Lake State Credit Union
- Assets
- $0.0
- Revenue
- $5.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Moose Lake, MN
- Founding
- Data as of
- 07/2015
- EIN
- 41-0683383
Organization Overview
Lake State Credit Union is located in Moose Lake, MN. Lake State Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2015
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS A NONPROFIT, COOPERATIVE FINANCIAL INSTITUTION. IT IS OWNED AND RUN BY ITS MEMBERS AND ORGANIZED TO SERVE AND PROVIDE THEIR MEMBERS WITH A SAFE PLACE TO SAVE AND BORROW AT REASONABLE RATES. MEMBERS POOL THEIR FUNDS TO MAKE LOANS TO ONE ANOTHER. THE VOLUNTEER BOARD THAT RUNS EACH CREDIT UNION IS ELECTED BY THE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 10,189 LOANS OUTSTANDING FOR $132,836,995 AS OF JUNE 30, 2015.
THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 43,191 MEMBER ACCOUNTS WITH DEPOSITS OF $172,908,674 AS OF JUNE 30, 2015.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dianne Carlson Director | Trustee | 1 | $0 |
Tim Caroline Director | Trustee | 1 | $0 |
Lee Ellen Olson Director | Trustee | 1 | $0 |
John Gilbert Director | Trustee | 1 | $0 |
Karen Johnson Director | Trustee | 1 | $0 |
Jerry Telker Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Answers Core Processing | 6/30/15 | $205,696 |
Fiserv Debit Card Processing | 6/30/15 | $160,967 |
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 | $4,753,745 |
| Investment income | $214,469 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,946 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,985,160 |
| 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 | $446,709 |
| Compensation of current officers, directors, key employees. | $183,273 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,671,851 |
| Pension plan accruals and contributions | $73,166 |
| Other employee benefits | $195,667 |
| Payroll taxes | $149,034 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $300,131 |
| Advertising and promotion | $99,576 |
| Office expenses | $389,069 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $373,607 |
| Travel | $28,695 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,793,408 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |