2025-11-14T16:04:08-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410517445 ST CLOUD FINANCIAL CREDIT UNION STCL 3202522634 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 FRANCO CUSIPAG CFO 3202522634 2025-11-13 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-11-13 2024 2025-03-06 01:10:19Z JED MEYER 1716 PINE CONE ROAD SOUTH ST CLOUD MN 55301 32314620 0 X STCLOUDFCU.COOP X 1930 MN WE ARE A MEMBER-OWNED ORGANIZATION, OFFERING FINANCIAL SERVICES THAT ARE COMPETITIVE WITHIN THE MARKET AND RESPONSIVE TO THE CHANGING NEEDS OF OUR MEMBERS, WHILE MAINTAINING A SAFE AND SOUND BUSINESS PRACTICE. 7 7 97 7 26040 16171 0 0 15956308 19972081 2706053 1141916 -2261 313750 18660100 21427747 0 0 3375021 6041277 5987060 6327532 0 0 0 7009197 7976460 16371278 20345269 2288822 1082478 346848374 374579174 323309834 349530260 23538540 25048914 X TO MAKE A MEANINGFUL DIFFERENCE FOR ALL, WE ADVOCATE FOR PEOPLE THROUGH A MEMBER-FOCUSED CULTURE, AN ENTHUSIASTIC EMPLOYEE ENVIRONMENT, AND PURPOSEFUL ACTION WITHIN OUR COMMUNITY. 1 0 THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE GREW OUR MEMBERSHIP BY 1,316 IN 2024. AS OF 12/31/2024 WE HAD 25,574 MEMBERS. THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 3,748 NEW LOANS TO MEMBERS DURING 2024. AS OF 12/31/2024 WE HAD 15,324 LOANS TO OUR MEMBERS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 6465 0 1 97 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 MN X FRANCO CUSIPAG 3202522634 1716 PINE CONE ROAD S SARTELL MN 56377 BECKY EISENWINTER BOARD MEMBER 1.00 X 2895 0 0 ANDREW JOHANNES BOARD MEMBER 1.00 X 2726 0 0 KENNETH ERICKSON BOARD 2ND VICE CHAIR 1.00 X X 3095 0 0 RICK WURST BOARD MEMBER 1.00 X 2400 0 0 RANDY SCHREIFELS BOARD CHAIR 1.00 X X 3054 0 0 SARAH MAIER BOARD MEMBER 1.00 X 2721 0 0 SONY LUBRECHT BOARD MEMBER 1.00 X 2788 0 0 JED MEYER CEO 40.00 X 293936 0 49782 FRANCO CUSIPAG CFO 40.00 X 152427 0 23829 CHASE LARSON CLO 40.00 X 166305 0 38487 MEGGAN SCHWIRTZ CXO 40.00 X 152761 0 25291 JAMIE KLEVE COO 40.00 X 149072 0 29296 JUSTIN BURNARD CTO 40.00 X 145688 0 30203 JASON GROTH VP OF MORTGAGE 40.00 X 111351 0 18462 AMY WEISZ DIRECTOR OF ACCOUNTING 40.00 X 107177 0 9792 NATHAN CRIST IT TECHNICAL DIRECTOR 40.00 X 103276 0 19628 1401672 0 244770 9 0 1 0 BCI CONSTRUCTION 7135 5TH STREET SAUK RAPIDS MN 56379 CONSTRUCTION 1364923 VELERA 9692 HAVEN AVE STE 300 RANCHO CUCAMONGA CA 91730 DEBIT/CARDIT CARD PROCESSOR 1147708 DALAND 49 PUTNAM BLVD STE 1027 GLASTONBURY CT 06033 SOFTWARE DEVELOPMENT 590000 HEALTH PARTNERS PO BOX 772648 DETROIT MI 48277 HEALTH/DENTAL INSURANCE 531486 ALKAMI 5601 GRANITE PARKWAY STE 120 PLANO TX 75024 ONLINE BANKING SERVICE PROVIDER 496193 13 LOAN INTEREST INCOME 522100 16309394 16309394 FEES & CHARGES 522100 1895986 1869946 26040 OTHER OPERATING INCOME 522100 1766701 1766701 19972081 754888 754888 11273901 10886873 387028 387028 387028 OTHER NON-INTEREST INCOME (EXPENS 900099 313750 313750 313750 21427747 20259791 26040 1141916 X 6041277 922497 4247601 207909 500213 449312 224432 66400 3373094 304807 1009871 565411 146612 523758 489229 PROVISION FOR CREDIT LO 900787 LOAN SERVICING EXPENSE 251007 MISCELLANEOUS 100032 OPERATING FEES 21020 20345269 3036888 3949358 9214176 1213316 47494 529946 3373356 280985705 319091588 1953118 1578165 14670921 6117621 6629177 8553300 35089689 26099816 9892127 10190329 346848374 374579174 3581783 2988764 8000000 1500000 311728051 345041496 323309834 349530260 X 0 0 0 0 23538540 25048914 23538540 25048914 346848374 374579174 1082478 427896 0 X X 0 0 0 1833886 1833886 7712460 2635684 5076776 4434545 3473773 960772 690030 8164 681866 8553300 HELD TO MATURITY SECURITIES 1000000 C OTHER INVESTMENTS 2381200 C PERPETUAL CONT CAPITAL 233237 C AFS SECURITIES 22485379 F 26099816 SHARES AND DEPOSITS 345026996 ALLOWANCE FOR CREDIT LOSS - OFF BALANCE SHEET 14500 345041496 X 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 HAS FILED TAX RETURNS, AND AMENDMENTS THEREOF, BASED ON THE RECENT COURT CASES, FOR POTENTIAL TAXABLE ACTIVITIES, REMITTING, AND RECOGNIZING AS EXPENSE, FEDERAL AND STATE TAX AND RELATED ESTIMATE PAYMENTS, AS APPLICABLE. INCOME TAXES INCURRED, OR REFUNDS THEREOF, HAVE NOT BEEN MATERIAL TO DATE TO THE CREDIT UNION. 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 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 MARCH 31, 2025 AND 2024. X X 1 1 X X X X X 1 0 0 JED MEYER CEO 248052 0 20384 0 25500 0 13615 0 36167 0 343718 0 0 0 CHASE LARSON CLO 157448 0 8757 0 100 0 9085 0 29402 0 204792 0 0 0 JAMIE KLEVE COO 149072 0 0 0 0 0 7548 0 21748 0 178368 0 0 0 MEGGAN SCHWIRTZ CXO 145046 0 7280 0 435 0 7548 0 17743 0 178052 0 0 0 FRANCO CUSIPAG CFO 150424 0 1754 0 249 0 8334 0 15495 0 176256 0 0 0 JUSTIN BURNARD CTO 145688 0 0 0 0 0 7511 0 22692 0 175891 0 0 0 PART I, LINE 1A BOARD MEMBERS AND EXECUTIVES ARE ELIGIBLE TO HAVE A COMPANION ACCOMPANY THEM ON CREDIT UNION RELATED TRAVEL. BOARD MEMBERS RECEIVE A 1099 AT YEAR END FOR THE VALUE OF COMPANION TRAVEL EXPENSES. EXECUTIVES ARE ELIGIBLE FOR UP TO $500/YR TOWARD HEALTH OR SOCIAL CLUB DUES, AMOUNT IS INCLUDED IN W-2 EARNING TOTALS. PART I, LINE 3 BOARD COMPENSATION COMMITTEE IS RESPONSIBLE FOR ESTABLISHING CEO COMPENSATION STRUCTURE AS WELL AS THE CREATION, EXECUTION AND/OR MODIFICATION OF THE CEO EMPLOYMENT CONTRACT, UPON REVIEW AND APPROVAL OF THE FULL BOARD IN AN EXECUTIVE SESSION. PART I, LINE 4A NAME: ALYCE JUSTIN, DESCRIPTION: RETIREMENT, CURRENT YEAR AMOUNT: $36,835. PLAN DESCRIPTION: SEVERANCE PAYMENT JED MEYER CEO SPLIT DOLLAR X 1183767 1335720 0 1 1 JED MEYER CEO SPLIT DOLLAR X 1945000 2037636 0 1 1 3373356 FORM 990, PART III, LINE 2 THE NEW OFFERING OF BUSINESS CHECKING, SAVING, AND LOAN ACCOUNTS TO CANNNABIS RELATED BUSINESSES. FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION'S BYLAWS WERE UPDATED TO 2025 STANDARD BYLAWS WHICH FOCUSED ON ELECTION PROCEDURES AND ELECTRONIC VOTING. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. TO BE A MEMBER, YOU MUST HAVE A SHARE (SAVINGS) ACCOUNT AT THE CREDIT UNION FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE CREDIT UNION MEMBERS. EACH MEMBER HAS ONE VOTE FORM 990, PART VI, SECTION A, LINE 7B A MEMBER VOTE IS REQUIRED FOR DECISIONS WHICH ARE BEYOND THE AUTHORITY OF THE BOARD OF DIRECTORS. ITEMS WHICH REQUIRE MEMBERSHIP VOTE ARE OUTLINED AND SPECIFIED IN OUR BYLAWS. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PROVIDES NECESSARY DATA TO INDEPENDENT CPA WHO PREPARES THE RETURN. MANAGEMENT REVIEWS THE RETURN FOR ACCURACY, AND THEN AUTHORIZES CPA TO FILE THE APPROVED RETURN. FORM 990, PART VI, SECTION B, LINE 12C MANAGEMENT REVIEWS TRANSACTIONS AGAINST DISCLOSED INTERESTS FOR ANY POSSIBLE CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS COMPENSATION COMMITTEE REVIEWS AND RECOMMENDS COMPENSATION ON AN ANNUAL BASIS TO THE ENTIRE BOARD OF DIRECTORS, WHO THEN VOTE IN AN EXCUTIVE SESSION TO SET THE CEO'S COMPENSATION. THE MINUTES OF THE EXECUTIVE SESSION ARE RETAINED BY THE BOARD OF DIRECTORS. EXECUTIVE AND MANAGEMENT COMPENSATION IS DETERMINED BY CEO AS PER THE TOTAL COMPENSATION POLICY, WHICH IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY MONTHLY AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 1,761,978. ATM OPERATIONS 151,948. DEBIT CARD EXPENSE 1,459,168. FORM 990 PART XII LINE 2C THE PROCESS HAS NOT CHANGED. DALAND LLC 49 PUTNAM BLVD STE 1027 GLASTONBURY CT 06033 830753519 SOFTWARE DEVELOPMENT, CREDIT UNION SERVICE ORG CT NONE 43735 2269812 0 0 0.42200 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0