2021-10-18T14:37:19-05:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 RALPH HAMANN CFO 2186258500 2021-10-07 1 RALPH HAMANN 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-10-07 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z STEVE EWERS 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 43835054 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. 9 9 244 0 203165 0 0 0 39142355 42056536 1608041 1317363 484976 461155 41235372 43835054 188469 166626 6206494 6380259 13770062 16376593 0 0 0 14858158 14207841 35023183 37131319 6212189 6703735 796073008 927228890 700677246 824704539 95395762 102524351 X TO BE THE PRIMARY, POSITIVE FINANCIAL INFLUENCE IN THE LIFE OF OUR OWNER/MEMBER. 1 0 DIVIDENDS AND INTEREST OF $6.38 MILLION WERE PAID TO MEMBERS IN 2020 ON 120,176 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 34,063 LOANS TOTALING OVER $630 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS TO MEMBERS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS AND TO 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 1 1 1 0 0 1 30215 0 244 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 STEVE EWERS 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 JOHN GILBERT DIRECTOR 5.90 X 6125 0 0 RUSS SALGY CHAIR 5.00 X X 5175 0 0 DIANNE CARLSON DIRECTOR 4.70 X 4881 0 0 DORIS DAHL VICE-CHAIR 3.90 X X 4044 0 0 GERALD TELKER DIRECTOR 3.70 X 3875 0 0 DAVID VUKELICH SECRETARY 2.50 X X 2575 0 0 NICOLE BARKER DIRECTOR 1.80 X 1831 0 0 TESS DANDREA DIRECTOR 3.00 X 0 0 0 ANDREW JOE ADDY DIRECTOR 3.00 X 0 0 0 TAMMY HEIKKINEN PRESIDENT/CEO 55.00 X 1620521 0 58646 RALPH HAMANN CFO/CHRO 50.00 X 338031 0 55242 STEPHEN EWERS PRESIDENT/CEO 55.00 X 76857 0 0 JANET VOLD CIO/COO 50.00 X 384289 0 31083 SIMONE SURI GENERAL COUNSEL 45.00 X 295144 0 52068 STEPHAN GLONCHAK CHIEF LENDING OFFICER 45.00 X 308731 0 29944 RYANNE BATTAGLIA CMO 45.00 X 252132 0 25322 CORY STENSON MORTGAGE MANAGER 45.00 X 142251 0 24373 NEIL SAMPLE BUSINESS SERVICE MANAGER 45.00 X 122033 0 13539 DAVE KAUMA CONTROLLER 45.00 X 104318 0 30922 KATHERINE STROMBERG VP BRANCH OPERATIONS 45.00 X 114283 0 15148 ANDY JONESON VP IT 45.00 X 116257 0 12642 3903353 0 348929 11 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 ANNUAL SOFTWARE MAINTENANCE 499524 COMPUDYNE 1524 E 37TH ST HIBBING MN 55746 COMPUTER SERVICE CONTRACT 143585 GLORY SHINE CLEANING 260 IKOLA ROAD ESKO MN 55344 CLEANING SERVICE 133167 3 LOAN INTEREST INCOME 522100 30504056 30504056 OTHER OPERATING INCOME 524298 5830433 5830433 FEE INCOME 522100 5722047 5518882 203165 42056536 1261264 1261264 56099 0 56099 56099 56099 GAIN ON 457 (B) & BOLI INVESTMENT 525100 461155 461155 461155 43835054 42314526 203165 1317363 166626 6380259 3556516 7526763 1798308 1455934 2039072 21039 114779 397643 3252594 1416610 19426 140528 459028 1643355 MISCELLANEOUS OPERATING 2260526 LOAN SERVICING EXPENSE 2146628 PROVISION FOR LOAN LOSS 1489269 PROFESSIONAL & OUTSIDE 823277 23139 37131319 45169307 43024578 13044000 79229000 51662 94830 8860222 8953557 613325100 617159375 675064 644129 45930288 15356431 31059161 30573857 64323838 32949492 23672284 7648327 8635655 43290673 50917787 796073008 927228890 7264947 9938481 17500000 17500000 675912299 