2023-11-15T19:05:41-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410749255 TRUSTONE FINANCIAL CREDIT UNION TRUS 8008621998 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 8008621998 2023-11-15 1 DANIEL ZACZKOWSKI 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DALE TURNER 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 220124244 0 X WWW.TRUSTONEFINANCIAL.ORG X CREDIT UNION 1939 MN WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING. 13 13 725 19 496211 187246 0 0 158693328 169254143 8095849 21284145 -5139578 62307 161649599 190600595 0 0 11845816 20517213 61267266 55968998 0 0 0 43927301 57639850 117040383 134126061 44609216 56474534 3979767120 4614668122 3564688522 4227263866 415078598 387404256 WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING. 0 0 LOANS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 126,303 LOANS OUTSTANDING AS OF 12/31/22 WITH BALANCES OF $3,630,530,830. DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 454,862 ACCOUNTS WITH DEPOSITS OF $3,785,243,583 AS OF 12/31/22. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 50344 0 1 725 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 0 0 X DANIEL ZACZKOWSKI 7635954003 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 JOHN CHRISTENSON CHAIR 5.00 X X 5000 0 0 SAMUEL STERN SECRETARY 5.00 X X 5000 0 0 JAMES SACKETT TREASURER 5.00 X X 3875 0 0 BRUCE WHITMORE DIRECTOR 2.00 X 2286 0 0 DARRICK METZ DIRECTOR 2.00 X 3947 0 0 DOUG NESBIT DIRECTOR 2.00 X 5000 0 0 EVELYN JONES DIRECTOR 2.00 X 1163 0 0 KEVIN CRANE DIRECTOR 2.00 X 1986 0 0 STEVE BOHLIG DIRECTOR 2.00 X 4183 0 0 STEVE HUNZIKER DIRECTOR 2.00 X 5000 0 0 JENNIFER WHITLOCK DIRECTOR 2.00 X 5000 0 0 DALE TURNER CHIEF EXECUTIVE OFFICER/PRESIDENT 40.00 X 952138 0 44145 GARY JETER CHIEF TECHNOLOGY OFFICER 40.00 X 380799 0 48278 STEVEN STEEN CHIEF RETAIL OFFICER 40.00 X 354910 0 50188 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 40.00 X 348784 0 47785 HANS INVERSON CHIEF OPERATIONS OFFICER 40.00 X 333279 0 54316 PHILIP YOUNG CHIEF LEGAL OFFICER 40.00 X 380707 0 48487 MARTIN KELLY CHIEF MARKETING OFFICER 40.00 X 273974 0 50554 NATHAN GRUNZKE CHIEF MORTGAGE OFFICER 40.00 X 342565 0 36230 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER 40.00 X 267903 0 35393 JO LEE MCDEVITT MORTGAGE CONSULTANT 40.00 X 444146 0 33448 THOMAS COCHRAN MORTGAGE AREA SALES MANAGE 40.00 X 351074 0 34834 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 40.00 X 448082 0 42782 MICHAEL GEISSLER VP COMMERCIAL LENDER 40.00 X 483886 0 40736 JEFF ERPELDING VP INVESTMENT SERVICES 40.00 X 425461 0 49393 5830148 0 616569 68 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERBURG FL 33716 CARD PROCESSING 3239130 SERVION COMMERCIAL LOAN RESOURCES INC 500 MAIN STREET STE 100 NEW BRIGHTON MN 55112 COMMERCIAL LOAN SERVICER 3009642 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE TRANSACTION PROCESSOR 3004058 ANCONA TITLE AGENCY 4750 WHITE BEAR PARKWAY WHITE BEAR LAKE MN 55110 TITLE COMPANY 2978297 VISION MEDIA-STEPHEN REED TWO DOGS MEDIA 11820 NORTHRUP WAY STE E-100 BELLEVUE WA 98005 DIGITAL MEDIA PROVIDER 2689372 45 INTEREST ON LOANS 522100 132804876 132804876 MISC OPERATING INCOME 522100 