Spire Credit Union
- Assets
- $1.9b
- Revenue
- $81.3m
- Investments
- $229.7m
- Employees
- 566
- Location
- Falcon Heights, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0585825
Organization Overview
Spire Credit Union is located in Falcon Heights, MN. The organization was established in 1944. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Spire Credit Union employed 566 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Spire 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, Spire Credit Union generated $81.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 12.8% each year . All expenses for the organization totaled $60.6m during the year ending 12/2021. While expenses have increased by 9.7% 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.
Since 2020, Spire Credit Union has awarded 26 individual grants totaling $393,949. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE FINANCIAL WELL BEING OF OUR MEMBER-OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING SAVINGS DEPOSIT SERVICES, CHECKING ACCOUNTS, ORIGINATING NEW LOANS, AND SERVICING THE LOAN PORTFOLIO FOR MEMBERS.
DIVIDENDS PAID TO MEMBERS ON 292,553 DEPOSIT ACCOUNTS HELD BY 142,385 MEMBERS TOTALING $3,539,131.
RECORDING MEMBER ACCOUNT ACTIVITY AND PROVIDING MEMBERS ACCESS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS, AND IN PERSON AT THE CU OFFICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dan Stoltz CEO | Officer | 40 | $1,001,525 |
Tom Langseth Investment Service Advisor | 40 | $512,048 | |
Justin Burleson Svp/chief Ops & Financial Officer | Officer | 40 | $332,387 |
James Ganger Sr VP Relationship & Servi | Officer | 40 | $313,816 |
Cliff Wantz Sr VP Of Lending And Produ | Officer | 40 | $307,903 |
Wendy Maczko VP Wealth Management | 40 | $278,863 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Greiner Construction Bldg. Construction | 12/30/21 | $4,501,901 |
Presidio Networked Solutions Group Data Processing Hardware & Software | 12/30/21 | $2,064,156 |
Alkami Technology Inc Data Processing Products & Testing | 12/30/21 | $1,346,968 |
Jack Henry And Associates Inc System Hard/software | 12/30/21 | $1,175,968 |
Media Bridge Advertising | 12/30/21 | $985,611 |
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 | $78,173,098 |
| Investment income | $2,514,388 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $617,707 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,305,193 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $67,366 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,539,131 |
| Compensation of current officers, directors, key employees. | $2,693,541 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,674,116 |
| Pension plan accruals and contributions | $3,514,049 |
| Other employee benefits | $2,137,402 |
| Payroll taxes | $1,781,455 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,621 |
| Fees for services: Accounting | $287,462 |
| 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 | $8,792,811 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,965,305 |
| Travel | $201,243 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,042,726 |
| Insurance | $14,000 |
| All other expenses | $1,080,280 |
| Total functional expenses | $60,560,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,030,028 |
| Savings and temporary cash investments | $114,852,694 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,703,536 |
| Loans from Officers, Directors, or Controlling Persons | $9,070,908 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,266,603,059 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,603,346 |
| Net Land, buildings, and equipment | $59,352,051 |
| Investments—publicly traded securities | $173,057,790 |
| Investments—other securities | $229,683,604 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $75,657,345 |
| Total assets | $1,948,614,361 |
| Accounts payable and accrued expenses | $13,171,618 |
| 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 | $1,786,128,586 |
| Total liabilities | $1,799,300,204 |
| 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 | $149,314,157 |
| Total liabilities and net assets/fund balances | $1,948,614,361 |
Grants Awarded
Over the last fiscal year, Spire Credit Union has awarded $52,366 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
Roseville, MN PURPOSE: KETTLE MATCH & NETGIVER MATCHES | $25,760 |
KSTP FM PURPOSE: CLOUDS CHOIR SPONSORSHIP | $10,000 |
Minnetonka, MN PURPOSE: FOOD DONATION AND HAND SANITIZER | $5,750 |
St Paul, MN PURPOSE: EVENT SPONSORSHIP & BANNER PRINTING | $5,506 |
Minnetonka, MN PURPOSE: EVENT SPONSORSHIP & NETGIVER MATCHES | $5,350 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Spire Credit Union Falcon Heights, MN | $1,948,614,361 | $81,305,193 |
Serveminnesota Minneapolis, MN | $9,195,680 | $42,573,491 |
Arrowhead Economic Opportunity Agency Incorporated Virginia, MN | $33,957,216 | $39,136,123 |
Minnesota Valley Action Council Inc Mankato, MN | $12,018,161 | $29,353,976 |
Tri-Valley Opportunity Council Inc Crookston, MN | $15,068,505 | $26,983,244 |
United Community Action Partnership Inc Marshall, MN | $18,347,423 | $25,415,099 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Mahube-Otwa Community Action Partnership Inc Detroit Lakes, MN | $6,691,451 | $20,228,935 |
Upper Des Moines Opportunity Inc Graettinger, IA | $5,376,639 | $17,208,548 |
Community Action Agency Of Siouxland Sioux City, IA | $5,735,581 | $15,017,682 |
Mid-Iowa Community Action -Mica- Incorporated Marshalltown, IA | $3,849,705 | $14,587,976 |