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Nonprofiteer
← TRUSTONE FINANCIAL CREDIT UNION

Form 990 for tax year 2024

Filed by TRUSTONE FINANCIAL CREDIT UNION.

Totals

Total revenue
$323,047,344
Total expenses
$267,150,782
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$235,872,286
Investment income
$87,059,973
Other revenue
$115,085
Total assets, end of year
$5,423,588,090
Total liabilities, end of year
$4,901,914,895
Net assets or fund balances, end of year
$521,673,195
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 $204,180,330 · related or exempt $204,180,330

  • 2b · Program service revenue: MISC OPERATING INCOME

    total $18,905,605 · related or exempt $18,905,605

  • 2c · Program service revenue: FEE INCOME

    total $12,786,351 · related or exempt $12,089,399 · unrelated business $696,952

  • 3 · Investment income

    total $76,006,201 · excluded $76,006,201

  • 7a · Gross sales of assets other than inventory

    securities $6,785,015 · other assets $13,736,380

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

    securities $0 · other assets $9,467,623

  • 7c · Gain or loss

    securities $6,785,015 · other assets $4,268,757

  • 7d · Net gain or loss

    total $11,053,772 · excluded $11,053,772

  • 11a · Other revenue: OTHER NON-INTEREST INCOME(EXPENSE

    total $115,085 · related or exempt $115,085

  • 11e · Other revenue, total

    $115,085

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $102,107,216

  • 5 · Compensation of officers, directors and key employees

    total $4,541,531

  • 7 · Other salaries and wages

    total $40,397,635

  • 8 · Pension plan contributions

    total $3,302,134

  • 9 · Other employee benefits

    total $8,821,406

  • 10 · Payroll taxes

    total $3,335,682

  • 11a · Fees: management

    total $632,244

  • 11b · Fees: legal

    total $241,293

  • 11c · Fees: accounting

    total $181,091

  • 11g · Fees: other

    total $7,791,863

  • 12 · Advertising and promotion

    total $4,570,504

  • 13 · Office expenses

    total $13,297,673

  • 16 · Occupancy

    total $4,396,975

  • 17 · Travel

    total $1,020,887

  • 20 · Interest

    total $52,258,531

  • 22 · Depreciation, depletion and amortization

    total $4,618,720

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $9,976,460

  • 24b · Other expenses: LOAN SERVICING

    total $3,460,787

  • 24c · Other expenses: MISCELLANEOUS

    total $2,054,121

  • 24d · Other expenses: SUPERVISION EXPENSES

    total $144,029

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $69,468,656 · end of year $68,083,500

  • 2 · Savings and temporary cash investments

    beginning of year $144,730,550 · end of year $202,097,068

  • 4 · Accounts receivable

    beginning of year $3,073,133 · end of year $3,846,060

  • 5 · Loans and receivables from officers and key people

    beginning of year $41,071,265 · end of year $40,878,900

  • 7 · Other notes and loans receivable

    beginning of year $3,749,787,410 · end of year $3,892,800,888

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,421,699 · end of year $4,227,631

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

    $99,290,003

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

    $49,327,596

  • 10c · Land, buildings and equipment, net

    beginning of year $52,102,553 · end of year $49,962,407

  • 12 · Investments: other securities

    beginning of year $29,345,400 · end of year $39,378,200

  • 13 · Investments: program-related

    beginning of year $763,735,229 · end of year $972,804,885

  • 14 · Intangible assets

    beginning of year $22,007,703 · end of year $21,983,950

  • 15 · Other assets

    beginning of year $124,403,304 · end of year $127,524,601

  • 17 · Accounts payable and accrued expenses

    beginning of year $54,433,070 · end of year $39,483,516

  • 21 · Escrow or custodial account liability

    beginning of year $11,994,181 · end of year $13,035,000

  • 23 · Secured mortgages and notes payable

    beginning of year $549,000,000 · end of year $615,000,000

  • 25 · Other liabilities

    beginning of year $3,929,075,923 · end of year $4,234,396,379

  • 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 $458,643,728 · end of year $521,673,195

Mission and programs · 2024

Mission

WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING.

  • LOANS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 124,248 LOANS OUTSTANDING AS OF 12/31/24 WITH BALANCES OF $3,922,650,328.

  • DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 484,338 ACCOUNTS WITH DEPOSITS OF $4,233,878,443 AS OF 12/31/24.

As filed on the 2024 return.

Listed in Part VII

  • John Christenson

    CHAIR

    Total calculated
    $3,281
    From this org
    $3,281
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Darrick Metz

    VICE CHAIR

    Total calculated
    $4,290
    From this org
    $4,290
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Doug Nesbit

    TREASUER

    Total calculated
    $4,861
    From this org
    $4,861
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Anne Ziebell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Jennifer Whitlock

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lori Bonin

    DIRECTOR

    Total calculated
    $2,612
    From this org
    $2,612
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Samuel Stern

    DIRECTOR

    Total calculated
    $4,730
    From this org
    $4,730
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steve Hunziker

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Sackett

    SECRETARY

    Total calculated
    $2,662
    From this org
    $2,662
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Steve Bohlig

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kevin Crane

    DIRECTOR

    Total calculated
    $2,834
    From this org
    $2,834
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Bruce Whitmore

    DIRECTOR

    Total calculated
    $2,899
    From this org
    $2,899
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Tom Alagna

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Dale Turner

    PRESIDENT/CEO

    Total calculated
    $1,150,085
    From this org
    $1,096,411
    From related orgs
    $0
    Other
    $53,674
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $781,411
    Bonus
    $315,000
    Other
    $0
    Deferred
    $39,570
    Nontaxable benefits
    $14,104
    Filer's total
    $1,150,085

  • Steven Steen

    EVP/CHIEF RETAIL OFFICER

    Total calculated
    $436,759
    From this org
    $376,066
    From related orgs
    $0
    Other
    $60,693
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,855
    Bonus
    $82,211
    Other
    $0
    Deferred
    $35,505
    Nontaxable benefits
    $25,188
    Filer's total
    $436,759

  • Daniel Zaczkowski

    EVP/CHIEF FINANCIAL OFFICER

    Total calculated
    $478,252
    From this org
    $409,645
    From related orgs
    $0
    Other
    $68,607
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $319,004
    Bonus
    $90,641
    Other
    $0
    Deferred
    $34,318
    Nontaxable benefits
    $34,289
    Filer's total
    $478,252

  • Gary Jeter

    EVP/CHIEF TECHNOLOGY OFFICER

    Total calculated
    $469,727
    From this org
    $410,206
    From related orgs
    $0
    Other
    $59,521
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $313,922
    Bonus
    $96,284
    Other
    $0
    Deferred
    $34,333
    Nontaxable benefits
    $25,188
    Filer's total
    $469,727

  • Hans Iverson

    EVP/CHIEF OPERATIONS OFFICER

    Total calculated
    $436,328
    From this org
    $366,617
    From related orgs
    $0
    Other
    $69,711
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,017
    Bonus
    $79,600
    Other
    $0
    Deferred
    $35,950
    Nontaxable benefits
    $33,761
    Filer's total
    $436,328

  • Philip Young

    EVP/CHIEF LEGAL OFFICER

    Total calculated
    $455,465
    From this org
    $389,324
    From related orgs
    $0
    Other
    $66,141
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,583
    Bonus
    $90,741
    Other
    $0
    Deferred
    $35,080
    Nontaxable benefits
    $31,061
    Filer's total
    $455,465

  • Martin Kelly

    EVP/CHIEF MARKETING OFFICER

    Total calculated
    $340,121
    From this org
    $275,569
    From related orgs
    $0
    Other
    $64,552
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,795
    Bonus
    $58,774
    Other
    $0
    Deferred
    $29,561
    Nontaxable benefits
    $34,991
    Filer's total
    $340,121

  • Nicole Hahn Dempster

    EVP/CHIEF PEOPLE OFFICER

    Total calculated
    $360,363
    From this org
    $316,178
    From related orgs
    $0
    Other
    $44,185
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,924
    Bonus
    $73,254
    Other
    $0
    Deferred
    $31,543
    Nontaxable benefits
    $12,642
    Filer's total
    $360,363

