2022-11-15T09:26:19-06:00 2021-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2021-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 RALPH HAMANN CFO 2186258500 2022-11-09 1 RALPH HAMANN 999009999 TANYA MEDGAARDEN P01717240 5074347000 2022-11-08 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z STEVE EWERS 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 73864346 0 X WWW.MEMBERSCCU.ORG X CREDIT UNION 1936 MN TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES. 10 10 275 1 313426 15893 0 0 42056536 43947517 1317363 1252941 461155 507579 43835054 45708037 166626 232717 6380259 5461642 16376593 18042459 0 0 0 14207841 14598117 37131319 38334935 6703735 7373102 927228890 1064400556 824704539 956025967 102524351 108374589 TO MAKE OUR COMMUNITIES STRONGER, OUR EMPLOYEES HAPPIER, AND OUR WORLD BETTER. 0 0 DIVIDENDS AND INTEREST OF $5.46 MILLION WAS PAID TO MEMBERS IN 2021 ON 120,375 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 35,146 LOANS TOTALING OVER $737 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ASLO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES. AVAILABILITY OF 13 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME. 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 11678 0 275 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 MN X STEVE EWERS 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 JOHN GILBERT DIRECTOR 7.90 X 6169 0 0 RUSS SALGY DIRECTOR 7.40 X 5808 0 0 TESS DANDREA DIRECTOR 5.30 X 4138 0 0 DORIS DAHL CHAIR 5.30 X X 4111 0 0 NICOLE BARKER BOARD SECRETARY & TREASURER 5.20 X X 4069 0 0 DIANNE CARLSON DIRECTOR 3.30 X 2607 0 0 MATT RAJALA DIRECTOR 3.30 X 2581 0 0 DAVID VUKELICH BOARD VICE CHAIR 3.00 X X 2306 0 0 GERALD TELKER DIRECTOR 2.10 X 1675 0 0 JENNIE SIEBERT DIRECTOR 2.00 X 1525 0 0 TIM CAROLINE DIRECTOR 1.50 X 1163 0 0 ANDREW JOE ADDY DIRECTOR 0.00 X 0 0 0 STEPHEN EWERS PRESIDENT/CEO 55.00 X 455460 0 27375 RALPH HAMANN CFO/CHRO 50.00 X 315807 0 57375 JANET VOLD CIO/COO 50.00 X 328065 0 61807 SIMONE SURI GENERAL COUNSEL 45.00 X 296979 0 48617 STEPHAN GLONCHAK CHIEF LENDING OFFICER 45.00 X 290897 0 29311 RYANNE BATTAGLIA CMO 45.00 X 250240 0 25340 CORY STENSON MORTGAGE MANAGER 45.00 X 167714 0 28307 NEIL SAMPLE BUSINESS SERVICE MANAGER 45.00 X 147132 0 16105 ANDY JONESON VP IT 45.00 X 142656 0 20050 DAVE KAUMA CONTROLLER 45.00 X 119818 0 33039 KATHERINE STROMBERG VP BRANCH OPERATIONS 45.00 X 125850 0 15954 2676770 0 363280 11 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 ANNUAL SOFTWARE MAINTENANCE 2414576 SERVION COMMERCIAL LOAN SERVICES 500 MAIN STREET NEW BRIGHTON MN 55112 LOAN SERVICING 690406 COMPUDYNE 1524 E 37TH ST HIBBING MN 55746 COMPUTER SERVICE CONTRACT 409571 ABRIGO PO BOX 677883 DALLAS TX 75267 COMPUTER SOFTWARE 209437 EQUIFAX INFORMATION SVCS LLC PO BOX 71221 CHARLOTTE NC 28272 CONSUMER CREDIT REPORTING 204642 14 LOAN INTEREST INCOME 522100 29302312 29302312 OTHER OPERATING INCOME 524298 8211136 8211136 FEE INCOME 522100 6434069 6120643 313426 43947517 1253922 1253922 26764563 1390765 26764563 1391746 0 -981 -981 -981 GAIN ON 457 (B) & BOLI INVESTMENT 525100 507579 507579 507579 45708037 44141670 313426 1252941 232717 5461642 2223425 10367095 2566979 1766255 1118705 63580 131434 1498988 508718 3658016 1394459 15518 223252 464256 1831307 MISCELLANEOUS OPERATING 3023652 LOAN SERVICING EXPENSE 2127334 OPERATING FEES 36948 PROVISION FOR LOAN LOSS -379345 38334935 43024578 110665216 79229000 1245000 94830 898097 8953557 9212698 617159375 734051563 644129 2551365 47634764 17152951 30573857 30481813 64323838 94379727 23672284 15224181 8635655 9868113 50917787 55822783 927228890 1064400556 9938481 9511641 17500000 17500000 797266058 929014326 824704539 956025967 X 0 0 0 0 102524351 108374589 102524351 108374589 927228890 1064400556 X 7373102 -1522867 3 X X 0 1 X 1 0 5808007 5808007 26237439 5228948 21008491 14710250 11302293 3407957 875373 621710 253663 3695 3695 30481813 ACCRUED INTEREST 2177305 FORECLOSED AND REPOSSESSED ASSETS 620039 OTHER ASSETS 37656298 LOANS HELD FOR SALE 1000986 INTANGIBLE ASSETS 10120 457(B) PLAN 1429382 BOLI INVESTMENTS 12928653 55822783 SHARE SAVINGS 250567534 SHARE DRAFTS 179540124 MONEY MARKET 231138320 IRA DEPOSITS 60945574 SHARE & IRA CERTIFICATES 177794695 NON MEMBER DEPOSITS 29028079 929014326 X 45708036 0 45708036 1 1 45708037 38334934 -1 -1 38334935 0 38334935 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR POTENTIAL TAXABLE ACTIVITIES, REMITTING, AND RECOGNIZING AS EXPENSE, FEDERAL AND STATE TAX RELATED ESTIMATE PAYMENTS, AS APPLICABLE. INCOME TAXES INCURRED, OR REFUNDS THEREOF, HAVE NOT BEEN MATERIAL TO DATE TO THE ENTITY. 