Minnesota Power Employees Credit Union
- Assets
- $147.4m
- Revenue
- $6.9m
- Investments
- $4.0m
- Employees
- 25
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0418235
Organization Overview
Minnesota Power Employees Credit Union is located in Duluth, 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 12/2023, Minnesota Power Employees Credit Union employed 25 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minnesota Power Employees 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 12/2023, Minnesota Power Employees Credit Union generated $6.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $5.8m during the year ending 12/2023. While expenses have increased by 7.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MEMBER OWNED AND MEMBER DRIVEN
Describe the Organization's Program Activity:
Part 3 - Line 4a
MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS TO ITS MEMBERS. MEMBERS WERE PAID $830,760 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION.
MPECU PROVIDED ITS MEMBERS WITH AN ONLINE PERSONAL FINANCIAL MANAGEMENT TOOL IN 2023. THE ANNUAL COST TO THE CREDIT UNION FOR THIS SERVICE WAS $13,800.
MPECU PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO ITS MEMBERS. DURING 2023, THE CREDIT UNION PAID APPROXIMATELY $49,982 FOR THESE TYPES OF SERVICES.
MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $46,220 IN ATM SURCHARGE FEES BACK TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike French Board Member | Trustee | 2 | $0 |
Marcia Podratz Board Chair | OfficerTrustee | 2 | $0 |
Jeremy Caine Board Member | Trustee | 2 | $0 |
Kent Oliver Board Member | Trustee | 2 | $0 |
Nathan Schmidt Secretary | OfficerTrustee | 2 | $0 |
Thomas Meyer Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Core Processor And Credit Card Provider | 12/30/23 | $302,278 |
Shazam Debit Card Processor | 12/30/23 | $172,834 |
Vc3 Technical Support/it Vendor | 12/30/23 | $106,889 |
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 | $4,935,779 |
| Investment income | $991,113 |
| 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 | $6,860,848 |
| 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 | $830,757 |
| Compensation of current officers, directors, key employees. | $226,655 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,179,776 |
| Pension plan accruals and contributions | $96,369 |
| Other employee benefits | $164,348 |
| Payroll taxes | $114,450 |
| Fees for services: Management | $14,726 |
| Fees for services: Legal | $13,282 |
| Fees for services: Accounting | $49,373 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $322,231 |
| Advertising and promotion | $232,417 |
| Office expenses | $314,163 |
| Information technology | $290,842 |
| Royalties | $0 |
| Occupancy | $270,342 |
| Travel | $23,521 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,008 |
| Interest | $595,889 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,676 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,846,752 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,146,438 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $259,967 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $102,232,048 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $245,949 |
| Net Land, buildings, and equipment | $36,142 |
| Investments—publicly traded securities | $20,924,727 |
| Investments—other securities | $3,973,279 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,565,190 |
| Total assets | $147,383,740 |
| Accounts payable and accrued expenses | $1,190,439 |
| 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 | $21,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $109,746,885 |
| Total liabilities | $132,437,324 |
| 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 | $14,946,416 |
| Total liabilities and net assets/fund balances | $147,383,740 |
Grants Awarded
Over the last fiscal year, Minnesota Power Employees Credit Union has awarded $11,536 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NATIONAL KIDNEY FOUNDATION INC PURPOSE: PROGRAM SUPPORT | $6,536 |
HEAD OF THE LAKES UNITED WAY PURPOSE: PROGRAM SUPPORT | $5,000 |