2021-11-12T15:45:01-06:00 2020-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2020-01-01 396072970 ROYAL CREDIT UNION ROYA 7158338111 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 JON HEHLI CHIEF FINANCIAL OFFICER 7158338111 2021-11-11 1 JON HEHLI 999009999 TANYA MEDGAARDEN P01717240 5074347000 2021-11-09 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JON HEHLI 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 170121443 0 X WWW.RCU.ORG X CREDIT UNION 1964 WI TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 7 7 806 680 241963 0 0 0 146906492 167112473 6835971 4114175 0 -1126172 153742463 170100476 1453955 1719770 26381727 25351195 49202912 55457880 0 0 0 50717481 59065751 127756075 141594596 25986388 28505880 2837926175 3465269366 2551352414 3150189725 286573761 315079641 TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 0 0 WE FUNDED 47,621 LOANS DURING 2020. AS OF 12/31/20, WE HAD 26,183 MORTGAGES/HOME EQUITY, 129,093 CONSUMER LOANS AND 4,270 MEMBER BUSINESS LOANS. WE ALSO HAD 42,545 CREDIT CARD ACCOUNTS WITH OUR MEMBERS AT 12/31/20. WE HAVE DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 235,458 MEMBERS AT 12/31/20. DURING 2020, WE OPENED 50,941 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 1 56327 0 806 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 WI MN X JON HEHLI 7158338111 PO BOX 970 EAU CLAIRE WI 54702 DOUG OLSON CHAIRPERSON 10.00 X X 33076 0 0 THOMAS HUFFCUTT TREASURER 10.00 X X 23968 0 0 JOHN SACKETT ASSISTANT VICE CHAIRPERSON 10.00 X X 18613 0 0 JENNIFER MCDONOUGH SECRETARY 10.00 X X 17748 0 0 WILLIAM BLACKBURN ASSISTANT SECRETARY 10.00 X X 16435 0 0 STUART SCHAEFER VICE CHAIRPERSON 10.00 X X 16255 0 0 NANCY BELTZ ASSISTANT TREASURER 10.00 X X 14255 0 0 BRANDON RIECHERS CEO/PRESIDENT 40.00 X 761291 0 928646 JON HEHLI EVP-CFO 40.00 X 502661 0 70025 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 40.00 X 413458 0 46852 MICHAEL DILL EVP-CHIEF LENDING OFFICER 40.00 X 352945 0 59441 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIENCE & MARKETING OFFICER 40.00 X 293465 0 39475 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 40.00 X 269254 0 48275 AMY FORCIER-PABST EVP-MEMBER EXPERIENCE 40.00 X 249862 0 63913 GEOFFREY BULLOCK EVP - MEMBER EXPERIENCE 40.00 X 83233 0 5453 JARED JOHNSON MORTGAGE LOAN OFFICER 40.00 X 598608 0 40337 JEFFREY SPROUL MORTGAGE LOAN OFFICER 40.00 X 539918 0 33818 BARBARA OAS-HOLMES MORTGAGE LOAN OFFICER 40.00 X 454608 0 66478 JACOB SPIES REGIONAL MORTGAGE SALES MA 40.00 X 432177 0 79127 MARK ERICKSON MORTGAGE LOAN OFFICER 40.00 X 414574 0 45082 5506404 0 1526922 96 0 1 0 RADIAN VALUATION SERVICES LLC 1000 GSK DR SUITE 210 CORAOPOLIS PA 15108 APPRAISALS FOR MORTGAGE LOANS 1808690 HOEFT BUILDERS INC 1450 RIVERS EDGE TRAIL SUITE A ALTOONA WI 54720 CONTRACTOR 598283 THILLENS INC 4242 N ELSTON AVENUE CHICAGO IL 606181810 ATM CASH PROVIDER 272071 SERVICE SOLUTIONS INC 161 BUSINESS PARK CIRCLE STOUGHTON WI 53589 ATM MAINTENANCE (TECHNICIANS) 245831 INFO-PRO LENDERS SERVICES INC 1325 SOUTH MAIN STREET FOND DU LAC WI 54935 TAX MONITORING SERVICE 226765 19 LOAN INTEREST 522100 114046551 114046551 OTHER OPERATING INCOME 522100 43140794 43140794 SERVICE CHARGES & FEE INCOME 522100 9925128 9683165 241963 167112473 4059133 4059133 76009 0 20967 76009 -20967 55042 55042 OTHER NON-OP INC/EXP -1126172 -1126172 -1126172 170100476 165744338 241963 4114175 1719770 25351195 4328599 40488537 1842187 5322868 3475689 661476 3914443 13307665 3253315 164609 123667 3218468 PROVISION FOR LOAN LOSS 22085267 LOAN SERVICING 8479960 MISCELLANEOUS OPERATING 3658226 OPERATING FEES 198655 141594596 165368614 609736355 3378000 4332000 31194453 34624265 2488243632 2654267584 2671611 3274159 79773820 41859116 38668760 37914704 13009531 7974686 31039419 41134727 11312570 11056773 53039585 60954113 2837926175 3465269366 50839122 55514462 2500513292 3094675263 2551352414 3150189725 X 0 0 0 0 286573761 315079641 286573761 315079641 2837926175 3465269366 28505880 0 X X 0 1 X 1 1 1 7991721 7991721 43079826 18272272 24807554 1048979 885465 163514 27653294 22701379 4951915 37914704 MEMBERS' SHARES 3094675263 3094675263 X 170131348 0 170131348 -30872 -30872 170100476 141625468 0 141625468 -30872 -30872 141594596 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. MANAGEMENT EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THE CREDIT UNION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE US FEDERAL JURISTICTION. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -30,872. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSES INCLUDED IN REVENUE -30,872. 1 EAU CLAIRE COMMUNITY FOUNDATION 306 S BARSTOW ST 104 EAU CLAIRE WI 54701 391891064 501(C)(3) 15000 EMERGENCY RESPONSE FUND & CARSON PARK BASEBALL STADIUM RENOVATION NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 10000 ANNUAL DONATION-SILVER SUPPORTER SUMMIT-UNIVERSITY PLANNING COUNCIL 627 SELBY AVE ST PAUL MN 55104 411278449 501(C)(3) 10000 FROGTOWN-RONDO BUSINESS RECOVERY FUND SECUREFUTURES 710 N PLANKINTON AVE 1400 MILWAUKEE WI 53203 205203533 501(C)(3) 8000 FINANCIAL EDUCATION PARTNERSHIP-COVID UNITED WAY OF THE GREATER CHIPPEWA VALLEY 3603 N HASTINGS WAY 200 EAU CLAIRE WI 54703 391077901 501(C)(3) 8000 ANNUAL CORPORATE GIFT ST CROIX VALLEY FOUNDATION 516 SECOND STREET SUITE 214 HUDSON WI 54016 411817315 501(C)(3) 7500 COVID-19 RESPONSE UW-EAU CLAIRE FOUNDATION 105 GARFIELD AVE EAU CLAIRE WI 54701 390972350 501(C)(3) 15000 LOCAL BLUGOLD SCHOLARSHIP & CARSON PARK TURF WORKFORCE RESOURCE INC 401 TECHNOLOGY DRIVE E SUITE 100 MENOMONIE WI 54751 391455735 501(C)(3) 6000 FINANCIAL EDUCATION INCENTIVE PROGRAM-COVID CHIPPEWA VALLEY FREE CLINIC 030 OAK RIDGE DR EAU CLAIRE WI 54701 391840231 501(C)(3) 5000 BUSINESS SPONSORSHIP-MEDICATIONS VISIT EAU CLAIRE FOUNDATION (FISCAL SPONSOR) 128 GRAHAM AVE STE 234 EAU CLAIRE WI 54701 831735217 501(C)(3) 5000 TOGETHER CHIPPEWA VALLEY-COVID SOJOURNER HOUSE-CATHOLIC CHARITIES 3710 EAST AVE SOUTH LA CROSSE WI 54601 391896823 501(C)(3) 5000 HOMELESS SHELTER NEEDS-COVID WESTERN DAIRYLAND EOC 418 WISCONSIN ST EAU CLAIRE WI 54703 391076993 501(C)(3) 5000 RENTAL ASSISTANCE, WOMEN'S BUSINESS-COVID FLYING EAGLES SKI CLUB 805 W MENOMONIE ST EAU CLAIRE WI 54703 743187968 501(C)(3) 5000 CONCESSION STAND RIVER FALLS COMMUNITY FOOD PANTRY 705 ST CROIX ST RIVER FALLS WI 54022 204740792 501(C)(3) 5000 CAPITAL CAMPAIGN GOODWILL OF THE CHIPPEWA VALLEY 2759 S PRAIRIE VIEW RD CHIPPEWA FALLS WI 54729 530196517 501(C)(3) 5000 MIRACLE LEAGUE PART I, LINE 2: THE CEO/PRESIDENT AND TWO BOARD MEMBERS OF THE CREDIT UNION SERVE ON THE BOARD OF THE FOUNDATION AND MONITOR THE USE OF GRANT FUNDS. X X X X 0 1 0 BRANDON RIECHERS CEO/PRESIDENT 584173 0 165692 0 11426 0 894126 0 34520 0 1689937 0 0 0 JARED JOHNSON MORTGAGE LOAN OFFICER 509055 0 88798 0 755 0 29788 0 10549 0 638945 0 0 0 JEFFREY SPROUL MORTGAGE LOAN OFFICER 463532 0 75696 0 690 0 32723 0 1095 0 573736 0 0 0 JON HEHLI EVP-CFO 348836 0 139107 0 14718 0 40133 0 29892 0 572686 0 0 0 BARBARA OAS-HOLMES MORTGAGE LOAN OFFICER 384216 0 65820 0 4572 0 36523 0 29955 