2019-10-07T15:44:26-05:00 2018-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2018-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 RICHARD L NESVOLD CEO 5077946712 2019-09-25 1 TANYA MEDGAARDEN P01717240 5074347000 2019-09-18 67.137.57.251 2019-09-25 13:03:50 CD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4ADD51A9B189CF2D716F3C7E75D7299596B8B1EA 2018 2019-02-21 02:37:17Z RICHARD L NESVOLD 924 MAIN STREET EAST SLEEPY EYE MN 56085 16496430 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 7 115 10 18691 1630 0 0 13593502 15886578 628572 609852 0 0 14222074 16496430 0 0 1543910 2338478 5241047 5808064 0 0 0 6134566 6588522 12919523 14735064 1302551 1761366 334971962 353734866 289858350 306883688 45113612 46851178 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 13,480 LOANS TO MEMBERS TOTALING NEARLY $278.7 MILLION. THE CREDIT UNION PROVIDED 44,557 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $278.9 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, DEBIT AND ATM CARDS. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7979 0 1 115 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 K GOHL 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 GORDON OSMONSON CHAIRMAN 1.00 X X 900 0 0 MATTHEW LUX VICE-CHAIRMAN 1.00 X X 850 0 0 MICHAEL HELGET SECRETARY/TREASURER 1.00 X X 850 0 0 ROBERT WEISS DIRECTOR 1.00 X 850 0 0 MARK BRUGGEMAN DIRECTOR 1.00 X 650 0 0 SCOTT SUPRENANT DIRECTOR 1.00 X 900 0 0 JEFFREY IBBERSON DIRECTOR 1.00 X 700 0 0 RICHARD NESVOLD CEO 40.00 X 233664 0 29155 PATRICE GOHL VP OPERATIONS 40.00 X 165803 0 18318 MICHAEL SCHMID VP BUSINESS SERVICES 40.00 X 158482 0 32092 JAY GOSTONCZIK VP RETAIL SERVICES 40.00 X 140729 0 30430 TROY DIEDRICH VP MARKETING 40.00 X 141509 0 15805 845887 0 125800 5 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DATA PROCESSOR 955580 THRIVEON 210 SOUTH 20TH STREET NEW ULM MN 56073 IT 354879 FIRST AMERICAN MORTGAGE SOLUTIONS 3 FIRST AMERICAN WAY SANTA ANA CA 92707 RE APPRAISALS/TITLE WORK 196750 MERIDIANLINK 1600 SUNFLOWER AVENUE SUITE 200 COSTA MESA CA 92626 CONSUMER LOAN/ACCOUNT OPENING SYSTEM 122206 CLIFTONLARSONALLEN 2689 COMMERCE DRIVE NORTHWEST SUITE ROCHESTER MN 55901 AUDITING/ACCOUNTING 118354 6 LOAN INTEREST 522100 11708081 11708081 FEES & SERVICE CHARGES 522100 2151141 2132450 18691 OTHER OPERATING INCOME 522100 2027356 2027356 15886578 609852 609852 16496430 15867887 18691 609852 2338478 496463 4210870 149511 605302 345918 91132 34759 16257 251719 2902927 250386 338072 72118 44274 881297 LOAN SERVICING EXPENSE 954758 PROVISION FOR LOAN LOSS 487488 MISC EXPENSE 263335 14735064 26053836 30633666 2728186 1340186 257439578 277832991 696537 657579 17413069 5452888 10184001 11960181 24954113 15879754 12915711 15430509 334971962 353734866 4258943 3361988 7000000 0 278599407 303521700 289858350 306883688 X 0 0 0 0 45113612 46851178 45113612 46851178 334971962 353734866 1761366 -23800 0 X X 0 1 X 1 0 2831351 2831351 9088916 2003963 7084953 673422 86101 587321 4819380 3362824 1456556 11960181 MEMBERS' SHARES AND SAVINGS ACCOUNTS 303521700 303521700 X 16496430 0 16496430 0 16496430 14735064 0 14735064 0 14735064 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. 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 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, 2018. THE CREDIT UNION'S 2016 AND 2017 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 0 1 0 RICHARD NESVOLD CEO 229575 0 0 0 4089 0 14582 0 14573 0 262819 0 0 0 PATRICE GOHL VP OPERATIONS 164376 0 1274 0 153 0 17318 0 1000 0 184121 0 0 0 MICHAEL SCHMID VP BUSINESS SERVICES 124484 0 1274 0 32724 0 18428 0 13664 0 190574 0 0 0 JAY GOSTONCZIK VP RETAIL SERVICES 139380 0 1274 0 75 0 17875 0 12555 0 171159 0 0 0 TROY DIEDRICH VP MARKETING 140082 0 1274 0 153 0 15805 0 0 0 157314 0 0 0 PART I, LINE 4B MICHAEL SCHMID - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2018, ACCRUAL OF $8,676 RICHARD NESVOLD - PARTICIPATED IN 457-F PLAN - NO DISTRIBTUIONS IN 2018, ACCRUAL OF $43,824 JAY GOSTONCZIK - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2018, ACCRUAL OF $8,676 PATRICE GOHL - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2018, ACCRUAL OF $8,676 TROY DIEDRICH - PARTICIPATED IN 457 F-PLAN - NO DISTRIBUTIONS IN 2018, ACCRUAL OF $8,676 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 AND CARVER, OR LE SUEUR 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 & VP OF OPERATIONS 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 2018. FORM 990, PART VI, SECTION C, LINE 19 A BALANCE SHEET IS AVAILABLE IN THE LOBBY OF EACH OF OUR RETAIL BRANCHES. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.