2024-05-15T09:53:39-05:00 2023-12-31 421186197 GARDINER COMPANY PC 10555 NEW YORK AVENUE SUITE 200 DES MOINES IA 50322 990 2023-01-01 420835734 METCO CREDIT UNION METC 3193985007 115 8TH AVENUE SW CEDAR RAPIDS IA 52404 BRAD MERTENS CEO 3193985007 2024-05-08 1 BRAD MERTENS XXX-XX-XXXX 1 DENNIS GARDINER CPA P02167685 5152701446 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z BRAD MERTENS 115 8TH AVENUE SW CEDAR RAPIDS IA 52404 2933328 0 X WWW.METCOCU.ORG X 1957 IA TO HELP MEMBERS WITH THEIR FINANCES, ACCEPT DEPOSITS AND MAKE LOANS. 9 8 8 0 0 0 0 0 1604747 1864276 55580 616820 382650 452232 2042977 2933328 0 0 0 0 618303 636857 0 0 0 893263 1231365 1511566 1868222 531411 1065106 48586801 51114083 42237790 43699966 6349011 7414117 TO HELP MEMBERS WITH THEIR FINANCES, ACCEPT DEPOSITS AND MAKE LOANS. 0 0 1868222 2316508 THE ORGANIZATION HAS MEMBERS WHO HAVE CHECKING ACCOUNTS AND LOANS. APPROXIMATELY 3,266 MEMBERS WERE SERVED DURING THE YEAR. 1868222 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 889 0 1 8 1 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 0 1 1 0 0 0 1 1 0 0 1 1 0 0 X BRAD MERTENS 3193985007 115 8TH AVENUE SW CEDAR RAPIDS IA 52404 ANN OLSON CHAIRMAN 1.00 X X 0 0 0 CHRIS SWISER SECRETARY 1.00 X X 0 0 0 DANNIELLE BOSTON BOARD MEMBER 0.75 X 0 0 0 DARRELL CANNON BOARD MEMBER 0.75 X 0 0 0 JASON SEIBRECHT BOARD MEMBER 0.75 X 0 0 0 WENDEE EALY BOARD MEMBER 0.75 X 0 0 0 ROBERT BURNS BOARD MEMBER 0.75 X 0 0 0 GRIFFIN BEN BOARD MEMBER 1.00 X 0 0 0 BRAD MERTENS PRESIDENT/CEO/CFO 45.00 X X 146026 0 37299 146026 0 37299 1 0 1 0 0 LOAN INTEREST 522100 1864276 1864276 1864276 616820 616820 NSF/OVERDRAFT FEES 522100 146484 146484 ATM/DEBIT CARD FEES 522100 145150 145150 MORTGAGE ORIGINATION 522100 14106 14106 146492 146492 452232 2933328 2316508 0 616820 183325 183325 300129 300129 22332 22332 91129 91129 39942 39942 4772 4772 33720 33720 87883 87883 78535 78535 161501 161501 59570 59570 19400 19400 4200 4200 373274 373274 9271 9271 65952 65952 18962 18962 ATM/DEBIT CARD EXPENSE 97719 97719 ALLOWANCE FOR LOAN LOSS 74080 74080 LOAN EXPENSES 49191 49191 MORTGAGE ORIGINATION 16317 16317 77018 77018 1868222 1868222 0 0 217621 183985 12564574 15814584 32995972 32191137 74287 98670 1720329 1490636 260961 229693 2473386 2596014 48586801 51114083 395059 555961 41842731 43144005 42237790 43699966 X 0 0 1512271 1574503 4836740 5839614 6349011 7414117 48586801 51114083 1065106 0 X X 0 1 X 1 0 132434 132434 1059489 1036754 22735 517164 442640 74524 11242 11242 0 229693 LIFE INSURANCE ANNUITIES 1226248 ACCRUED LOAN INSTEREST 83961 NCUA SHARE DEPOSIT 416051 OTHER ASSETS 314482 NCB RESERVE ACCOUNT 500000 FEDERAL HOME LOAN BANK MEMBERSHIP 29200 ACCRUED INVESTMENT INTEREST RECEIVA 26072 2596014 MEMBER SHARES 43144005 43144005 X 2834911 0 2834911 98417 98417 2933328 1868222 0 1868222 0 1868222 PART X, LINE 2: IN ACCORDANCE WITH THE INCOME TAXES TOPIC OF THE FASB ASC, THE CREDIT UNION EVALUATES UNCERTAIN TAX BENEFITS ARISING FROM TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN BASED UPON THE LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY APPLICABLE TAX AUTHORITIES. IF THE CREDIT UNION DETERMINES THAT A TAX POSITION IS MORE LIKELY THAN NOT OF BEING SUSTAINED, IT RECOGNIZES THE LARGEST AMOUNT OF THE ARISING BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT IN THE FINANCIAL STATEMENTS. ANY TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT DO NOT PASS THE MORE THAN LIKELY THAN NOT TEST, THE CREDIT UNION ESTABLISHES RESERVES OFFSETTING THE BENEFITS RELATED TO SUCH POSITIONS. INTEREST AND PENALTIES, IF ANY, ARE INCLUDED IN THE CURRENT PROVISION FOR INCOME TAXES IN THE CREDIT UNION'S STATEMENT OF INCOME AND ARE INCLUDED AS CURRENT LIABILITY IN THE BALANCE SHEET. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNREALIZED GAIN ON ANNUITY INVESTMENT HOLDINGS 98,417. X X X 0 0 0 BRAD MERTENS PRESIDENT/CEO/CFO 125952 0 20074 0 0 0 10952 0 26347 0 183325 0 0 0 PART I, LINE 3 METCO CREDIT UNION UTILIZES A COMPENSATION COMMITTEE, COMPENSATION SURVEYS AND THE APPROVAL OF THE BOARD WHEN ESTABLISHING THE COMPENSATION OF THE ORGANIZATION'S CEO. SALARY SURVEYS ARE REVIEWED FOR POSITION AND SIZE OF THE CRDIT UNION. ALSO, KEY PERFORMANCE AREAS ARE REVIEWED AND COMPARED WITH PEERS. FORM 990, PART VI, SECTION A, LINE 6 METCO CREDIT UNION IS SUPPORTED BY ITS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A BOARD MEMBERS ARE ELECTED BY MEMBERS OF THE CREDIT UNION ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FROM 990 WAS NOT PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT WAS FILED. THE RETURN IS REVIEWED BY THE CEO. FORM 990, PART VI, SECTION B, LINE 15A METCO CREDIT UNION UTILIZES A COMPENSATION COMMITTEE, COMPENSATION SURVEYS AND THE APPROVAL OF THE BOARD WHEN ESTABILSHING THE COMPENSATION OF THE ORGANIZATION'S CEO. SALARY SURVEYS ARE REVIEWED FOR POSITION AND SIZE OF THE CREDIT UNION. ALSO, KEY PERFORMANCE AREAS ARE REVIEWED AND COMPARED WITH PEERS. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATIONAL DOCUMENTS ARE AVAILABLE UPON REQUEST AND THE FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY. FORM 990 PAGE 12 PART XII LINE 3C THE AUDIT COMMITTEE REVIEWS THE AUDITED FINANCIALS AND DISCUSSES THE AUDIT WITH MANAGEMENT AND VOTES ON RETENTION OF AUDITORS.