  • Nathan Grunzke

    EVP/CHIEF MORTGAGE OFFICER

    Total calculated
    $371,262
    From this org
    $328,919
    From related orgs
    $0
    Other
    $42,343
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,899
    Bonus
    $70,020
    Other
    $0
    Deferred
    $32,089
    Nontaxable benefits
    $10,254
    Filer's total
    $371,262

  • Jeff Erpelding

    AVP/FINANCIAL ADVISOR

    Total calculated
    $511,698
    From this org
    $441,987
    From related orgs
    $0
    Other
    $69,711
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $62,365
    Bonus
    $379,622
    Other
    $0
    Deferred
    $35,950
    Nontaxable benefits
    $33,761
    Filer's total
    $511,698

  • Jeffrey Zajac

    MORTGAGE AREA SALES MANAGE

    Total calculated
    $484,081
    From this org
    $426,275
    From related orgs
    $0
    Other
    $57,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $31,345
    Bonus
    $394,930
    Other
    $0
    Deferred
    $30,027
    Nontaxable benefits
    $27,779
    Filer's total
    $484,081

  • Jolee McDevitt

    MORTGAGE CONSULTANT

    Total calculated
    $296,445
    From this org
    $268,392
    From related orgs
    $0
    Other
    $28,053
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $25,534
    Bonus
    $242,858
    Other
    $0
    Deferred
    $28,053
    Nontaxable benefits
    $0
    Filer's total
    $296,445

  • Eric Feld

    MORTGAGE CONSULTANT

    Total calculated
    $326,555
    From this org
    $267,446
    From related orgs
    $0
    Other
    $59,109
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $15,522
    Bonus
    $251,924
    Other
    $0
    Deferred
    $25,118
    Nontaxable benefits
    $33,991
    Filer's total
    $326,555

  • Matthew Berna

    MORTGAGE CONSULTANT

    Total calculated
    $353,794
    From this org
    $294,701
    From related orgs
    $0
    Other
    $59,093
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $12,918
    Bonus
    $281,783
    Other
    $0
    Deferred
    $25,102
    Nontaxable benefits
    $33,991
    Filer's total
    $353,794

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 · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 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)

PART I, LINE 1A
OCCASIONALLY BOARD OR EXECUTIVE MEMBERS TRAVEL FIRST CLASS. SPOUSES/SIGNIFICANT OTHERS ALSO TRAVEL FOR STRATEGIC PLANNING TRIPS. SPOUSES/SIGNIFICANT OTHERS WERE ISSUED A 1099 IF OVER $600 WAS PAID FOR TRAVEL. PRESIDENT/CEO HAS A SOCIAL CLUB MEMBERSHIP. TRAVEL (INCLUDING FIRST CLASS RESERVATIONS) REQUIRED FOR TRUSTONE EMPLOYEES TO CONDUCT BUSINESS IS NOT INCLUDED ON W-2'S. 1099'S ARE ISSUED TO SPOUSES/SIGNIFICANT OTHERS FOR TRAVEL OVER $600. SOCIAL CLUB MEMBERSHIP IS USED FOR BUSINESS PURPOSES.
PART I, LINE 3
CEO SALARY IS DETERMINED BY THE BOARD OF DIRECTORS AND BENCHMARKED TO CURRENT COMPENSATION SALARY INFORMATION BASED UPON PERFORMANCE AND TENURE.
PART I, LINE 4B
DALE TURNER - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 GARY JETER - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 STEVEN STEEN - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 DANIEL ZACZKOWSKI - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 PHILIP YOUNG - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 NATHAN GRUNZKE - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 HANS IVERSON - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024

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.

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.

  • TRUSTONE FINANCIAL FOUNDATION

    501(C)(3) · FINANCIAL EDUCATION & SCHOLARSHIPS FOR EDUCATION PROGRAMS · MN

    Directly controlled by TRUSTONE FINANCIAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
11 November 2025
IRS schema version
2024v5.2
Source object
202513169349303046

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