2024-11-14T17:41:11-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 396072970 ROYAL CREDIT UNION ROYA 7158337254 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 JOESPH HASTO CHIEF FINANCIAL OFFICER 7158337254 2024-11-14 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-14 2023 2024-10-15 13:58:12Z JOESPH HASTO 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 300919502 0 X WWW.RCU.ORG X CREDIT UNION 1964 WI TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 7 7 1132 456 2326851 260480 0 0 193016700 272184436 6698399 27792141 -838976 0 198876123 299976577 2145011 2096487 20849551 71929600 68691741 84539805 0 0 0 67657779 99814546 159344082 258380438 39532041 41596139 4552578835 5178101427 4134659335 4709331756 417919500 468769671 TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH. 0 0 THERE WERE 57,641 LOANS GRANTED IN 2023 FOR A TOTAL OF $2,051,498,351. AS OF 12/31/23, THE CREDIT UNION HAD 230,341 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER AND BUSINESS LOANS. WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 308,675 MEMBERS AT 12/31/23. NET ACCOUNT GROWTH DURING 2023 WAS 61,482 ACCOUNTS FOR A TOTAL AT 12/31/23 OF 600,301. TOTAL ENDING BALANCE OF ALL DEPOSIT ACCOUNTS WAS $4,384,810,104 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 1 1 1 1 0 1 186985 0 1132 1 1 1 0 0 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 WI MN X JOSEPH HASTO 7158337254 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 DOUG OLSON TREASURER 10.00 X X 33000 0 0 JOHN SACKETT ASSISTANT SECRETARY 10.00 X X 28000 0 0 STUART SCHAEFER VICE CHAIRPERSON 10.00 X X 27000 0 0 JENNIFER MCDONOUGH SECRETARY 10.00 X X 26500 0 0 WILLIAM BLACKBURN ASSISTANT VICE CHAIRPERSON 10.00 X X 25500 0 0 NANCY BELTZ ASSISTANT TREASURER 10.00 X X 21500 0 0 THOMAS HUFFCUTT CHAIRPERSON 10.00 X X 41500 0 0 BRANDON RIECHERS CEO/PRESIDENT 40.00 X 1060776 0 747475 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 40.00 X 682899 0 136534 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 40.00 X 622999 0 186547 MICHAEL DILL EVP-CHIEF LENDING OFFICER 40.00 X 525926 0 200352 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 40.00 X 430561 0 82379 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 40.00 X 417875 0 55375 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 40.00 X 359402 0 26853 LAURA CAMPBELL EVP-CHIEF PEOPLE OFFICER 40.00 X 113106 0 4967 MICHELLE ROBINSON MORTGAGE SALES MANAGER 40.00 X 597110 0 60292 DEREK LODERMEIER MORTGAGE LOAN OFFICER 40.00 X 525427 0 33414 JOSEPH BYDZOVSKY MORTGAGE LOAN OFFICER 40.00 X 448418 0 75995 JARED JOHNSON MORTGAGE LOAN OFFICER 40.00 X 411603 0 67168 GLEN KENNISON VP-CREDIT RISK MANAGEMENT 40.00 X 387007 0 38168 6786109 0 1715519 197 0 1 0 GOOGLE LLC 1600 AMPHITHEATRE PKWY HQ MOUNTAIN VIEW CA 94043 ADVERTISING 1178866 ROYAL CONSTRUCTION INC 3653 GREENWAY ST EAU CLAIRE WI 54701 GENERAL BUILDING CONTRACTOR 1036396 STAR TRIBUNE 650 3RD AVE S SUITE 1300 MINNEAPOLIS MN 55488 ADVERTISING 876840 REFORMEDICINE S C 3004 GOLF RD EAU CLAIRE WI 54701 HEALTHCARE 673636 MARKET & JOHNSON INC 2350 GALLOWAY ST EAU CLAIRE WI 54703 GENERAL BUILDING CONTRACTOR 563238 52 LOAN INTEREST 522100 220366104 220366104 OTHER OPERATING INCOME 522100 28705836 28705836 SERVICE CHARGES & FEE INCOME 