2025-11-04T16:55:11-06:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410418235 MINNESOTA POWER EMPLOYEES CREDIT UNION MINN 2183361800 30 W SUPERIOR STREET SUITE 126 DULUTH MN 55802 DAVID KAUMA VP FINANCE 2183361800 2025-11-04 1 0 TANYA MEDGAARDEN P01717240 5074347000 2025-11-04 2024 2025-03-06 01:10:19Z JASON OLSEN 30 W SUPERIOR STREET SUITE 126 DULUTH MN 55802 8527985 0 X WWW.MPECU.COM X 1933 MN MEMBER OWNED AND MEMBER DRIVEN 7 7 24 14 0 0 0 0 4935779 6320249 991113 1293826 933956 913910 6860848 8527985 0 0 830757 1878664 1781598 1816611 0 0 0 3234397 3603858 5846752 7299133 1014096 1228852 147383740 160176098 132437324 144453188 14946416 15722910 YOUR SUCCESSFUL FINANCIAL JOURNEY IS OUR PASSION. 0 0 1741142 MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS TO ITS MEMBERS. MEMBERS WERE PAID $1,741,142 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION. 57366 MPECU PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO ITS MEMBERS. DURING THE YEAR, THE CREDIT UNION PAID APPROXIMATELY $57,366 FOR THESE TYPES OF SERVICES. 46099 MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $46,099 IN ATM SURCHARGE FEES BACK TO ITS MEMBERS. 1844607 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 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 1557 0 24 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 1 1 0 1 0 1 0 0 1 1 1 1 1 1 1 0 X DAVE KAUMA 2183361800 30 W SUPERIOR ST SUITE 126 DULUTH MN 55802 DEBORA ALMIRALL PRESIDENT/CEO 40.00 X 150862 0 29525 JASON OLSEN SVP BUSINESS LENDING 40.00 X 146608 0 48514 DAVE KAUMA VP FINANCE 40.00 X 117301 0 51098 ANNIE LEPPER VP LENDING & MARKETING 40.00 X 111397 0 32642 MARCIA PODRATZ BOARD CHAIR 2.00 X X 0 0 0 STEVE SHARKEY VICE CHAIR 2.00 X X 0 0 0 NATHAN SCHMIDT SECRETARY 2.00 X X 0 0 0 JEREMY CAINE BOARD MEMBER 2.00 X 0 0 0 MIKE FRENCH BOARD MEMBER 2.00 X 0 0 0 THOMAS MEYER BOARD MEMBER 2.00 X 0 0 0 KENT OLIVER BOARD MEMBER 2.00 X 0 0 0 526168 0 161779 4 0 1 0 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE PROCESSOR AND CREDIT CARD PROVIDER 368294 MINNESOTA CREDIT UNION EMPLOYEE BENEFITS 555 WABASHA STREET NORTH SUITE 200 SAINT PAUL MN 55102 MEDICAL INSURANCE PROVIDER FOR MPECU EMP 217608 VC3 1301 GERVAIS STREET SUITE 1800 COLUMBIA SC 29201 TECHNICAL SUPPORT/IT VENDOR 145161 3 LOAN INTEREST 522100 6065256 6065256 FEE INCOME 522100 254993 254993 6320249 1293826 1293826 OTHER INCOME 522100 913910 913910 913910 8527985 7234159 0 1293826 1878664 180387 1192393 100683 233008 110140 13537 16076 44919 328384 250450 346925 260091 232397 18323 21532 943050 23816 CREDIT LOSS EXPENSE 490618 LOAN SERVICING 456011 MISC NON-INTEREST EXPEN 152732 OPERATING FEES 4997 7299133 10146438 13404643 259967 525410 102232048 114474082 245949 212622 507725 424291 36142 83434 20924727 18789309 3973279 2902714 9565190 9783884 147383740 160176098 1190439 1155231 21500000 21500000 109746885 121797957 132437324 144453188 X 0 0 0 0 14946416 15722910 14946416 15722910 147383740 160176098 1228852 -452358 0 X 0 0 0 63003 53585 9418 444722 370706 74016 83434 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1063441 ACCRUED INTEREST 431285 OTHER ASSETS 144213 OTHER INSURANCE 7758311 ROU ASSET 386634 9783884 MEMBER DEPOSITS 110456114 NONMEMBER DEPOSITS 11341843 121797957 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2024 AND 2023. THE CREDIT UNION'S 2020 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. X 1 0 0 DEBORA ALMIRALL PRESIDENT/CEO 131482 0 19380 0 0 0 12126 0 17399 0 180387 0 0 0 JASON OLSEN SVP BUSINESS LENDING 146608 0 0 0 0 0 13904 0 34610 0 195122 0 0 0 DAVE KAUMA VP FINANCE 117301 0 0 0 0 0 11895 0 39203 0 168399 0 0 0 PART I, LINE 3 THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD AND ALL ADJUSTMENTS TO COMPENSATION ARE DISCUSSED AND APPROVED BY THE BOARD. PART I, LINE 4A NAME: JASON OLSEN, DESCRIPTION: TEMPORARY CEO DUTIES, CURRENT YEAR AMOUNT: $3,200. PLAN DESCRIPTION: ASSUMED CEO DUTIES WHILE DEB WAS ON LEAVE JAN-APR FORM 990, PART VI, SECTION A, LINE 3 THE BOARD OF DIRECTORS APPROVED A LEAVE OF ABSENCE FOR DEBORA ALMIRALL (PRESIDENT/CEO) FROM JANUARY 4, 2024 THROUGH APRIL 30, 2024. THE BOARD OF DIRECTORS APPOINTED JASON OLSEN TO ASSUME DEBORA'S ROLE DURING HER ABSENCE AND HE WAS PAID AN ADDITIONAL $400 PER PAY PERIOD DURING THAT TIME PERIOD. FORM 990, PART VI, SECTION A, LINE 6 MINNESOTA POWER EMPLOYEES CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS ARE ELECTED BY THE MEMBERS OF MPECU AT THE ANNUAL MEETING. DIRECTORS ARE ELECTED TO THREE YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 8B MEETING MINUTES ARE RECORDED AFTER EACH MEETING BY THE ASSIGNED BOARD SECRETARY OR THEIR DESIGNEE. MEETING MINUTES ARE REVIEWED BY THE BOARD AND APPROVED AT THE BEGINNING OF THE NEXT SCHEDULED BOARD MEETING. THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO BEING FILED WITH THE IRS, FORM 990 AND REQUIRED SCHEDULES ARE REVIEWED BY THE VP OF FINANCE AND SUPERVISORY COMMITTEE. THE BOARD OF DIRECTORS WILL REVIEW FORM 990 AT THEIR REGULAR SCHEDULED MEETING FOLLOWING THE FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, DIRECTORS, AND OFFICERS ARE REQUIRED TO COMPLETE ANNUAL RELATED PARTY AND/OR CODE OF CONDUCT/CONFLICT OF INTEREST DISCLOSURES. EACH ITEM CONCERNING A CONFLICT OF THE POLICY FOR A VOLUNTEER OFFICIAL SHALL BE REVIEWED BY THE PRESIDENT, CHAIRPERSON OF THE BOARD, THE SUPERVISORY COMMITTEE, AND RELAYED TO THE INTERNAL AUDITOR. AN OPPORTUNITY WILL BE GIVEN TO THE VOLUNTEER OFFICIAL TO EXPLAIN AND RESOLVE THE MATTER. IF THE ISSUE CANNOT BE RESOLVED, THE PRESIDENT SHALL FORWARD A WRITTEN REPORT TO THE BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, AND THE INTERNAL AUDITOR. IF THE ITEM INVOLVES THE PRESIDENT, THE CONFLICT SHALL BE REVIEWED BY THE ENTIRE BOARD OF DIRECTORS. SUSPECTED FRAUD SHALL BE BROUGHT TO THE ATTENTION OF THE INTERNAL AUDITOR. ONCE INVESTIGATED, THE INTERNAL AUDITOR WILL NOTIFY THE PRESIDENT AND SUPERVISORY COMMITTEE. INFORMATION RECIEVED WILL BE TREATED CONFIDENTIALLY EXCEPT TO THE EXTENT NECESSARY FOR THE PURPOSE OF MPECU'S INTEREST. A DIRECTOR OR COMMITTEE MEMBER WHO VIOLATES ANY OF THE RESPONSIBILITIES AND CODES MAY BE REMOVED FROM THE BOARD OR COMMITTEE, DEPENDING UPON THE OTHER BOARD AND COMMITTEE MEMBER'S ASSESSMENT OF THE OFFENSE AND THE CIRCUMSTANCES INVOLVED. THE DISCIPLINARY ACTION MAY BE IN ADDITION TO ANY PENALTY PRESCRIBED BY LAW FOR THE VIOLATION. FORM 990, PART VI, SECTION B, LINE 15 PART VI, SECTION B, LINE 15: MPECU USED CUNA TO PROVIDE UP-TO-DATE MARKET DATA ON COMPENSATION LEVELS OF OFFICERS AND KEY EMPLOYEES. THE BOARD OF DIRECTORS EVALUATES AND ESTABLISHES SALARY LEVELS PER THIS MARKET DATA. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED MONTHLY IN OFFICE AND ON MPECU'S WEBSITE. ARTICLES OF INCORPORATION ARE POSTED IN THE LOBBY. BYLAWS ARE AVAILABLE FOR INSPECTION AS REQUESTED BY MEMBERSHIP. CONFLICT OF INTEREST POLICY IS NOT PROVIDED TO THE PUBLIC. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC MIKE FRENCH - 722 OLD HOWARD MILL RD, DULUTH, MN 55804. MARCIA PODRATZ - 3900 LONDON RD #314, DULUTH, MN 55804. JEREMY CAINE - 5060 WASHBURN RD, DULUTH, MN 55804. KENT OLIVER - PO BOX 1862, TITUSVILLE, FL 32781. NATHAN SCHMIDT - 3806 GLADSTONE ST, DULUTH, MN 55804. THOMAS MEYER - 1717 N. ARLINGTON AVE., DULUTH, MN 55811. STEVE SHARKEY - 166 N CLOQUET RD E, ESKO, MN 55733.