Star Choice Credit Union
- Assets
- $0.0
- Revenue
- $660.3k
- Investments
- $0.0
- Employees
- 18
- Location
- Bloomington, MN
- Founding
- 09/1944
- Data as of
- 03/2024
- 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 12/2023, 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 03/2024, Star Choice Credit Union generated $660.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (17.2%) each year. All expenses for the organization totaled $3.1m during the year ending 03/2024. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
WE STRIVE TO NURTURE YOUR FINANCIAL GROWTH BY PROVIDING SERVICE THAT EMBRACES TECHNOLOGY, EMBODIES TRUST, INTEGRITY, PASSION AND HONESTY.
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 303 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 6,111 MEMBERS.
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 45 NEW DEPOSIT ACCOUNTS IN 2024. AS OF 03/03/24 JUST PRIOR TO THE MERGER WE HAD 6,111 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 557 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 4,340 OUTANDING LOANS RECEIVABLE.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 47 NEW LOANS DURING 2024. AS OF 03/03/24 JUST PRIOR TO THE MERGER WE HAD 4,276 OUTANDING LOANS RECEIVABLE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Olson President | Officer | 40 | $128,634 |
Tammy Johnson-Kohl Vice Preside | Officer | 40 | $106,822 |
Patricia Deoraj Controller | Officer | 40 | $86,077 |
Dan Ganley Director | Trustee | 1 | $590 |
Lindsey Olson Board Chair | OfficerTrustee | 1 | $590 |
Keith Huso Secretary | OfficerTrustee | 1 | $575 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fis Card Services | 12/30/23 | $797,724 |
Jack Henry Company Core Processing | 12/30/23 | $214,022 |
Jack Henry Company Core Processing | 3/2/24 | $771,152 |
Fis Card Services | 3/2/24 | $453,734 |
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 | $617,654 |
| Investment income | $40,304 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $2,328 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,303 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $660,286 |
| 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. | $80,922 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $174,633 |
| Pension plan accruals and contributions | $46,000 |
| Other employee benefits | $17,971 |
| Payroll taxes | $17,214 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $504 |
| 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 | $1,010 |
| Advertising and promotion | $54,825 |
| Office expenses | $1,297,153 |
| Information technology | $91,565 |
| Royalties | $0 |
| Occupancy | $14,929 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,384 |
| Interest | $2,043 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $56,055 |
| Insurance | $32,314 |
| All other expenses | $0 |
| Total functional expenses | $3,105,425 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $941,579 |
| Savings and temporary cash investments | $4,079,571 |
| 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 | $65,351,321 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $86,824 |
| Net Land, buildings, and equipment | $2,072,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $15,022,776 |
| Intangible assets | $0 |
| Other assets | $1,031,336 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $430,421 |
| 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 | $81,634,326 |
| Total liabilities | $0 |
| 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 | $6,521,500 |
| Total liabilities and net assets/fund balances | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Star Choice Credit Union Bloomington, MN | $0 | $660,286 |
Iowa Bankers Association Johnston, IA | $15,760,422 | $3,115,872 |
Independent Community Bankers Of Minnesota Bloomington, MN | $2,110,177 | $1,918,103 |
North Dakota League Of Cities Bismarck, ND | $1,120,923 | $858,699 |
Textbook & Academic Authors Association Inc Cochrane, WI | $2,788,649 | $639,521 |
The Landing Mn Inc Rochester, MN | $2,851,350 | $1,251,891 |
Iowans For Tax Releif West Des Moines, IA | $8,555,101 | $215,967 |
Change The Outcome Chanhassen, MN | $339,101 | $633,270 |
Thumbs Up High 5k Elk River, MN | $331,529 | $464,144 |
Revitalizemn Saint Paul, MN | $20,420 | $0 |
Empty Bowls Cook County Grand Marais, MN | $58,862 | $58,653 |
Irg Action Fund Inc Delafield, WI | $174,615 | $203,009 |
North Star Liberty Alliance Savage, MN | $57,622 | $0 |
Naturist Action Committee Inc Oshkosh, WI | $85,313 | $0 |
Milwaukee Works Inc Milwaukee, WI | $32,680 | $0 |
Iowans For Progress & Prosperity Lake Mills, IA | $593 | $0 |