Minnco Credit Union
- Assets
- $518.0m
- Revenue
- $22.0m
- Investments
- $0.0
- Employees
- 125
- Location
- Cambridge, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0174775
Organization Overview
Minnco Credit Union is located in Cambridge, 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 12/2023, Minnco Credit Union employed 125 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minnco 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 12/2023, Minnco Credit Union generated $22.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $19.0m during the year ending 12/2023. While expenses have increased by 8.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION TO PROMOTE THRIFT AND TO PROVIDE SOURCE OF CREDIT FOR 32,875 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION GRANTED 20,372 LOANS TO CREDIT SEEKING MEMBERS.
INVESTMENTS
ORGANIZATION PROVIDED ACCOUNT-LEVEL SERVICES IN EXCHANGE FOR FEES.
ORGANIZATION COLLECTED PREMIUMS FROM MEMBERS FOR CREDIT PROTECTION AND EARNED REVENUE BASED ON MEMBER CREDIT CARD ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Hallstrom President | Officer | 40 | $429,334 |
John Wendland SVP Administration And General Counsel | 40 | $205,603 | |
Todd Sanders SVP Lending | 40 | $133,407 | |
Rick Borchardt SVP Finance | 40 | $129,848 | |
Anita Quaglia SVP Member Experience | 40 | $107,390 | |
Kirstin Bruss SVP Operations | 40 | $123,134 |
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 | $18,843,903 |
| Investment income | $3,781,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$585,038 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,040,179 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $434,953 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,941,724 |
| Pension plan accruals and contributions | $446,831 |
| Other employee benefits | $878,256 |
| Payroll taxes | $488,108 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,127 |
| Fees for services: Accounting | $78,529 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $315,380 |
| Office expenses | $601,861 |
| Information technology | $923,485 |
| Royalties | $0 |
| Occupancy | $873,038 |
| Travel | $71,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $32,741 |
| Interest | $5,108,082 |
| Payments to affiliates | $57,765 |
| Depreciation, depletion, and amortization | $795,855 |
| Insurance | $0 |
| All other expenses | $353,438 |
| Total functional expenses | $18,958,431 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,222,919 |
| Savings and temporary cash investments | $127,007,243 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,535,819 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $326,088,063 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $223,939 |
| Net Land, buildings, and equipment | $17,881,873 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,074,147 |
| Total assets | $518,034,003 |
| Accounts payable and accrued expenses | $26,778,484 |
| 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 | $459,754,467 |
| Total liabilities | $486,532,951 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $31,501,052 |
| Total liabilities and net assets/fund balances | $518,034,003 |