Members Cooperative Credit Union
- Assets
- $1.2b
- Revenue
- $46.4m
- Investments
- $9.1m
- Employees
- 309
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0195345
Organization Overview
Members Cooperative 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 12/2022, Members Cooperative Credit Union employed 309 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members Cooperative 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, Members Cooperative Credit Union generated $46.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $46.8m during the year ending 12/2022. While expenses have increased by 9.0% 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.
Since 2016, Members Cooperative Credit Union has awarded 25 individual grants totaling $652,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST OF $5.49 MILLION WAS PAID TO MEMBERS IN 2022 ON 122,018 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS.
35,141 LOANS TOTALING OVER $912 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ASLO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES.
AVAILABILITY OF 13 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Gilbert Director | Trustee | 6.7 | $5,250 |
Russ Salgy Director | Trustee | 7.1 | $5,500 |
Tess Dandrea Former Director | Trustee | 10.6 | $8,273 |
Doris Dahl Chair | OfficerTrustee | 14.7 | $11,500 |
Nicole Barker Board Secretary & Treasurer | OfficerTrustee | 6.1 | $4,750 |
Dianne Carlson Emeritus Director | Trustee | 6.7 | $5,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Integris Computer Service Contract | 12/30/22 | $1,229,306 |
Convergint Technologies Alarm System, Cctv | 12/30/22 | $717,928 |
Fiserv Annual Software Maintenance | 12/30/22 | $2,252,132 |
Synergi Partners Cares Act Related Consulting | 12/30/22 | $712,057 |
Servion Commercial Loan Resources Loan Servicing | 12/30/22 | $604,256 |
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 | $47,097,569 |
| Investment income | $2,349,959 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,020,281 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $46,427,247 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $181,419 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,491,436 |
| Compensation of current officers, directors, key employees. | $3,273,168 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,116,845 |
| Pension plan accruals and contributions | $1,599,437 |
| Other employee benefits | $2,304,546 |
| Payroll taxes | $1,485,733 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,703 |
| Fees for services: Accounting | $172,009 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,013,668 |
| Advertising and promotion | $593,876 |
| Office expenses | $4,981,523 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,648,331 |
| Travel | $31,744 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $367,055 |
| Interest | $1,836,455 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,811,665 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $46,777,629 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,329,412 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,225,633 |
| Loans from Officers, Directors, or Controlling Persons | $9,149,810 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $914,315,580 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,782,736 |
| Net Land, buildings, and equipment | $29,730,631 |
| Investments—publicly traded securities | $58,946,239 |
| Investments—other securities | $9,129,500 |
| Investments—program-related | $13,744,876 |
| Intangible assets | $0 |
| Other assets | $62,946,295 |
| Total assets | $1,152,300,712 |
| Accounts payable and accrued expenses | $9,842,722 |
| 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 | $90,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $952,712,721 |
| Total liabilities | $1,053,055,443 |
| 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 | $99,245,269 |
| Total liabilities and net assets/fund balances | $1,152,300,712 |
Grants Awarded
Over the last fiscal year, Members Cooperative Credit Union has awarded $85,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
GRANDMA'S MARATHON PURPOSE: GRANDMA'S MARATHON | $60,000 |
UNIVERSITY OF MINNESOTA REGENTS PURPOSE: SPONSOR UMD ATHLETICS | $10,000 |
DULUTH AIR SHOW PURPOSE: CORPORATE PARTNER AIR SHOW | $15,000 |