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Nonprofiteer
← MEMBERS COOPERATIVE CREDIT UNION

Form 990 for tax year 2023

Filed by MEMBERS COOPERATIVE CREDIT UNION.

Totals

Total revenue
$60,672,514
Total expenses
$60,581,870
Contributions and grants received
$0
Grants paid
$199,967
Program service revenue
$54,391,833
Investment income
$6,280,681
Other revenue
$0
Total assets, end of year
$1,193,596,347
Total liabilities, end of year
$1,093,620,853
Net assets or fund balances, end of year
$99,975,494
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 $42,172,233 · related or exempt $42,172,233

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $6,700,059 · related or exempt $6,700,059

  • 2c · Program service revenue: FEE INCOME

    total $5,519,541 · related or exempt $5,126,652 · unrelated business $392,889

  • 3 · Investment income

    total $4,372,467 · excluded $4,372,467

  • 7a · Gross sales of assets other than inventory

    securities $26,510,226 · other assets $1,107,468

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

    securities $24,509,953 · other assets $1,199,527

  • 7c · Gain or loss

    securities $2,000,273 · other assets -$92,059

  • 7d · Net gain or loss

    total $1,908,214 · excluded $1,908,214

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $199,967

  • 4 · Benefits paid to or for members

    total $12,589,861

  • 5 · Compensation of officers, directors and key employees

    total $2,579,432

  • 7 · Other salaries and wages

    total $13,927,526

  • 8 · Pension plan contributions

    total $2,138,598

  • 9 · Other employee benefits

    total $2,342,454

  • 10 · Payroll taxes

    total $1,424,668

  • 11b · Fees: legal

    total $21,610

  • 11c · Fees: accounting

    total $225,155

  • 11g · Fees: other

    total $1,006,891

  • 12 · Advertising and promotion

    total $881,484

  • 13 · Office expenses

    total $5,954,507

  • 16 · Occupancy

    total $1,616,286

  • 17 · Travel

    total $45,382

  • 19 · Conferences, conventions and meetings

    total $251,041

  • 20 · Interest

    total $4,228,402

  • 22 · Depreciation, depletion and amortization

    total $1,833,696

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $3,892,986

  • 24b · Other expenses: MISCELLANEOUS OPERATING

    total $3,694,911

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $1,677,632

  • 24d · Other expenses: OPERATING FEES

    total $49,381

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $51,329,412 · end of year $41,843,102

  • 4 · Accounts receivable

    beginning of year $1,225,633 · end of year $683,160

  • 5 · Loans and receivables from officers and key people

    beginning of year $9,149,810 · end of year $8,903,532

  • 7 · Other notes and loans receivable

    beginning of year $914,315,580 · end of year $959,391,667

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,782,736 · end of year $1,553,215

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

    $50,497,337

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

    $19,990,578

  • 10c · Land, buildings and equipment, net

    beginning of year $29,730,631 · end of year $30,506,759

  • 11 · Investments: publicly traded securities

    beginning of year $58,946,239 · end of year $56,969,817

  • 12 · Investments: other securities

    beginning of year $9,129,500 · end of year $7,036,414

  • 13 · Investments: program-related

    beginning of year $13,744,876 · end of year $52,498,445

  • 15 · Other assets

    beginning of year $62,946,295 · end of year $34,210,236

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,842,722 · end of year $20,625,306

  • 23 · Secured mortgages and notes payable

    beginning of year $90,500,000 · end of year $109,500,000

  • 25 · Other liabilities

    beginning of year $952,712,721 · end of year $963,495,547

  • 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 $99,245,269 · end of year $99,975,494

Mission and programs · 2023

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 $12.59 MILLION WAS PAID TO MEMBERS IN 2023 ON 127,664 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS.

  • 29,403 LOANS TOTALING OVER $938 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ALSO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES.

  • AVAILABILITY OF 13 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 2023 return.

