Associated Healthcare Credit Union
- Assets
- $155.0m
- Revenue
- $6.1m
- Investments
- $12.4m
- Employees
- 40
- Location
- Woodbury, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0738787
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 12/2021, Associated Healthcare Credit Union employed 40 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 12/2021, Associated Healthcare Credit Union generated $6.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $4.3m during the year ending 12/2021. While expenses have increased by 0.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 12,990 MEMBER ACCOUNTS WITH DEPOSITS OF $138,303,717 AS OF DECEMBER 31, 2021.
THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. WE HAD 7,800 LOANS OUTSTANDING AS OF DECEMBER 31, 2021 WITH BALANCES OF $111,956,858.
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) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Malone CEO | Officer | 40 | $211,122 |
Andrew Rihm VP Lending | Officer | 40 | $160,343 |
Thomas Gavinski Chair | OfficerTrustee | 1 | $575 |
Michael Nass Vice Chair | OfficerTrustee | 1 | $575 |
Katina Mcdugle Director | Trustee | 1 | $450 |
Linda Zdon Secretary | OfficerTrustee | 1 | $375 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Portico Core Data Processing System | 12/30/20 | $480,443 |
Financial Institution Lending Options (F Auto Loan Referral Business | 12/30/20 | $331,022 |
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 | $5,646,589 |
| Investment income | $484,834 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$133 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,131,290 |
| 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. | $438,606 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $934,711 |
| Pension plan accruals and contributions | $24,806 |
| Other employee benefits | $88,847 |
| Payroll taxes | $128,134 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,800 |
| Fees for services: Accounting | $40,341 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $353,849 |
| Advertising and promotion | $0 |
| Office expenses | $1,111,337 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $247,932 |
| Travel | $20,657 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $270,489 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,958 |
| Insurance | $0 |
| All other expenses | $30,720 |
| Total functional expenses | $4,309,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $710,940 |
| Savings and temporary cash investments | $25,645,490 |
| 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 | $111,701,619 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $200,011 |
| Net Land, buildings, and equipment | $853,898 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,412,486 |
| Investments—program-related | $1,352,661 |
| Intangible assets | $0 |
| Other assets | $2,117,714 |
| Total assets | $154,994,819 |
| Accounts payable and accrued expenses | $837,448 |
| 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 | $138,303,717 |
| Total liabilities | $139,141,165 |
| 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 | $15,853,654 |
| Total liabilities and net assets/fund balances | $154,994,819 |
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