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Nonprofiteer
← MEMBERS COOPERATIVE CREDIT UNION

Form 990 for tax year 2024

Filed by MEMBERS COOPERATIVE CREDIT UNION.

Totals

Total revenue
$65,178,355
Total expenses
$60,606,630
Contributions and grants received
$0
Grants paid
$176,207
Program service revenue
$59,346,401
Investment income
$5,831,954
Other revenue
$0
Total assets, end of year
$1,150,000,075
Total liabilities, end of year
$1,045,019,833
Net assets or fund balances, end of year
$104,980,242
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: LOAN INTEREST INCOME

    total $45,559,604 · related or exempt $45,559,604

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $8,624,359 · related or exempt $8,624,359

  • 2c · Program service revenue: FEE INCOME

    total $5,162,438 · related or exempt $4,906,650 · unrelated business $255,788

  • 3 · Investment income

    total $4,392,670 · excluded $4,392,670

  • 7a · Gross sales of assets other than inventory

    securities $28,145,206 · other assets $1,281,590

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

    securities $26,510,226 · other assets $1,477,286

  • 7c · Gain or loss

    securities $1,634,980 · other assets -$195,696

  • 7d · Net gain or loss

    total $1,439,284 · excluded $1,439,284

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $176,207

  • 4 · Benefits paid to or for members

    total $14,099,590

  • 5 · Compensation of officers, directors and key employees

    total $2,394,536

  • 7 · Other salaries and wages

    total $12,644,141

  • 8 · Pension plan contributions

    total $2,224,501

  • 9 · Other employee benefits

    total $2,125,038

  • 10 · Payroll taxes

    total $1,198,737

  • 11b · Fees: legal

    total $115,908

  • 11c · Fees: accounting

    total $196,636

  • 11g · Fees: other

    total $3,804,170

  • 12 · Advertising and promotion

    total $1,040,044

  • 13 · Office expenses

    total $6,087,142

  • 16 · Occupancy

    total $1,514,199

  • 17 · Travel

    total $44,935

  • 19 · Conferences, conventions and meetings

    total $176,511

  • 20 · Interest

    total $3,660,202

  • 22 · Depreciation, depletion and amortization

    total $1,948,205

  • 23 · Insurance

    total $241,218

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $4,531,485

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,589,148

  • 24c · Other expenses: MISCELLANEOUS OPERATING

    total $744,412

  • 24d · Other expenses: OPERATING FEES

    total $49,665

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $41,843,102 · end of year $48,217,117

  • 4 · Accounts receivable

    beginning of year $683,160 · end of year $2,067,998

  • 5 · Loans and receivables from officers and key people

    beginning of year $8,903,532 · end of year $9,256,436

  • 7 · Other notes and loans receivable

    beginning of year $959,391,667 · end of year $918,581,939

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,553,215 · end of year $1,701,620

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

    $48,538,532

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

    $21,164,233

  • 10c · Land, buildings and equipment, net

    beginning of year $30,506,759 · end of year $27,374,299

  • 11 · Investments: publicly traded securities

    beginning of year $56,969,817 · end of year $87,423,401

  • 12 · Investments: other securities

    beginning of year $7,036,414 · end of year $0

  • 13 · Investments: program-related

    beginning of year $52,498,445 · end of year $29,444,036

  • 15 · Other assets

    beginning of year $34,210,236 · end of year $25,933,229

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,625,306 · end of year $15,802,536

  • 23 · Secured mortgages and notes payable

    beginning of year $109,500,000 · end of year $93,500,000

  • 25 · Other liabilities

    beginning of year $963,495,547 · end of year $935,717,297

  • 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 $99,975,494 · end of year $104,980,242

Mission and programs · 2024

Mission

TO MAKE OUR COMMUNITIES STRONGER, OUR EMPLOYEES HAPPIER, AND OUR WORLD BETTER.

Activities or mission (Part I)

TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES.

  • DIVIDENDS AND INTEREST OF $14.1 MILLION WAS PAID TO MEMBERS IN 2024 ON 128,484 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS.

  • 26,547 LOANS TOTALING OVER $925 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. TO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES.

  • AVAILABILITY OF 15 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME.

As filed on the 2024 return.

