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Nonprofiteer
← SHAREPOINT CREDIT UNION

Form 990 for tax year 2023

Filed by SHAREPOINT CREDIT UNION.

Totals

Total revenue
$13,123,452
Total expenses
$12,464,305
Contributions and grants received
$0
Grants paid
$3,638
Program service revenue
$11,557,139
Investment income
$1,504,153
Other revenue
$62,160
Total assets, end of year
$298,126,897
Total liabilities, end of year
$270,493,328
Net assets or fund balances, end of year
$27,633,569
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $9,405,908 · related or exempt $9,405,908

  • 2b · Program service revenue: FEE INCOME

    total $2,151,231 · related or exempt $2,144,366 · unrelated business $6,865

  • 3 · Investment income

    total $1,508,275 · excluded $1,508,275

  • 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

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

    other assets $4,122

  • 7c · Gain or loss

    other assets -$4,122

  • 7d · Net gain or loss

    total -$4,122 · excluded -$4,122

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $3,638

  • 5 · Compensation of officers, directors and key employees

    total $675,833

  • 7 · Other salaries and wages

    total $3,082,040

  • 8 · Pension plan contributions

    total $102,889

  • 9 · Other employee benefits

    total $607,340

  • 10 · Payroll taxes

    total $283,459

  • 11b · Fees: legal

    total $11,860

  • 11c · Fees: accounting

    total $59,391

  • 11g · Fees: other

    total $325,398

  • 12 · Advertising and promotion

    total $372,380

  • 13 · Office expenses

    total $453,550

  • 14 · Information technology

    total $354,126

  • 16 · Occupancy

    total $339,666

  • 17 · Travel

    total $93,229

  • 19 · Conferences, conventions and meetings

    total $9,964

  • 22 · Depreciation, depletion and amortization

    total $314,657

  • 23 · Insurance

    total $12,000

  • 24a · Other expenses: DIVIDENDS ON MEMBER SHA

    total $2,786,476

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,064,194

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

    total $662,026

  • 24d · Other expenses: ATM EXPENSE

    total $505,921

  • 24e · All other expenses

    total $344,268

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $953,201 · end of year $1,114,343

  • 2 · Savings and temporary cash investments

    beginning of year $7,895,358 · end of year $12,527,542

  • 4 · Accounts receivable

    beginning of year $507,738 · end of year $527,072

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,163,461 · end of year $3,195,412

  • 7 · Other notes and loans receivable

    beginning of year $185,872,149 · end of year $181,614,098

  • 9 · Prepaid expenses and deferred charges

    beginning of year $398,583 · end of year $628,032

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

    $8,657,200

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

    $4,185,709

  • 10c · Land, buildings and equipment, net

    beginning of year $4,418,532 · end of year $4,471,491

  • 11 · Investments: publicly traded securities

    beginning of year $84,645,870 · end of year $80,953,016

  • 12 · Investments: other securities

    beginning of year $5,759,707 · end of year $4,384,102

  • 15 · Other assets

    beginning of year $8,233,076 · end of year $8,711,789

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,057,492 · end of year $1,026,223

  • 25 · Other liabilities

    beginning of year $276,185,722 · end of year $269,467,105

  • 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 $24,604,461 · end of year $27,633,569

Mission and programs · 2023

Mission

THE CREDIT UNION'S MISSION IS TO OFFER COMPETITIVE LOAN AND DEPOSIT PRODUCTS TO OUR MEMBERSHIP TO CREATE LIFELONG FINANCIAL RELATIONSHIPS.

  • DIVIDENDS AND INTEREST PAID TO MEMBERS ON APPROXIMATELY 27,000 DEPOSIT ACCOUNTS HELD BY APPROXIMATELY 21,000 MEMBERS.

  • PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS, AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.

  • RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ONLINE/MOBILE BANKING, ATM NETWORKS, AND IN PERSON AT THE CREDIT UNION OFFICES.

As filed on the 2023 return.

Listed in Part VII

  • JOSEPH BUDNICK

    CHAIR

    Total calculated
    $2,430
    From this org
    $2,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • SARAH NELSON

    VICE CHAIR

    Total calculated
    $2,520
    From this org
    $2,520
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • SCOTT WEICHT

    SECRETARY

    Total calculated
    $3,825
    From this org
    $3,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TODD CORBO

    DIRECTOR

    Total calculated
    $2,273
    From this org
    $2,273
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • JEAN GALLO

    DIRECTOR

    Total calculated
    $1,980
    From this org
    $1,980
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • GARY HAWLEY

    DIRECTOR

    Total calculated
    $3,443
    From this org
    $3,443
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • NICHOLAS NELSON

    DIRECTOR (THRU MAY 2023)

    Total calculated
    $1,215
    From this org
    $1,215
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • ALAN PEDERSON

    DIRECTOR

    Total calculated
    $2,858
    From this org
    $2,858
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • JOSEPH SCHMIDT

    DIRECTOR

    Total calculated
    $2,925
    From this org
    $2,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • PAUL VORK

    VICE PRESIDENT OF FINANCE/CONTROLLER

    Total calculated
    $142,421
    From this org
    $136,613
    From related orgs
    $0
    Other
    $5,808
    Hours/week
    40

  • PHILLIP KOPISCHKE

    CEO

    Total calculated
    $391,795
    From this org
    $375,045
    From related orgs
    $0
    Other
    $16,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $323,385
    Bonus
    $51,660
    Other
    $0
    Deferred
    $10,025
    Nontaxable benefits
    $6,725
    Filer's total
    $391,795

  • JULIE TANNER

    CFO (THRU JUNE 2023)

    Total calculated
    $118,148
    From this org
    $111,642
    From related orgs
    $0
    Other
    $6,506
    Hours/week
    40

  • KERRI HINIKER

    VICE PRESIDENT OF LENDING

    Total calculated
    $168,165
    From this org
    $154,807
    From related orgs
    $0
    Other
    $13,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,966
    Bonus
    $18,488
    Other
    $3,353
    Deferred
    $5,728
    Nontaxable benefits
    $7,630
    Filer's total
    $168,165

  • MEGAN HAMMACK

    VICE PRESIDENT OF OPERATIONS

    Total calculated
    $121,601
    From this org
    $117,326
    From related orgs
    $0
    Other
    $4,275
    Hours/week
    40

  • KERRI COWDEN

    VICE PRESIDENT OF MEMBER SERVICES

    Total calculated
    $123,294
    From this org
    $106,874
    From related orgs
    $0
    Other
    $16,420
    Hours/week
    40

  • JEFF THILL

    VICE PRESIDENT OF IT

    Total calculated
    $109,939
    From this org
    $105,958
    From related orgs
    $0
    Other
    $3,981
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Health or social club dues or initiation fees
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
SOCIAL CLUB DUES - PHILLIP KOPISCHKE, 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 CEO AND THE ORGANIZATION'S ACCOUNTS PAYABLE TEAM RECEIVE COPIES OF THE MONTHLY STATEMENTS. THE 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 CFO OR SVP OF FINANCE & CONTROLLER BEFORE PAYMENT IS REMITTED DIRECTLY TO ECC.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202423209349303652

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