Share Advantage Credit Uinon
- Assets
- $54.8m
- Revenue
- $2.6m
- Investments
- $867.3k
- Employees
- 22
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0226110
Organization Overview
Share Advantage Credit Uinon 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 12/2023, Share Advantage Credit Uinon employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Share Advantage Credit Uinon 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, Share Advantage Credit Uinon generated $2.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $2.0m during the year ending 12/2023. While expenses have increased by 4.3% per year over the past 9 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
CREDIT UNION SECTION 501(C)(14), TO SERVE THE MEMBERS FINANCIAL NEEDS, TODAY, TOMORROW AND IN THE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVED THE FINANCIAL NEEDS FOR THE 3,636 MEMBERS IN DULUTH, HERMANTOWN AND PROCTOR. - DIVIDENDS & INTEREST - ANNUAL MEETING
PRINTING & PROMOTION - NEWSLETTER PUBLICATIONS - INFORMATIONAL BROCHURES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven M Ruce Chair | OfficerTrustee | 1 | $825 |
Mike Marturano Vice Chair | Trustee | 1 | $600 |
Floranne Nyquist Secretary | Trustee | 1 | $675 |
Kent Larson Director | Trustee | 1 | $525 |
Richard Erlander Director | Trustee | 1 | $0 |
Marc Peterson Director | Trustee | 1 | $900 |
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 | $2,027,561 |
| Investment income | $599,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,240 |
| Net Gain/Loss on Asset Sales | -$50,406 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,595,415 |
| 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 | $127,128 |
| Compensation of current officers, directors, key employees. | $171,487 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $536,518 |
| Pension plan accruals and contributions | $38,511 |
| Other employee benefits | $44,753 |
| Payroll taxes | $43,958 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $140,184 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,438 |
| Advertising and promotion | $44,891 |
| Office expenses | $142,025 |
| Information technology | $172,321 |
| Royalties | $0 |
| Occupancy | $71,574 |
| Travel | $3,691 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,494 |
| Interest | $194 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,938 |
| Insurance | $18,845 |
| All other expenses | $85,271 |
| Total functional expenses | $2,018,150 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,469,011 |
| Savings and temporary cash investments | $7,944,185 |
| 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 | $35,744,759 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $100,819 |
| Net Land, buildings, and equipment | $840,843 |
| Investments—publicly traded securities | $4,736,014 |
| Investments—other securities | $867,279 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $121,165 |
| Total assets | $54,824,075 |
| Accounts payable and accrued expenses | $1,339,712 |
| 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 | $48,316,235 |
| Total liabilities | $49,655,947 |
| 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 | $5,168,128 |
| Total liabilities and net assets/fund balances | $54,824,075 |