Northwoods Credit Union

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 12/2021, Northwoods Credit Union employed 55 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 12/2021, Northwoods Credit Union generated $10.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $8.7m during the year ending 12/2021. While expenses have increased by 8.9% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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

DIVIDENDS AND INTEREST ON MEMBER SAVINGS ACCOUNTS AND LOANS TO MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
Doug Wolf
President/ceo
$164,845
Matthew Ferrin
Svp/chief Financial Officer
$132,112
Terry Burn
Svp/chief Lending Officer
$125,768
Jeffrey Kletscher
Chairperson
$2,311
Christine Nielson-Ringat
Secretary
$1,313
Larry Champeaux
Vice Chairperson
$1,292

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Core System Provider
$718,695
The Boldt Company
Remodeling Of Facilities
$1,012,834
Ncrdigital Insight
Online Banking Provider
$349,163
Pscu
Credit Card Service Provider
$150,345
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$9,498,194
Investment income $70,208
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $365,286
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $10,013,963

Peer Organizations

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