2025-11-12T10:45:45-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410749255 TRUSTONE FINANCIAL CREDIT UNION TRUS 8008621998 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 DANIEL ZACZKOWSKI CHIEF FINANCIAL OFFICER 8008621998 2025-11-11 1 1 TANYA MEDGAARDEN P01717240 5074347000 2025-11-11 2024 2025-03-06 01:10:19Z DALE TURNER 14601 27TH AVE N STE 104 PLYMOUTH MN 55447 332514967 0 X WWW.TRUSTONEFINANCIAL.ORG X CREDIT UNION 1939 MN WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING. 13 13 694 13 696952 208097 0 0 212218172 235872286 42839365 87059973 181132 115085 255238669 323047344 0 0 63528556 102107216 57164350 60398388 0 0 0 83138046 104645178 203830952 267150782 51407717 55896562 5003146902 5423588090 4544503174 4901914895 458643728 521673195 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 124,248 LOANS OUTSTANDING AS OF 12/31/24 WITH BALANCES OF $3,922,650,328. DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 484,338 ACCOUNTS WITH DEPOSITS OF $4,233,878,443 AS OF 12/31/24. 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 59298 0 1 694 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 3281 0 0 DARRICK METZ VICE CHAIR 5.00 X X 4290 0 0 DOUG NESBIT TREASUER 5.00 X X 4861 0 0 ANNE ZIEBELL DIRECTOR 2.00 X 0 0 0 JENNIFER WHITLOCK DIRECTOR 2.00 X 5000 0 0 LORI BONIN DIRECTOR 2.00 X 2612 0 0 SAMUEL STERN DIRECTOR 2.00 X 4730 0 0 STEVE HUNZIKER DIRECTOR 2.00 X 5000 0 0 JAMES SACKETT SECRETARY 5.00 X X 2662 0 0 STEVE BOHLIG DIRECTOR 2.00 X 5000 0 0 KEVIN CRANE DIRECTOR 2.00 X 2834 0 0 BRUCE WHITMORE DIRECTOR 2.00 X 2899 0 0 TOM ALAGNA DIRECTOR 2.00 X 0 0 0 DALE TURNER PRESIDENT/CEO 40.00 X 1096411 0 53674 STEVEN STEEN EVP/CHIEF RETAIL OFFICER 40.00 X 376066 0 60693 DANIEL ZACZKOWSKI EVP/CHIEF FINANCIAL OFFICER 40.00 X 409645 0 68607 GARY JETER EVP/CHIEF TECHNOLOGY OFFICER 40.00 X 410206 0 59521 HANS IVERSON EVP/CHIEF OPERATIONS OFFICER 40.00 X 366617 0 69711 PHILIP YOUNG EVP/CHIEF LEGAL OFFICER 40.00 X 389324 0 66141 MARTIN KELLY EVP/CHIEF MARKETING OFFICER 40.00 X 275569 0 64552 NICOLE HAHN DEMPSTER EVP/CHIEF PEOPLE OFFICER 40.00 X 316178 0 44185 NATHAN GRUNZKE EVP/CHIEF MORTGAGE OFFICER 40.00 X 328919 0 42343 JEFF ERPELDING AVP/FINANCIAL ADVISOR 40.00 X 441987 0 69711 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 40.00 X 426275 0 57806 JOLEE MCDEVITT MORTGAGE CONSULTANT 40.00 X 268392 0 28053 ERIC FELD MORTGAGE CONSULTANT 40.00 X 267446 0 59109 MATTHEW BERNA MORTGAGE CONSULTANT 40.00 X 294701 0 59093 5710905 0 803199 71 0 1 0 VELERA (FKA PSCU) 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING 4152851 VISION MEDIA-STEPHEN REED TWO DOG MEDIA 11820 NORTHRUP WAY STE E-100 BELLEVUE WA 98005 DIGITAL MEDIA PROVIDER 2923756 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 CORE TRANSACTION PROCESSOR 2612409 ANCONA TITLE AGENCY 4750 WHITE BEAR PARKWAY WHITE BEAR LAKE MN 55110 TITLE COMPANY 2130387 SERVION COMMERCIAL LOAN RESOURCES INC 500 MAIN STREET NEW BRIGHTON MN 55112 COMMERCIAL LOAN SERVICER 1865291 45 INTEREST ON LOANS 522100 204180330 204180330 MISC OPERATING INCOME 522100 18905605 18905605 FEE INCOME 522100 12786351 12089399 696952 235872286 76006201 76006201 6785015 13736380 0 9467623 6785015 4268757 11053772 11053772 OTHER NON-INTEREST INCOME(EXPENSE 522100 115085 115085 115085 323047344 235290419 696952 87059973 102107216 4541531 40397635 3302134 8821406 3335682 632244 241293 181091 7791863 4570504 13297673 4396975 1020887 52258531 4618720 PROVISION FOR CREDIT LO 9976460 LOAN SERVICING 3460787 MISCELLANEOUS 2054121 SUPERVISION EXPENSES 144029 267150782 69468656 68083500 144730550 202097068 3073133 3846060 41071265 40878900 3749787410 3892800888 3421699 4227631 99290003 49327596 52102553 49962407 29345400 39378200 763735229 972804885 22007703 21983950 124403304 127524601 5003146902 5423588090 54433070 39483516 11994181 13035000 549000000 615000000 3929075923 4234396379 4544503174 4901914895 X 0 0 0 0 458643728 521673195 458643728 521673195 5003146902 5423588090 55896562 7132905 0 X X 0 1 X 1 0 0 1 X 18078441 18078441 40796730 15646479 25150251 2270583 1985758 284825 36396807 31695359 4701448 1747442 1747442 49962407 AVAILABLE FOR SALE SECURITIES 972225881 F PERPETUAL CONTRIBUTED CAPITAL 579004 C 972804885 MEMBER SHARES 3928295778 NON-MEMBER SHARES 305582667 OFF-BALANCE SHEET CREDIT EXPOSURES 517934 4234396379 X 330588794 7541450 7541450 323047344 0 323047344 274692224 7541442 7541442 267150782 0 267150782 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 HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES THEY HAVE DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 AND 2023. THE CREDIT UNION'S 2021 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 7,541,450. PART XII, LINE 2D - OTHER ADJUSTMENTS: REVENUE INCLUDED IN EXPENSES 7,541,450. ROUNDING -8. X X X 1 1 X X 0 1 0 DALE TURNER PRESIDENT/CEO 781411 0 315000 0 0 0 39570 0 14104 0 1150085 0 0 0 JEFF ERPELDING AVP/FINANCIAL ADVISOR 62365 0 379622 0 0 0 35950 0 33761 0 511698 0 0 0 JEFFREY ZAJAC MORTGAGE AREA SALES MANAGE 31345 0 394930 0 0 0 30027 0 27779 0 484081 0 0 0 DANIEL ZACZKOWSKI EVP/CHIEF FINANCIAL OFFICER 319004 0 90641 0 0 0 34318 0 34289 0 478252 0 0 0 GARY JETER EVP/CHIEF TECHNOLOGY OFFICER 313922 0 96284 0 0 0 34333 0 25188 0 469727 0 0 0 PHILIP YOUNG EVP/CHIEF LEGAL OFFICER 298583 0 90741 0 0 0 35080 0 31061 0 455465 0 0 0 STEVEN STEEN EVP/CHIEF RETAIL OFFICER 293855 0 82211 0 0 0 35505 0 25188 0 436759 0 0 0 HANS IVERSON EVP/CHIEF OPERATIONS OFFICER 287017 0 79600 0 0 0 35950 0 33761 0 436328 0 0 0 NATHAN GRUNZKE EVP/CHIEF MORTGAGE OFFICER 258899 0 70020 0 0 0 32089 0 10254 0 371262 0 0 0 NICOLE HAHN DEMPSTER EVP/CHIEF PEOPLE OFFICER 242924 0 73254 0 0 0 31543 0 12642 0 360363 0 0 0 MATTHEW BERNA MORTGAGE CONSULTANT 12918 0 281783 0 0 0 25102 0 33991 0 353794 0 0 0 MARTIN KELLY EVP/CHIEF MARKETING OFFICER 216795 0 58774 0 0 0 29561 0 34991 0 340121 0 0 0 ERIC FELD MORTGAGE CONSULTANT 15522 0 251924 0 0 0 25118 0 33991 0 326555 0 0 0 JOLEE MCDEVITT MORTGAGE CONSULTANT 25534 0 242858 0 0 0 28053 0 0 0 296445 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 ISSUED A 1099 IF OVER $600 WAS PAID FOR TRAVEL. PRESIDENT/CEO HAS A SOCIAL CLUB MEMBERSHIP. 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 2024 GARY JETER - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 STEVEN STEEN - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 DANIEL ZACZKOWSKI - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 PHILIP YOUNG - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 NATHAN GRUNZKE - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 HANS IVERSON - PARTICIPATED IN 457(B) PLAN - NO DISTRIBUTIONS IN 2024 DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 7900000 7478668 0 1 1 DALE TURNER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 15600000 13938486 0 1 1 WILLIAM RAKER FORMER CEO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2000000 1965472 0 1 1 NICOLE HAHN DEMPSTER CHIEF PEOPLE OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2600000 2395997 0 1 1 HANS IVERSON COO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2900000 2909913 0 1 1 GARY JETER CHIEF TECHNOLOGY OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2500000 2596237 0 1 1 PHILIP YOUNG CHIEF LEGAL OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 3400000 3496410 0 1 1 DANIEL ZACZKOWSKI CFO SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 2900000 2982233 0 1 1 STEVE STEEN CHIEF RETAIL OFFICER SPLIT-DOLLAR LIFE INSURANCE UNDER REG. 1.7872-15 X 3000000 3115484 0 1 1 40878900 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 - $8,872,236DALE TURNER - $16,784,390WILLIAM RAKER - $2,439,936NICOLE HAHN DEMPSTER - $2,773,456HANS IVERSON - $3,093,781WILLIAM JETER - $2,644,406PHILIP YOUNG - $3,587,241DANIEL ZACZKOWSKI - $3,067,781STEVEN STEEN - $3,173,288 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 PROVIDED 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 2024. 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. 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