522100 23112496 20785645 2326851 272184436 21091143 21091143 2112990 5530933 0 942925 2112990 4588008 6700998 6700998 299976577 269857585 2326851 27792141 2096487 71929600 5857026 61955682 3092772 8455427 5178898 1584776 7330400 21023126 4484824 510083 22375262 4884366 PROVISION FOR CREDIT LO 19500106 LOAN SERVICING 11509948 MISCELLANEOUS OPERATING 6374282 OPERATING FEES 237373 258380438 74875424 168370918 1695000 498000 31790003 34203823 4126766759 4632754173 3815761 4266016 108020548 52104137 54282187 55916411 77696135 80463985 42627067 54889686 56020940 55297366 83009559 91441049 4552578835 5178101427 68826227 83779937 94000000 240741715 3971833108 4384810104 4134659335 4709331756 X 0 0 0 0 417919500 468769671 417919500 468769671 4552578835 5178101427 X 41596139 2271940 6982092 X X 0 1 X 1 0 13104553 13104553 57330807 22272271 35058536 1116682 1066906 49776 36468506 28764960 7703546 55916411 MEMBERS' SHARES 4352558030 NONMEMBER DEPOSITS 32252074 4384810104 X 299960129 -16448 -16448 299976577 0 299976577 258363990 -16448 -16448 258380438 0 258380438 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES -16,448. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES -16,448. 1 UWEC FOUNDATION PO BOX 1208 EAU CLAIRE WI 54702 390972350 501(C)(3) 24750 0 CARSON PARK TURF SUPPORT NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 10000 0 ANNUAL DONATION UNITED WAY OF THE GREATER CHIPPEWA VALLEY 3603 N HASTINGS WAY STE 200 EAU CLAIRE WI 10250 391077901 501(C)(3) 10250 0 ANNUAL DONATION BOYS AND GIRLS CLUB OF THE GREATER CHIPPEWA VALLEY 1005 OXFORD AVENUE EAU CLAIRE WI 54703 391077901 501(C)(3) 6000 0 ALTOONA EXPANSION EDEN PRAIRIE HIGH SCHOOL 17185 VALLEY VIEW ROAD EDEN PRAIRIE MN 55346 462488392 501(C)(3) 10000 0 100 YEAR CELEBRATION FEED MY PEOPLE FOOD BANK 2610 ALPINE ROAD EAU CLAIRE WI 54703 361488941 501(C)(3) 10000 0 OPERATION PICNIC AND YEAR END DONATION GREATER TWIN CITIES UNITED WAY 404 S 8TH ST MINNEAPOLIS MN 55404 411973442 501(C)(3) 21000 0 ANNUAL DONATION RCU FOUNDATION 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 501(C)(3) 1878500 0 ANNUAL DONATION 8 PART I, LINE 2: DONATIONS ARE GIVEN TO ORGANIZATIONS WHO REQUEST FUNDS VIA COMPLETION OF A SHORT FORM OR ARE DONATIONS GRANTED FOR GENERAL OPERATING FUNDS. EIN AND W-9 INFORMATION IS COLLECTED PRIOR TO FUNDS BEING DISBURSED. X X X X X 0 1 0 BRANDON RIECHERS CEO/PRESIDENT 811219 0 249557 0 0 0 691749 0 55726 0 1808251 0 0 0 PAMELA HALLER EVP-CHIEF DIGITAL EXPERIEN 323896 0 159003 0 200000 0 102043 0 34491 0 819433 0 0 0 ADAM KINNARD EVP-CHIEF TECHNOLOGY OFFIC 295232 0 127767 0 200000 0 142509 0 44038 0 809546 0 0 0 MICHAEL DILL EVP-CHIEF LENDING OFFICER 346978 0 178948 0 0 0 144142 0 56210 0 726278 0 0 0 MICHELLE ROBINSON MORTGAGE SALES MANAGER 597110 0 0 0 0 0 5981 0 54311 0 657402 0 0 0 DEREK LODERMEIER MORTGAGE LOAN OFFICER 525427 0 0 0 0 0 10946 0 22468 0 558841 0 0 0 JOSEPH BYDZOVSKY MORTGAGE LOAN OFFICER 448418 0 0 0 0 0 16500 0 59495 0 524413 0 0 0 JOSEPH HASTO JR EVP-CHIEF FINANCIAL OFFICER 366898 0 63663 0 0 0 14384 0 67995 0 512940 0 0 0 JARED JOHNSON MORTGAGE LOAN OFFICER 145690 0 265913 0 0 0 11113 0 56055 0 478771 0 0 0 GRANT BEARDSLEY EVP-CHIEF LEGAL OFFICER 306219 0 111656 0 0 0 16500 0 38875 0 473250 0 0 0 GLEN KENNISON VP-CREDIT RISK MANAGEMENT 295687 0 91320 0 0 0 13750 0 24418 0 425175 0 0 0 JAN JOHNSON EVP-ORGANIZATIONAL AGILITY 152111 0 207291 0 0 0 11795 0 15058 0 386255 0 0 0 PART I, LINE 3 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. PART I, LINE 4B PAMELA HALLER - PARTICIPATED IN 457-F PLAN - $200,000 DISTRIBUTION IN 2023, $90,554 DEFERRED ADAM KINNARD - PARTICIPATED IN 457-F PLAN - $200,000 DISTRIBUTION IN 2023, $128,391 DEFERRED MICHAEL DILL - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $132,340 DEFERRED BRANDON RIECHERS - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS $675,249 DEFERRED WILLIAM BLACKBURN BOARD OF DIRECTOR & CO-OWNER OF L&M MAIL AND COURIER 81773 MAIL PROCESSING SERVICES ARE PROVIDED TO ROYAL CREDIT UNION BY L&M MAIL AND COURIER 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B EACH MEMBER HAS ONE VOTE TO UTILIZE IN RATIFYING SIGNIFICANT DECISIONS BEYOND THE AUTHORITY OF THE BOARD AS OUTLINED IN THE ORGANIZATION'S BYLAWS. ANY DECISION TO DISSOLVE OR MERGE THE ORGANIZATION REQUIRES APPROVAL OF MEMBERSHIP, UNLESS MANDATED BY REGULATORY AGENCY (I.E., NCUA, WISCONSIN OFFICE OF CREDIT UNIONS). FORM 990, PART VI, SECTION B, LINE 11B THE RETURN PREPARER EMAILS A COPY OF THE FINAL FORM 990 TO THE VP-FINANCE FOR REVIEW. THE CFO PERFORMS A FINAL REVIEW PRIOR TO SIGNING AND SUBMISSION TO THE IRS. THE CFO REPORTS THE COMPLETION OF THE FORM 990 BY THE REQUIRED DEADLINES TO MANAGEMENT AND THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE CODE OF ETHICS POLICY. THE POLICY PREVENTS TEAM MEMBERS FROM TRANSACTING BUSINESS ON THEIR ACCOUNTS. THE CODE OF ETHICS ALSO PROHIBITS TEAM MEMBERS FROM TRANSACTING ON ACCOUNTS THEY ARE ASSOCIATED WITH, REGARDLESS OF OWNERSHIP. FORM 990, PART VI, SECTION B, LINE 15 ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO. ROYAL CREDIT UNION UTILIZES MARKET SALARY SURVEYS AND AN OUTSIDE COMPENSATION CONSULTANT TO ASSIST THEM IN DETERMINING MARKET APPROPRIATE SALARY GRADES AND THE PLACEMENT OF POSITIONS INTO THEM FOR THE EXECUTIVE TEAM. THE VP AND EVP OF THE TALENT SERVICES TEAM THEN REVIEWED AND APPROVED THE CONSULTANT'S RECOMMENDATION FOR THE EXECUTIVE TEAM'S MARKET SALARY RANGES AND BONUS TIER RECOMMENDATIONS IN ALIGNMENT TO OUR COMPENSATION PHILOSOPHY. ANY SIGNIFICANT CHANGES ARE ALSO APPROVED BY THE CEO. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 ROYAL CREDIT UNION'S ANNUAL FINANCIAL STATEMENTS ARE POSTED IN ALL BRANCH OFFICES. YEAR-END FINANCIAL STATEMENTS ARE ALSO PROVIDED IN THE ANNUAL REPORT AND PRESENTED AT THE ANNUAL MEETING IN APRIL. GOVERNING DOCUMENTS WOULD BE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT 6,982,092. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM LAST YEAR. 317 LLC 402 GRAHAM AVE EAU CLAIRE WI 54701 384119611 REAL ESTATE HOLDING COMPANY WI 0 1458 ROYAL CREDIT UNION LEDGENDS TITLE SERVICES LLC 2225 BRACKETT AVE EAU CLAIRE WI 54701 465193797 TITLE SERVICE WI 2111818 11302591 ROYAL CREDIT UNION RCU FOUNDATION INC 200 RIVERFRONT TERRACE EAU CLAIRE WI 54703 461588898 CHARITABLE FOUNDATION TO BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES WI 501(C)(3) PF ROYAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 RCU FOUNDATION INC B 1854075 NUMBER OF DEBIT CARD TRANSACTIONS RCU FOUNDATION INC B 24425 MEMBERSHIP QUALIFICATION DEPOSIT