2021-10-19T10:52:05-05:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 JAY A GOSTONCZIK CEO 5077946712 2021-10-19 1 JAY GOSTONCZIK 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-10-18 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JAY A GOSTONCZIK 924 MAIN STREET EAST SLEEPY EYE MN 56085 20908227 0 X WWW.SOUTHPOINTFINANCIAL.COM X 1936 MN SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 7 7 118 10 13755 0 0 0 17619709 20556785 889637 336851 0 0 18509346 20893636 0 0 3502729 3037985 6095657 6557150 0 0 0 7286280 8836810 16884666 18431945 1624680 2461691 370023373 432718666 321389395 381493253 48633978 51225413 X SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY. 0 0 THE CREDIT UNION PROVIDED 13,741 LOANS TO MEMBERS TOTALLING NEARLY $308.3 MILLION. THE CREDIT UNION PROVIDED 52,072 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $380.6 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, WITH THE USE OF DEBIT AND ATM CARDS. 0 0 0 0 0 0 0 0 0 1 1 0 0 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 0 0 0 1 8417 0 1 118 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 X PATRICE GOHL 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 ROBERT WEISS DIRECTOR 1.00 X 1698 0 0 MIKE KRUEGER VICE-CHAIRMAN 1.00 X X 1596 0 0 MATTHEW LUX CHAIRMAN 1.00 X X 1506 0 0 JEFFREY IBBERSON SECRETARY/TREASURER 1.00 X X 1177 0 0 SCOTT SUPRENANT DIRECTOR 1.00 X 1113 0 0 ADAM SEIFERT DIRECTOR 1.00 X 1067 0 0 MARK BRUGGEMAN DIRECTOR 1.00 X 963 0 0 GORDON OSMONSON CHAIRMAN 1.00 X X 525 0 0 JAY GOSTONCZIK CEO 40.00 X 181690 0 24502 PATRICE GOHL CHIEF OPERATIONS OFFICER 40.00 X 149821 0 10012 TROY DIEDRICH CHIEF EXPERIENCE OFFICER 40.00 X 124253 0 7430 AL PETERSON CFO 40.00 X 80812 0 4977 546221 0 46921 3 0 1 0 DNA 19063 387 1ST AVE GREEN ISLE MN 55338 NEW DATA PROCESSOR 1102736 FISERV 75 REMITTANCE DR SUITE 1649 CHICAGO IL 60675 EXISTING DATA PROCESSOR 655268 THRIVEON 210 SOUTH 20TH STREET NEW ULM MN 56073 IT 442590 3 LOAN INTEREST 522100 13060527 13060527 FEES & SERVICE CHARGES 522100 5067966 5054211 13755 OTHER OPERATING INCOME 522100 2428292 2428292 20556785 351442 351442 14591 -14591 -14591 -14591 20893636 20543030 13755 336851 3037985 593142 5023274 229237 322721 388776 152313 31766 45648 239063 3281706 517519 406989 36381 969571 LOAN SERVICING EXPENSE 1775565 PROVISION FOR LOAN LOSS 1150812 MISC EXPENSE 229477 18431945 40651044 61525049 348186 1240186 289402200 308101274 513568 520633 20469531 6750354 13169575 13719177 10028013 26802571 15910787 20809776 370023373 432718666 3936200 4378936 317453195 377114317 321389395 381493253 X 0 0 0 0 48633978 51225413 48633978 51225413 370023373 432718666 2461691 129744 0 X X 0 1 X 1 0 3387674 3387674 11492830 2732077 8760753 172347 129277 43070 5279705 3889000 1390705 136975 136975 13719177 SECURITIES - AFS 18990621 C OTHER INVESTMENTS 800002 C OTHER SECURITIES 7011948 C 26802571 MEMBERS' SHARES AND SAVINGS ACCOUNTS 377114317 377114317 X 20893636 0 20893636 0 20893636 18431945 0 18431945 0 18431945 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION CONVERTED TO A STATE CHARTER IN DECEMBER 2015 RESULTING IN NO TAX RETURNS FILED IN PREVIOUS YEARS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPION 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 THROUGH 2019 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 0 1 0 JAY GOSTONCZIK CEO 181420 0 195 0 75 0 11896 0 12606 0 206192 0 0 0 PATRICE GOHL CHIEF OPERATIONS OFFICER 149353 0 195 0 273 0 9012 0 1000 0 159833 0 0 0 PART I, LINE 4B MICHAEL SCHMID - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2019, ACCRUAL OF $11,555 RICHARD NESVOLD - PARTICIPATED IN 457-F PLAN - NO DISTRIBTUIONS IN 2019, ACCRUAL OF $48,424 JAY GOSTONCZIK - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2019, ACCRUAL OF $11,556 PATRICE GOHL - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2019, ACCRUAL OF $11,555 TROY DIEDRICH - PARTICIPATED IN 457 F-PLAN - NO DISTRIBUTIONS IN 2019, ACCRUAL OF $11,555 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN SOUTHPOINT FINANCIAL CREDIT UNION (SPFCU OR THE CREDIT UNION) IS OPEN BY GEOGRAPHIC CHARTER TO SERVE INDIVIDUALS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL AND BUSINESSES AND OTHER LEGAL ENTITIES LOCATED WITHIN THE AREA OF BROWN, REDWOOD, RENVILLE, NICOLLET, SIBLEY, BLUE EARTH, FARIBAULT, MARTIN, WATONWAN, COTTONWOOD, MURRAY, LYON, KANDIYOHI, MEEKER, MCLEOD, CARVER, LE SUEUR, WRIGHT OR SCOTT COUNTIES, MINNESOTA. MEMBERS MAY MAINTAIN THEIR MEMBERSHIP FOR A LIFETIME AND THEREFORE, MAY UTILIZE THE SERVICES AT SPFCU EVEN IF THEY HAVE MOVED AWAY FROM THIS AREA.. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS VOTE FOR BOARD OF DIRECTORS, WHICH ARE ALSO MEMBERS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST VOTE ON BOARD OF DIRECTORS AND ANY COMPENSATION OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 WILL BE SHARED WITH THE BOD AT A REGULARLY SCHEDULED MEETING, WITH THE CEO & CFO & COO REVIEWING IT WITH GUIDANCE FROM OUR ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD AND SUPERVISORY COMMITTEE SIGN AN ANNUAL AGREEMENT REGARDING CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR THE CEO IS DETERMINED BY THE BOD. EXECUTIVE MANAGEMENT COMPENSATION IS DETERMINED BY THE CEO IN ACCCORDANCE WITH THE CREDIT UNION'S COMPENSATION STRUCTURE. EXECUTIVE MANAGERS COMPENSATE MID-LEVEL MANAGERS AND KEY EMPLOYEES BASED ON THE CREDIT UNION'S COMPENSATION STRUCTURE. THIS PROCESS WAS LAST COMPLETED IN 2020. FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.