Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $28,614

• 2a · Program service revenue: INTEREST ON LOANS

  total $22,976,763 · related or exempt $22,976,763

• 2b · Program service revenue: OTHER MEMBER SERVICE FEES

  total $2,081,444 · related or exempt $2,071,598 · unrelated business $9,846

• 2c · Program service revenue: MEMBER LOAN FEES

  total $390,325 · related or exempt $390,325

• 2d · Program service revenue: INSURANCE SALES

  total $237,276 · related or exempt $237,276

• 2e · Program service revenue: OFFICER LOAN INCOME

  total $94,198 · related or exempt $94,198

• 2f · All other program service revenue

  total $21,625 · related or exempt $21,625

• 3 · Investment income

  total $3,238,387 · excluded $3,238,387

• 5 · Royalties

  total $45,915 · excluded $45,915

• 6a · Gross rents

  real property $18,632

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $18,632

• 6d · Net rental income or loss

  total $18,632 · excluded $18,632

• 7a · Gross sales of assets other than inventory

  other assets $69,350

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

  other assets $46,426

• 7c · Gain or loss

  other assets $22,924

• 7d · Net gain or loss

  total $22,924 · excluded $22,924

• 11d · All other revenue

  total $9,570 · related or exempt $9,570

• 11e · Other revenue, total

  $9,570

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $48,303

• 5 · Compensation of officers, directors and key employees

  total $1,307,077

• 7 · Other salaries and wages

  total $3,241,618

• 8 · Pension plan contributions

  total $327,030

• 9 · Other employee benefits

  total $1,992,560

• 10 · Payroll taxes

  total $364,333

• 11b · Fees: legal

  total $114,957

• 11c · Fees: accounting

  total $45,114

• 11g · Fees: other

  total $124,487

• 12 · Advertising and promotion

  total $443,523

• 13 · Office expenses

  total $749,050

• 14 · Information technology

  total $875,487

• 16 · Occupancy

  total $486,066

• 17 · Travel

  total $58,793

• 19 · Conferences, conventions and meetings

  total $149,116

• 20 · Interest

  total $9,901

• 22 · Depreciation, depletion and amortization

  total $705,776

• 23 · Insurance

  total $94,663

• 24a · Other expenses: DIVIDENDS ON SHARES

  total $11,595,665

• 24b · Other expenses: CARDS & ATM EXPENSE

  total $1,754,232

• 24c · Other expenses: SERVICING EXPENSE

  total $526,465

• 24d · Other expenses: PROVISION FOR CREDIT LO

  total $328,863

• 24e · All other expenses

  total $360,193

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $8,056,662 · end of year $2,983,638

• 2 · Savings and temporary cash investments

  beginning of year $45,915,083 · end of year $59,519,080

• 4 · Accounts receivable

  beginning of year $64,925 · end of year $1,460,440

• 5 · Loans and receivables from officers and key people

  beginning of year $3,652,495 · end of year $3,732,402

• 7 · Other notes and loans receivable

  beginning of year $434,401,945 · end of year $458,219,186

• 9 · Prepaid expenses and deferred charges

  beginning of year $463,925 · end of year $437,432

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

  $16,034,606

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

  $6,800,061

• 10c · Land, buildings and equipment, net

  beginning of year $9,388,282 · end of year $9,234,545

• 11 · Investments: publicly traded securities

  beginning of year $2,104,571 · end of year $11,028,322

• 12 · Investments: other securities

  end of year $1,492,000

• 13 · Investments: program-related

  beginning of year $9,074,801 · end of year $3,287,943

• 15 · Other assets

  beginning of year $20,633,562 · end of year $20,349,857

• 17 · Accounts payable and accrued expenses

  beginning of year $4,472,448 · end of year $4,575,690

• 19 · Deferred revenue

  beginning of year $188,079 · end of year $165,201

• 21 · Escrow or custodial account liability

  beginning of year $1,284,035 · end of year $1,426,469

• 25 · Other liabilities

  beginning of year $469,758,590 · end of year $502,767,536

• 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 $58,053,099 · end of year $62,809,949

The filer's explanations (Part III)

PART I, LINE 1A

ALL EMPLOYEES ARE OFFERED GOLF AND WELLNESS MEMBERSHIPS AT 50% UP TO $400. THE PRESIDENT/CEO'S GOLF MEMBERSHIP IS PAID FOR IN FULL BY THE CREDIT UNION. EXPENSES FOR OFFICERS AND HIGHEST COMPENSATED EMPLOYEES ARE AS FOLLOWS AND WERE INCLUDED IN TAXABLE COMPENSATION: GOLF MEMBERSHIP PARTICIPANTS: ERIC SKOGSTAD $400 TIM TRANBERG $918 JAYME THOMPSON $213 WELLNESS REIMBURSEMENT PARTICIPANTS: MEGAN ELLINGSON $368 JAYME THOMPSON $400 MARIANNE TORKELSON $180

PART I, LINE 4B

MARIANNE TORKELSON AND KARLA LAUFENBERG PARTICIPATE IN A DEFERRED BONUS PLAN. ACCRUALS RELATING TO THIS PLAN DURING 2024: - MARIANNE TORKELSON $15,168 - KARLA LAUFENBERG $5,208 THERE WERE NO PAYOUTS FROM THIS PLAN DURING 2024.