LAKE STATE CREDIT UNION: Form 990, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- LAKE STATE CREDIT UNION (EIN 41-0683383)
- Tax period
- 2015-01-01 to 2015-07-01
- Filed
- 2016-03-25
- IRS object ID
- 201620859349300422
- Schema version
- 2015v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2016-03-25T13:22:29-05:00 | ReturnTs |
| Tax Period End | 2015-07-01 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 217 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2015-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410683383 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LAKE STATE CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | LAKE | BusinessNameControlTxt |
| Phone | 2184854444 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 ELM AVENUE | AddressLine1Txt |
| City | MOOSE LAKE | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55767 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICK BORCHARDT | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 2184854444 | PhoneNum |
| Signature | 2016-03-25 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2016-03-22 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2016-09-27 15:27:22Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
| Principal Officer | TAMMY HEIKKINEN | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | MEMBERS COOPERATIVE CU 952 WOODLAND | AddressLine1Txt |
| Address Line2 | AVE | AddressLine2Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55803 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $6,161,044 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | HTTP://LAKESTATECU.COM | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1939 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | THE CREDIT UNION IS A NONPROFIT, COOPERATIVE FINANCIAL INSTITUTION. IT IS OWNED AND RUN BY ITS MEMBERS AND ORGANIZED TO SERVE AND PROVIDE THEIR MEMBERS WITH A SAFE PLACE TO SAVE AND BORROW AT REASONABLE RATES. MEMBERS POOL THEIR FUNDS TO MAKE LOANS TO ONE ANOTHER. THE VOLUNTEER BOARD THAT RUNS EACH CREDIT UNION IS ELECTED BY THE MEMBERS. | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 6 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Volunteers | 20 | TotalVolunteersCnt |
| Total Gross UBI | $27,417 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $14,945 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $9,152,660 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $4,753,745 | CYProgramServiceRevenueAmt |
| PY Investment Income | $273,407 | PYInvestmentIncomeAmt |
| CY Investment Income | $231,415 | CYInvestmentIncomeAmt |
| PY Other Revenue | $36,835 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $9,462,902 | PYTotalRevenueAmt |
| CY Total Revenue | $4,985,160 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $919,390 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $446,709 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $4,273,740 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $2,272,991 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $4,258,891 | PYOtherExpensesAmt |
| CY Other Expenses | $2,073,708 | CYOtherExpensesAmt |
| PY Total Expenses | $9,452,021 | PYTotalExpensesAmt |
| CY Total Expenses | $4,793,408 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $10,881 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $191,752 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $190,105,451 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $170,082,154 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $20,023,297 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE CREDIT UNION IS A NONPROFIT, COOPERATIVE FINANCIAL INSTITUTION. IT IS OWNED AND RUN BY ITS MEMBERS AND ORGANIZED TO SERVE AND PROVIDE THEIR MEMBERS WITH A SAFE PLACE TO SAVE AND BORROW AT REASONABLE RATES. MEMBERS POOL THEIR FUNDS TO MAKE LOANS TO ONE ANOTHER. THE VOLUNTEER BOARD THAT RUNS EACH CREDIT UNION IS ELECTED BY THE MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | Yes (1) | SignificantChangeInd |
