Star Choice Credit Union
- Assets
- $85.4m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 18
- Location
- Bloomington, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0415875
Organization Overview
Star Choice Credit Union is located in Bloomington, MN. The organization was established in 1944. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Star Choice Credit Union employed 18 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Star Choice 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 12/2021, Star Choice Credit Union generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. While expenses have increased by 2.5% per year over the past 7 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
2021
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
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 323 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 6,234 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 612 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 4,555 OUTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Olson President | Officer | 40 | $114,245 |
Tammy Johnson-Kohl Vice Preside | Officer | 40 | $99,600 |
Patricia Deoraj Controller | Officer | 40 | $80,098 |
Lindsey Olson Board Chair | OfficerTrustee | 1 | $550 |
Mary St Mary Vice Chair | OfficerTrustee | 1 | $550 |
Lynn Lettow Director | Trustee | 1 | $550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Card Services | 12/30/21 | $369,504 |
Jack Henry Company Core Processing | 12/30/21 | $190,831 |
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 | $3,254,375 |
| Investment income | $118,636 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,664 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$11,703 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,369,972 |
| 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. | $297,693 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $527,127 |
| Pension plan accruals and contributions | $67,150 |
| Other employee benefits | $83,561 |
| Payroll taxes | $62,187 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,014 |
| 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 | $28,800 |
| Advertising and promotion | $59,098 |
| Office expenses | $518,049 |
| Information technology | $281,957 |
| Royalties | $0 |
| Occupancy | $115,863 |
| Travel | $60,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,775 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,979 |
| Insurance | $29,794 |
| All other expenses | $0 |
| Total functional expenses | $2,662,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $718,957 |
| Savings and temporary cash investments | $4,901,768 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$8,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $58,442,027 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $101,202 |
| Net Land, buildings, and equipment | $2,000,119 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,339,674 |
| Intangible assets | $0 |
| Other assets | $920,625 |
| Total assets | $85,416,287 |
| Accounts payable and accrued expenses | $191,139 |
| 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 | $78,690,136 |
| Total liabilities | $78,881,275 |
| 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 | $6,535,012 |
| Total liabilities and net assets/fund balances | $85,416,287 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Star Choice Credit Union Bloomington, MN | $85,416,287 | $3,369,972 |
Iowa Bankers Association Johnston, IA | $15,106,660 | $3,345,609 |
Independent Community Bankers Of Minnesota Bloomington, MN | $3,288,805 | $2,583,601 |
North Dakota League Of Cities Bismarck, ND | $939,116 | $787,494 |
Iowans For Tax Releif West Des Moines, IA | $10,086,999 | $950,463 |
The Landing Mn Inc Rochester, MN | $893,845 | $924,047 |
Thumbs Up High 5k Elk River, MN | $138,112 | $171,764 |
Change The Outcome Chanhassen, MN | $76,249 | $0 |
Naturist Action Committee Inc Oshkosh, WI | $85,313 | $0 |
Milwaukee Works Inc Milwaukee, WI | $53,372 | $0 |
Morning In America Fund Des Moines, IA | $1,042 | $15,000 |
Iowans For Progress & Prosperity Lake Mills, IA | $993 | $0 |