Minnesota Credit Union Network Inc
- Assets
- $3.7m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 20
- Location
- St Paul, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0417120
Organization Overview
Minnesota Credit Union Network Inc is located in St Paul, 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 12/2021, Minnesota Credit Union Network Inc employed 20 individuals. This organization is an itermediate organization (such as a geographic headquarters) for a national or regional group of organizations. Minnesota Credit Union Network Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Minnesota Credit Union Network Inc generated $2.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $2.7m during the year ending 12/2021. While expenses have increased by 7.0% 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
THE ORGANIZATION WAS DESIGNED TO ENSURE THE SUCCESS GROWTH AND VITALITY OF OUR MEMBER CREDIT UNIONS BY CREATING A POSITIVE PUBLIC ENVIRONMENT THROUGH LEADERSHIP, POLITICAL ADVOCACY, EDUCATION, AWARENESS AND REGULATORY ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION EDUCATES LEGISLATORS AT THE STATE AND FEDERAL LEVEL TO WATCH FOR LEGISLATION THAT IS POTENTIALLY HARMFUL TO THE CREDIT UNION MOVEMENT AND ITS 87 MEMBERS.
THE ORGANIZATION PROVIDES A COMPLIANCE AND REGULATORY AVENUE FOR ITS 87 MEMBERS TO GET ANSWERS FOR ALL THEIR COMPLIANCE AND REGULATORY QUESTIONS.
DURING THE YEAR THE ORGANIZATION MADE AVAILABLE TO ALL CREDIT UNION EMPLOYEES, DIRECTORS, AND OTHERS AFFILIATED WITH THE CREDIT UNION APPROXIMATELY 100 EDUCATIONAL EVENTS. THESE EVENTS WERE OFFERED VIA CONFERENCES, SEMINARS, AND ROUND TABLE DISCUSSIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Cummins President | Officer | 36 | $564,424 |
Mara Humphrey VP | 38 | $193,976 | |
John Ferstl VP | 2 | $10,949 | |
Mary Hansen Chair | Officer | 1 | $0 |
Deb Almirall Director | Trustee | 1 | $0 |
Dave Boden Secretary/tr | Trustee | 1 | $0 |
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 | $2,495,516 |
| Investment income | $2,555 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $2,612,007 |
| 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. | $564,424 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $589,842 |
| Pension plan accruals and contributions | $61,224 |
| Other employee benefits | $201,125 |
| Payroll taxes | $84,532 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $113,832 |
| 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 | $10,465 |
| Advertising and promotion | $0 |
| Office expenses | $9,529 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $85,901 |
| Travel | $8,577 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,742 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,032 |
| Insurance | $13,726 |
| All other expenses | $33,957 |
| Total functional expenses | $2,707,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,254,136 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$124,434 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $92,183 |
| Net Land, buildings, and equipment | $86,996 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,394,869 |
| Total assets | $3,703,750 |
| Accounts payable and accrued expenses | $361,334 |
| 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 | $112,981 |
| Total liabilities | $474,315 |
| Net assets without donor restrictions | $2,498,121 |
| Net assets with donor restrictions | $731,314 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,703,750 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Minnesota Credit Union Network Inc has recieved totaling $32,000.
| Awarding Organization | Amount |
|---|---|
Hiway Credit Union Foundation Inc St Paul, MN PURPOSE: GILLETE CHILDREN'S SPECIALTY HEALTHCARE - CHILDRENS MIRACLE | $32,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |