Cities Credit Union
- Assets
- $36.5m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 8
- Location
- Vadnais Heights, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0519535
Organization Overview
Cities Credit Union is located in Vadnais Heights, 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, Cities Credit Union employed 8 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Cities 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, Cities Credit Union generated $1.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. 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
NEIGHBORLY, COMFORTABLE, FUN AND RIGHTHEARTED SERVICE. OFFERS HUMBLE GUIDANCE TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE TO OUR MEMBERS. WE OPENED 105 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 2,638 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 40,076 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 43,912 LOANS RECEIVABLE OUTSTANDING.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristine Heuer Vice Preside | Officer | 40 | $74,833 |
Mike Enright President | Officer | 40 | $73,315 |
James Walker Secretary | OfficerTrustee | 1 | $0 |
Daniel Pederson Chair | OfficerTrustee | 1 | $0 |
Joan Siegfried Vice Chair | OfficerTrustee | 1 | $0 |
Thomas Brockway Director | 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 | $1,052,603 |
| Investment income | $194,368 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $600 |
| Net Rental Income | $23,004 |
| Net Gain/Loss on Asset Sales | $1,750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,272,325 |
| 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. | $148,148 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $166,872 |
| Pension plan accruals and contributions | $241 |
| Other employee benefits | $31,334 |
| Payroll taxes | $28,848 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $212 |
| Fees for services: Accounting | $17,084 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $249 |
| Advertising and promotion | $41,744 |
| Office expenses | $170,339 |
| Information technology | $149,016 |
| Royalties | $0 |
| Occupancy | $108,721 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,161 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,475 |
| Insurance | $29,297 |
| All other expenses | $0 |
| Total functional expenses | $1,247,014 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,999 |
| Savings and temporary cash investments | $4,611,743 |
| 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 | $18,447,495 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,610 |
| Net Land, buildings, and equipment | $675,132 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,770,023 |
| Intangible assets | $0 |
| Other assets | $788,064 |
| Total assets | $36,503,066 |
| Accounts payable and accrued expenses | $142,925 |
| 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 | $33,692,517 |
| Total liabilities | $33,835,442 |
| 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 | $2,667,624 |
| Total liabilities and net assets/fund balances | $36,503,066 |
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 |