2024-05-03T11:49:10-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 435 JULIE STREET PO BOX 547 TOMAH WI 54660 990 2023-01-01 390745853 CO-OP CREDIT UNION CO-O 7152845333 100 E MAIN ST BLACK RIVER FALLS WI 54615 MEGAN ELLINGSON CHIEF FINANCIAL OFFICER 7152845333 2024-04-18 1 MEGAN ELLINGSON 999009999 0 DANIEL LUECK P00409940 6083722177 2024-04-18 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z ERIC CHRISINGER PO BOX 157 BLACK RIVER FALLS WI 54615 22147662 0 X WWW.COOPCU.COM X 1938 WI SERVING OUR MEMBERS, WHERE THEY ARE, THROUGH ALL STAGES OF LIFE. 7 7 107 12 9344 0 0 106099 16841025 19782014 1739185 2204556 47512 53823 18627722 22146492 0 0 0 0 6395573 6492343 0 0 0 8193654 12074533 14589227 18566876 4038495 3579616 497735230 533756251 444155627 475703152 53579603 58053099 SERVING OUR MEMBERS, WHERE THEY ARE, THROUGH ALL STAGES OF LIFE. 0 0 CCU HAD DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 22,121 OF OUR MEMBERS AT 12/31. DURING 2023, CCU OPENED 8,450 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS. CCU FUNDED 3,871 LOANS DURING 2023. AS OF 12/31/23, CCU SERVICED 3,786 MORTGAGES/HOME EQUITY LOANS, 7,894 CONSUMER LOANS, 815 MEMBER BUSINESS LOANS, AND 2,829 CREDIT CARD ACCOUNTS WITH OUR MEMBERS. 0 1 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 1 0 0 0 0 0 0 0 0 0 0 0 0 1 12816 0 1 107 1 1 1 0 0 0 0 0 0 0 X 7 7 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X MEGAN ELLINGSON 7152845333 100 E MAIN ST BLACK RIVER FALLS WI 54615 DAVID OVERLIEN SECRETARY 1.00 X X 9296 0 0 SARAH LEBAKKEN VICE CHAIR 1.00 X X 10275 0 0 DAVID OLSON DIRECTOR 1.00 X 8750 0 0 TIMOTHY BYOM DIRECTOR 1.00 X 8425 0 0 TIMOTHY TORKELSON CHAIR 1.00 X X 9298 0 0 STEVEN HOGDEN TREASURER 1.00 X X 7150 0 0 CAROL MARTIN DIRECTOR 1.00 X 9996 0 0 ERIC CHRISINGER PRES/CEO 40.00 X 279512 0 42821 TIM TRANBERG CHIEF LENDING OFFICER 40.00 X 124094 0 24954 MICHELE STEIEN CHIEF TALENT OFFICER 40.00 X 113804 0 22743 KRIS GOETZKA CHIEF OPERATIONS OFFICER 40.00 X 102623 0 22553 MEGAN ELLINGSON CHIEF FINANCIAL OFFICER 40.00 X 107106 0 26185 MARIANNE TORKELSON CHIEF DEVELOPMENT OFFICER 40.00 X 100973 0 14149 JAYME THOMPSON MORTGAGE LENDING MANAGER 40.00 X 110166 0 12650 ERIC SKOGSTAD VP-AUDIT&COMP 40.00 X 100630 0 11938 1102098 0 177993 8 0 1 0 0 106099 106099 INTEREST ON LOANS 522100 18429234 18429234 OTHER MEMBER INCOME 522100 425453 425453 MEMBER ACCOUNT FEES 522100 362850 362850 INSURANCE SALES 524298 297050 297050 OFFICER LOAN & AMORT INCOME 522100 258083 258083 9344 9344 19782014 2192356 2192356 46595 46595 4387 0 4387 4387 4387 13370 1170 12200 12200 12200 MISCELLANEOUS INCOME 900099 2841 2841 2841 22146492 19779898 9344 2251151 1044706 3658124 341528 1125108 322877 82500 31393 138840 502511 822403 828761 418524 46162 125780 59273 57332 600156 93677 MEMBER DIVIDENDS ON SHA 7403506 LOAN SERVICING EXPENSE 502534 PROVISION FOR LOAN LOSS 184081 OTHER EXPENSES 177100 18566876 3973582 8056662 37966810 45915083 884953 64925 2137331 3652495 397295280 434401945 405987 463925 15397981 6009699 8648311 9388282 15748148 2104571 9936101 9074801 20738727 20633562 497735230 533756251 3245289 4472448 113097 188079 440797241 471042625 444155627 475703152 X 0 0 0 0 53579603 58053099 53579603 58053099 497735230 533756251 X 3579616 710482 183398 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1327818 1327818 9435641 2761512 6674129 16907 16903 4 4522816 3231284 1291532 94799 94799 9388282 ACCRUED DIVIDEND 85840 FHLB LOAN 2000000 MEMBER SHARAES & DEPOSITS 468956785 471042625 X PART X, LINE 2: AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990. PER FOOTNOTE 1 IN THE CREDIT UNION'S MARCH 31,2021 AUDITED FINANCIAL STATEMENTS, THE CREDIT UNION IS EXEMPT, UNDER IRC SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. CERTAIN PRODUCTS AND SERVICES PROVIDED BY SELECT STATE CHARTERED CREDIT UNIONS HAVE BEEN DEEMED BY THE INTERNAL REVENUE SERVICE (IRS), IN TECHNICAL ADVICE MEMORANDUMS (TAMS) RELEASED IN 2007, TO BE UNRELATED TO THE SPECIFIC ENTITY'S EXEMPT PURPOSE. AS PRESENTED IN THE TECHNICAL ADVICE MEMORANDUMS, THE NET TAXABLE INCOME FROM THESE PRODUCTS AND SERVICES WOULD BE SUBJECT TO INCOME TAXES. CREDIT UNIONS HAVE LITIGATED AGAINST THE IRS POSITIONS NOTED IN THE TAMS AND HAVE BEEN SUCCESSFUL IN HAVING COURTS DECLARE IN 2009 AND 2010 THAT REVENUE FROM INSURANCE PRODUCTS SOLD TO MEMBERS, HELPING THEM PROTECT THEIR FINANCIAL WELLBEING, QUALIFIES AS EXEMPT PURPOSE INCOME, CONTRARY TO THE IRS POSITION IN THE TAMS. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD. 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. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF MARCH 31, 2023 AND 2022. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES FOR YEARS BEFORE 2019. X X 0 1 0 ERIC CHRISINGER PRES/CEO 225000 0 50000 0 4512 0 27951 0 14870 0 322333 0 0 0 TIMOTHY TRANBERG OFFICER LIFE INSURANCE LIABILITY-SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT X 124843 1276186 0 1 1 MICHELE STEIEN OFFICER LIFE INSURANCE LIABILITY-SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT X 72742 795237 0 1 1 KRISTINE GOETZKA OFFICER LIFE INSURANCE LIABILITY-SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT X 73134 799522 0 1 1 MEGAN ELLINGSON OFFICER LIFE INSURANCE LIABILITY-SPLIT DOLLAR LIFE INSURANCE ARRANGEMENT X 71490 781550 0 1 1 3652495 FORM 990, PART VI, SECTION A, LINE 2 TIMOTHY TORKELSON, MARIANNE TORKELSON - FAMILY RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 6 DEPOSITORS OF CREDIT UNION ARE MEMBERS FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS SERVE A THREE YEAR TERM AND ARE ELECTED BY THE MEMBERS. 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 ORGANIZATION PROVIDED THE INFORMATION NECESSARY TO THE ACCOUNTING FIRM TO PREPARE THE FORM 990. THE FORM 990 WAS THEN GIVEN TO MANAGEMENT FOR REVIEW AND BOARD APPROVAL PRIOR TO FILING IT WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION'S CONFLICT OF INTEREST POLICY IS CONSTANTLY MONITORED. EACH TIME AN ISSUE ARISES, THE POLICY IS REVIEWED TO ENSURE COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15A THE CHIEF TALENT OFFICER LEADS THE REVIEW OF SALARY AND BENEFIT INFORMATION; WHICH IS COMPARED TO SURVEYS WE RECEIVE ANNUALLY FROM CUNA AND WESTERN & CENTRAL WI WAGE SURVEY. THE WESTERN & CENTRAL WI WAGE SURVEY REVIEWS CERTAIN POSITIONS ON A ROTATING BASIS ACROSS MULTIPLE INDUSTRIES. THE PRESIDENT/CEO AND CHIEF TALENT OFFICER JOINTLY REVIEW THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES. THE DOCUMENTATION IS MAINTAINED BY THE CHEIF TALENT OFFICER. THE BOARD REVIEWS THE PRESIDENT/CEO'S COMPENSATION TO THE SURVEYS AND OTHER CREDIT UNION'S 990S DURING ITS EXECUTIVE SESSION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S RECORDS ARE KEPT AT THE CREDIT UNION FOR PUBLIC INSPECTION AND MEMBERS ARE ADVISED TO REQUEST THESE DOCUMENTS AT THE ANNUAL MEETING. FORM 990, PART XI, LINE 9: ONE TIME ADJUSTMENT TO UNDIVIDED EARNINGS FOR THE IMPLEMENTATION OF CECL. 183,398. FORM 990 PART XII LINE 2B AS ALLOWED BY STATE REGULATORY AUTHORITIES, THE AUDIT IS DONE AS OF MARCH 31. THE REPORTING PERIOD FOR THE AUDIT, THEREFORE, DOES NOT MATCH THE REPORTING PERIOD FOR THE 990.