2024-05-10T14:02:46-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410327335 FEDERATED EMPLOYEES CREDIT UNION FEDE 5074555430 1929 S CEDAR AVE OWATONNA MN 55060 JEREMIAH FLYNN TREASURER 5074555430 2024-05-08 1 JEREMIAH FLYNN 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2024-05-08 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JOHN HYLLE 1929 S CEDAR AVE OWATONNA MN 55060 3256828 0 X WWW.FEDECU.COM X CU 1934 MN TO PROVIDE COMPETITIVE, PROGRESSIVE FINANCIAL SERVICES THAT MEET THE NEEDS OF OUR MEMBERS WHILE PROVIDING FINANCIAL EDUCATION AND MAINTAINING FINANCIAL STABILITY. 7 7 12 13 0 0 0 0 1414274 1893943 278310 362923 26160 0 1718744 2256866 0 0 241130 770197 573394 615014 0 0 0 545284 655363 1359808 2040574 358936 216292 57345907 56183540 49699331 48320672 7646576 7862868 X TO PROVIDE COMPETITIVE, PROGRESSIVE FINANCIAL SERVICES THAT MEET THE NEEDS OF OUR MEMBERS WHILE PROVIDING FINANCIAL EDUCATION AND MAINTAINING FINANCIAL STABILITY. 0 1 FEDERATED EMPLOYEES CREDIT UNION RETURNS FUNDS TO MEMBERS AND NON-MEMBERS, RESPECTIVELY, IN THE FORM OF DIVIDENDS AND INTEREST WHICH ARE PAID ON ALL SHARE AND CERTIFICATE ACCOUNTS IN THE AMOUNT OF $770,197 AND 34,377. FEDERATED EMPLOYEES CREDIT UNION FOCUSES ON PROVIDING SAVINGS DEPOSIT SERVICES, ORIGINATING NEW LOANS AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS. RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA HOME BANKING, MOBILE BANKING, ATM NETWORKS AND IN PERSON AT THE CREDIT UNION OFFICE. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1872 0 12 1 0 0 0 0 0 0 0 0 X 7 7 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X JEREMIAH FLYNN 5074467411 121 EAST PARK SQUARE OWATONNA MN 55060 JEREMIAH FLYNN TREASURER 5.00 X X 10827 0 0 JOHN HYLLE CHAIRPERSON 2.00 X X 0 0 0 SHAWN KUNKEL VICE-CHAIRPERSON 1.00 X X 0 0 0 DANIEL WAGNER ASST. TREASURER 3.00 X X 0 0 0 TRACY THAMERT SECRETARY 1.00 X X 0 0 0 SHANNON BLATTI DIRECTOR 1.00 X 0 0 0 BRIAN SCHLAUDERAFF DIRECTOR 4.00 X 0 0 0 ANNETTE ARNDT MANAGER 40.00 X 94386 0 42835 105213 0 42835 0 0 0 0 0 INTEREST INCOME 522100 1581124 1581124 OTHER INCOME & FEES 522100 207469 207469 NON-INTEREST INCOME 522100 105350 105350 1893943 386009 386009 976876 998708 1254 -21832 -1254 -23086 -23086 2256866 1893943 0 362923 770197 148048 332876 98416 35674 189900 29406 10496 34377 17596 LOAN SERVICING EXPENSES 205266 PROFESSIONAL & OUTSIDE 123260 MISC OPERATING EXPENSES 24668 EDUCATION & PROMOTION 15062 5332 2040574 160746 128040 12857909 8972706 31139994 34905694 27731 18741 236231 194897 35917 41334 12479152 11489353 12500 12500 631958 615172 57345907 56183540 129737 157566 49569594 48163106 49699331 48320672 X 0 0 0 0 7646576 7862868 7646576 7862868 57345907 56183540 216292 0 X X 0 0 0 236231 194897 41334 41334 HELD TO MATURITY SECURITIES 11489353 C 11489353 MEMBER SHARES 48163106 48163106 FORM 990, PART III, LINE 3 SOLD OUR CREDIT CARD PORTFOLIO AND SERVICING TO ELAN FINANCIAL SERVICES. FORM 990, PART VI, SECTION A, LINE 2 JOHN HYLLE IS AN OFFICER OF THE COMPANY WHERE ALL OF THE OTHER BOARD MEMBERS ARE EMPLOYED. JEREMIAH FLYNN IS A BOARD MEMBER WHO IS PAID WAGES FOR ADDITIONAL DUTIES. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS COMPRISED OF A SINGLE CLASS OF 4,901 MEMBER-OWNERS, EACH OF WHICH HAS EQUAL RIGHTS IN OWNERSHIP, GOVERNANCE AND VOTING RIGHTS AT THE ANNUAL MEETINGS, WITH THE EXCEPTION OF THE MEMBER-OWNERS WHO ARE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS SHALL BE AUTHORIZED TO VOTE FOR ELECTION OF DIRECTORS, CREDIT COMMITTEE AND SUPERVISORY COMMITTEE MEMBERS FOR THREE YEAR TERMS AND AMENDMENTS TO BYLAWS AT ANNUAL AND SPECIAL MEETINGS. A MEMBER SHALL HAVE BUT A SINGLE VOTE REGARDLESS OF THE AMOUNT OF SHARE HOLDINGS. FORM 990, PART VI, SECTION A, LINE 7B ANY AMENDMENTS TO THE CERTIFICATE OF ORGANIZATION OR BYLAWS SHALL BE APPROVED BY TWO-THIRDS OF THE VOTE OF THE MEMBERS ACTUALLY VOTING, PROVIDED THE MEMBERS ACTUALLY VOTING CONSTITUTE A QUORUM. IN ADDITION, THE BOARD MAY AMEND THESE BYLAWS BY A TWO-THIRDS VOTE AND SHALL REPORT ANY AMENDMENTS TO THE MEMBERS AT THE NEXT ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD TREASURER AND MANAGEMENT WILL REVIEW THE FORM 990 FOR ACCURACY BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS POLICIES IN PLACE PROHIBITING CONFLICTS OF INTEREST SUCH AS SERVING ON A BOARD OF DIRECTORS FOR A COMPETITOR, USE OF THE CREDIT UNION POSITION FOR PERSONAL OR FINANCIAL ADVANTAGE, ACCEPTING BRIBES OR SOLICITATIONS. ANYONE IN VIOLATION OF THESE POLICIES WOULD BE SUBJECT TO TERMINATION OF THEIR POSITION. FORM 990, PART VI, SECTION B, LINE 15 FOR 15A: THE MANAGER'S SALARY IS BASED ON COMPARABLE DATA WITH CREDIT UNIONS OF SIMILAR SIZE AND EMPLOYEE STRUCTURE. TRUSTAGE'S ANNUAL SALARY COMPENSATION SURVEY IS USED AS A SOURCE. PERFORMANCE IS ALSO A FACTOR IN COMPENSATION. FOR 15B: THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS BASED ON COMPARABLE DATA WITH CREDIT UNIONS OF SIMILAR SIZE AND EMPLOYEE STRUCTURE. TRUSTAGE'S ANNUAL SALARY COMPENSATION SURVEY IS USED AS A SOURCE. PERFORMANCE IS ALSO A FACTOR IN COMPENSATION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC BY POSTING THEM ON THE CREDIT UNION WEB SITE IN THE ABOUT US SECTION. THEY CAN ALSO BE REVIEWED ON PAPER ANY TIME BY REQUEST. FORM 990, PART XII, LINE 2C: PROCESS HAS NOT CHANGED SINCE PRIOR YEAR.