2020-11-05T09:12:02-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 410195345 MEMBERS COOPERATIVE CREDIT UNION MEMB 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 RALPH HAMANN CFO 2186258500 2020-10-20 1 TANYA MEDGAARDEN P01717240 5074347000 2020-10-20 67.137.57.251 2020-10-20 15:51:05 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 7592AC715573C48FEBDB1D9F8033ACF6A371561D 2019 2021-04-22 16:20:28Z TAMMY HEIKKINEN 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 44315563 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 9 274 1 271905 0 0 0 35383106 39142355 2421541 1608041 239034 484976 38043681 41235372 220329 188469 4355457 6206494 12604322 13770062 0 0 0 15840441 14858158 33020549 35023183 5023132 6212189 738388167 796073008 649204594 700677246 89183573 95395762 X TO BE THE PRIMARY, POSITIVE FINANCIAL INFLUENCE IN THE LIFE OF OUR OWNER/MEMBER. 1 1 DIVIDENDS AND INTEREST OF $6.2 MILLION WERE PAID TO MEMBERS IN 2019 ON 117,969 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS. 37,742 LOANS TOTALING OVER $625.8 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 9982 0 274 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X TAMMY HEIKKINEN 2186258500 4628 MIKE COLALILLO DRIVE DULUTH MN 55807 RUSS SALGY CHAIR 3.30 X X 4256 0 0 JOHN GILBERT DIRECTOR 2.80 X 3571 0 0 ADELE HARTWICK DIRECTOR 2.50 X 3284 0 0 DIANNE CARLSON DIRECTOR 2.30 X 2941 0 0 TIM CAROLINE BOARD SECRETARY 2.00 X X 2646 0 0 GERALD TELKER DIRECTOR 1.40 X 1816 0 0 DORIS DAHL VICE-CHAIR 1.20 X X 1528 0 0 DAVID VUKELICH DIRECTOR 0.80 X 1040 0 0 ANDREW JOE ADDY DIRECTOR 0.30 X 438 0 0 TESS DANDREA DIRECTOR 1.20 X 0 0 0 TAMMY HEIKKINEN PRESIDENT/CEO 55.00 X 590971 0 58969 RALPH HAMANN CFO/CHRO 50.00 X 265087 0 48962 JANET VOLD CIO/COO 50.00 X 305605 0 29007 SIMONE SURI GENERAL COUNSEL 45.00 X 233215 0 44286 STEPHAN GLONCHAK CHIEF LENDING OFFICER 45.00 X 242791 0 24689 RYANNE BATTAGLIA CMO 45.00 X 184347 0 18876 CORY STENSON MORTGAGE MANAGER 45.00 X 131411 0 23173 SARAH WHITING ATTORNEY 45.00 X 112795 0 13708 NEIL SAMPLE VP COMMERCIAL LENDING 45.00 X 108421 0 12148 KATHERINE STROMBERG VP BRANCH OPERATIONS 45.00 X 103824 0 12118 ANDY JONESON IT MANAGER 45.00 X 105519 0 9301 2405506 0 295237 11 0 1 0 FISERV 75 REMITTANCE DRIVE DEPT 1649 CHICAGO IL 60675 ANNUAL SOFTWARE MAINTENANCE 477621 OSCAR J BOLDT CONSTRUCTION 1001 TALL PINE LANE CLOQUET MN 55720 CONSTRUCTION LABOR 351247 NU SOURCE FINANCIAL LLC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 ITM SOFTWARE LICENSE 249722 3 LOAN INTEREST INCOME 522100 29458184 29458184 FEE INCOME 522100 7885698 7613793 271905 OTHER OPERATING INCOME 524298 1798473 1798473 39142355 1718023 1718023 2970209 3080191 -109982 -109982 -109982 GAIN ON 457 (B) & BOLI INVESTMENT 525100 484976 484976 484976 41235372 39355426 271905 1608041 188469 6206494 2068325 7909109 750527 1227634 1814467 1172 108722 471351 2810296 1581375 60747 229469 457771 1608388 LOAN SERVICING EXPENSE 3514742 PROVISION FOR LOAN LOSS 2752019 PROFESSIONAL & OUTSIDE 798948 MISCELLANEOUS OPERATING 463158 35023183 38458195 45169307 11994000 13044000 99602 51662 8986299 8860222 582037027 613325100 675535 675064 44813132 13753971 30211955 31059161 26981100 32949492 7361226 7648327 31583228 43290673 738388167 796073008 7044371 7264947 17500000 