| Desc | THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 10,189 LOANS OUTSTANDING FOR $132,836,995 AS OF JUNE 30, 2015. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 43,191 MEMBER ACCOUNTS WITH DEPOSITS OF $172,908,674 AS OF JUNE 30, 2015. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | 0 | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | 0 | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | 0 | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | Yes (1) | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 0 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 0 | EmployeeCnt |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 6 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | Yes (1) | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | 0 | WhistleblowerPolicyInd |
| Document Retention Policy | 0 | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | RICK BORCHARDT CFO | PersonNm |
| Phone | 2184854444 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 301 ELM AVENUE | AddressLine1Txt |
| City | MOOSE LAKE | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55767 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (8 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|
| DIANNE CARLSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| TIM CAROLINE | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| LEE ELLEN OLSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JOHN GILBERT | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| KAREN JOHNSON | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| JERRY TELKER | ||||||
| DIRECTOR | 1.00 | Yes (X) | $0 | $0 | $0 | |
| TIMOTHY J SMITH | ||||||
| PRESIDENT/CEO | 40.00 | $91,882 | $0 | $17,812 | Yes (X) | |
| FREDERICK BORCHARDT | ||||||
| SVP/CFO | 40.00 | $66,139 | $0 | $7,440 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $158,021 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $25,252 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 0 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | 0 | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (2 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| CU ANSWERS | |||||
| 6000 28TH ST SE SUITE 100 | GRAND RAPIDS | MI | 49546 | CORE PROCESSING | $205,696 |
| FISERV | |||||
| 75 REMITTANCE DRIVE SUITE 6959 | CHICAGO | IL | 60675 | DEBIT CARD PROCESSING | $160,967 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 2 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 522100 | $3,481,288 | $3,481,288 | |
| FEE INCOME | 522100 | $653,776 | $636,304 | $17,472 |
| OTHER OPERATING INCOME | 522100 | $618,681 | $608,736 | $9,945 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $4,753,745 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $214,469 | TotalRevenueColumnAmt |
| Exclusion | $214,469 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $1,192,830 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $1,175,884 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $16,946 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $16,946 | TotalRevenueColumnAmt |
| Exclusion | $16,946 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,985,160 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,726,328 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $27,417 | UnrelatedBusinessRevenueAmt |
| Exclusion | $231,415 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $446,709 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $183,273 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,671,851 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $73,166 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $195,667 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $149,034 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $300,131 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $99,576 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $389,069 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $373,607 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $28,695 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICE EXPENSE | $539,651 |
| LOAN LOSS PROVISION | $204,000 |
| MISCELLANEOUS EXPENSE | $135,900 |
| OPERATING FEES | $3,079 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,793,408 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,487,958 | BOYAmt |
