2021-05-04T09:43:14-05:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 410519270 IDEAL CREDIT UNION IDEA 6517707000 8499 TAMARACK RD WOODBURY MN 55125 BRIAN SHERRICK CEO 6517707000 2021-04-29 1 BRIAN SHERRICK 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-04-29 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z BRIAN SHERRICK 8499 TAMARACK RD WOODBURY MN 55125 42029968 0 X WWW.IDEALCU.COM X CU 1926 MN TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP. 8 8 244 13 18634 0 0 0 36294605 40433219 2145084 1317469 1272765 279280 39712454 42029968 0 0 5047018 4678644 15232585 15828646 0 0 0 14428627 15438132 34708230 35945422 5004224 6084546 763132068 858517185 685926713 775268505 77205355 83248680 TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 51,214 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS. THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS. THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 21433 0 1 244 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DENNIS BAUER 6517478902 8499 TAMARACK ROAD WOODBURY MN 55125 PETER OLSEN BOD CHAIR 1.00 X X 4425 0 0 CRAIG SPREITER DIRECTOR 1.00 X 3650 0 0 LISA LIDDELL SECRETARY 1.00 X X 3575 0 0 LEW LAMBERT DIRECTOR 1.00 X 3550 0 0 KEITH E HAUGE DIRECTOR 1.00 X 3025 0 0 MARY WESTBURG DIRECTOR 1.00 X 2975 0 0 DANIELLE DUCHEMIN DIRECTOR 1.00 X 2725 0 0 JIM MOSNER DIRECTOR 1.00 X 2500 0 0 ROBERT VANCE VICE CHAIR 1.00 X X 1800 0 0 BRIAN SHERRICK CEO 40.00 X 590211 0 145070 DENNIS BAUER CFO 40.00 X 600577 0 66008 ALISHA JOHNSON EXECUTIVE VP OF OPS 40.00 X 278385 0 74524 LAWRENCE MIGGLER SR VP INFO SYSTEMS 40.00 X 257268 0 75769 CRAIG LUNDQUIST SR WEALTH ADVISOR OFFICE C 40.00 X 226915 0 55239 RICK BLOOD CLO 40.00 X 195080 0 23579 CYNTHIA KAY STEWART SENIOR MORTGAGE LOAN OFFICER 40.00 X 260666 0 14217 2437327 0 454406 7 0 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 CORE PROCESSING SYSTEM 590644 ALKAMI TECHNOLOGY INC PO BOX 670397 DALLAS TX 75267 ONLINE BANKING, BILL PAY AND MOBILE CHEC 498081 JSML MEDIA LLC 12230 86TH AVENUE MAPLE GROVE MN 55369 STRATEGIC MEDIA RECOM, RESEARCH & SUPPOR 475126 MERIDIANLINK INC PO BOX 846822 LOS ANGELES CA 900846822 LOAN ORIGINATION SYSTEM 358308 PARAGON DEVELOPMENT SYSTEMS INC 13400 BISHOPS LANE SUITE 190 BROCKFIELD WI 53005 IT PRODUCTS AND SERVICES 293584 17 LOAN INTEREST 900099 27965199 27965199 OTHER OPERATING INCOME 900099 7194339 7194339 FEES & SERVICE CHGS 522100 5209366 5190732 18634 GAIN DUE TO CHANGE IN FV OF EQUIT 900099 64315 64315 40433219 1095452 1095452 222017 0 222017 222017 222017 NON-OPERATING INCOME 522100 279280 279280 279280 42029968 40693865 18634 1317469 4678644 1430091 11424572 2204280 769703 14765 1839314 1037692 426056 1517165 1983509 PROFESSIONAL/OUTSIDE SE 4134927 PROVISION FOR LOAN LOSS 2412776 LOAN SERVICING EXPENSES 1037772 EDUCATIONAL & PROMOTION 697066 337090 35945422 68187184 63240520 1992000 1743000 1029186 3062183 590526316 670169139 1700807 1935645 40969704 17013242 25454598 23956462 21268772 35386405 4200897 3736672 48772308 55287159 763132068 858517185 7036502 6691085 71840000 59420000 607050211 709157420 685926713 775268505 X 0 0 0 0 77205355 83248680 77205355 83248680 763132068 858517185 X 6084546 39396 -80617 X X 0 1 X 1 0 5967299 5967299 17850913 5776173 12074740 17088325 11237069 5851256 63167 63167 23956462 NCUSIF DEPOSIT 6502612 ACCRUED INTEREST RECEIVABLE 1929450 OTHER ASSETS 16089465 CASH VALUE OF LIFE INSURANCE & ANNUITIES 14998989 LOANS HELD FOR SALE 15766643 55287159 MEMBER ACCOUNTS 709157420 709157420 X 42029963 -6 -6 42029969 0 42029969 35945425 3 3 35945422 0 35945422 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR POTENTIAL TAXABLE ACTIVITIES. THE CREDIT UNION HAS A NET OPERATING LOSS CARRYFORWARD OF APPROXIMATELY $306,000 FOR THE 2019 TAX YEAR. A DEFERRED TAX ASSET HAS NOT BEEN RECOGNIZED FOR ANY FUTURE BENEFIT OF ITS USE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN IS 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 DECEMBER 31, 2020 AND 2019. THE CREDIT UNION'S 2017 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING -6. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 3. X X 0 1 0 BRIAN SHERRICK CEO 469567 0 120644 0 0 0 131333 0 13737 0 735281 0 0 0 DENNIS BAUER CFO 340643 0 59934 0 200000 0 52271 0 13737 0 666585 0 0 0 ALISHA JOHNSON EXECUTIVE VP OF OPS 234607 0 43778 0 0 0 63880 0 10644 0 352909 0 0 0 LAWRENCE MIGGLER SR VP INFO SYSTEMS 217841 0 39427 0 0 0 67732 0 8037 0 333037 0 0 0 CRAIG LUNDQUIST SR WEALTH ADVISOR OFFICE C 76077 0 150838 0 0 0 55239 0 0 0 282154 0 0 0 CYNTHIA KAY STEWART SENIOR MORTGAGE LOAN OFFICER 221638 0 39028 0 0 0 14217 0 0 0 274883 0 0 0 RICK BLOOD CLO 162885 0 32195 0 0 0 19741 0 3838 0 218659 0 0 0 PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NON-QUALIFIED PLAN IN 2020: DENNIS BAUER - PAYOUT OF $200,000 BRIAN SHERRICK LAWRENCE MIGGLER ALISHA JOHNSON FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF APPROXIMATELY 51,214 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. CANDIDATES ARE ELECTED BY A SIMPLE PLURALITY VOTE. THE BOARD OF DIRECTORS APPOINT VOLUNTEERS TO SERVE ON THE SUPERVISORY COMMITTEE, WHICH IS VESTED WITH MONITORING SAFETY AND SOUNDSHIP OF THE ORGANIZATION. IF DEEMED APPROPRIATE, THE SUPERVISORY COMMITTEE CAN SUSPEND BOARD MEMBERS AND CAN CALL A SPECIAL MEETING OF THE MEMBERSHIP TO EVALUATE THE ISSUE AND VOTE TO EITHER DISMISS OR REINSTATE THE BOARD MEMBER. FORM 990, PART VI, SECTION A, LINE 7B CHANGES TO THE GOVERNING DOCUMENTS (BYLAWS AND CERTIFICATE OF ORGANIZATION) MUST BE APPROVED BY THE MEMBER-OWNERS AFTER THEY HAVE BEEN APPROVED BY THE BOARD OF DIRECTORS AND THE REGULATORY AGENCY. APPROVAL OCCURS WHEN AT LEAST 50% OF THE MEMBER-OWNERS VOTE TO APPROVE. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, A COPY OF THE IRS FORM 990 AND RELATED SCHEDULES ARE REVIEWED BY THE PRESIDENT/CEO, INCLUDING A CONFIRMATION OF THE ACCURACY OF EVERY ANSWER AND OVERSIGHT OF APPROPRIATE CHANGES. UPON COMPLETION OF THE PRESIDENT'S REVIEW, THE FORMS ARE REVIEWED AND VOTED ON AT A BOARD MEETING PRIOR TO SUBMITTAL TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND OFFICERS ANNUALLY RECEIVE A CONFLICT OF INTEREST POLICY AND SIGN/DATE THAT THEY AGREE AND UNDERSTAND THE CU'S POLICY. FORM 990, PART VI, SECTION B, LINE 15 HRN PERFORMANCE SOLUTIONS, AN OUTSIDE CONSULTANT, PERFORMS A COMPENSATION REVIEW FOR ALL POSITIONS IN THE CREDIT UNION EACH YEAR AND COMPARES THE CREDIT UNION TO THE MARKET PLACE. IN 2020 ALL SALARY RANGES MOVED BASED ON THE RECOMMENDATIONS FROM HRN. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF THE CREDIT UNION. FORM 990, PART XI, LINE 9: OTHER COMPREHENSIVE LOSS -80,616. ROUNDING -1. FORM 990, PART XII, LINE 2C: THE PROCESS FOR THE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE CREDIT UNION'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. IDEAL CREDIT UNION COMMUNITY FOUNDATION 8499 TAMARACK RD WOODBURY MN 55125 205065518 SUPPORT OF LOCAL EDUCATION INITIATIVES MN 501(C)(3) LINE 7 IDEAL CREDIT UNION 0 IDEAL CREDIT UNION SCHOLARSHIP FUND 8499 TAMARACK RD WOODBURY MN 55125 205067754 SUPPORT AND ENCOURAGEMENT OF HIGHER EDUCATION MN 501(C)(3) LINE 7 IDEAL CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 NO TRANSACTIONS OVER 50000