Associated Healthcare Credit Union

Organization Overview

Associated Healthcare Credit Union is located in Woodbury, 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 12/2022, Associated Healthcare Credit Union employed 24 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Associated Healthcare 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 12/2022, Associated Healthcare Credit Union generated $6.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $4.6m during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 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

2022

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNERS".

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. WE HAD 12,796 MEMBER ACCOUNTS WITH DEPOSITS OF $141,982,861 AS OF DECEMBER 31, 2022.


THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. WE HAD 8,201 LOANS OUTSTANDING AS OF DECEMBER 31, 2022 WITH BALANCES OF $125,702,388.


THE CREDIT UNION PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ELECTRONIC BANKING, ATM NETWORK, SHARED BRANCHING, AND IN PERSON.


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Board, Officers & Key Employees

Name (title)Compensation
Michael Nass
Director
$575
Patti Elliot-Allen
Vice Chair
$525
Corrine Kroehler
Director
$500
Joe Clubb
Chair
$475
Thomas Gavinski
Director
$475
Katina Mcdugle
Treasurer
$425

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Core Processor
$468,100
Pscu
Card Processor
$359,313
Sever Construction
Branch Renovations
$270,510
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$5,769,328
Investment income $362,459
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$2,220
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $6,129,567

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