Minnesota Power Employees Credit Union

Organization Overview

Minnesota Power Employees Credit Union is located in Duluth, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Minnesota Power Employees Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minnesota Power Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Minnesota Power Employees Credit Union generated $4.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $4.1m during the year ending 12/2021. While expenses have increased by 3.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

MEMBER OWNED AND MEMBER DRIVEN

Describe the Organization's Program Activity:

Part 3 - Line 4a

MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) PROVIDES A FULL RANGE OF COMPETITIVELY PRICED FINANCIAL PRODUCTS AND SERVICES TO ITS MEMBERS. LOANS PROVIDED INCLUDE PERSONAL SECURED, UNSECURED, REAL ESTATE, CREDIT CARDS AND MEMBER BUSINESS LOANS ARE COMPETITIVELY PRICED. CREDIT CARDS ARE OFFERED AT AS LOW AS 7.9% APR AND INCLUDE POINT-BASED INCENTIVES AND NO ANNUAL FEE. MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS. MEMBERS WERE PAID $218,057 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION. MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $41,481 IN ATM SURCHARGE FEES BACK TO THE MEMBERS.


MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO MEMBERS. DURING 2021, THE CREDIT UNION PAID APPROXIMATELY $36,475 FOR THESE TYPES OF SERVICES. IN 2021 3,225 MEMBERS PERFORMED 103,285 ONLINE BANKING FUNCTIONS AND PAID 15,951 BILLS ONLINE. MPECU ALSO ADDED AN ONLINE PERSONAL FINANCIAL MANAGEMENT TOOL FREE TO MEMBERS. THE ANNUAL COST TO THE CREDIT UNION FOR THIS SERVICE IS $13,800.


MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) IS A STRONG PROMOTER OF FINANCIAL LITERACY AND PROMOTES FINANCIAL EDUCATION AND PROVIDES COMMUNITY SUPPORT. IN 2021, MPECU PROVIDED $2,000 IN SCHOLARSHIPS TO MEMBERS AND $33,589 TO SUPPORT THE FOLLOWING ORGANIZATIONS AND ACTIVITIES: LSS FINANCIAL COUNSELING SERVICES FOR MEMBERS, SEVERAL SCHOOL ROBOTIC PROGRAMS, MANY COMMUNITY SPORTS TEAMS FOR KIDS, UNITED WAY, ZEITGEIST ARTS CENTER, UMD, NORTHLAND NEWBORN FOUNTAIN, AMERICAN HEART ASSOCIATION, COMMUNITY ACTION DULUTH, CHAMBER OF COMMERCE. MN CREDIT UNION NETWORK, DULUTH-SUPERIOR FOUNDATION, GREATER DOWNTOWN COUNCIL, DULUTH CHAMBER OF COMMERCE, BOYS AND GIRLS CLUB AND SEVERAL MORE. IN ADDITION TO MONETARY CONTRIBUTIONS, MPECU EMPLOYEES DONATED SEVERAL HOURS VOLUNTEERING FOR AND PARTICIPATING IN VARIOUS COMMUNITY ACTIVITIES.


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Board, Officers & Key Employees

Name (title)Compensation
Debora Almirall
President/ceo/treasurer
$175,413
Terese Thorstad
VP Finance/cfo
$103,453
Mike French
Chair
$0
Marcia Podratz
Vice-Chair
$0
Jeremy Caine
Secretary
$0
Bob Bastianelli
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Jack Henry & Associates
Core Processor And Credit Card Provider
$245,096
Shazam
Debit Card Processing
$149,953
Cw Technology
Technical Support (I/t Vendor)
$116,827
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$3,984,638
Investment income $380,033
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,364,671

Grants Awarded

Over the last fiscal year, Minnesota Power Employees Credit Union has awarded $11,536 in support to 2 organizations.

Grant RecipientAmount

NATIONAL KIDNEY FOUNDATION INC

Org PageRecipient Profile

New York, NY

PURPOSE: PROGRAM SUPPORT

$6,536

HEAD OF THE LAKES UNITED WAY

Org PageRecipient Profile

Duluth, MN

PURPOSE: PROGRAM SUPPORT

$5,000
View Grant Profile

Peer Organizations

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