17500000 624660223 675912299 649204594 700677246 X 0 0 0 0 89183573 95395762 89183573 95395762 738388167 796073008 6212189 0 X X 0 1 X 1 0 5808007 5808007 25357071 3904900 21452171 875373 322500 552873 12756892 9526571 3230321 15789 15789 31059161 ACCRUED INTEREST 2227154 FORECLOSED AND REPOSSESSED ASSETS 1505395 OTHER ASSETS 22610816 LOANS HELD FOR SALE 3432742 INTANGIBLE ASSETS 191460 457(B) PLAN 1009527 BOLI INVESTMENTS 12313579 43290673 SHARE SAVINGS 148732007 SHARE DRAFTS 114673078 MONEY MARKET 162658995 IRA DEPOSITS 56704973 SHARE & IRA CERTIFICATES 171217229 NON MEMBER DEPOSITS 21926017 675912299 X 41235374 0 41235374 -2 -2 41235372 35023184 1 1 35023183 0 35023183 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, 2019 AND 2018. THE CREDIT UNION'S 2016 THROUGH 2018 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING -2. PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING 1. 1 GRANDMAS MARATHON-DULUTH INC PO BOX 16234 DULUTH MN 55816 411573627 501(C)(3) 60000 RACE SPONSOR UNIVERSITY OF MINNESOTA REGENTS NW 5960 PO BOX 1450 MINNEAPOLIS MN 554855960 416007513 STATE GOVERNMENT 10000 SPONSOR UMD ATHLETICS ENTREPRENEUER FUND 202 W SUPERIOR ST STE 311 DULUTH MN 55802 363566632 501(C)(3) 25000 ENVEST CAPITAL CAMPAIGN DULUTH AIRSHOW 2110 W 1ST ST DULUTH MN 55806 391647421 501(C)(3) 15000 BONG P-38 FUND 4 0 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 447606 0 109900 0 33465 0 28000 0 30969 0 649940 0 0 0 RALPH HAMANN CFO/CHRO 210301 0 37600 0 17186 0 22640 0 26322 0 314049 0 0 0 JANET VOLD CIO/COO 237274 0 45100 0 23231 0 26464 0 2543 0 334612 0 0 0 SIMONE SURI GENERAL COUNSEL 184252 0 33940 0 15023 0 19807 0 24479 0 277501 0 0 0 STEPHAN GLONCHAK CHIEF LENDING OFFICER 197546 0 33940 0 11305 0 23269 0 1420 0 267480 0 0 0 RYANNE BATTAGLIA CMO 160216 0 15600 0 8531 0 17572 0 1304 0 203223 0 0 0 CORY STENSON MORTGAGE MANAGER 130621 0 700 0 90 0 13320 0 9853 0 154584 0 0 0 TAMMY HEIKKINEN CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 4575000 5796306 0 1 1 JANET VOLD VP OPERATIONS/IT SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 600000 600540 0 1 1 RALPH HAMANN VP HR/FINANCE/CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 900000 842277 0 1 1 TIMOTHY SMITH FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG 1.7872-15 X 2100000 1621099 0 1 1 8860222 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 - $6,829,195JANET VOLD - $667,611RALPH HAMANN - $998,407TIMOTHY SMITH - $2,372,802 FORM 990, PART III, LINE 2 PARTNERING WITH TRIAD FINANCIAL SERVICES INC. TO DIVERSIFY LENDING PORTFOLIO. FORM 990, PART III, LINE 3 LIMIT RELATIONSHIPS WITH AUTO DEALERS IN PROXIMITY TO FIELD OF MEMBERSHIP. 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 THE CHIEF FINANCIAL OFFICER WILL PRESENT THE FORM 990 TO THE CEO AND BOARD OF DIRECTORS PRIOR TO ITS FILING. 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 BURNS-FAZZI-BROCK AND APPROVED BY BOARD. VICE PRESIDENTS AND GENERAL COUNSEL ARE ALSO BASED ON RANGES PROVIDED BY BURNS-FAZZI BROCK AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM DOHERTY EMPLOYER SERVICES 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 101 14TH STREET CLOQUET MN 55720 270603827 CHARITABLE AND EDUCATIONAL PURPOSES 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