2024-11-14T21:21:19-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410749255 TRUSTONE FINANCIAL CREDIT UNION TRUS 8008621998 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 8008621998 2024-11-13 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024-11-13 2023 2024-10-15 13:58:12Z DALE TURNER 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 275456286 0 X WWW.TRUSTONEFINANCIAL.ORG X CREDIT UNION 1939 MN WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING. 13 13 700 13 599190 173652 0 0 169254143 212218172 21284145 42839365 62307 181132 190600595 255238669 0 0 20517213 63528556 55968998 57164350 0 0 0 57639850 83138046 134126061 203830952 56474534 51407717 4614668122 5003146902 4227263866 4544503174 387404256 458643728 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 125,485 LOANS OUTSTANDING AS OF 12/31/23 WITH BALANCES OF $3,776,830,439. DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 471,846 ACCOUNTS WITH DEPOSITS OF $3,928,674,520 AS OF 12/31/23. 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 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 54846 0 1 700 1 1 1 0 0 0 0 0 0 0 1 0 X 13 13 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 MN X DANIEL ZACZKOWSKI 7635954003 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 JOHN CHRISTENSON CHAIR 5.00 X X 4229 0 0 DARRICK METZ VICE CHAIR 5.00 X X 3980 0 0 DOUG NESBIT TREASUER 5.00 X X 4576 0 0 ANNE ZIEBELL SECRETARY 5.00 X X 0 0 0 JENNIFER WHITLOCK DIRECTOR 2.00 X 5000 0 0 LORI BONIN DIRECTOR 2.00 X 5000 0 0 SAMUEL STERN DIRECTOR 2.00 X 5000 0 0 STEVE HUNZIKER DIRECTOR 2.00 X 5000 0 0 JAMES SACKETT DIRECTOR 2.00 X 3913 0 0 STEVE BOHLIG DIRECTOR 2.00 X 2681 0 0 KEVIN CRANE DIRECTOR 2.00 X 2536 0 0 BRUCE WHITMORE DIRECTOR 2.00 X 2278 0 0 TOM ALAGNA DIRECTOR 2.00 X 0 0 0 DALE TURNER CHIEF EXECUTIVE OFFICER/PR 40.00 X 1086393 0 44392 STEVEN STEEN CHIEF RETAIL OFFICER 40.00 X 666355 0 59519 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 40.00 X 658027 0 58134 GARY JETER CHIEF TECHNOLOGY OFFICER 40.00 X 638270 0 53418 HANS IVERSON CHIEF OPERATIONS OFFICER 40.00 X 628921 0 59930 PHILIP YOUNG CHIEF LEGAL OFFICER 40.00 X 622713 0 59519 MARTIN KELLY CHIEF MARKETING OFFICER 40.00 X 612310 0 56075 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER 40.00 X 548274 0 41884 NATHAN GRUNZKE CHIEF MORTGAGE OFFICER 40.00 X 536874 0 43271 JEFF ERPELDING VP INVESTMENT SERVICES 40.00 X 431978 0 58076 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 40.00 X 369482 0 47250 JO LEE MCDEVITT MORTGAGE CONSULTANT 40.00 X 358611 0 31461 ERIC FELD MORTGAGE CONSULTANT 40.00 X 229030 0 54947 AMELIA JOHNSON MORTGAGE CONSULTANT 40.00 X 241221 0 26396 7672652 0 694272 78 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING 4468124 VISION MEDIA - STEPHEN REED TWO DOG MEDI 11820 NORTHRUP WAY STE E-100 BELLEVUE WA 98005 DIGITAL MEDIA PROVIDER 2895647 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE TRANSACTION PROCESSOR 2657004 ANCONA TITLE AGENCY 4750 WHITE BEAR PARKWAY WHITE BEAR LAKE MN 55110 TITLE COMPANY 2177434 SERVION COMMERCIAL LOAN RESOURCES INC 500 MAIN STREET STE 100 NEW BRIGHTON MN 55112 COMMERCIAL LOAN SERVICER 1911356 45 INTEREST ON LOANS 522100 179995526 179995526 MISC OPERATING INCOME 522100 19782531 19782531 FEE INCOME 522100 12440115 11840925 599190 212218172 40643558 40643558 11761170 10652254 13699510 6518107 -1938340 4134147 2195807 2195807 OTHER NON-INTEREST INCOME(EXPENSE 522100 181132 181132 181132 255238669 211800114 599190 42839365 63528556 6518472 35939290 2934351 8843665 2928572 391256 139231 8218664 4584145 13012517 4523767 1053246 33822383 4430751 PROVISION FOR CREDIT LO 7699350 LOAN SERVICING 3314242 MISCELLANEOUS 1828074 SUPERVISION EXPENSES 120420 203830952 67776604 69468656 32313617 144730550 4067229 3073133 24850297 41071265 3616146673 3749787410 3939356 3421699 97356051 45253498 50706729 52102553 24626900 29345400 651006666 763735229 22040504 22007703 117193547 124403304 4614668122 5003146902 64020283 54433070 11994181 378000000 549000000 3785243583 3929075923 4227263866 4544503174 X 0 0 0 0 387404256 458643728 387404256 458643728 4614668122 5003146902 X 51407717 23505063 -3673308 X X 0 1 X 1 0 0 1 X 18477327 18477327 40730035 14422829 26307206 2319059 1841002 478057 35501400 28989667 6511733 328230 328230 52102553 AVAILABLE FOR SALE SECURITIES 763156225 F PERPETUAL CONTRIBUTED CAPITAL 579004 C 763735229 MEMBER SHARES 3652643221 NON-MEMBER SHARES 276031299 OFF-BALANCE SHEET CREDIT EXPOSURES 401403 3929075923 X 270146561 14907892 14907892 255238669 0 255238669 218738858 14907906 14907906 203830952 0 203830952 PART IV, LINE 2B: YES, TRUSTONE HOLDS ESCROW ACCOUNTS FOR LOANS WE SERVICE THAT WERE SOLD TO FNMA & FHLB. 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, 2023 AND 2022. THE CREDIT UNION'S 2020 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 14,907,892. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 14,907,892. ROUNDING 14. X X X 1 1 X X 0 1 0 DALE TURNER CHIEF EXECUTIVE OFFICER/PR 709755 0 341826 0 34812 0 33701 0 10691 0 1130785 0 0 0 STEVEN STEEN CHIEF RETAIL OFFICER 267299 0 382166 0 16890 0 35750 0 23769 0 725874 0 0 0 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 259486 0 374751 0 23790 0 28906 0 29228 0 716161 0 0 0 GARY JETER CHIEF TECHNOLOGY OFFICER 276935 0 337545 0 23790 0 26762 0 26656 0 691688 0 0 0 HANS IVERSON CHIEF OPERATIONS OFFICER 274332 0 354139 0 450 0 32000 0 27930 0 688851 0 0 0 PHILIP YOUNG CHIEF LEGAL OFFICER 259528 0 339395 0 23790 0 35750 0 23769 0 682232 0 0 0 MARTIN KELLY CHIEF MARKETING OFFICER 221810 0 389210 0 1290 0 34756 0 21319 0 668385 0 0 0 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER 231567 0 316257 0 450 0 30619 0 11265 0 590158 0 0 0 NATHAN GRUNZKE CHIEF MORTGAGE OFFICER 226632 0 286452 0 23790 0 35750 0 7521 0 580145 0 0 0 JEFF ERPELDING VP INVESTMENT SERVICES 64272 0 367325 0 381 0 29836 0 28240 0 490054 0 0 0 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 31859 0 337574 0 49 0 26611 0 20639 0 416732 0 0 0 JO LEE MCDEVITT MORTGAGE CONSULTANT 25895 0 332686 0 30 0 31461 0 0 0 390072 0 0 0 ERIC FELD MORTGAGE CONSULTANT 14976 0 214041 0 13 0 26558 0 28389 0 283977 0 0 0 AMELIA JOHNSON MORTGAGE CONSULTANT 24603 0 216605 0 13 0 26396 0 0 0 267617 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 INFORMATION BASED UPON PERFORMANCE AND TENURE. PART I, LINE 4B DALE TURNER - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 GARY JETER - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 STEVEN STEEN - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 DANIEL ZACZKOWSKI - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 PHILIP YOUNG - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 NATHAN GRUNZKE - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2023 DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 7900000 7272293 0 1 1 DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 15600000 14409550 0 1 1 WILLIAM RAKER FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2000000 1933845 0 1 1 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2600000 2565672 0 1 1 HANS IVERSON COO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2900000 2900001 0 1 1 GARY JETER CHIEF TECHNOLOGY OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2500000 2547583 0 1 1 PHILIP YOUNG CHIEF LEGAL OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 3400000 3445992 0 1 1 DANIEL ZACZKOWSKI CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2900000 2939229 0 1 1 STEVE STEEN CHIEF RETAIL OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 3000000 3057100 0 1 1 41071265 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 - $8,679,879DALE TURNER - $16,226,277WILLIAM RAKER - $2,376,081NICOLE HAHN DEMPSTER - $2,673,199HANS IVERSON - $2,981,945PHILIP YOUNG - $3,455,897DANIEL ZACZKOWSKI - $2,950,041 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 CENTRAL AND SOUTHERN MINNESOTA, INCLUDING THE MINNEAPOLIS/ST. PAUL METROPOLITAN AREA, AND THE COUNTIES OF KENOSHA, PIERCE, RACINE, ST. CROIX AND MILWAUKEE IN 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 (IF ACQUIRED CREDIT UNION ONLY, NOT SURVIVING), 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 15 CEO SALARY IS DETERMINED BY THE BOARD OF DIRECTORS AND BENCHMARKED TO CURRENT COMPENSATION SALARY SURVEY INFORMATION. OTHER OFFICERS AND KEY EMPLOYEE SALARIES ARE DETERMINED BY THE CEO AND BENCHMARKED TO CURRENT COMPENSATION SALARY SURVEY INFORMATION PROVIDED BY HUMAN RESOURCES. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. 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. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -3,673,308. PART XII, LINE 2C NO CHANGES FROM PRIOR YEAR. 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