2022-11-15T09:26:39-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410824021 MY CREDIT UNION MYCR 6127987176 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 GREG WORTHEN PRESIDENT 6127987176 2022-11-09 1 GREG WORTHEN 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-11-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z GREG WORTHEN 9550 LYNDALE AVENUE SOUTH BLOOMINGTON MN 55420 17904793 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 88 12 98066 0 0 0 12906542 16326375 954919 105796 -2 1188440 13861459 17620611 0 0 373524 281651 5976803 5739713 0 0 0 7294184 7845780 13644511 13867144 216948 3753467 350249139 393544128 323452944 363334002 26796195 30210126 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 $281,651 PAID TO MEMBERS ON $359,993,364 DEPOSIT ACCOUNTS HELD BY 23,672 MEMBERS. PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,492 LOANS IN 2021 WHICH EXCEEDED $129,601,384 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $329,322,569 MILLION DOLLARS AT YEAR END. PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 4 SUR-CHARGE FREE ATM'S, OVER 5,867 CREDIT CARDS, OVER 18,727 DEBIT AND 6 ATM CARDS, AND NEARLY 13,391 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 4438 0 1 88 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X RICK RASMUSSON 6127987176 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 363345 0 33518 RICK RASMUSSON CHIEF FINANCIAL OFFICER 40.00 X 178912 0 24657 KAREN HOEPPNER VICE PRESIDENT, LENDING 40.00 X 170619 0 9847 PIERRE MERLIN VICE PRESIDENT, IT 40.00 X 156625 0 14269 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 40.00 X 144026 0 8633 TODD BARDUSON VICE PRESIDENT, MARKETING 40.00 X 122087 0 14033 TERRY STIREWALT VICE PRESIDENT, COMMERCIAL 40.00 X 119547 0 7146 1255161 0 112103 7 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE PROCESSING SYSTEM 735647 SERVION 500 MAIN STREET NEW BRIGHTON MN 55112 COMMERCIAL LENDING PROCESSING & SUPPORT 539242 ALKAMI DEPT 2223 PO BOX 122223 DALLAS TX 75312 MOBILE & INTERNET BANKING 328252 LOFFLER PO BOX 1511 BIN 131511 MINNEAPOLIS MN 554801511 IT SERVICES 324575 HENNEPIN COUNTY A-600 GOVERNMENT CENTER 300 SOUTH MINNEAPOLIS MN 55487 PROPERTY MGMT 275500 9 LOAN INTEREST 522100 12008477 12008477 FEE INCOME 522100 2271302 2173236 98066 OTHER INCOME 524298 2046596 2046596 16326375 389978 389978 284182 -284182 -284182 -284182 NON-OPERATING INCOME 522100 1188440 1188440 1188440 17620611 17416749 98066 105796 281651 1367264 3181612 178483 919547 92807 27914 79580 1513216 773651 49182 1012 902518 LOAN SERVICING EXPENSE 1377405 PROFESSIONAL AND OUTSID 1303035 PROVISION FOR LOAN LOSS 780357 MISCELLANEOUS OPERATING 742291 295619 13867144 1169687 1002807 9113114 14633141 112611 40739 6462217 6397269 270864328 320177878 610731 661125 21078081 4354483 16724602 16723598 27517635 17670028 2737612 497041 14936602 15740502 350249139 393544128 4116552 2343739 723636 963915 318612756 360026348 323452944 363334002 X 0 0 0 0 26796195 30210126 26796195 30210126 350249139 393544128 X 3753467 3755 -343291 X X 0 0 0 0 1 X 4781185 4781185 13399017 2783023 10615994 2897879 1571460 1326419 16723598 SHARES/DEPOSITS 360026348 360026348 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, UNDER IRC 501 (C) (14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE. 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 JUNE 30, 2021 AND 2020. THE CREDIT UNION'S TAX YEARS SUBSEQUENT TO 2017 ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. 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 0 0 0 GREG WORTHEN PRESIDENT 295726 0 36903 0 30716 0 15825 0 17693 0 396863 0 0 0 RICK RASMUSSON CHIEF FINANCIAL OFFICER 155216 0 20622 0 3074 0 10388 0 14269 0 203569 0 0 0 KAREN HOEPPNER VICE PRESIDENT, LENDING 150190 0 18578 0 1851 0 9847 0 0 0 180466 0 0 0 PIERRE MERLIN VICE PRESIDENT, IT 136910 0 18308 0 1407 0 0 0 14269 0 170894 0 0 0 JOHN DEBETTIGNIES VICE PRESIDENT, MEMBER SER 126597 0 16202 0 1227 0 8633 0 0 0 152659 0 0 0 GREG WORTHEN PRESIDENT SPLIT DOLLAR PLAN X 3200000 3114699 0 1 1 RICK RASMUSSON CHIEF FINANCIAL OFFICER SPLIT DOLLAR PLAN X 1400000 1412606 0 1 1 KAREN HOEPPNER VP-LENDING SPLIT DOLLAR PLAN X 675000 669964 0 1 1 JOHN DEBETTIGNIES VP-MEMBER SERVICES SPLIT DOLLAR PLAN X 1200000 1200000 0 1 1 6397269 JULIEANN WORTHEN JULIEANN IS WIFE OF GREG WORTHEN, CEO. 28253 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 - $3,540,511RICK RASMUSSON - $1,533,806KAREN HOEPPNER - $746,827JOHN DEBETTIGNIES - $1,295,188 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, AND SCOTT COUNTIES. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, MEMBERS OF THE SAME HOUSEHOLD, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM 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 A, LINE 7B CHARTER CHANGES MUST BE APPROVED BY THE MEMBERSHIP. 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. THE CREDIT UNION IS REVIEWING THE PROCEDURES RELATED TO ENFORCEMENT OF THIS POLICY AND IS LOOKING TO EXPAND REQUIREMENTS IN THE FUTURE. FORM 990, PART VI, SECTION B, LINE 15 IN DECEMBER OF 2015, THE ORGANIZATION BEGAN UTILIZING COMPEASE. COMPEASE IS A COMPREHENSIVE SALARY ADMINISTRATION TOOL WHICH INCORPORATES THE INDIVIDUAL JOB FUNCTIONS AND SCORES EACH FUNCTION TO CREATE POSITION GRADES. THESE GRADES ARE THEN COMPAIRED WITH SIMILAR POSITION GRADES, ON A LOCAL AND NATIONAL LEVEL TO CREATE POSITION SALARY RANGES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION LOBBY. FORM 990, PART XI, LINE 9: UNREALIZED GAIN(LOSS) ON AFS SECURITIES -343,291. ROUNDING 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.