Southpoint Financial Credit Union

Organization Overview

Southpoint Financial Credit Union is located in Sleepy Eye, 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, Southpoint Financial Credit Union employed 127 individuals. Southpoint Financial 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, Southpoint Financial Credit Union generated $21.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $16.9m during the year ending 12/2021. While expenses have increased by 9.3% per year over the past 5 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

SOUTHPOINT FINANCIAL CREDIT UNION EMPOWERS MEMBERS TO ACHIEVE THEIR GOALS AND DREAMS BY PROVIDING EXCEPTIONAL SERVICE AND GUIDANCE. WE ASPIRE TO BECOME THE PRIMARY FINANCIAL INSTITUTION FOR MEMBERS, CONTRIBUTE TO THE WELL-BEING OF OUR COMMUNITIES AND MAINTAIN EARNINGS AND RESERVES WHICH PROMOTE SOUND GROWTH AND ENCOURAGE MEMBER CONFIDENCE AND LOYALTY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CREDIT UNION PROVIDED 14,142 LOANS TO MEMBERS TOTALLING NEARLY $327.1 MILLION.


THE CREDIT UNION PROVIDED 56,470 DEPOSIT ACCOUNTS TO MEMBERS TOTALING APPROXIMATELY $427.5 MILLION CONSISTING OF SAVINGS, CHECKING, IRAS, CERTIFICATES, WITH THE USE OF DEBIT AND ATM CARDS.


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Board, Officers & Key Employees

Name (title)Compensation
Jay Gostonczik
CEO
$192,434
Patrice Gohl
Chief Operations Officer
$157,545
Al Peterson
CFO
$134,151
Troy Diedrich
Chief Experience Officer
$131,707
Matthew Lux
Chairman
$2,138
Scott Suprenant
Director
$1,525

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cornerstone Advisors Inc
Core Advisors
$356,509
Guideline Amc
Mortgage Services
$273,621
Thriveon
It
$896,136
Fiserv
Data Processor
$1,895,910
First American Mortgage Solutions
Mortgage Services
$258,007
View All Vendors

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$20,927,736
Investment income $440,653
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$1,992
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $21,366,397

Peer Organizations

Organization NameAssets
Members Cooperative Credit Union
Duluth, MN
$45,708,037
First Community Credit Union
Jamestown, ND
$50,434,728
Ideal Credit Union
Woodbury, MN
$42,764,424
City & County Credit Union
Saint Paul, MN
$41,175,696
Dutrac Community Credit Union
Dubuque, IA
$36,287,980
Capital Credit Union
Bismarck, ND
$34,065,557
Town & Country Credit Union
Minot, ND
$30,613,353
Linn Area Credit Union
Cedar Rapids, IA
$26,390,018
Southpoint Financial Credit Union
Sleepy Eye, MN
$21,366,397
Heritage Credit Union
Deforest, WI
$20,193,229
North Star Community Credit Union
Maddock, ND
$17,250,607
First Alliance Credit Union
Stewartville, MN
$15,921,045

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