Associated Healthcare Credit Union
- Assets
- $159.4m
- Revenue
- $6.1m
- Investments
- $18.1m
- Employees
- 24
- Location
- Woodbury, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- 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 12/2022, 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.
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Board, Officers & Key Employees
| 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 |
Outside Vendors & Contractors
| 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 |
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 |
| 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 |