Ideal Credit Union
- Assets
- $932.2m
- Revenue
- $42.8m
- Investments
- $6.2m
- Employees
- 227
- Location
- Woodbury, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0519270
Organization Overview
Ideal Credit Union is located in Woodbury, 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, Ideal Credit Union employed 227 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Ideal 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, Ideal Credit Union generated $42.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $35.7m during the year ending 12/2021. While expenses have increased by 6.2% 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 PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 51,096 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS.
THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS.
THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Sherrick CEO | Officer | 40 | $656,084 |
Dennis Bauer CFO | Officer | 40 | $468,115 |
Craig Lundquist Sr Wealth Advisor Office C | 40 | $311,053 | |
Alisha Johnson Executive VP Of Ops | 40 | $303,153 | |
Rick Blood Clo | 40 | $284,463 | |
Lawrence Miggler Sr VP Info Systems | 40 | $280,076 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core Processing System | 12/30/21 | $998,263 |
Alkami Technology Inc Online Banking, Bill Pay And Mobile Chec | 12/30/21 | $638,236 |
Jsml Media Llc Strategic Media Recom, Research & Suppor | 12/30/21 | $522,229 |
Docusign Inc Electronic Document Signature System | 12/30/21 | $346,345 |
Meridianlink Inc Loan Origination System | 12/30/21 | $344,575 |
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 | $41,798,423 |
| Investment income | $786,809 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $179,192 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,764,424 |
| 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 | $3,140,305 |
| Compensation of current officers, directors, key employees. | $1,390,225 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,574,842 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,613,833 |
| Payroll taxes | $958,704 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,711 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,961,341 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,065,978 |
| Travel | $481,266 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,281,992 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,990,171 |
| Insurance | $0 |
| All other expenses | $288,995 |
| Total functional expenses | $35,667,347 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,483,215 |
| Savings and temporary cash investments | $498,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,973,461 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $738,013,766 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,952,162 |
| Net Land, buildings, and equipment | $22,432,133 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,196,616 |
| Investments—program-related | $3,472,192 |
| Intangible assets | $0 |
| Other assets | $60,145,613 |
| Total assets | $932,167,158 |
| Accounts payable and accrued expenses | $9,895,160 |
| 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 | $50,445,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $779,997,076 |
| Total liabilities | $840,337,236 |
| 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 | $91,829,922 |
| Total liabilities and net assets/fund balances | $932,167,158 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
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 |