0 521086 0 0 0 JACOB SPIES REGIONAL MORTGAGE SALES MA 310514 0 121363 0 300 0 32063 0 47064 0 511304 0 0 0 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 301463 0 110015 0 1980 0 35025 0 11827 0 460310 0 0 0 MARK ERICKSON MORTGAGE LOAN OFFICER 366723 0 46259 0 1592 0 31862 0 13220 0 459656 0 0 0 MICHAEL DILL EVP-CHIEF LENDING OFFICER 250320 0 100397 0 2228 0 30398 0 29043 0 412386 0 0 0 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIENCE & MARKE 216122 0 76714 0 629 0 31315 0 8160 0 332940 0 0 0 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 208103 0 60701 0 450 0 28810 0 19465 0 317529 0 0 0 AMY FORCIER-PABST EVP-MEMBER EXPERIENCE 190860 0 57896 0 1106 0 32428 0 31485 0 313775 0 0 0 PART I, LINE 4B BRANDON RIECHERS - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, DEFERRED $861,721 WILLIAM BLACKBURN BOARD OF DIRECTOR & CO-OWNER OF L&M MAIL SERVICE 246076 2020 ANNUAL MAIL PROCESSING SERVICES 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER HAS ONE VOTE TO UTILIZE IN RATIFYING SIGNIFICANT DECISIONS BEYOND THE AUTHORITY OF THE BOARD AS OUTLINED IN THE ORGANIZATION'S BYLAWS. ANY DECISION TO DISSOLVE OR MERGE THE ORGANIZATION REQUIRES APPROVAL OF MEMBERSHIP, UNLESS MANDATED BY REGULATORY AGENCY (I.E., NCUA, WISCONSIN OFFICE OF CREDIT UNIONS). FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER EMAILS A COPY OF THE FINAL FORM 990 TO THE VP-FINANCE FOR REVIEW. THE CFO PERFORMS A FINAL REVIEW PRIOR TO SIGNING AND SUBMISSION TO THE IRS. THE CFO REPORTS THE COMPLETION OF THE FORM 990 BY THE REQUIRED DEADLINES TO MANAGEMENT AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE CODE OF ETHICS POLICY. THE POLICY, ALONG WITH OUR CORE SYSTEM, PREVENTS TEAM MEMBERS FROM TRANSACTING BUSINESS ON THEIR ACCOUNTS. THE CODE OF ETHICS ALSO PROHIBITS TEAM MEMBERS FROM TRANSACTING ON ACCOUNTS THEY ARE ASSOCIATED WITH, REGARDLESS OF OWNERSHIP. QUARTERLY, ALL TEAM MEMBERS RECEIVE NOTIFICATION THEY SHOULD NOT TRANSACT ON ANY ACCOUNTS THAT MAY POSE A POTENTIAL CONFLICT OF INTEREST. ALSO QUARTERLY, WE NOTIFY TEAM MEMBERS THEY MUST REPORT VIOLATIONS OF CODE OF ETHICS, INCLUDING CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 ROYAL CREDIT UNION UTILIZED VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR CEO. ROYAL CREDIT UNION UTILIZES MARKET SALARY SURVEYS AND AN OUTSIDE COMPENSATION CONSULTANT TO ASSIST THEM IN DETERMINING MARKET APPROPRIATE SALARY GRADES AND THE PLACEMENT OF POSITIONS INTO THEM FOR THE EXECUTIVE TEAM. THE VP AND EVP OF THE TALENT SERVICES TEAM THEN REVIEWED AND APPROVED THE CONSULTANT'S RECOMMENDATION FOR THE EXECUTIVE TEAM'S MARKET SALARY RANGES AND BONUS TIER RECOMMENDATIONS IN ALIGNMENT TO OUR COMPENSATION PHILOSOPHY. ANY SIGNIFICANT CHANGES ARE ALSO APPROVED BY THE CEO. THIS PROCESS WAS MOST RECENTLY COMPLETED IN 2019. FORM 990, PART VI, SECTION C, LINE 19 ROYAL CREDIT UNION'S ANNUAL FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH OFFICES. YEAR-END FINANCIAL STATEMENTS ARE ALSO PROVIDED IN THE ANNUAL REPORT AND PRESENTED AT THE ANNUAL MEETING IN APRIL. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE NOT AVAILABLE TO THE PUBLIC, BUT WOULD BE PROVIDED UPON REQUEST. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM LAST YEAR. 317 LLC 402 GRAHAM AVE EAU CLAIRE WI 54701 384119611 REAL ESTATE HOLDING COMPANY WI 47993 813960 ROYAL CREDIT UNION RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES WI 501(C)(3) PF ROYAL CREDIT UNION 1 0 1 0 0 0 1 0 0 0 0 0 1 0 1 1 0 0 0 0 RCU FOUNDATION INC B 1341302 FAIR MARKET VALUE