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.
Form
990
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michael Nass Director | Trustee | 1 | $575 |
Patti Elliot-Allen Vice Chair | OfficerTrustee | 1 | $525 |
Corrine Kroehler Director | Trustee | 1 | $500 |
Joe Clubb Chair | OfficerTrustee | 1 | $475 |
Thomas Gavinski Director | Trustee | 1 | $475 |
Katina Mcdugle Treasurer | OfficerTrustee | 1 | $425 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Fiserv Core Processor | 12/30/22 | $468,100 |
Pscu Card Processor | 12/30/22 | $359,313 |
Sever Construction Branch Renovations | 12/30/22 | $270,510 |
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 |
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 | $0 |
Compensation of current officers, directors, key employees. | $457,207 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $973,397 |
Pension plan accruals and contributions | $57,918 |
Other employee benefits | $86,971 |
Payroll taxes | $139,145 |
Fees for services: Management | $0 |
Fees for services: Legal | $2,163 |
Fees for services: Accounting | $42,734 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $359,803 |
Advertising and promotion | $0 |
Office expenses | $1,099,114 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $244,749 |
Travel | $16,977 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $350,933 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $72,545 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $4,577,618 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $387,014 |
Savings and temporary cash investments | $11,759,840 |
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 | $125,437,022 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $295,998 |
Net Land, buildings, and equipment | $1,154,171 |
Investments—publicly traded securities | $0 |
Investments—other securities | $18,093,995 |
Investments—program-related | $1,419,224 |
Intangible assets | $0 |
Other assets | $899,771 |
Total assets | $159,447,035 |
Accounts payable and accrued expenses | $1,114,519 |
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 | $141,982,861 |
Total liabilities | $143,097,380 |
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 | $16,349,655 |
Total liabilities and net assets/fund balances | $159,447,035 |