Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $13,897,314 · related or exempt $13,897,314

• 2b · Program service revenue: FEE INCOME

  total $3,271,992 · related or exempt $3,264,575 · unrelated business $7,417

• 3 · Investment income

  total $2,751,490 · excluded $2,751,490

• 6a · Gross rents

  real property $62,160

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $62,160

• 6d · Net rental income or loss

  total $62,160 · excluded $62,160

• 7a · Gross sales of assets other than inventory

  other assets $1,838

• 7b · Less cost or other basis and sales expenses

  other assets $15,714

• 7c · Gain or loss

  other assets -$13,876

• 7d · Net gain or loss

  total -$13,876 · excluded -$13,876

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $11,518

• 4 · Benefits paid to or for members

  total $5,556,380

• 5 · Compensation of officers, directors and key employees

  total $636,166

• 7 · Other salaries and wages

  total $3,970,194

• 8 · Pension plan contributions

  total $139,319

• 9 · Other employee benefits

  total $939,867

• 10 · Payroll taxes

  total $349,235

• 11b · Fees: legal

  total $51,494

• 11c · Fees: accounting

  total $70,075

• 11g · Fees: other

  total $479,920

• 12 · Advertising and promotion

  total $390,710

• 13 · Office expenses

  total $754,544

• 14 · Information technology

  total $397,914

• 16 · Occupancy

  total $393,582

• 17 · Travel

  total $96,885

• 19 · Conferences, conventions and meetings

  total $5,622

• 20 · Interest

  total $3,386

• 22 · Depreciation, depletion and amortization

  total $378,227

• 23 · Insurance

  total $12,000

• 24a · Other expenses: LOAN SERVICING EXPENSE

  total $1,511,465

• 24b · Other expenses: DEBIT & CREDIT CARD EXP

  total $1,081,417

• 24c · Other expenses: BAD DEBT EXPENSE

  total $793,884

• 24d · Other expenses: ATM EXPENSE

  total $648,693

• 24e · All other expenses

  total $1,005,321

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,114,343 · end of year $1,418,596

• 2 · Savings and temporary cash investments

  beginning of year $12,527,542 · end of year $19,862,158

• 4 · Accounts receivable

  beginning of year $527,072 · end of year $727,243

• 5 · Loans and receivables from officers and key people

  beginning of year $3,195,412 · end of year $2,650,328

• 7 · Other notes and loans receivable

  beginning of year $181,614,098 · end of year $235,198,274

• 9 · Prepaid expenses and deferred charges

  beginning of year $628,032 · end of year $736,365

• 10a · Land, buildings and equipment: cost or other basis

  $10,953,781

• 10b · Land, buildings and equipment: accumulated depreciation

  $4,563,935

• 10c · Land, buildings and equipment, net

  beginning of year $4,471,491 · end of year $6,389,846

• 11 · Investments: publicly traded securities

  beginning of year $80,953,016 · end of year $71,341,675

• 12 · Investments: other securities

  beginning of year $4,384,102 · end of year $16,275,139

• 14 · Intangible assets

  beginning of year $0 · end of year $6,487,829

• 15 · Other assets

  beginning of year $8,711,789 · end of year $17,980,325

• 17 · Accounts payable and accrued expenses

  beginning of year $1,026,223 · end of year $898,252

• 25 · Other liabilities

  beginning of year $269,467,105 · end of year $344,325,988

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $27,633,569 · end of year $33,843,538

The filer's explanations (Part III)

PART I, LINE 1A

SOCIAL CLUB DUES - PHILLIP KOPISCHKE, PRESIDENT/CEO, NOT INCLUDED IN TAXABLE COMPENSATION THE PRIMARY PURPOSE OF THE EDINA COUNTRY CLUB (ECC) MEMBERSHIP IS TO CONDUCT BUSINESS RELATED MEETINGS WITH EMPLOYEES, BOARD MEMBERS, ETC. ANY TRANSACTIONS AT ECC FOR PERSONAL USE ARE DEDUCTED FROM PHILLIP'S PERSONAL CHECKING ACCOUNT AT THE CREDIT UNION.

PART I, LINE 1B

WE DO NOT HAVE A WRITTEN POLICY REGARDING THE ECC MEMBERSHIP. BOTH THE PRESIDENT/CEO AND THE ORGANIZATION'S ACCOUNTS PAYABLE TEAM RECEIVE COPIES OF THE MONTHLY STATEMENTS. THE PRESIDENT/CEO PROVIDES A BREAKDOWN OF THE ATTENDEES AND PURPOSE OF EACH EXPENSE, AS WELL AS ANY NECESSARY SUPPORTING INFORMATION. THE STATEMENTS ARE REVIEWED AND APPROVED BY THE EVP OF ACCOUNTING & FINANCE BEFORE PAYMENT IS REMITTED DIRECTLY TO ECC.

PART I, LINES 4A-B

SEVERANCE PAYMENT: SCOTT OLSON RECEIVED A $25,000 SEVERANCE PAYMENT DURING 2024. SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN: PHILLIP KOPISCHKE PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. SEE SCHEDULE L, PART II FOR MORE DETAIL.