Northwoods Credit Union
- Assets
- $172.7m
- Revenue
- $12.0m
- Investments
- $1.2m
- Employees
- 68
- Location
- Cloquet, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0653148
Organization Overview
Northwoods Credit Union is located in Cloquet, 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, Northwoods Credit Union employed 68 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northwoods 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, Northwoods Credit Union generated $12.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $11.9m during the year ending 12/2023. While expenses have increased by 10.6% 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
PROVIDE CREDIT UNION SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVED 11,711 MEMBERS - PAID OVER $1,349,000 IN DIVIDENDS
8,940 OUTSTANDING MEMBER LOANS TOTALING $118,895,003 ON DECEMBER 31, 2023 - GRANTED 3,366 LOANS TO MEMBERS TOTALING $54,979,165 IN 2023 - MEMBERS PAID OVER $7,683,358 IN LOAN INTEREST THROUGHOUT 2023
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Kletscher Chairperson | OfficerTrustee | 1.86 | $2,807 |
Larry Champeaux Vice Chairperson | OfficerTrustee | 1.04 | $1,745 |
Christine Nielson-Ringat Secretary | OfficerTrustee | 1.16 | $1,938 |
Nathan Manner Director | Trustee | 0.94 | $1,545 |
Lisa Follett-Pollak Director | Trustee | 0.72 | $1,244 |
Debra J Larson Director | Trustee | 0.87 | $1,511 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncrdigital Insight Online Banking Provider | 12/30/23 | $1,024,803 |
Fiserv Core System Provider | 12/30/23 | $636,114 |
The Boldt Company Remodeling Of Facilities | 12/30/23 | $1,213,876 |
The Copper River Group Consulting Services | 12/30/23 | $131,725 |
Tech Based Solutions Llc Computer/firewall/technical Support Serv | 12/30/23 | $109,650 |
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 | $11,172,446 |
| Investment income | $512,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,432 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,960,002 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $34,341 |
| Grants and other assistance to domestic individuals. | $1,156 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $590,109 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,953,690 |
| Pension plan accruals and contributions | $202,486 |
| Other employee benefits | $614,924 |
| Payroll taxes | $276,270 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,150 |
| Fees for services: Accounting | $75,106 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,825 |
| Fees for services: Other | $269,914 |
| Advertising and promotion | $165,225 |
| Office expenses | $436,649 |
| Information technology | $2,396,776 |
| Royalties | $0 |
| Occupancy | $339,289 |
| Travel | $57,041 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $89,291 |
| Interest | $9,716 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $516,487 |
| Insurance | $102,921 |
| All other expenses | $121,158 |
| Total functional expenses | $11,930,660 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,541,194 |
| Savings and temporary cash investments | $14,104,576 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $983,642 |
| Loans from Officers, Directors, or Controlling Persons | $1,402,472 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $133,235,089 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $330,156 |
| Net Land, buildings, and equipment | $8,398,532 |
| Investments—publicly traded securities | $5,040,709 |
| Investments—other securities | $1,197,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,475,704 |
| Total assets | $172,709,574 |
| Accounts payable and accrued expenses | $1,863,699 |
| 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 | $157,482,287 |
| Total liabilities | $159,345,986 |
| 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 | $13,363,588 |
| Total liabilities and net assets/fund balances | $172,709,574 |