Listed in Part VII

  • Doris Dahl

    CHAIR

    Total calculated
    $18,790
    From this org
    $18,790
    From related orgs
    $0
    Other
    $0
    Hours/week
    14.7

  • David Vukelich

    BOARD VICE CHAIR

    Total calculated
    $12,716
    From this org
    $12,716
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.1

  • Nicole Barker

    BOARD SECRETARY & TREASURER

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.1

  • Theresa Dandrea

    DIRECTOR

    Total calculated
    $1,700
    From this org
    $1,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.6

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

  • Peter Vang

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    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
    $6,591
    From this org
    $6,591
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Dianne Carlson

    EMERITUS DIRECTOR

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

  • Mary Krohn

    ASSOCIATE DIRECTOR

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nial Andre Muson Klyn

    ASSOCIATE DIRECTOR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Stephen Ewers

    PRESIDENT/CEO

    Total calculated
    $596,088
    From this org
    $543,424
    From related orgs
    $0
    Other
    $52,664
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $475,456
    Bonus
    $0
    Other
    $67,968
    Deferred
    $16,500
    Nontaxable benefits
    $36,164
    Filer's total
    $596,088

  • Ralph Hamann

    CFO/CHRO

    Total calculated
    $420,915
    From this org
    $351,009
    From related orgs
    $0
    Other
    $69,906
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $333,178
    Bonus
    $350
    Other
    $17,481
    Deferred
    $29,127
    Nontaxable benefits
    $40,779
    Filer's total
    $420,915

  • Janet Vold

    CIO/COO

    Total calculated
    $430,381
    From this org
    $368,941
    From related orgs
    $0
    Other
    $61,440
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $326,656
    Bonus
    $0
    Other
    $42,285
    Deferred
    $29,431
    Nontaxable benefits
    $32,009
    Filer's total
    $430,381

  • Stephan Glonchak

    CHIEF LENDING OFFICER

    Total calculated
    $400,868
    From this org
    $368,757
    From related orgs
    $0
    Other
    $32,111
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $331,635
    Bonus
    $0
    Other
    $37,122
    Deferred
    $29,410
    Nontaxable benefits
    $2,701
    Filer's total
    $400,868

  • Simone Suri

    GENERAL COUNSEL

    Total calculated
    $374,978
    From this org
    $318,312
    From related orgs
    $0
    Other
    $56,666
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $279,888
    Bonus
    $0
    Other
    $38,424
    Deferred
    $28,816
    Nontaxable benefits
    $27,850
    Filer's total
    $374,978

  • Ryanne Battaglia

    CMO

    Total calculated
    $268,405
    From this org
    $255,011
    From related orgs
    $0
    Other
    $13,394
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $117,776
    Bonus
    $0
    Other
    $137,235
    Deferred
    $12,268
    Nontaxable benefits
    $1,126
    Filer's total
    $268,405

  • Brae Olson

    VP MARKETING

    Total calculated
    $200,027
    From this org
    $177,617
    From related orgs
    $0
    Other
    $22,410
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $174,146
    Bonus
    $0
    Other
    $3,471
    Deferred
    $9,036
    Nontaxable benefits
    $13,374
    Filer's total
    $200,027

  • Paul Miller

    VP DATA AND ANALYTICS

    Total calculated
    $199,067
    From this org
    $175,457
    From related orgs
    $0
    Other
    $23,610
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $139,209
    Bonus
    $3,330
    Other
    $32,918
    Deferred
    $6,653
    Nontaxable benefits
    $16,957
    Filer's total
    $199,067

  • Andy Joneson

    VP IT

    Total calculated
    $194,848
    From this org
    $166,569
    From related orgs
    $0
    Other
    $28,279
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $166,479
    Bonus
    $0
    Other
    $90
    Deferred
    $17,481
    Nontaxable benefits
    $10,798
    Filer's total
    $194,848

  • Jeffrey Stanley

    VP DIGITAL SERVICES

    Total calculated
    $193,693
    From this org
    $165,235
    From related orgs
    $0
    Other
    $28,458
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $132,110
    Bonus
    $0
    Other
    $33,125
    Deferred
    $6,336
    Nontaxable benefits
    $22,122
    Filer's total
    $193,693

  • Cory Stenson

    MORTGAGE MANAGER

    Total calculated
    $190,644
    From this org
    $161,388
    From related orgs
    $0
    Other
    $29,256
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $155,408
    Bonus
    $0
    Other
    $5,980
    Deferred
    $16,454
    Nontaxable benefits
    $12,802
    Filer's total
    $190,644

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
  • 4a · Severance or change-of-control payment

Answered no

  • 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, LINE 4A
RYANNE BATTAGLIA - SEVERANCE PAY - CURRENT YEAR AMOUNT: $120,992. PLAN DESCRIPTION: POSITION WAS ELIMINATED; AS SUCH, SEVERANCE PAY WAS GIVEN UPON TERMINATION AS PART OF EMPLOYMENT AGREEMENT

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

    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
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202403179349302690

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