Northern Communities Credit Union
- Assets
- $104.8m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 36
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0225925
Organization Overview
Northern Communities Credit Union is located in Duluth, MN. The organization was established in 1944. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 12/2022, Northern Communities Credit Union employed 36 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northern Communities 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, Northern Communities Credit Union generated $4.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $4.2m during the year ending 12/2022. While expenses have increased by 1.9% 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
TO PROMOTE MEMBER SUCCESS BY MEETING THEIR CHANGING FINANCIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 884 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 6,234 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 60,068 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 86,658 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trina Hoff President/ce | Officer | 40 | $145,327 |
Anita Chandler VP Administr | Officer | 40 | $85,725 |
Sharon Lundquist VP Lending | Officer | 40 | $70,705 |
George Walters Director | Trustee | 0.5 | $377 |
Dirk Davis Director | Trustee | 0.5 | $371 |
Karen Erickson Chair | OfficerTrustee | 0.5 | $301 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Share One Inc Core Sys Softwr | 12/30/22 | $188,523 |
Cu Coop Systems Inc Card Processing | 12/30/22 | $314,216 |
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 | $2,350 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,350 |
| Total Program Service Revenue | $4,208,344 |
| Investment income | $642,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $12,244 |
| Net Rental Income | $32,222 |
| Net Gain/Loss on Asset Sales | -$10,259 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,887,350 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,305 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $304,098 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,044,353 |
| Pension plan accruals and contributions | $89,999 |
| Other employee benefits | $211,464 |
| Payroll taxes | $102,573 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,504 |
| Fees for services: Accounting | $23,924 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $108,447 |
| Advertising and promotion | $101,489 |
| Office expenses | $672,507 |
| Information technology | $188,232 |
| Royalties | $0 |
| Occupancy | $244,414 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,639 |
| Interest | $572 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $231,450 |
| Insurance | $49,980 |
| All other expenses | $0 |
| Total functional expenses | $4,164,127 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $692,804 |
| Savings and temporary cash investments | $23,597,250 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $65,586,294 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $632,817 |
| Net Land, buildings, and equipment | $1,660,158 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,877,680 |
| Intangible assets | $0 |
| Other assets | $2,785,621 |
| Total assets | $104,832,624 |
| Accounts payable and accrued expenses | $1,578,235 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $15,508 |
| 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 | $93,092,910 |
| Total liabilities | $94,686,653 |
| 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 | $10,145,971 |
| Total liabilities and net assets/fund balances | $104,832,624 |