2025-08-29T12:15:46-05:00 2024-12-31 390758449 WIPFLI LLP 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2024-01-01 410653148 NORTHWOODS CREDIT UNION NORT 2188794181 1702 AVE B CLOQUET MN 55720 TERRY BURN PRESIDENT/CEO 2188794181 2025-08-28 1 1 MICHAEL J PETERSON CPA P01833529 2187224705 2025-08-28 2024 2025-03-06 01:10:19Z TERRY BURN 1702 AVE B CLOQUET MN 55720 13484630 0 X WWW.NORTHWOODSCU.ORG X 1936 MN PROVIDE CREDIT UNION SERVICES TO MEMBERS. 7 7 63 10 14271 0 0 0 11172446 12434793 513970 988837 273586 61000 11960002 13484630 35497 33371 0 1890636 4637479 5255900 0 0 0 7257684 5084698 11930660 12264605 29342 1220025 172709574 175915538 159345986 161331925 13363588 14583613 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS. 0 0 SERVED 12,024 MEMBERS - PAID OVER $1,837,000 IN DIVIDENDS. 8,773 OUTSTANDING MEMBER LOANS TOTALING $118,822,050 ON DECEMBER 31, 2024 - GRANTED 3,308 LOANS TO MEMBERS TOTALING $57,640,893 IN 2024 - MEMBERS PAID OVER $8,716,286 IN LOAN INTEREST THROUGHOUT 2024. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3106 0 63 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X PAULA OLSEN 2188794181 1201 TALL PINE LANE CLOQUET MN 55720 JEFFREY KLETSCHER CHAIRPERSON 1.89 X X 4605 0 0 LARRY CHAMPEAUX VICE CHAIRPERSON 1.10 X X 2832 0 0 CHRISTINE NIELSON-RINGAT SECRETARY 1.14 X X 2920 0 0 LISA FOLLETT-POLLAK DIRECTOR 0.73 X 1975 0 0 DARREN JUNTUNEN DIRECTOR 0.86 X 2278 0 0 DEBRA J LARSON DIRECTOR 0.90 X 2453 0 0 NATHAN MANNER DIRECTOR 0.80 X 2105 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 40.00 X 176475 0 42836 DOUG WOLF PRESIDENT/CEO 40.00 X 180861 0 38455 MATTHEW FERRIN SVP/CFO 40.00 X 175172 0 34772 STEVEN MCCONNELL SVP/CTO 40.00 X 114275 0 7256 665951 0 123319 4 0 1 0 TECH BASED SOLUTIONS LLC 22361 KIRK CT N SCANDIA MN 55073 COMPUTER/FIREWALL/TECHNICAL SUPPORT SERV 182279 SINNOTT GROUP INC 327 2ND ST PROCTOR MN 55810 BLACKTOP REPAIR/REPLACEMENT 170464 2 INTEREST ON LOAN 522100 9522604 9522604 FEE INCOME 522100 2912189 2897918 14271 12434793 985980 985980 2857 0 2857 2857 2857 RECOVERY OF CAPITAL 900099 61000 61000 61000 13484630 12420522 14271 1049837 33371 1890636 669026 3345795 279996 669370 291713 8448 70670 8178 213926 169994 406254 1106637 301999 57002 52463 7 583147 108835 PROVISION FOR LOAN LOSS 656274 DEBIT CARD EXPENSE 585078 LOAN & CLOSING COSTS 546447 ASSOCIATION DUES 43311 166028 12264605 3541194 3374847 14104576 12178612 983642 1143167 1402472 1442704 133235089 135616412 330156 342175 12889159 4491173 8398532 8397986 5040709 8020659 1197500 703700 4475704 4695276 172709574 175915538 1863699 1344307 157482287 159987618 159345986 161331925 X 0 0 0 0 13363588 14583613 13363588 14583613 172709574 175915538 1220025 0 X 0 0 0 0 1 X 663100 663100 9833602 2743063 7090539 2392457 1748110 644347 8397986 MEMBERS' SHARE AND SAVINGS ACCOUNTS 159987618 159987618 PART IV, LINE 2B: THE CREDIT UNION MAINTAINS ESCROW ACCOUNTS FOR MEMBERS THAT HAVE REAL ESTATE LOANS THROUGH THE CREDIT UNION. THE CREDIT UNION PAYS PROPERTY TAXES AND INSURANCE ON THE PROPERTY ASSOCIATED WITH THE ESCROW ACCOUNTS. X X 0 1 0 DOUG WOLF PRESIDENT/CEO 165859 0 14152 0 850 0 10456 0 27999 0 219316 0 0 0 TERRY BURN SVP/CHIEF LENDING OFFICER 142199 0 10365 0 23911 0 9268 0 33568 0 219311 0 0 0 MATTHEW FERRIN SVP/CFO 142041 0 10131 0 23000 0 0 0 34772 0 209944 0 0 0 PART I, LINE 4B DOUG WOLF PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. THERE WERE NO DISTRIBUTIONS DURING 2024. DOUG WOLF PRESIDENT/CEO SPLIT-DOLLAR LIFE INSURANCE X 1363000 1363000 0 1 1 DOUG WOLF PRESIDENT/CEO 0% INTEREST PERSONAL LOAN X 5000 2535 0 1 1 DOUG WOLF PRESIDENT/CEO USED AUTO LOAN 1% INTEREST RATE DISCOUNT X 23285 19282 0 1 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER USED AUTO LOAN 1% INTEREST RATE DISCOUNT X 8712 3739 0 1 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER USED AUTO LOAN 1% INTEREST RATE DISCOUNT X 28871 3739 0 0 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER 0% INTEREST PERSONAL LOAN X 5000 2936 0 1 1 MATT FERRIN SVP/CHIEF FINANCIAL OFFICER NEW AUTO LOAN 1% INTEREST RATE DISCOUNT X 34751 32595 0 1 1 TERRY BURN SVP/CHIEF LENDING OFFICER NEW AUTO LOAN 1% INTEREST RATE DISCOUNT X 27454 14878 0 1 1 1442704 SCHEDULE L, PART II, LINE 5, COLUMN H: THIS LOAN WAS GRANTED SEVERAL YEARS AGO AND AT THAT TIME IT WAS NOT THE POLICY TO HAVE THE BOARD APPROVE LOANS FOR EXECUTIVE MANAGEMENT. THAT HAS SINCE CHANGED AND NOW ALL LOANS FOR C SUITE MANAGERS ARE APPROVED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS MADE UP OF MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY IS ELECTED BY THE MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE BOARD OF DIRECTORS THAT REQUIRE APPROVAL BY MEMBERS INCLUDE POLICY CHANGES, CHANGE IN TERM LIMITS, AND BY-LAW CHANGES. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WILL BE REVIEWED BY THE VICE-PRESIDENT OF ACCOUNTING AS WELL AS THE CFO PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C 1) ALL BOARD MEMBERS, OFFICIALS AND EMPLOYEES MEMBERS ARE COVERED 2) EMPLOYEE OR OFFICIAL IS SUPPOSED TO INFORM US OF A POTENTIAL CONFLICT OF INTEREST 3) EXECUTIVE MANAGEMENT WOULD DETERMINE IF THERE IS A CONFLICT OF INTEREST WITH AN EMPLOYEE. BOARD OF DIRECTORS WOULD MAKE THE DETERMINATION IF THE POTENTIAL CONFLICT INVOLVES AN OFFICIAL 4) EMPLOYEE OR OFFICIAL WOULD NOT BE ABLE TO PARTICIPATE IN DELIBERATIONS AND DECISIONS INVOLVING THE TRANSACTION IF A CONFLICT OF INTEREST IS DETERMINED. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE PRESIDENT INCLUDED REVIEW AND APPROVAL OF THE MEMBERS OF THE BOARD OF DIRECTORS BASED ON REVIEW OF SALARIES OF COMPARABLE POSITIONS. SALARY RANGES FOR OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED BY USING A BOOK FROM CUNA THAT LISTS RANGES FOR VARIOUS JOB TITLES BASED IN OUR REGION. IMMEDIATE SUPERVISOR AS WELL AS THE EXECUTIVE MANAGEMENT TEAM WORK TOGETHER TO DETERMINE WHERE IN THAT RANGE AN INDIVIDUAL EMPLOYEE FALLS BASED ON THEIR KNOWLEDGE AND EXPERIENCE. THE CEO AND/OR EXECUTIVES REVIEW AND APPROVE THE COMPENSATION FOR OTHER OFFICERS. CUNA PAY SURVEY AND OTHER REGIONAL DATA IS USED TO DETERMINE APPROPRIATE PAY LEVELS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES FORM 990 AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF ALL OUR OFFICES. POLICIES THAT ARE REQUIRED TO BE SHARED WOULD BE AVAILABLE UPON REQUEST.