Interra Credit Union
- Assets
- $1.7b
- Revenue
- $78.6m
- Investments
- $12.1m
- Employees
- 391
- Location
- Goshen, IN
- Founding
- 08/2019
- Data as of
- 12/2022
- EIN
- 35-1082578
Organization Overview
Interra Credit Union is located in Goshen, IN. The organization was established in 2019. 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 12/2022, Interra Credit Union employed 391 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Interra 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 12/2022, Interra Credit Union generated $78.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $65.4m during the year ending 12/2022. While expenses have increased by 9.3% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE FINANCIAL INSTITUTION WITH A MISSION TO BE OUR MEMBERS' MOST TRUSTED AND VALUED FINANCIAL RESOURCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NUMBER OF MEMBERS SERVED FOR LOANS WAS 51,626 IN THE AMOUNT OF $1,371,025,155 AND NUMBER OF MEMBERS SERVED FOR SAVINGS WAS 91,640 IN THE AMOUNT OF $1,391,413,667.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Sink President/ceo | Officer | 40 | $1,048,362 |
Andy Marshall Evp COO | Officer | 40 | $535,776 |
Jim Henning CFO | Officer | 40 | $371,125 |
David Birky Cso | Officer | 40 | $352,385 |
Phil Wiens Clo | Officer | 40 | $330,113 |
John Potter SVP - Mortgage Services | 40 | $245,768 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Financial Services Credit/debit Card Pr | 12/30/22 | $4,310,571 |
Aunalytics Bus Info Services | 12/30/22 | $1,194,334 |
Lumin Digital Web Services/program | 12/30/22 | $1,255,793 |
D J Construction Co Inc Maintenance/construc | 12/30/22 | $1,059,121 |
Jack Henry And Associates Computer Software | 12/30/22 | $1,310,369 |
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 | $74,797,588 |
| Investment income | $3,153,473 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $616,291 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,567,352 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $234,995 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,615,581 |
| Compensation of current officers, directors, key employees. | $4,796,954 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,620,779 |
| Pension plan accruals and contributions | $1,609,050 |
| Other employee benefits | $3,396,870 |
| Payroll taxes | $1,554,126 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $74,768 |
| Fees for services: Accounting | $183,135 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,212,865 |
| Office expenses | $9,918,630 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,339,069 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $344,243 |
| Interest | $2,100,708 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,124,576 |
| Insurance | $610,818 |
| All other expenses | $0 |
| Total functional expenses | $65,410,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,769,427 |
| Savings and temporary cash investments | $15,364,345 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,689,557 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,359,785,614 |
| Inventories for sale or use | $154,062 |
| Prepaid expenses and deferred charges | $2,495,660 |
| Net Land, buildings, and equipment | $23,221,516 |
| Investments—publicly traded securities | $242,302,868 |
| Investments—other securities | $12,146,979 |
| Investments—program-related | $38,573,912 |
| Intangible assets | $0 |
| Other assets | $6,805,745 |
| Total assets | $1,729,309,685 |
| Accounts payable and accrued expenses | $9,322,059 |
| 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 | $184,886,505 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,518,791 |
| Total liabilities | $207,727,355 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,391,657,176 |
| Paid-in or capital surplus, or land, building, or equipment fund | $78,889,031 |
| Retained earnings, endowment, accumulated income, or other funds | $51,036,123 |
| Total liabilities and net assets/fund balances | $1,729,309,685 |
Grants Awarded
Over the last fiscal year, Interra Credit Union has awarded $234,995 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
INTERRA CARES FOUNDATION PURPOSE: SUPPORT | $224,995 |
NATIONAL CREDIT UNION FOUNDATION PURPOSE: SUPPORT | $10,000 |