797266058 700677246 824704539 X 0 0 0 0 95395762 102524351 95395762 102524351 796073008 927228890 6703735 424854 0 X X 0 1 X 1 0 5808007 5808007 25627306 4563539 21063767 875373 411798 463575 13610912 10381094 3229818 8690 8690 30573857 ACCRUED INTEREST 2318814 FORECLOSED AND REPOSSESSED ASSETS 709193 OTHER ASSETS 28292079 LOANS HELD FOR SALE 5684360 INTANGIBLE ASSETS 40285 457(B) PLAN 1251086 BOLI INVESTMENTS 12621970 50917787 SHARE SAVINGS 192323503 SHARE DRAFTS 152177181 MONEY MARKET 193711047 IRA DEPOSITS 58571597 SHARE & IRA CERTIFICATES 175921097 NON MEMBER DEPOSITS 24561633 797266058 X 43835059 0 43835059 -5 -5 43835054 37131323 4 4 37131319 0 37131319 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, 2020 AND 2019. THE CREDIT UNION'S 2017 THROUGH 2019 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -5. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 4. 1 THE MERCY FOUNDATION 4572 COUNTY ROAD 61 MOOSE LAKE MN 55767 411956174 501(C)(3) 20000 WELL WITHIN REACH ESSENTIA HEALTH FOUNDATION 400 E THIRD ST DULUTH MN 55805 271984704 501(C)(3) 20000 RONALD MCDONALD HOUSE CLOQUET SHAW MEMORIAL PUBLIC LIBRARY FOUNDATION INC 320 14TH STREET CLOQUET MN 55720 411460284 501(C)(3) 10000 DONATION NAMING AGREEMENT ENTREPRENEUR FUND 202 W SUPERIOR ST STE 311 DULUTH MN 55802 363566632 501(C)(3) 25000 ENVEST CAPITAL CAMPAIGN DULUTH CHILDREN'S MUSEUM 115 S 29TH AVE W DULUTH MN 55807 410718361 501(C)(3) 12000 MUSEUM SUPPORT 5 PART I, LINE 2: THE CREDIT UNION HAS A CONTRACT DEFINING THE TERMS OF THE SPONSORSHIP. X X X X 0 0 0 TAMMY HEIKKINEN PRESIDENT/CEO 194917 0 1001723 0 423881 0 28500 0 30146 0 1679167 0 0 0 JANET VOLD CIO/COO 263601 0 92300 0 28388 0 28500 0 2583 0 415372 0 0 0 RALPH HAMANN CFO/CHRO 231808 0 85000 0 21223 0 28500 0 26742 0 393273 0 0 0 SIMONE SURI GENERAL COUNSEL 205160 0 71500 0 18484 0 28500 0 23568 0 347212 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 214482 0 75500 0 18749 0 28500 0 1444 0 338675 0 0 0 RYANNE BATTAGLIA CMO 189581 0 47000 0 15551 0 23951 0 1371 0 277454 0 0 0 CORY STENSON MORTGAGE MANAGER 140208 0 1950 0 93 0 14420 0 9953 0 166624 0 0 0 TAMMY HEIKKINEN CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 6175000 5838429 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 629033 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 870171 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1615924 0 1 1 8953557 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 - 7,017,609JANET VOLD - 684,883RALPH HAMANN - 1,024,538TIMOTHY SMITH - 2,439,901 FORM 990, PART III, LINE 2 PPP LOAN PROGRAM 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 IS BASED ON A RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. VICE PRESIDENTS AND GENERAL COUNSEL ARE ALSO BASED ON RANGES 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 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. MEMBER DIRECT INSURANCE AGENCY 101 14TH STREET CLOQUET MN 55720 463985484 INSURANCE MN MEMBERS COOPERATIVE CREDIT UNION 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 0 LAKEHEAD FINANCIAL MANAGEMENT INC 101 14TH STREET CLOQUET MN 55720 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 0 0 0 0 0 0 NO TRANSACTIONS OVER 50000