24366420 24366420 FEE INCOME 522100 12082847 11586636 496211 169254143 22179673 22179673 28628079 42 29500251 23398 -872172 -23356 -895528 -895528 OTHER NON-INTEREST INCOME(EXPENSE 522100 689437 689437 DERIVATIVE LOSS 522100 -627130 -627130 62307 190600595 168820239 496211 21284145 20517213 4092874 37512588 3209542 7929192 3224802 243649 165337 6634568 4118782 11970773 4683701 858659 12642377 4330814 PROVISION FOR LOAN LOSS 6924772 LOAN SERVICING 3362511 MISCELLANEOUS 1626382 SUPERVISION EXPENSES 77525 134126061 26246123 67776604 146188578 32313617 1507370 4067229 24850297 2817263759 3616146673 3442358 3939356 91529782 40823053 53661756 50706729 8341300 24626900 764454147 651006666 22082353 22040504 136579376 117193547 3979767120 4614668122 55652272 64020283 42500000 378000000 3466536250 3785243583 3564688522 4227263866 X 0 0 0 0 415078598 387404256 415078598 387404256 3979767120 4614668122 56474534 -84148876 0 X 0 1 X 1 0 17914527 17914527 37732141 12804120 24928021 2311097 1639068 672029 31623111 26379865 5243246 1948906 1948906 50706729 AVAILABLE FOR SALE SECURITIES 650427662 F PERPETUAL CONTRIBUTED CAPITAL 579004 C 651006666 MEMBER SHARES 3546780656 NON-MEMBER SHARES 238462927 3785243583 X 199448031 8847436 8847436 190600595 0 190600595 142973500 8847440 8847440 134126060 0 134126060 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION'S CONVERSION TO A STATE CHARTERED CREDIT UNION ON DECEMBER 30, 2020 RESULTED IN IT BEING SUBJECT TO UNRELATED BUSINESS INCOME TAX. ALSO, AS A RESULT OF BECOMING A STATE CHARTERED CREDIT UNION, THE CREDIT UNION BEGAN PAYING STATE SALES AND USE TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES THEY HAVE DEEMED TAXABLE. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 8,847,436. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 8,847,436. ROUNDING 4. X X X 1 1 X X 0 1 0 DALE TURNER CHIEF EXECUTIVE OFFICER/PRESIDENT 664694 0 254644 0 32800 0 34533 0 9612 0 996283 0 0 0 MICHAEL GEISSLER VP COMMERCIAL LENDER 133462 0 350124 0 300 0 30440 0 10296 0 524622 0 0 0 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 32243 0 415790 0 49 0 24630 0 18152 0 490864 0 0 0 JO LEE MCDEVITT MORTGAGE CONSULTANT 24853 0 419263 0 30 0 33448 0 0 0 477594 0 0 0 JEFF ERPELDING VP INVESTMENT SERVICES 67365 0 357719 0 377 0 28540 0 20853 0 474854 0 0 0 PHILIP YOUNG CHIEF LEGAL OFFICER 240421 0 118942 0 21344 0 27404 0 21083 0 429194 0 0 0 GARY JETER CHIEF TECHNOLOGY OFFICER 264466 0 95143 0 21190 0 24038 0 24240 0 429077 0 0 0 STEVEN STEEN CHIEF RETAIL OFFICER 252061 0 80315 0 22534 0 29205 0 20983 0 405098 0 0 0 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 249097 0 78343 0 21344 0 28282 0 19503 0 396569 0 0 0 HANS INVERSON CHIEF OPERATIONS OFFICER 253037 0 80046 0 196 0 28609 0 25707 0 387595 0 0 0 THOMAS COCHRAN MORTGAGE AREA SALES MANAGE 32161 0 318839 0 74 0 17262 0 17572 0 385908 0 0 0 NATHAN GRUNZKE CHIEF MORTGAGE OFFICER 242694 0 99024 0 847 0 24501 0 11729 0 378795 0 0 0 MARTIN KELLY CHIEF MARKETING OFFICER 206277 0 66407 0 1290 0 26947 0 23607 0 324528 0 0 0 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER 213860 0 53593 0 450 0 24998 0 10395 0 303296 0 0 0 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 