Floodwood Area Credit Union
- Assets
- $0.0
- Revenue
- $156.0k
- Investments
- $0.0
- Employees
- 7
- Location
- Floodwood, MN
- Founding
- Data as of
- 03/2018
- EIN
- 41-0259743
Organization Overview
Floodwood Area Credit Union is located in Floodwood, MN. As of 12/2017, Floodwood Area Credit Union employed 7 individuals. Floodwood Area 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 03/2018, Floodwood Area Credit Union generated $156.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (35.9%) each year. All expenses for the organization totaled $868.4k during the year ending 03/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE AND STRATEGIC OBJECTIVE OF THE FLOODWOOD AREA CREDIT UNION IS TO SERVE ITS MEMBERS BY PROVIDING COMPETITIVE FINANCIAL PRODUCTS AND SERVICES IN KEEPING WITH RECOGNIZED GOOD BUSINESS PRACTICES.
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 45 NEW DEPOSIT ACCOUNTS IN 2017. AS OF 12/31/17 WE HAD 1,814 MEMBERS.
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 45 NEW DEPOSIT ACCOUNTS IN 2017. AS OF 12/31/17 WE HAD 1,814 MEMBERS.
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 9 NEW DEPOSIT ACCOUNTS IN 2018 PRIOR TO OUR MERGER. AS OF 03/31/18 WE HAD 1,813 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 275 NEW LOANS TO OUR MEMBERS DURING 2017. AS OF 12/31/17 WE HAD 677 LOANS TO OUR MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 275 NEW LOANS TO OUR MEMBERS DURING 2017. AS OF 12/31/17 WE HAD 677 LOANS TO OUR MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 62 NEW LOANS TO OUR MEMBERS DURING 2018 PRIOR TO OUR MERGER. AS OF 3/31/18 WE HAD 656 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Heggedahl Chair | OfficerTrustee | 1 | $689 |
Nathan Manner Vice Chair/ | OfficerTrustee | 1.5 | $891 |
Shirley Johnson Treasurer / | OfficerTrustee | 1 | $646 |
Lonna Hutchinson Secretary / | OfficerTrustee | 1 | $557 |
Marilyn Arro Director | Trustee | 1 | $189 |
Robert Durovec Director | Trustee | 1 | $363 |
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 | $120,689 |
| Investment income | $34,857 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $477 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $156,023 |
| 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. | $25,609 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,562 |
| Pension plan accruals and contributions | $2,286 |
| Other employee benefits | $9,899 |
| Payroll taxes | $7,441 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,110 |
| Office expenses | $62,246 |
| Information technology | $5,312 |
| Royalties | $0 |
| Occupancy | $1,919 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$1,002 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,995 |
| Insurance | $9,936 |
| All other expenses | $0 |
| Total functional expenses | $868,356 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $161,612 |
| Savings and temporary cash investments | $4,191,617 |
| 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 | $8,785,195 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $25,461 |
| Net Land, buildings, and equipment | $55,795 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,219,800 |
| Intangible assets | $0 |
| Other assets | $197,479 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $43,516 |
| 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 | $15,565,667 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |