Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOAN INTEREST INCOME

  total $34,219,054 · related or exempt $34,219,054

• 2b · Program service revenue: OTHER OPERATING INCOME

  total $7,247,814 · related or exempt $7,247,814

• 2c · Program service revenue: FEE INCOME

  total $5,630,701 · related or exempt $5,327,482 · unrelated business $303,219

• 3 · Investment income

  total $2,349,959 · excluded $2,349,959

• 7a · Gross sales of assets other than inventory

  securities $18,339,291 · other assets $2,200,871

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

  securities $21,188,608 · other assets $2,371,835

• 7c · Gain or loss

  securities -$2,849,317 · other assets -$170,964

• 7d · Net gain or loss

  total -$3,020,281 · excluded -$3,020,281

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $181,419

• 4 · Benefits paid to or for members

  total $5,491,436

• 5 · Compensation of officers, directors and key employees

  total $3,273,168

• 7 · Other salaries and wages

  total $13,116,845

• 8 · Pension plan contributions

  total $1,599,437

• 9 · Other employee benefits

  total $2,304,546

• 10 · Payroll taxes

  total $1,485,733

• 11b · Fees: legal

  total $20,703

• 11c · Fees: accounting

  total $172,009

• 11g · Fees: other

  total $2,013,668

• 12 · Advertising and promotion

  total $593,876

• 13 · Office expenses

  total $4,981,523

• 16 · Occupancy

  total $1,648,331

• 17 · Travel

  total $31,744

• 19 · Conferences, conventions and meetings

  total $367,055

• 20 · Interest

  total $1,836,455

• 22 · Depreciation, depletion and amortization

  total $1,811,665

• 24a · Other expenses: MISCELLANEOUS OPERATING

  total $3,122,265

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $2,088,783

• 24c · Other expenses: PROVISION FOR LOAN LOSS

  total $601,968

• 24d · Other expenses: OPERATING FEES

  total $35,000

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $110,665,216 · end of year $51,329,412

• 2 · Savings and temporary cash investments

  beginning of year $1,245,000

• 4 · Accounts receivable

  beginning of year $898,097 · end of year $1,225,633

• 5 · Loans and receivables from officers and key people

  beginning of year $9,212,698 · end of year $9,149,810

• 7 · Other notes and loans receivable

  beginning of year $734,051,563 · end of year $914,315,580

• 9 · Prepaid expenses and deferred charges

  beginning of year $2,551,365 · end of year $1,782,736

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

  $48,146,508

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

  $18,415,877

• 10c · Land, buildings and equipment, net

  beginning of year $30,481,813 · end of year $29,730,631

• 11 · Investments: publicly traded securities

  beginning of year $94,379,727 · end of year $58,946,239

• 12 · Investments: other securities

  beginning of year $15,224,181 · end of year $9,129,500

• 13 · Investments: program-related

  beginning of year $9,868,113 · end of year $13,744,876

• 15 · Other assets

  beginning of year $55,822,783 · end of year $62,946,295

• 17 · Accounts payable and accrued expenses

  beginning of year $9,511,641 · end of year $9,842,722

• 23 · Secured mortgages and notes payable

  end of year $90,500,000

• 24 · Unsecured notes and loans payable

  beginning of year $17,500,000

• 25 · Other liabilities

  beginning of year $929,014,326 · end of year $952,712,721

• 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 $108,374,589 · end of year $99,245,269

The filer's explanations (Part III)

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

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