1099'ED IF OVER $600 WAS PAID FOR TRAVEL. PRESIDENT/CEO HAS A SOCIAL CLUB MEMBERSHIP. PART I, LINE 1B 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 SURVEY INFORMATION BASED UPON PERFORMANCE AND TENURE. PART I, LINE 4B NAME: STEVEN STEEN, DESCRIPTION: 457F PAYMENT, CURRENT YEAR AMOUNT: $5,644. PART I, LINE 6 EXECUTIVES HAVE PERFORMANCE INCENTIVE PLANS THAT INCLUDE INCENTIVES BASED ON ORGANIZATIONAL AND DIVISIONAL NET INCOME. DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 7900000 7567560 0 1 1 DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 15600000 15339826 0 1 1 WILLIAM RAKER FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2000000 1942911 0 1 1 24850297 SCHEDULE L, PART II NOTED THESE TO BE NON-RECOURSE PLANS THAT ARE RECORDED ON THE BALANCE SHEET AT THE LOWER OF LOAN BALANCE OR CASH SURRENDER VALUE. BECAUSE THE CASH SURRENDER VALUE WAS LOWER, WE REPORTED THAT AMOUNT FOR BALANCE SHEET PURPOSES. HOWEVER, THE ACTUAL LOAN BALANCE IS AS FOLLOWS:DALE TURNER - $8,492,202DALE TURNER - $15,688,173WILLIAM RAKER - $2,314,064 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IS AVAILABLE TO PERSONS WHO LIVE, WORK, WORSHIP, VOLUNTEER OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES IN THE 15-COUNTY MINNEAPOLIS/ST.PAUL METRO AREA AND 5 COUNTIES IN SE WISCONSIN. MEMBERSHIP IS ALSO AVAILABLE TO SELECT GROUPS OF EMPLOYEES. THE HOUSEHOLD OF A MEMBER INCLUDING BUT NOT LIMITED TO THE SPOUSE, BLOOD OR ADOPTIVE RELATIVES OF THE MEMBER ARE ALSO ELIGIBLE. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE BOARD OF DIRECTORS. EACH MEMBER IS ENTITLED TO 1 VOTE. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE ON MERGERS, CHARTER CHANGES AND ELECTION OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY OFFICERS PRIOR TO ITS FILING AND WILL BE PRESENTED AFTER FILING TO THE BOARD OF DIRECTORS AND THE SUPERVISORY COMMITTEE AS AN INFORMATIONAL REPORT. FORM 990, PART VI, SECTION B, LINE 12C AUDITS OF THE HR FUNCTIONS INCLUDE A REVIEW OF WHETHER OR NOT AN EMPLOYEE HAS EXECUTED THE ACKNOWLEDGEMENT OF THE CODE OF ETHICS (INCLUDING CONFLICT OF INTEREST RULES). INTERNAL AUDIT PERFORMS QUARTERLY TESTING TO DETERMINE IF EMPLOYEES ARE PERFORMING TRANSACTIONS ON THEIR OWN DEPOSIT AND LOANS ACCOUNTS. BOARD MEMBERS ARE ASKED ANNUALLY TO REAFFIRM THE EXISTENCE OF THE CODE OF ETHICS RESOLUTION (INCLUDING THE CONFLICT OF INTEREST RULES) FORM 990, PART VI, SECTION B, LINE 15A CEO SALARY IS DETERMINED BY THE BOARD OF DIRECTORS AND BENCHMARKED TO CURRENT COMPENSATION SALARY SURVEY INFORMATION BASED UPON PERFORMANCE AND TENURE. OTHER OFFICERS AND KEY EMPLOYEE SALARIES ARE DETERMINED BY THE CEO AND BENCHMARKED TO CURRENT COMPENSATION SALARY SURVEY INFORMATION PROVIDED BY HUMAN RESOURCES BASED UPON PERFORMANCE AND TENURE. FORM 990, PART VI, SECTION C, LINE 19 FINANCIALS AND COPIES OF THE 990 ARE AVAILABLE ON REQUEST. CALL REPORT DATA HOWEVER, IS AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE. TRUSTONE FINANCIAL FOUNDATION 14601 27TH AVE N PLYMOUTH MN 55447 300560908 FINANCIAL EDUCATION & SCHOLARSHIPS FOR EDUCATION PROGRAMS MN 501(C)(3) LINE 7 TRUSTONE FINANCIAL CREDIT UNION 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0