Listed in Part VII

  • Doris Dahl

    CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.7

  • David Vukelich

    BOARD VICE CHAIR

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.1

  • Nicole Barker

    BOARD SECRETARY & TREASURER

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.1

  • John Gilbert

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Russ Salgy

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.1

  • Jennie Siebert

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Peter Vang

    DIRECTOR

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Rodney Bibeau

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.3

  • Joe Wolff

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Dianne Carlson

    EMERITUS DIRECTOR

    Total calculated
    $2,750
    From this org
    $2,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Mary Krohn

    ASSOCIATE DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nial Andre Muson Klyn

    ASSOCIATE DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Stephen Ewers

    PRESIDENT/CEO

    Total calculated
    $610,433
    From this org
    $556,461
    From related orgs
    $0
    Other
    $53,972
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $505,589
    Bonus
    $0
    Other
    $50,872
    Deferred
    $17,250
    Nontaxable benefits
    $36,722
    Filer's total
    $610,433

  • Ralph Hamann

    CFO/CHRO

    Total calculated
    $463,444
    From this org
    $397,179
    From related orgs
    $0
    Other
    $66,265
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $346,361
    Bonus
    $17,227
    Other
    $33,591
    Deferred
    $28,941
    Nontaxable benefits
    $37,324
    Filer's total
    $463,444

  • Janet Vold

    CIO/COO

    Total calculated
    $474,838
    From this org
    $412,677
    From related orgs
    $0
    Other
    $62,161
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $340,704
    Bonus
    $16,853
    Other
    $55,120
    Deferred
    $28,912
    Nontaxable benefits
    $33,249
    Filer's total
    $474,838

  • Stephan Glonchak

    CHIEF LENDING OFFICER

    Total calculated
    $372,340
    From this org
    $334,187
    From related orgs
    $0
    Other
    $38,153
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $292,586
    Bonus
    $14,178
    Other
    $27,423
    Deferred
    $29,489
    Nontaxable benefits
    $8,664
    Filer's total
    $372,340

  • Simone Suri

    GENERAL COUNSEL

    Total calculated
    $395,231
    From this org
    $339,660
    From related orgs
    $0
    Other
    $55,571
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $290,869
    Bonus
    $14,392
    Other
    $34,399
    Deferred
    $29,215
    Nontaxable benefits
    $26,356
    Filer's total
    $395,231

  • Brae Olson

    VP MARKETING

    Total calculated
    $208,990
    From this org
    $182,816
    From related orgs
    $0
    Other
    $26,174
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $182,756
    Bonus
    $0
    Other
    $60
    Deferred
    $9,316
    Nontaxable benefits
    $16,858
    Filer's total
    $208,990

  • Susan Shold

    VP HUMAN RESOURCES

    Total calculated
    $187,886
    From this org
    $162,987
    From related orgs
    $0
    Other
    $24,899
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $162,729
    Bonus
    $0
    Other
    $258
    Deferred
    $8,409
    Nontaxable benefits
    $16,490
    Filer's total
    $187,886

  • Andy Joneson

    VP IT

    Total calculated
    $200,915
    From this org
    $175,366
    From related orgs
    $0
    Other
    $25,549
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $175,276
    Bonus
    $0
    Other
    $90
    Deferred
    $18,012
    Nontaxable benefits
    $7,537
    Filer's total
    $200,915

  • Marisa Jerama

    VP RETAIL MANAGEMENT

    Total calculated
    $192,692
    From this org
    $159,669
    From related orgs
    $0
    Other
    $33,023
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $159,579
    Bonus
    $0
    Other
    $90
    Deferred
    $16,289
    Nontaxable benefits
    $16,734
    Filer's total
    $192,692

  • Cory Stenson

    MORTGAGE MANAGER

    Total calculated
    $182,613
    From this org
    $153,472
    From related orgs
    $0
    Other
    $29,141
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,084
    Bonus
    $250
    Other
    $138
    Deferred
    $15,646
    Nontaxable benefits
    $13,495
    Filer's total
    $182,613

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 · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 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
AIR FARE FOR SPOUSE FOR 3 BOARD MEMBERS FOR BOARD CONFERENCE
PART I, LINE 1B
BOARD MEMBERS RECEIVE 1099'S; NOT W2'S.
PART I, LINE 3
CEO COMPENSATION BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY BOARD. CHIEFS AND GENERAL COUNSEL ALSO BASED ON RANGE PROVIDED BY D HILTON AND APPROVED BY CEO. THE CEO REVIEWS SALARY SURVEY RESULTS FROM ADP PAYSCALE BASED ON JOB DESCRIPTIONS OF OTHER OFFICERS AND KEY EMPLOYEES. SALARY SURVEYS ARE USED TO DETERMINE SALARY RANGE.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MEMBERS DIRECT INSURANCE AGENCY

    INSURANCE · MN · income $0 · assets $0

    Directly controlled by MEMBERS COOPERATIVE CREDIT UNION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LAKEHEAD FINANCIAL MANAGEMENT INC

    C · CREDIT UNION SERVICE ORGANIZATION · MN · 100% owned

    Directly controlled by MEMBERS COOPERATIVE CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.2
Source object
202503119349304760

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