2024-05-31T08:42:13-05:00 2023-12-31 421186197 GARDINER COMPANY PC 10555 NEW YORK AVENUE SUITE 200 DES MOINES IA 50322 990 2023-01-01 420214646 DES MOINES METRO CREDIT UNION DESM 5152834195 100 UNIVERSITY AVENUE DES MOINES IA 50314 JIM ANDERSON CEO 5152834195 2024-05-22 1 JIM ANDERSON XXX-XX-XXXX 1 DENNIS GARDINER CPA P02167685 5152701446 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z JIM ANDERSON 100 UNIVERSITY AVENUE DES MOINES IA 50314 3289619 0 X WWW.DMMCU.ORG X 1938 IA TO MEET MEMBER FINANCIAL NEEDS OUR UNIQUE WAY 8 8 16 0 0 0 0 0 1674883 1988164 379334 864529 385386 436926 2439603 3289619 0 0 0 0 868305 945057 0 0 0 1412174 1762740 2280479 2707797 159124 581822 71719993 69324021 64096949 61149841 7623044 8174180 TO MEET MEMBER FINANCIAL NEEDS OUR UNIQUE WAY 0 0 2707797 2425090 DES MOINES METRO HAS APPROXIMATELY 7,011 MEMBERS AS OF 12/31/2023 AND OFFERS SAVINGS, LOANS, AND CERTIFICATES OF DEPOSIT. 2707797 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 1 702 0 1 16 1 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X JIM ANDERSON 5152834195 CEO DES MOINES IA 50314 DAVE BAIR CHAIRPERSON 1.00 X X 0 0 0 DONNA HECKMAN VICE CHAIRPERSON 1.00 X X 0 0 0 CINDY SMITH SECRETARY 1.00 X X 0 0 0 MARYLEE WOODS TRESURER 1.00 X X 0 0 0 ANDREA GORETH BOARD MEMBER 1.00 X 0 0 0 DOUG OLSON BOARD MEMBER 1.00 X 0 0 0 DAN RITTER BOARD MEMBER 1.00 X 0 0 0 ROCIO HERMOSILLO BOARD MEMBER 1.00 X 0 0 0 JAMES ANDERSON CEO 40.00 X 140071 0 18349 TRACI STILES EVP 40.00 X 105331 0 13398 245402 0 31747 2 0 1 0 0 LOAN INTEREST 522100 1636453 1636453 CREDIT/DEBIT CARD 522100 351711 351711 1988164 864529 864529 NSF CHARGES 522100 215865 215865 ATM CHARGES 522100 47890 47890 MEMBER INSURANCE INCOM 522100 26793 26793 146378 146378 436926 3289619 2425090 0 864529 277149 277149 489663 489663 17002 17002 105805 105805 55438 55438 6115 6115 48168 48168 162927 162927 267098 267098 123619 123619 5297 5297 1700 1700 281984 281984 5776 5776 77311 77311 23936 23936 DEBIT/CREDIT CARD EXPEN 314278 314278 PROVISON FOR LOAN LOSS 237441 237441 LOAN EXPENSE 127077 127077 80013 80013 2707797 2707797 0 0 787715 776083 33122816 26871144 33379199 37160303 60898 53333 2108437 1574487 608964 533950 3760401 3929208 71719993 69324021 852268 1172117 63244681 59977724 64096949 61149841 X 0 0 2100360 2150000 5522684 6024180 7623044 8174180 71719993 69324021 X 581822 -30686 X X 0 1 X 1 0 175000 175000 1578762 1309619 269143 354675 264868 89807 533950 ACCRUED INTEREST - LOANS 73914 MEMBERS CAPITAL - RESTICTED SHARES 993100 NCUSIF DEPOSIT 596956 OTHER ASSETS 2109305 ACCRUED INVESTMENT INCOME 3335 OTHER REAL ESTATE OWNED 152598 3929208 MEMBER SHARES 59977724 59977724 X 3289619 0 3289619 0 3289619 2707797 0 2707797 0 2707797 PART X, LINE 2: IN ACCORDANCE WITH ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES UNDER THE INCOME TAXES TOPIC OF THE FASB ASC THE CREDIT UNION RECOGNIZES ANY UNCERTAIN TAX BENEFITS IF SUCH BENEFITS ARE A RESULT OF A TAX POSITION THAT IS MORE LIKELY THAN NOT SUSTAINABLE UPON EXAMINATION BY FEDERAL OR STATE TAX AUTHORITIES.WHEN AN UNCERTAIN BENEFIT IS DETERMINED TO BE MORE LIKELY THAN NOT SUSTAINED, THE CREDIT UNION VALUES THE POSITION, FOR FINANCIAL STATEMENT PURPOSES, OF THE LARGEST AMOUNT OF THE TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON RESOLUTION OF THE BENEFIT. FOR ANY TAX POSITIONS TAKEN THAT DO NOT MEET THE MORE LIKELY THAN NOT CRITERIA, THE CREDIT UNION ESTABLISHES A TAX RESERVE FOR 100% OF THE POSITION TAKEN. ADOPTION OF ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES DID NOT HAVE AN IMPACT ON THE CREDIT UNION'S FINANCIAL POSITION. FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023, NO SIGNIFICANT AMOUNTS OR UNRECOGNIZED TAX BENEFITS EXISTED NOR DOES THE CREDIT UNION ANTICIPATE ANY SIGNIFICANT CHANGES IN UNRECOGNIZED TAX BENEFITS TO OCCUR WITHIN THE NEXT TWELVE MONTHS. X X 0 1 0 JAMES ANDERSON CEO 127346 0 12725 0 0 0 9800 0 8549 0 158420 0 0 0 PART I, LINE 3 THE CREDIT UNION ENGAGES WITH HR PERFORMANCE SOLUTIONS AND UTILIZES ITS COMPEASE COMPENSATION PROGRAM FOR ADMINISTERING COMPENSATION FOR ALL EMPLOYEES. THE BOARD OF DIRECTORS APPROVES THE ANNUAL COMPENSATION PLAN FOR THE CREDIT UNION, WHICH INCLUDES THE COMPENSATION FOR THE CEO. FORM 990, PART VI, SECTION A, LINE 6 DES MOINES METRO CREDIT UNION IS SUPPORTED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A DES MOINES METRO CREDIT UNION MEMBERS VOTE FOR OFFICERS/DIRECTORS TO THE SIT ON THE BOARD AT THEIR ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MAY VOTE ON WHETHER TO ACCEPT CHANGES TO THE BY LAWS, MERGERS OR A NAME CHANGE. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF FORM 990 IS NOT PROVIDED TO THE ORGANIZATION'S GOVERNING BODY BEFORE IT'S FILED. MANAGEMENT REVIEWS THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C DES MOINES METRO HAS A CONFLICT OF INTEREST POLICY. ANNUALLY THE POLICY IS REVIEWED BY THE DMMCU BOARD OF DIRECTORS AND EXECUTIVE STAFF. FORM 990, PART VI, SECTION B, LINE 15A DES MOINES METRO COMPENSATION IS CALCULATED BY COMPEASE SOFTWARE WHICH IS PROVIDED BY HRN PERFORMANCE SOLUTIONS WHO SPECIALIZE IN CREDIT UNION COMPENSATION. THE COMPENSATION PACKAGE IS CALCULATED BY THE SOFTWARE, REVIEWED BY MANAGEMENT AND PRESENTED TO THE DES MOINES METRO BOARD OF DIRECTORS FOR APPROVAL. THIS PROCESS IS COMPLETED, REVIEWED AND BOARD APPROVED ANNUALLY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY. ALL OTHER GOVERNING DOCUMENTS MUST BE REQUESTED IN WRITING BEFORE INFORMATION IS RELEASED AND THE ORGANIZATION'S LEGAL COUNSEL HAS BEEN CONTACTED. FORM 990, PART XI, LINE 9: CECL ADJUSTMENT -30,686. FORM 990, PART XII, LINE 2C EXPLANATION DES MOINES METRO AUDIT COMMITTEE CONSISTING OF THREE BOARD MEMBERS IS APPOINTED BY THE BOARD CHAIR AND GIVEN THE AUTHORITY TO SELECT AN INDEPENDENT CPA FIRM TO PERFORM AUDITS ANNUALLY AND SEMI-ANNUALLY. THE COMMITTEE MAY CONTINUE TO USE THE CURRENT CPA FIRM OR AT IT'S DISCRETION SOLICIT FOR AN RFP TO OTHER CPA FIRMS IN ORDER TO COMPLETE THE ANNUAL AND SEMI-ANNUAL AUDIT FUNCTION. THE AUDIT COMMITTEE HAS DELEGATED THE MAJORITY OF THE COMMITTEE'S RESPONSIBILITY TO THE CPA FIRM TO PERFORM INDEPENDENT AUDIT FUNCTION ON A ANNUAL OR SEMI-ANNUAL BASIS.