2018-05-14T09:58:44-05:00 2017-12-31 410746749 CLIFTONLARSONALLEN LLP PO BOX 217 AUSTIN MN 55912 990 2017-01-01 410518425 SOUTHPOINT FINANCIAL CREDIT UNION SOUT 5077946712 924 MAIN STREET EAST SLEEPY EYE MN 56085 RICHARD L NESVOLD CEO 5077946712 2018-05-10 1 LOWELL FOSTER P00001022 5074347000 2018-05-10 2017 2022-09-23 18:48:47Z RICHARD L NESVOLD 924 MAIN STREET EAST SLEEPY EYE MN 56085 24944449 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 7 106 10 12099 -26605 0 0 12048393 13593502 649769 628572 0 0 12698162 14222074 0 0 1271114 1543910 4414030 5241047 0 0 0 5125327 6134566 10810471 12919523 1887691 1302551 308277923 334971962 264426740 289858350 43851183 45113612 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 12,149 LOANS TO MEMBERS TOTALING NEARLY $226.9 MILLION. THE CREDIT UNION PROVIDED 18,506 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $278.3 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, 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 7144 0 1 106 1 1 1 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 800 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 800 0 0 MARK BRUGGEMAN DIRECTOR 1.00 X 800 0 0 SCOTT SUPRENANT DIRECTOR 1.00 X 850 0 0 JEFFREY IBBERSON DIRECTOR 1.00 X 800 0 0 RICHARD NESVOLD CEO 40.00 X 225434 0 73485 PATRICE GOHL VP OPERATIONS 40.00 X 138774 0 16882 MICHAEL SCHMID VP BUSINESS SERVICES 40.00 X 129692 0 30538 JAY GOSTONCZIK VP RETAIL SERVICES 40.00 X 132697 0 30024 TROY DIEDRICH VP MARKETING 40.00 X 116566 0 15529 748913 0 166458 5 0 1 0 VOS CONSTRUCTION 19063 371ST AVENUE GREEN ISLE MN 55338 CONSTRUCTING HUTCHINSON OFFICE 1384035 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 DATA PROCESSOR 629037 BLUE CROSS BLUE SHIELD MINNESOTA PO BOX 64560 ST PAUL MN 55164 INSURANCE PROVIDER 319379 THRIVEON 210 SOUTH 20TH STREET NEW ULM MN 56073 IT 265782 NCUA 1775 DUKE STREET ALEXANDRIA VA 22314 REGULATORY AUTHORITY 208227 15 LOAN INTEREST 522100 10499727 10499727 FEES & SERVICE CHARGES 522100 1610227 1598128 12099 OTHER OPERATING INCOME 522100 1483548 1483548 13593502 626394 626394 10724553 10722375 2178 2178 2178 14222074 13581403 12099 628572 1543910 460325 3776880 113503 596477 293862 59099 40060 29984 328370 2312746 176328 516667 88375 225391 821330 LOAN SERVICING EXPENSE 816366 PROVISION FOR LOAN LOSS 435713 MISC EXPENSE 284137 12919523 18097490 26053836 3968186 2728186 226831992 257439578 569876 696537 14783265 4599264 8403591 10184001 38597240 24954113 11809548 12915711 308277923 334971962 2677391 4258943 15000000 7000000 246749349 278599407 264426740 289858350 X 0 0 0 0 43851183 45113612 43851183 45113612 308277923 334971962 1302551 -40122 0 X X 0 1 X 1 0 1047920 1047920 8811358 1692881 7118477 228398 83821 144577 4695589 2822562 1873027 10184001 SECURITIES - AFS 22473913 C SECURITIES - HTM 1688000 C OTHER INVESTMENTS 792200 C 24954113 MEMBERS' SHARES AND SAVINGS ACCOUNTS 278599407 278599407 X 14222074 0 14222074 0 14222074 12919523 0 12919523 0 12919523 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER 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, 2017. X 0 1 0 RICHARD NESVOLD CEO 220303 0 0 0 5131 0 57731 0 15754 0 298919 0 0 0 PATRICE GOHL VP OPERATIONS 138267 0 255 0 252 0 16882 0 0 0 155656 0 0 0 MICHAEL SCHMID VP BUSINESS SERVICES 128731 0 255 0 706 0 16790 0 13748 0 160230 0 0 0 JAY GOSTONCZIK VP RETAIL SERVICES 132307 0 255 0 135 0 17280 0 12744 0 162721 0 0 0 PART I, LINE 4B MICHAEL SCHMID - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2017, ACCRUAL OF $8,580 RICHARD NESVOLD - PARTICIPATED IN 457-F PLAN - NO DISTRIBTUIONS IN 2017, ACCRUAL OF $43,680 JAY GOSTONCZIK - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2017, ACCRUAL OF $8,580 PATRICE GOHL - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS IN 2017, ACCRUAL OF $8,580 TROY DIEDRICH - PARTICIPATED IN 457 F-PLAN - NO DISTRIBUTIONS IN 2017, ACCRUAL OF $8,580 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 2017. 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.