| EOY | $0 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $128,945,018 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $801,161 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $0 | LandBldgEquipCostOrOtherBssAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,150,347 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $50,217,725 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,503,242 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $190,105,451 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,219,463 | BOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $168,862,691 | BOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $170,082,154 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,023,297 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,023,297 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $190,105,451 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $191,752 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | -$20,215,049 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TIMOTHY J SMITH | ||||||||||||||
| PRESIDENT/CEO | $77,905 | $0 | $13,666 | $0 | $311 | $0 | $4,780 | $0 | $13,032 | $0 | $109,694 | $0 | $0 | $0 |
| FREDERICK BORCHARDT | ||||||||||||||
| SVP/CFO | $58,875 | $0 | $6,962 | $0 | $302 | $0 | $3,329 | $0 | $4,111 | $0 | $73,579 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | EXPLANATION OF PART YEAR COMPENSATION AND BENEFITS PAID TO OFFICERS: | FormAndLineReferenceDesc |
| Explanation | TIMOTHY SMITH AND FREDERICK BORCHARDT WERE EMPLOYED BY LAKE STATE CREDIT UNION UNTIL ITS MERGER WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015. THE COMPENSATION AND BENEFIT AMOUNTS REPORTED ON THE FORM 990 AND SCHEDULE J ARE THE AMOUNTS PAID TO THEM BY LAKE STATE CREDIT UNION FROM JANUARY 1, 2015 - JULY 1, 2015. LAKE STATE CREDIT UNION DID NOT FILE ANY W2S FOR 2015. MEMBERS COOPERATIVE CREDIT UNION FILED ALL OF THE W2S FOR THE WHOLE YEAR UNDER THEIR NAME AND EMPLOYER IDENTIFICATION NUMBER WHICH INCLUDED THE AMOUNTS FROM LAKE STATE CREDIT UNION FROM JANUARY 1, 2015 - JULY 1, 2015. | ExplanationTxt |
Schedule N IRS990ScheduleN
Liquidation Of Assets Table LiquidationOfAssetsTableGrp
Liquidation Of Assets Detail LiquidationOfAssetsDetail (6 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | EINEIN | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | IRC SectionIRCSectionTxt |
|---|---|---|---|---|---|---|---|---|---|
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| CASH, SAVINGS, TEMPORARY INVESTMENTS | 2015-07-01 | $2,609,550 | BOOK VALUE | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| NOTES AND LOANS RECEIVABLE | 2015-07-01 | $131,061,842 | BOOK VALUE | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| PREPAID EXPENSES AND DEFERRED CHARGES | 2015-07-01 | $421,949 | BOOK VALUE | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| LAND, BUILDINGS AND EQUIPMENT | 2015-07-01 | $4,030,808 | COST BASIS LESS ACCUMLATED DEPRECIATION | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| INVESTMENTS | 2015-07-01 | $52,426,972 | BOOK VALUE | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| MEMBERS COOPERATIVE CREDIT UNION | |||||||||
| OTHER ASSETS | 2015-07-01 | $4,215,851 | BOOK VALUE | 410195345 | 101 14TH STREET | CLOQUET | MN | 55720 | 501(C)(14) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor | Yes (1) | DirectorOfSuccessorInd |
| Employee Of Successor | Yes (1) | EmployeeOfSuccessorInd |
| Owner Of Successor | 0 | OwnerOfSuccessorInd |
| Receive Compensation | Yes (1) | ReceiveCompensationInd |
| Assets Distributed | Yes (1) | AssetsDistributedInd |
| Required To Notify AG | Yes (1) | RequiredToNotifyAGInd |
| Attorney General Notified | Yes (1) | AttorneyGeneralNotifiedInd |
| Liabilities Paid | Yes (1) | LiabilitiesPaidInd |
| Bonds Outstanding | 0 | BondsOutstandingInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 2E: | PERSON(S) INVOLVED: JERRY TELKER, JOHN GILBERT, DIANE CARLSON, TIMOTHY SMITH, FREDERICK BORCHARDT |
| PART I, LINE 2E: | EXPLANATION OF INVOLVEMENT: THREE OF THE LAKE STATE CREDIT UNION'S BOARD OF DIRECTORS BECAME BOARD OF DIRECTORS FOR MEMBERS COOPERATIVE CREDIT UNION. THEY ARE JERRY TELKER, JOHN GILBERT AND DIANE CARLSON.ALL OF THE OFFICERS FROM LAKE STATE CREDIT UNION RETAINED THEIR EMPLOYMENT WITH MEMBERS COOPERATIVE CREDIT UNION.THE CHIEF EXECUTIVE OFFICER OF LAKE STATE CREDIT UNION (TIMOTHY SMITH) HAS BEEN OFFERED AND HAS AGREED TO A SEVERANCE PACKAGE WHEREBY HE WILL EXIT AND RETIRE EFFECTIVE DECEMBER 31, 2015. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (12 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART III, LINE 3 | THE CREDIT UNION DISCONTINUED OPERATIONS AND MERGED WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015. |
| FORM 990, PART VI, SECTION A, LINE 4 | LAKE STATE CREDIT UNION MERGED WITH MEMBERS COOPERATIVE CREDIT UNION EFFECTIVE JULY 1, 2015. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE CREDIT UNION MEMBERSIP IS LIMITED TO ALL RESIDENTS LIVING IN CARLTON, CHISAGO, KANABEC, ISANTI, PINE, AITKIN, WASHINGTON, AND ST LOUIS COUNTIES, AND ALL MEMBERS OF THEIR IMMEDIATE FAMILIES REGARDLESS OF THEIR PLACE OF RESIDENCE. |
| FORM 990, PART VI, SECTION A, LINE 7A | EACH YEAR 2 OR 3 MEMBERS OF OUR BOARD OF DIRECTORS ARE UP FOR ELECTION. OUR MEMBERS VOTE FOR THEM EACH YEAR. |
| FORM 990, PART VI, SECTION A, LINE 7B | OUR MEMBERSHIP HAD TO APPROVE OUR MERGER WITH MEMBERS COOPERATIVE CREDIT UNION. |
| FORM 990, PART VI, SECTION B, LINE 11 | THE BOARD OF LAKE STATE CREDIT UNION IS NO LONGER IN EXISTENCE AS IT MERGED WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015. TAMMY HEIKKINEN WILL BE PROVIDED A COPY OF THE FORM 990 FOR REVIEW WITH MEMBERS COOPERATIVE'S OFFICERS AND BOARD MEMBERS. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL ETHIC STATEMENTS ARE REVIEWED BY THE PRESIDENT/CEO AND RESULTS REPORTED TO THE BOARD OF DIRECTORS. ANY EXCEPTIONS MUST BE APPROVED BY THE CEO AND BOARD OF DIRECTORS. THE ETHIC STATEMENTS ARE FILED IN THE HR MANAGER'S OFFICE FOR DOCUMENTATION AND REFERRAL PURPOSES. AT THIS TIME, THERE ARE NO KNOWN OR POTENTIAL CONFLICTS OF INTEREST TO MONITOR. |
| FORM 990, PART VI, SECTION B, LINE 15 | FOR 2015 COMPENSATION, BASED ON THE INFORMATION RECEIVED FROM THE SALARY REVIEW USING CUNA'S SALARY SURVEY AND MARKET TRENDS, AND AFTER CONSULTATION WITH NANCY GOSSELL, OUR HR ATTORNEY WE HAVE ON RETAINER, THE PRESIDENT/CEO, SVP-CFO, VP OF ACCOUNTING, AND HR MANAGER APPLIED A SALARY RANGE INCREASE OF 3% FOR THE OTHER MANAGEMENT POSITIONS AND THE REMAINING POSITIONS. THE MANAGEMENT AND OTHER POSITIONS RECEIVED THEIR PERFORMANCE REVIEWS FROM THEIR SUPERVISOR, USING THE SAME SALARY GUIDELINE FOR THE WAGE INCREASE BASED ON PERFORMANCE RATING AND WHERE THEY CURRENTLY FALL IN THE SALARY RANGE. |
| FORM 990, PART VI, SECTION C, LINE 19 | IF MEMBERS REQUEST THEM, FINANCIAL REPORTS ARE POSTED IN EACH OF OUR LOBBIES AND PUT IN OUR ANNUAL REPORT. HOWEVER, THE CREDIT UNION MERGED WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015 SO THE ORGANIZATION IS NO LONGER IN EXISTENCE. |
| PART VI, SECTION A, LINE 9 | TIMOTHY J SMITH - 440 EAGLE DR, HERMANTOWN, MN 55811 |
| FORM 990, PART XI, LINE 9: | TRANSFER OF ASSETS TO MEMBERS COOP. CREDIT UNION DUE TO MERGER 07/01/15. -20,215,049. |
| LATE FILING OF FORM 990 EXPLANATION | LAKE STATE CREDIT UNION IS NO LONGER IN EXISTENCE AS IT WAS MERGED WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015. THE FILING DUE DATE FOR THEIR FORM 990 HAS ALWAYS BEEN ON MAY 15TH. THEY ASSUMED THE DUE DATE FOR THEIR FINAL FORM 990 WAS MAY 15, 2016. THEY WERE NOT AWARE THAT WHEN THEY MERGED WITH MEMBERS COOPERATIVE CREDIT UNION ON JULY 1, 2015 THAT THE FORM 990 WAS DUE ON THE 15TH DAY OF THE FIFTH MONTH AFTER THE MERGER. UPON BECOMING AWARE OF THE DIFFERENT DUE DATE, THE CREDIT UNION ENGAGED THEIR ACCOUNTING FIRM TO PREPARE THE FILING AS SOON AS POSSIBLE. THE LATE FILING WAS TOTALLY UNINTENTIONAL ON THE CREDIT UNION'S PART. THEIR RETURNS HAVE ALWAYS BEEN FILED TIMELY IN THE PAST. THE CREDIT UNION RESPECTFULLY REQUESTS THE ABATEMENT OF ANY LATE FILING PENALTIES FOR THEIR FINAL YEAR ENDED JULY 1, 2015. |
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