Minnco Credit Union
- Assets
- $474.9m
- Revenue
- $17.3m
- Investments
- $0.0
- Employees
- 103
- Location
- Cambridge, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- 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 12/2021, Minnco Credit Union employed 103 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 12/2021, Minnco Credit Union generated $17.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 4.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION TO PROMOTE THRIFT AND TO PROVIDE SOURCE OF CREDIT FOR 29,780 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ORGANIZATION GRANTED 18,500 LOANS TO CREDIT SEEKING MEMBERS.
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.
INVESTMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Hallstrom President | Officer | 40 | $340,726 |
John Wendland SVP Administration And General Counsel | 40 | $158,914 | |
Kirstin Bruss SVP Operations | 40 | $105,723 | |
Rick Borchardt SVP Finance | 40 | $105,062 | |
Chris Goebel VP Finance | 40 | $103,890 | |
Mark Faydo VP Lending | 40 | $100,370 |
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 | $15,031,211 |
| Investment income | $2,242,992 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,109 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,267,094 |
| 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. | $343,170 |
| Compensation of current officers, directors, key employees. | $257,378 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,891,140 |
| Pension plan accruals and contributions | $494,869 |
| Other employee benefits | $938,928 |
| Payroll taxes | $343,226 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $40,653 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $148,569 |
| Office expenses | $778,481 |
| Information technology | $822,071 |
| Royalties | $0 |
| Occupancy | $495,000 |
| Travel | $24,772 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,795 |
| Interest | $1,009,641 |
| Payments to affiliates | $55,234 |
| Depreciation, depletion, and amortization | $344,374 |
| Insurance | $0 |
| All other expenses | $138,870 |
| Total functional expenses | $12,109,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,840,419 |
| Savings and temporary cash investments | $158,957,259 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,330,912 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $248,778,852 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $120,588 |
| Net Land, buildings, and equipment | $9,859,784 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,042,364 |
| Total assets | $474,930,178 |
| Accounts payable and accrued expenses | $5,677,054 |
| 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 | $428,671,534 |
| Total liabilities | $434,348,588 |
| 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 | $40,581,590 |
| Total liabilities and net assets/fund balances | $474,930,178 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |