West Metro Schools Credit Union
- Assets
- $38.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 6
- Location
- Hopkins, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0787859
Organization Overview
West Metro Schools Credit Union is located in Hopkins, 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, West Metro Schools Credit Union employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. West Metro Schools 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, West Metro Schools Credit Union generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 6.4% 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
WE ARE A NOT-FOR-PROFIT, MEMBER OWNED AND CONTROLLED FINANCIAL ORGANIZATION. WE PROVIDE FINANCIAL SERVICES AND BUILD LIFE-LONG RELATIONSHIPS WHILE MAINTATING FINANCIAL STABILITY AND SAFEGUARDING MEMBER ASSETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 181 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 2,607 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 369 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/22 WE HAD 1,705 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Crystal Schuman President | Officer | 40 | $113,443 |
Mary Kay Myrmel Cahir | OfficerTrustee | 2 | $0 |
Betty Magnuson Secretary | OfficerTrustee | 1.5 | $0 |
Lisa Walker Vice Chair | OfficerTrustee | 2 | $0 |
Theresa Myre Director | Trustee | 1 | $0 |
Thomas Opitz Director | Trustee | 1 | $0 |
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 | $1,255,165 |
| Investment income | $252,169 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,985 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,509,319 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,000 |
| 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. | $113,443 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $245,176 |
| Pension plan accruals and contributions | $19,166 |
| Other employee benefits | $52,879 |
| Payroll taxes | $28,331 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,431 |
| Office expenses | $330,690 |
| Information technology | $83,426 |
| Royalties | $0 |
| Occupancy | $31,531 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,084 |
| Interest | $199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,493 |
| Insurance | $19,824 |
| All other expenses | $0 |
| Total functional expenses | $1,233,521 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,282 |
| Savings and temporary cash investments | $5,697,251 |
| 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 | $19,834,616 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | -$3,642 |
| Net Land, buildings, and equipment | $52,017 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,344,181 |
| Intangible assets | $0 |
| Other assets | $730,230 |
| Total assets | $38,718,935 |
| Accounts payable and accrued expenses | $94,053 |
| 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 | $31,873,615 |
| Total liabilities | $31,967,668 |
| 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 | $6,751,267 |
| Total liabilities and net assets/fund balances | $38,718,935 |
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|---|---|---|
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Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
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Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
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Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |