Minnesota Credit Union Foundation Inc
- Assets
- $1.1m
- Revenue
- $462.2k
- Investments
- $0.0
- Employees
- 0
- Location
- St Paul, MN
- Founding
- 05/2007
- Data as of
- 12/2023
- EIN
- 04-3740017
Organization Overview
Minnesota Credit Union Foundation Inc is located in St Paul, MN. The organization was established in 2007. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minnesota Credit Union Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Minnesota Credit Union Foundation Inc generated $462.2k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $261.2k during the year ending 12/2023. While expenses have increased by 5.1% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE DEVELOPMENT OF CHALLENGED CREDIT UNIONS IN MINNESOTA & THEIR COMMUNITIES THROUGH ASSISTANCE AND EDUCATION, AND TO SUPPORT THE GREATER SOCIAL MISSION OF THE CREDIT UNION MOVEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION FOR KIDS IS AN ONGOING PROGRAM THAT THE ORGANIZATION CONTINUES TO RAISE FUNDS TO SUPPORT THE GILLETTE CHILDREN'S SPECIALTY HEALTHCARE AND INCLUDED IN THIS IS THE CHILDREN'S MIRACLE NETWORK. ALL OF THE DONATIONS RECEIVED BY THE ORGANIZATION DURING THE YEAR ARE GIVEN TO HELP THE CHILDREN. THE MNCU4KIDS COMMITTEE HELD 6 STATEWIDE FUNDRAISERS IN 2022 AND SOME DONORS HELD MINOR FUNDRAISERS THAT RAISED MORE FUNDS TO GIVE TO THE GILLETTE CHILDREN' S SPECIALTY HEALTHCARE.
THE ORGANIZATION CONTINUES TO NETWORK AND MAINTAIN A WEBSITE IN AN EFFORT TO RECEIVE CONTRIBUTIONS SO IT MAY CONTINUE TO FURTHER IT'S EXEMPT PURPOSE. IN ADDITION THE ORGANIZATION CONTINUES TO HELP MEMBERS FURTHER THEIR EDUCATION.
GRANTS TO 18 MEMBER CREDIT UNIONS TO COVER THE REGISTRATION AND LODGING COSTS OF ATTENDING CONFERENCES WITH THE PRIMARY PURPOSES OF EDUCATION AND TRAINING RELATING TO ISSUES FACING CREDIT UNIONS AND THE PEOPLE INVOLVED.
SCHOLARSHIPS AWARDED TO CREDIT UNION MEMBERS AND THEIR CHILDREN, GRANDCHILDREN, OR OTHER DEPENDENTS. SEVENTEEN 1,000 SCHOLARSHIP'S WERE AWARDED IN 2022. THE SCHOLARSHIPS ARE FOR POST SECONDARY EDUCATION AND ARE AWARDED TO WRITING CONTEST WINNERS BASED ON A QUESTION ABOUT THE CREDIT UNION MOVEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Cummins President | 0.5 | $0 | |
Mara Humphrey President | Officer | 0.5 | $0 |
Caitlin Brama Director | Trustee | 0.5 | $0 |
Glen Durbahn Director | Trustee | 0.5 | $0 |
Doug Hallstrom Director | Trustee | 0.5 | $0 |
Mary Matheson Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $111,750 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $338,183 |
| Noncash contributions included in lines 1a–1f | $3,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $449,933 |
| Total Program Service Revenue | $0 |
| Investment income | $17,765 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$5,502 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $462,196 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $192,984 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,343 |
| Advertising and promotion | $5,000 |
| Office expenses | $518 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,561 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $4,792 |
| Total functional expenses | $261,194 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1 |
| Savings and temporary cash investments | $1,061,595 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,069,745 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $291,772 |
| Net assets with donor restrictions | $777,973 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,069,745 |
Grants Awarded
Over the last fiscal year, Minnesota Credit Union Foundation Inc has awarded $94,741 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL CU FOUNDATION PURPOSE: EDUCATION | $6,000 |
CHILDREN'S MIRACLE NETWORK PURPOSE: PROVIDE CARE TO KIDS | $88,741 |