Lake State Credit Union

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.

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)Compensation
Dianne Carlson
Director
$0
Tim Caroline
Director
$0
Lee Ellen Olson
Director
$0
John Gilbert
Director
$0
Karen Johnson
Director
$0
Jerry Telker
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cu Answers
Core Processing
$205,696
Fiserv
Debit Card Processing
$160,967
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$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

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