2024-11-12T11:06:14-05:00 2023-12-31 411704958 KUMMET LARSON BLUTH & CO PA 309 NW 3RD STREET BRAINERD MN 56401 990 2023-01-01 410800286 BRAINERD BN CREDIT UNION BRAI 2188299065 804 LAUREL STREET BRAINERD MN 564013772 DAVID LARSON CHIEF FIN'L OFFICER 2188299065 2024-11-06 true false MIKE YOUNGQUIST CPA P00044489 2188293585 2024-11-05 2023 2024-10-15 13:58:12Z KAYCIE HOFMANN 804 LAUREL STREET BRAINERD MN 56401 4499777 false X WWW.BBNCU.ORG X CREDIT UNION 1941 MN WE DEDICATE ALL OUR EFFORTS TO BRINGING MEMBERS THE BEST FINANCIAL PRODUCTS AND SERVICES AVAILABLE WHILE MAINTAINING FINANCIAL STABILITY. 7 7 23 3000 0 2233068 2534131 489180 1963066 103811 2580 2826059 4499777 0 231325 1119883 1233032 1339531 0 0 862923 1057876 2327280 3517290 498779 982487 97066978 103465347 86314527 91711616 10752451 11753731 X WE DEDICATE ALL OUR EFFORTS TO BRINGING MEMBERS THE BEST FINANCIAL PRODUCTS AND SERVICES AVAILABLE WHILE MAINTAINING FINANCIAL STABILITY. false false 1089095 DIVIDENDS ON SAVINGS DEPOSITS PAID TO OUR MEMBERS ON A QUARTERLY BASIS 221390 DEBIT CARD EXPENSES. EXPENSES RELATED TO PROVIDING DEBIT CARDS FOR MEMBERS. 6,730 MEMBERS HAVE THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2023. 30788 LIFE INSURANCE FOR MEMBERS ON SHARE ACCOUNTS. THE LIFE INSURANCE PREMIUMS ARE PAID FOR BY THE CREDIT UNION. 6,730 MEMBERS HAD THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2023. 76624 - LOAN SERVICING (EXPENSES 51,923) EXPENSES RELATED TO PROVIDING LOANS TO MEMBERS. - CORPORATE CREDIT UNION EXPENSES (EXPENSES 17,151) EXPENSES RELATED TO PROVIDING FINANCIAL SERVICE TO MEMBERS SUCH AS WIRING FUNDS, CASHING CHECKS, AND ACH TRANSACTIONS. - ANNUAL MEETING (EXPENSES 7,550) EXPENSES RELATED TO ANNUAL MEETING TO VOTE FOR BOARD OF DIRECTORS AND COMMITTEE MEMBERS AND PRESENT THE PRIOR YEAR FINANCIAL RESULTS TO MEMBERS. 76624 1417897 false false false false false false false false false true false false false true false false false false false false false false false false false false false false true false false false false false false false false false false false false false false true 1755 0 true 23 true true true false false false false false false false X 7 7 false false false false true true true true true false false false true false true true true true true false X DAVID G LARSON 2188299065 804 LAUREL STREET BRAINERD MN 564013772 RHONDA SANDELL DIRECTOR 1.00 X 963 0 0 STACY CAUGHEY DIRECTOR 1.00 X 906 0 0 JENNIFER KIFFMEYER DIRECTOR 1.00 X 269 0 0 KELLY BROWN DIR-V. CHAIR 1.00 X 919 0 0 ANDREW LARSON DIR-CHAIRMAN 1.00 X 275 0 0 LOIS BOURASSA DIRECTOR 1.00 X 975 0 0 BRENDA WHIRLEY DIRECTOR 1.00 X 731 0 0 KAYCIE HOFMANN TREASURER 45.00 X 111200 0 20039 DAVID LARSON CHIEF FIN'L 45.00 X 126132 0 27063 CINDY STUNEK ASST. TREAS. 45.00 X 81862 0 38426 JESSIE LECY EXEC. SECR. 45.00 X 41190 0 33077 CRYSTAL BAHMA ASST. TREAS. 45.00 X 66606 0 32003 432028 150608 2 false true false INTEREST INCOME ON LOANS 2121348 2121348 VISA INTERCHANGE INCOME 259230 259230 FEE INCOME 83780 83780 MISC OPERATING INCOME 33541 33541 LEASE INCOME 32359 32359 3873 873 3000 2534131 1963066 1963066 RECOVERY OF PRIOR CAP LOSS 2580 2580 2580 4499777 4464418 3000 32359 1119883 1119883 432028 432028 513154 513154 107612 107612 215197 215197 71540 71540 7533 7533 17357 17357 258712 258712 41434 41434 122298 122298 143647 143647 4025 4025 7550 7550 2503 2503 56156 56156 DEBIT CARD EXPENSES 221390 221390 PROVISION FOR LOAN LOSS 69500 69500 MISC OPERATING EXPENSE 53848 17151 36697 LOAN SERVICING 51923 51923 3517290 1417897 2099393 0 746944 720393 42993822 45583381 45068 45629 50879007 55213375 92032 98330 1863857 1262292 567201 601565 1742904 1202674 97066978 103465347 231572 280856 86082955 91430760 86314527 91711616 X 10752451 11753731 10752451 11753731 97066978 103465347 X 982487 18793 X false false false 172579 172579 1219372 841563 377809 471906 420729 51177 601565 MEMBERS SAVINGS DEPOSITS 91298502 DEBIT CARD CLEARING 88937 MISC PAYABLES 33698 OTHER LIABILITIES 3742 MONEY ORDERS 2450 WITHHOLDING TAXES 2361 DEFERRED INCOME 1070 91430760 false false false DAVID LARSON CHIEF FIN'L OFFICER 126132 16394 10669 153195 FORM 990, PAGE 2, PART III, LINE 4D - LOAN SERVICING (EXPENSES 51,923) EXPENSES RELATED TO PROVIDING LOANS TO MEMBERS. - CORPORATE CREDIT UNION EXPENSES (EXPENSES 17,151) EXPENSES RELATED TO PROVIDING FINANCIAL SERVICE TO MEMBERS SUCH AS WIRING FUNDS, CASHING CHECKS, AND ACH TRANSACTIONS. - ANNUAL MEETING (EXPENSES 7,550) EXPENSES RELATED TO ANNUAL MEETING TO VOTE FOR BOARD OF DIRECTORS AND COMMITTEE MEMBERS AND PRESENT THE PRIOR YEAR FINANCIAL RESULTS TO MEMBERS. FORM 990, PAGE 6, PART VI, LINE 6 THE CREDIT UNION HAS MEMBERS AND IS ORGANIZED AS A NONPROFIT. FORM 990, PAGE 6, PART VI, LINE 7A AT THE ANNUAL MEETING, MEMBERS OF THE CREDIT UNION ELECT ONE OR MORE MEMBERS TO OPEN POSITIONS ON THE ORGANIZATION'S GOVERNING BODY. EACH MEMBER HAS ONE VOTE. FORM 990, PAGE 6, PART VI, LINE 7B MEMBERS WOULD NEED TO APPROVE THE GOVERNING BODY'S ELECTION OR REMOVAL OF MEMBERS OF THE GOVERNING BODY OR A DECISION TO DISSOLVE THE ORGANIZATION. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 WAS REVIEWED BY THE ORGANIZATION'S CEO BEFORE IT WAS FILED. AFTER FILING THE RETURN, IT WAS ALSO PROVIDED AND REVIEWED WITH THE ORGANIZATION'S GOVERNING BODY AND COMMITTEE MEMBERS AT THE NEXT BOARD MEETING. THE REVIEW WAS CONDUCTED BY THE CFO WHO PREPARED THE RETURN. FORM 990, PAGE 6, PART VI, LINE 12C THE CONFLICT OF INTEREST POLICY INCLUDES ALL EMPLOYEES OF THE CREDIT UNION. THE MANAGEMENT TEAM OVERSEES THIS POLICY AND DECIDES WHETHER A CONFLICT EXISTS AND IF IT DOES THEY REVIEW THE SITUATION WITH THE SUPERVISORY COMMITTEE. THIS POLICY IS REVIEWED ANNUALLY WITH ALL EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 15A CEO: ANNUALLY THE BOARD OF DIRECTORS REVIEWS THE CEO'S JOB PERFORMANCE TO HELP DETERMINE THE COMPENSATION FOR THE NEW YEAR. A SPECIFIC PERFORMANCE REVIEW PROCESS IS USED. ALSO USED IS SURVEY RESULTS WHICH COMPARE COMPENSATION FOR SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE PROCESS WAS LAST UNDERTAKEN IN LATE 2023. FORM 990, PAGE 6, PART VI, LINE 15B OFFICERS (EXCLUDING THE CEO): ANNUALLY A PERFORMANCE REVIEW IS COMPLETED FOR EACH OFFICER. A FORMAL DETAILED DOCUMENT IS COMPLETED BY EACH OFFICER AND THE CEO. AN INDEPTH DISCUSSION OCCURS WITH A REVIEW OF BOTH COMPLETED DOCUMENTS. THE RESULTS OF THIS PERFORMANCE REVIEW IS USED IN CONJUNCTION WITH COMPENSATION SURVEY RESULTS (COMPARABLE COMPENSATION FROM SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS) TO HELP DETERMINE THE COMPENSATION LEVEL FOR THE NEW YEAR. THE NEW TOTAL COMPENSATION AMOUNT IS PRESENTED TO THE BOARD OF DIRECTORS. THE PROCESS WAS LAST UNDERTAKEN IN LATE 2023. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS: DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC. CONFLICT OF INTEREST POLICY: AVAILABLE UPON REQUEST FOR PUBLIC VIEWING. FINANCIAL STATEMENTS: POSTED MONTHLY ON A BULLETIN BOARD AT THE CREDIT UNION FOR PUBLIC VIEWING. FORM 990, PART XI, LINE 9 18,793 REFLECTS AN ADJUSTMENT TO ALLOWANCE FOR CREDIT LOSS RESERVE AND UNDIVIDED EARNINGS BASED ON THE ADOPTION OF THE NEW NCUA REQUIRED CALCULATION FOR CURRENT EXPECTED CREDIT LOSS (CECL).