Form 990 for tax year 2022

Filed by CO-OP CREDIT UNION OF MONTEVIDEO.

Totals

Total revenue: $13,722,372
Total expenses: $9,240,563
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $12,056,554
Investment income: $1,665,818
Other revenue: $0
Total assets, end of year: $359,509,912
Total liabilities, end of year: $312,234,540
Net assets or fund balances, end of year: $47,275,372
Program services expenses (Part IX): $0
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: MEMBER

total $12,037,954 · related or exempt $12,037,954 · unrelated business $0 · excluded $0
2b · Program service revenue: NON-MEMBER

total $18,600 · related or exempt $0 · unrelated business $18,600 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $1,665,818 · related or exempt $1,665,818 · unrelated business $0 · excluded $0
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6c · Rental income or loss

real property $0 · personal property $0
7c · Gain or loss

securities $0 · other assets $0
8a · Fundraising events: contributions included on line 1c

$0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

4 · Benefits paid to or for members

total $1,501,120
5 · Compensation of officers, directors and key employees

total $1,319,581
7 · Other salaries and wages

total $1,938,961
8 · Pension plan contributions

total $139,515
9 · Other employee benefits

total $329,370
10 · Payroll taxes

total $226,481
11g · Fees: other

total $654,058
12 · Advertising and promotion

total $116,312
16 · Occupancy

total $254,872
19 · Conferences, conventions and meetings

total $24,926
20 · Interest

total $89,421
22 · Depreciation, depletion and amortization

total $356,573
23 · Insurance

total $94,000
24a · Other expenses: OFFICE OPERATIONS

total $1,397,323
24b · Other expenses: PROVISION FOR LOAN LOSSES

total $476,555
24c · Other expenses: DUES

total $42,828
24d · Other expenses: LOAN SERVICING EXPENSE

total $203,516
24e · All other expenses

total $75,151

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $64,631,140 · end of year $13,139,883
4 · Accounts receivable

beginning of year $184,808,570 · end of year $203,699,594
9 · Prepaid expenses and deferred charges

beginning of year $141,282 · end of year $268,894
10a · Land, buildings and equipment: cost or other basis

$9,918,373
10b · Land, buildings and equipment: accumulated depreciation

$3,115,847
10c · Land, buildings and equipment, net

beginning of year $7,053,621 · end of year $6,802,526
12 · Investments: other securities

beginning of year $46,790,234 · end of year $77,378,723
13 · Investments: program-related

beginning of year $20,541,718 · end of year $52,626,122
15 · Other assets

beginning of year $4,857,282 · end of year $5,594,170
17 · Accounts payable and accrued expenses

beginning of year $3,137,984 · end of year $3,210,633
23 · Secured mortgages and notes payable

beginning of year $3,320,823 · end of year $2,734,092
25 · Other liabilities

beginning of year $279,571,477 · end of year $306,289,815
27 · Net assets without donor restrictions

beginning of year $42,793,563 · end of year $47,275,372
28 · Net assets with donor restrictions

beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPOXIMATELY 16,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

Activities or mission (Part I)

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 15,500 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTEMENT OPTIONS, AND LOANS FOR APPROXIMATELY 16,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

As filed on the 2022 return.

Listed in Part VII

Kayla ReiffenbergerKAYLA REIFFENBERGER

PRESIDENT/CEO

Total calculated

$440,050

From this org

$355,361

From related orgs

$0

Other

$84,689

Hours/week

40

Schedule J breakdown matched by us

Base

$235,605

Bonus

$128,566

Other

$0

Deferred

$59,400

Nontaxable benefits

$14,134

Filer's total

$437,705
Daniel PieperDANIEL PIEPER

CHIEF CREDIT OFFICER

Total calculated

$189,643

From this org

$154,252

From related orgs

$0

Other

$35,391

Hours/week

40

Schedule J breakdown matched by us

Base

$160,336

Bonus

$5,806

Other

$0

Deferred

$13,280

Nontaxable benefits

$9,606

Filer's total

$189,028
Brian SamuelsonBRIAN SAMUELSON

VICE PRESIDENT OF LENDING

Total calculated

$162,344

From this org

$116,516

From related orgs

$0

Other

$45,828

Hours/week

40

Schedule J breakdown matched by us

Base

$127,112

Bonus

$5,674

Other

$0

Deferred

$10,612

Nontaxable benefits

$18,331

Filer's total

$161,729
Loren HansenLOREN HANSEN

LOAN OFFICER

Total calculated

$141,252

From this org

$112,894

From related orgs

$0

Other

$28,358

Hours/week

40
Susan HillerenSUSAN HILLEREN

COO

Total calculated

$135,860

From this org

$102,631

From related orgs

$0

Other

$33,229

Hours/week

40
Ruth SchoenRUTH SCHOEN

CHIEF COMPLIANCE OFFICER

Total calculated

$129,500

From this org

$106,071

From related orgs

$0

Other

$23,429

Hours/week

40
Anna SprayANNA SPRAY

CFO

Total calculated

$116,234

From this org

$106,924

From related orgs

$0

Other

$9,310

Hours/week

40
Barb PedersonBARB PEDERSON

SUPERVISORY CHAIRPERSON

Total calculated

$1,008

From this org

$1,008

From related orgs

$0

Other

$0

Hours/week

0
Mark TastadMARK TASTAD

BOARD OFFICER

Total calculated

$848

From this org

$848

From related orgs

$0

Other

$0

Hours/week

0
Jason FrenchJASON FRENCH

CHAIRPERSON

Total calculated

$813

From this org

$813

From related orgs

$0

Other

$0

Hours/week

0
Diane DieterDIANE DIETER

VICE CHAIRPERSON

Total calculated

$723

From this org

$723

From related orgs

$0

Other

$0

Hours/week

0
Peter SchmitzPETER SCHMITZ

SECRETARY

Total calculated

$683

From this org

$683

From related orgs

$0

Other

$0

Hours/week

0
Kyle KranzKYLE KRANZ

BOARD MEMBER

Total calculated

$660

From this org

$660

From related orgs

$0

Other

$0

Hours/week

0
Patrick CarruthPATRICK CARRUTH

BOARD MEMBER

Total calculated

$0

Hours/week

0
Korwin JohnsonKORWIN JOHNSON

BOARD MEMBER

Total calculated

$0

Hours/week

0
Ronda OlsonRONDA OLSON

SUPERVISORY MEMBER

Total calculated

$0

Hours/week

0
Aaron JaenischAARON JAENISCH

SUPERVISORY MEMBER

Total calculated

$0

Hours/week

0

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

3 · Approval by the board or compensation committee
4b · Supplemental nonqualified retirement plan

Answered no

4a · Severance or change-of-control payment
4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4: KAYLA REIFFENBERGER IS A PARTICIPANT INA 457(f) PLAN AND A 457(b) PLAN.

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: 2022
Filed: 14 November 2023
IRS schema version: 2022v5.0
Source object: 202313189349315176

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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