2023-11-13T13:10:30-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410840716 SMW FINANCIAL CREDIT UNION SMWF 5077471580 700 APOLLO DR LINO LAKES MN 55014 JEFF ELLINGSON CHIEF FINANCIAL OFFICER 6517471580 2023-11-13 1 JEFF ELLINGSON 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ERIN MCNAMARA 700 APOLLO DR LINO LAKES MN 55014 5323901 0 X WWW.SMWFCU.COM X CREDIT UNION 1953 MN BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES. 5 5 22 7 12337 0 0 0 3814864 3357733 178375 494323 0 0 3993239 3852056 2752 2350 268627 214940 1599459 1482492 0 0 0 1774126 1781112 3644964 3480894 348275 371162 93612043 90556222 85226900 83152181 8385143 7404041 SMW FINANCIAL CREDIT UNION'S MISSION IS TO BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES FOR OUR MEMBERS. MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS, WORSHIPS, GOES TO SCHOOL OR VOLUNTEERS IN ANOKA, HENNEPIN, RAMSEY OR WASHINGTON COUNTIES OF MINNESOTA. 0 0 PROVIDED LOW COST FINANCIAL SERVICES TO 5,438 MEMBERS. SERVED MEMBERS INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1808 0 22 1 1 1 0 0 0 0 0 0 0 0 0 X 5 5 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 X JEFF ELLINGSON 6517471560 700 APOLLO DR LINO LAKES MN 55014 MICHAEL T DAY CHAIRMAN 1.00 X X 0 0 0 SCOTT W KLOETZKE DIRECTOR 1.00 X 0 0 0 JAY R STRUB DIRECTOR 1.00 X 0 0 0 MICHAEL G TRUDEAU DIRECTOR 1.00 X 0 0 0 JAMES WRIGHT DIRECTOR 1.00 X 0 0 0 STEVEN HAUSER PRESIDENT/CEO 40.00 X 142586 0 9736 JEFF ELLINGSON CFO 40.00 X 107472 0 7369 DAN PIILOLA VP IT 40.00 X 107371 0 6666 VICTORIA ZAHLER-HANSON VP MARKETING 40.00 X 33507 0 3616 ERIN MCNAMARA PRESIDENT/CEO 40.00 X 118469 0 8617 LINDSEY PALIN MORTGAGE ORIGINATOR 40.00 X 126792 0 8336 636197 0 44340 5 0 1 0 FINESTRA PO BOX 53512 ATLANTA GA 50324 DATA PROCESSING/SOFTWARE 148551 1 LOAN INTEREST 522100 2175654 2175654 FEES & CHARGES 522100 617596 605259 12337 OTHER OPERATING INCOME 524298 564483 564483 3357733 498353 498353 1466445 1370 1470000 1845 -3555 -475 -4030 -4030 3852056 3345396 12337 494323 X 2350 214940 680537 510331 99302 87350 104972 11486 37464 463125 94859 225497 343853 203202 9249 335 168298 LOAN SERVICING 88352 MISC OPERATING EXPENSE 76644 PROVISION FOR LOAN LOSS 43473 DUES & SUBSCRIPTIONS 15275 3480894 597486 594232 14642237 5599765 53305471 56824093 179424 181353 8047872 4826798 3382887 3221074 9889081 17125819 5106400 3151800 6509057 3858086 93612043 90556222 113237 241006 85113663 82911175 85226900 83152181 X 0 0 0 0 8385143 7404041 8385143 7404041 93612043 90556222 371162 -1352264 0 X X 0 1 X 0 0 0 0 1044109 1044109 4621640 2584759 2036881 2382123 2242039 140084 3221074 TOTAL SHARES AND DEPOSITS 82911175 82911175 X 3852056 0 3852056 0 3852056 3480894 0 3480894 0 3480894 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD AS OF THE 2021 CALENDAR YEAR. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 THROUGH 2021 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION, AND THEREFORE IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. 0 0 0 STEVEN HAUSER PRESIDENT/CEO 142586 0 0 0 0 0 7103 0 2633 0 152322 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE CLASS OF MEMBERSHIP. MEMBERSHIP IS COMPOSED OF THOSE WHO LIVE, WORK, WORSHIP, VOLUNTEER, ATTEND SCHOOL, OR CONDUCT BUSINESS IN AND OTHER LEGAL ENTITIES IN ANOKA, HENNEPIN, RAMSEY, AND WASHINGTON COUNTIES, MINNESOTA AND PAY THE INITIAL INSTALLMENT THEREON AND ENTRANCE FEE IF ANY. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN CREDIT UNION REGULATIONS REQUIRE APPROVAL OF THE MAJORITY OF THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE CFO AND PRESIDENT/CEO WILL REVIEW AND APPROVE THE 990 PRIOR TO SUBMITTING TO THE INTERNAL REVENUE SERVICE. THE BOARD WILL BE NOTIFIED THE RETURN HAS BEEN COMPLETED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATIONS CONFLICT OF INTEREST POLICY COVERS ALL EMPLOYEES AND BOARD MEMBERS. MANAGEMENT VERIFIES EMPLOYEES ARE IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. THE BOARD REVIEWS AND DETERMINES IF ANY CONFLICT INVOLVING THE MANAGEMENT TEAM EXISTS. THE CONFLICT OF INTEREST POLCIY COVERS ALL RESTRICTION ARISING IF A CONFLICT OF INTEREST EXISTS. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS RESPONSIBLE FOR ESTABLISHING THE CEO'S COMPENSATION PLAN. THE CEO IS RESPONSIBLE FOR ESTABLISHING OTHER OFFICER COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 MONTH END FINANCIAL STATEMENTS ARE POSTED ON SITE AND AVAILABLE ON REGULATORY SITES. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 463,125. FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR. SMW FINANCIAL LLC 700 APOLLO DR LINO LAKES MN 55014 271636681 LOAN GENERATION/CUSO MN 163721 750808 SMW CREDIT UNION