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 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 HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 AND 2020. THE CREDIT UNION'S 2018 THROUGH 2020 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING -1. 1 ENTREPRENEUR FUND 202 W SUPERIOR ST STE 311 DULUTH MN 55802 363566632 501(C)(3) 25000 0 ENVEST CAPITAL CAMPAIGN GRANDMA'S MARATHON PO BOX 16234 DULUTH MN 55816 411573627 501(C)(3) 60000 0 GRANDMA'S MARATHON DULUTH AIR SHOW 2110 W 1ST ST DULUTH MN 55806 391647421 501(C)(3) 15000 0 CORPORATE PARTNER AIR SHOW UNIVERSITY OF MINNESOTA REGENTS NW 5960 PO BOX 1450 MINNEAPOLIS MN 554855960 416007513 STATE GOVERNMENT 10000 0 SPONSOR UMD ATHLETICS 4 PART I, LINE 2: THE CREDIT UNION HAS A CONTRACT DEFINING THE TERMS OF THE SPONSORSHIP. X X X X 0 0 0 STEPHEN EWERS PRESIDENT/CEO 404168 0 0 0 51292 0 0 0 27375 0 482835 0 0 0 JANET VOLD CIO/COO 298696 0 0 0 29369 0 28689 0 33118 0 389872 0 0 0 RALPH HAMANN CFO/CHRO 275118 0 0 0 40689 0 29000 0 28375 0 373182 0 0 0 SIMONE SURI GENERAL COUNSEL 258729 0 250 0 38000 0 28740 0 19877 0 345596 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 257835 0 250 0 32812 0 27798 0 1513 0 320208 0 0 0 RYANNE BATTAGLIA CMO 226154 0 0 0 24086 0 23827 0 1513 0 275580 0 0 0 CORY STENSON MORTGAGE MANAGER 141127 0 26488 0 99 0 17056 0 11251 0 196021 0 0 0 NEIL SAMPLE BUSINESS SERVICE MANAGER 125212 0 13905 0 8015 0 14717 0 1388 0 163237 0 0 0 ANDY JONESON VP IT 128412 0 14184 0 60 0 13374 0 6676 0 162706 0 0 0 DAVE KAUMA CONTROLLER 104031 0 13260 0 2527 0 6418 0 26621 0 152857 0 0 0 TAMMY HEIKKINEN CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6175000 5926365 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 661312 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 911961 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1713060 0 1 1 9212698 SCHEDULE L, PART II NOTED THESE TO BE A NON-RECOURSE PLAN THAT IS 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 BALANCES ARE AS FOLLOWS:TAMMY HEIKKINEN - 7,210,691JANET VOLD - 702,553RALPH HAMANN - 1,051,279TIMOTHY SMITH - 2,508,706 FORM 990, PART VI, SECTION A, LINE 1A THERE IS A SUPERVISORY COMMITTEE THAT REVIEWS AUDIT RESULTS. MEMBERS OF THE COMMITTEE ARE NOT ON THE BOARD OF DIRECTORS OR ON THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 6 SUBSTANTIALLY ALL CUSTOMERS OF THE CREDIT UNION ARE MEMBERS. EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS. THERE IS ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERSHIP MUST APPROVE CHANGES TO THE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B REVIEWED BY CFO AND CEO FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST MUST BE DISCLOSED PURSUANT TO THE POLICY. SUCH DISCLOSURES MUST BE MADE IN WRITING TO THE COMPLIANCE OFFICER. THE COMPLIANCE OFFICER MUST RETAIN THOSE DISCLOSURES. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS AND EACH BOARD MEMBER ATTESTS THAT THEY UNDERSTAND AND AGREE TO ADHERE TO THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE TO THE MEMBERSHIP. A MONTHLY BALANCE SHEET IS POSTED IN LOBBY OF PRIMARY BRANCHES. THE ANNUAL REPORT IS POSTED ON THE CU'S WEBSITE. ALSO, QUARTERLY REPORTS ARE AVAILABLE ON THE NCUA WEBSITE. THE CU DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: ROUNDING 3. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE INDEPENDENT AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND ASSUMES RESPONSIBILITY FOR THE SELECTION OF THE INDEPENDENT AUDITOR. MEMBERS COOPERATIVE CREDIT UNION COMMUNITY YOUTH FOUNDATION 4628 MIKE COLALILLO DR DULUTH MN 55807 270603827 CHARITABLE AND EDUCATIONAL PURPOSES PROMOTING YOUTH MN 501(C)(3) PF MEMBERS COOPERATIVE CREDIT UNION 1 LAKEHEAD FINANCIAL MANAGEMENT INC 4628 MIKE COLALILLO DR DULUTH MN 55807 411542100 CREDIT UNION SERVICE ORGANIZATION MN MEMBERS COOPERATIVE CREDIT UNION C 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 NO TRANSACTIONS OVER 50000