Floodwood Area Credit Union

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.

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)Compensation
Larry Heggedahl
Chair
$689
Nathan Manner
Vice Chair/
$891
Shirley Johnson
Treasurer /
$646
Lonna Hutchinson
Secretary /
$557
Marilyn Arro
Director
$189
Robert Durovec
Director
$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

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