 4046275359 3150189725 3664092598 315079641 382182761 TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 0 0 THERE WERE 73,798 LOANS GRANTED IN 2021. AS OF 12/31/21, THE CREDIT UNION HAD 189,427 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER AND BUSINESS LOANS. WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 251,235 MEMBERS AT 12/31/21. NET ACCOUNT GROWTH DURING 2021 WAS 39,864 ACCOUNTS FOR A TOTAL AT 12/31/21 OF 487,070 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 1 119404 0 862 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 1 1 1 1 1 1 1 1 0 WI MN X JOE HASTO 7158338111 PO BOX 970 EAU CLAIRE WI 54702 THOMAS HUFFCUTT CHAIRMAN 10.00 X X 37000 0 0 DOUG OLSON TREASURER 10.00 X X 28500 0 0 JOHN SACKETT ASSISTANT SECRETARY 10.00 X X 23500 0 0 JENNIFER MCDONOUGH SECRETARY 10.00 X X 22000 0 0 STUART SCHAEFER VICE CHAIRMAN 10.00 X X 21500 0 0 WILLIAM BLACKBURN ASSISTANT VICE CHAIRMAN 10.00 X X 21000 0 0 NANCY BELTZ ASSISTANT TREASURER 10.00 X X 17500 0 0 BRANDON RIECHERS CEO/PRESIDENT 40.00 X 986318 0 960172 JON HEHLI EVP-CFO 40.00 X 598766 0 128005 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 40.00 X 524463 0 135281 MICHAEL DILL EVP-CHIEF LENDING OFFICER 40.00 X 411024 0 76777 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 40.00 X 378149 0 59574 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 40.00 X 345964 0 66076 GEOFFREY BULLOCK EVP - MEMBER EXPERIENCE 40.00 X 259696 0 56289 JARED JOHNSON MORTGAGE LOAN OFFICER 40.00 X 683911 0 61185 JEFFREY SPROUL MORTGAGE LOAN OFFICER 40.00 X 534528 0 22849 JACOB SPIES REGIONAL MORTGAGE SALES MA 40.00 X 419649 0 62240 BARBARA OAS-HOLMES MORTGAGE LOAN OFFICER 40.00 X 371293 0 60500 MARK ERICKSON MORTGAGE LOAN OFFICER 40.00 X 358293 0 45076 6043054 0 1734024 118 0 1 0 MARKET & JOHNSON INC 2350 GALLOWAY S EAU CLAIRE WI 54703 BUILDING CONTRACTOR 1219216 ACT APPRAISAL INC 1141 E MAIN ST 102 EAST DUNDEE IL 60118 APPRAISALS FOR MORTGAGE LOANS 903220 KOPELOWITZ OSTROW PA 1 WEST LAS OLAS BLVD FT LAUDERDALE FL 33301 ATTORNEY/LEGAL SERVICES 360000 CLASS VALUATION LLC 2600 BELLINGHAM RD SUITE 100 TROY MI 48083 APPRAISALS FOR MORTGAGE LOANS 330058 ROYAL CONSTRUCTION INC 3653 GREENWAY ST EAU CLAIRE WI 54701 BUILDING CONTRACTOR 307201 20 LOAN INTEREST 522100 115267467 115267467 OTHER OPERATING INCOME 522100 51745197 51745197 SERVICE CHARGES & FEE INCOME 522100 11864593 11544225 320368 178877257 4175579 4175579 702406 984214 0 0 702406 984214 1686620 1686620 OTHER NON-OP INC/EXP 522100 589042 589042 589042 185328498 179145931 320368 5862199 1951976 14637163 5157554 43260592 2032218 6320932 3597836 2311609 4349423 16033288 3326181 196000 410229 3512871 LOAN SERVICING 9227857 MISCELLANEOUS OPERATING 3762859 OPERATING FEES 199253 PROVISION FOR LOAN LOSS 100826 120388667 609736355 878500771 4332000 7969000 34624265 22445470 2654267584 2873089044 3274159 3103607 87811443 45154960 37914704 42656483 7974686 69308563 41134727 60633222 11056773 13007120 60954113 75562079 3465269366 4046275359 55514462 69842008 3094675263 3594250590 3150189725 3664092598 X 0 0 0 0 315079641 382182761 315079641 382182761 3465269366 4046275359 X 64939831 -888462 3051751 X X 0 1 X 1 0 10819529 10819529 45248839 19441879 25806960 1048979 955885 93094 30481708 24757196 5724512 212388 212388 42656483 MEMBERS' SHARES 3594250590 3594250590 X 184662952 0 184662952 665546 665546 185328498 119723120 0 119723120 665546 665546 120388666 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE US FEDERAL JURISTICTION. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE 665,546. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE 665,546. 1 UNITED WAY OF THE GREATER CHIPPEWA VALLEY 3606 N HASTINGS WAY SUITE 200 EAU CLAIRE WI 54703 391077901 501(C)(3) 8000 0 ANNUAL DONATION EC/CV PORTION TREE TRUST 1419 ENERGY PARK DR ST PAUL MN 55108 411291626 501(C)(3) 15000 0 EQUIPMENT PURCHASE RELATED TO YOUTH PROGRAMS NORTH CENTRAL AREA HEALTH EDUCATION CENTERS 518 S 7TH AVE ROOM 086 WAUSAU WI 54401 391740838 501(C)(3) 11200 0 COMMUNITY HEALTH INTERNSHIP PROGRAM UW-EAU CLAIRE FOUNDATION 105 GARFIELD AVE EAU CLAIRE WI 54701 390972350 501(C)(3) 11250 0 CARSON PARK TURF PART I, LINE 2: THE CEO/PRESIDENT AND THREE BOARD MEMBERS OF THE CREDIT UNION SERVE ON THE BOARD OF THE FOUNDATION AND MONITOR THE USE OF GRANT FUNDS.. X X X X 0 1 0 BRANDON RIECHERS CEO/PRESIDENT 634443 0 341080 0 10795 0 924355 0 35817 0 1946490 0 0 0 JARED JOHNSON MORTGAGE LOAN OFFICER 572694 0 109909 0 1308 0 30048 0 31137 0 745096 0 0 0 JON HEHLI EVP-CFO 348821 0 244027 0 5918 0 97012 0 30993 0 726771 0 0 0 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 315135 0 205518 0 3810 0 123029 0 12252 0 659744 0 0 0 JEFFREY SPROUL MORTGAGE LOAN OFFICER 454918 0 78089 0 1521 0 21958 0 891 0 557377 0 0 0 MICHAEL DILL EVP-CHIEF LENDING OFFICER 263698 0 144296 0 3030 0 46447 0 30330 0 487801 0 0 0 JACOB SPIES REGIONAL MORTGAGE SALES MA 300810 0 118539 0 300 0 31913 0 30327 0 481889 0 0 0 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 230337 0 147122 0 690 0 54321 0 5253 0 437723 0 0 0 BARBARA OAS-HOLMES MORTGAGE LOAN OFFICER 319421 0 46954 0 4918 0 29470 0 31030 0 431793 0 0 0 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 226022 0 119492 0 450 0 45890 0 20186 0 412040 0 0 0 MARK ERICKSON MORTGAGE LOAN OFFICER 313974 0 42561 0 1758 0 32014 0 13062 0 403369 0 0 0 GEOFFREY BULLOCK EVP - MEMBER EXPERIENCE 223208 0 29076 0 7412 0 33387 0 22902 0 315985 0 0 0 PART I, LINE 4B BRANDON RIECHERS - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $890,415 MICHEAL DILL - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $10,751 JAN JOHNSON - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $83,754 JON HEHLI - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $56,512 PAMELA HALLER - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $15,305 ADAM KINNARD - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $11,890 GEOFF BULLOCK - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $6,814 WILLIAM BLACKBURN BOARD OF DIRECTOR & CO-OWNER OF L&M MAIL SERVICE 99731 2021 ANNUAL MAIL PROCESSING SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER HAS ONE VOTE TO UTILIZE IN RATIFYING SIGNIFICANT DECISIONS BEYOND THE AUTHORITY OF THE BOARD AS OUTLINED IN THE ORGANIZATION'S BYLAWS. ANY DECISION TO DISSOLVE OR MERGE THE ORGANIZATION REQUIRES APPROVAL OF MEMBERSHIP, UNLESS MANDATED BY REGULATORY AGENCY (I.E., NCUA, WISCONSIN OFFICE OF CREDIT UNIONS). FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER EMAILS A COPY OF THE FINAL FORM 990 TO THE VP-FINANCE FOR REVIEW. THE CFO PERFORMS A FINAL REVIEW PRIOR TO SIGNING AND SUBMISSION TO THE IRS. THE CFO REPORTS THE COMPLETION OF THE FORM 990 BY THE REQUIRED DEADLINES TO MANAGEMENT AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST IS INCLUDED IN THE CODE OF ETHICS POLICY. THE POLICY PREVENTS TEAM MEMBERS FROM TRANSACTING BUSINESS ON THEIR ACCOUNTS. THE CODE OF ETHICS ALSO PROHIBITS TEAM MEMBERS FROM TRANSACTING ON ACCOUNTS THEY ARE ASSOCIATED WITH, REGARDLESS OF OWNERSHIP. FORM 990, PART VI, SECTION B, LINE 15 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. ROYAL CREDIT UNION UTILIZES MARKET SALARY SURVEYS AND AN OUTSIDE COMPENSATION CONSULTANT TO ASSIST THEM IN DETERMINING MARKET APPROPRIATE SALARY GRADES AND THE PLACEMENT OF POSITIONS INTO THEM FOR THE EXECUTIVE TEAM. THE VP AND EVP OF THE TALENT SERVICES TEAM THEN REVIEWED AND APPROVED THE CONSULTANT'S RECOMMENDATION FOR THE EXECUTIVE TEAM'S MARKET SALARY RANGES AND BONUS TIER RECOMMENDATIONS IN ALIGNMENT TO OUR COMPENSATION PHILOSOPHY. ANY SIGNIFICANT CHANGES ARE ALSO APPROVED BY THE CEO. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2019. FORM 990, PART VI, SECTION C, LINE 19 ROYAL CREDIT UNION'S ANNUAL FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH OFFICES. YEAR-END FINANCIAL STATEMENTS ARE ALSO PROVIDED IN THE ANNUAL REPORT AND PRESENTED AT THE ANNUAL MEETING IN APRIL. GOVERNING DOCUMENTS WOULD BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ROUNDING EQUITY ACQUIRED IN MERGER 3,051,751. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM LAST YEAR. 317 LLC 402 GRAHAM AVE EAU CLAIRE WI 54701 384119611 REAL ESTATE HOLDING COMPANY WI 2583 1458 ROYAL CREDIT UNION LEDGENDS TITLE SERVICES 2225 BRACKETT AVE EAU CLAIRE WI 54701 465193797 TITLE SERVICE WI 0 2517925 ROYAL CREDIT UNION RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES WI 501(C)(3) PF ROYAL CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 RCU FOUNDATION INC B 1562487 FAIR MARKET VALUE