West Metro Schools Credit Union
- Assets
- $39.2m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 7
- Location
- Hopkins, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- 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 12/2023, West Metro Schools Credit Union employed 7 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 12/2023, West Metro Schools Credit Union generated $1.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. While expenses have increased by 8.8% per year over the past 9 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
2023
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 177 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 2,658 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 391 NEW LOANS TO MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 1,755 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Crystal Schuman President | Officer | 40 | $132,678 |
Mary Kay Myrmel Cahir | OfficerTrustee | 2 | $0 |
Lisa Walker Vice Chair | OfficerTrustee | 2 | $0 |
Betty Magnuson Secretary | OfficerTrustee | 1.5 | $0 |
John Toop Director | Trustee | 1 | $0 |
Patricia Wright 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 | $1,493,762 |
| Investment income | $393,545 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,324 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,940 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,884,691 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,000 |
| 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. | $132,678 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $269,645 |
| Pension plan accruals and contributions | $20,802 |
| Other employee benefits | $53,162 |
| Payroll taxes | $31,269 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $27,530 |
| Office expenses | $375,969 |
| Information technology | $103,275 |
| Royalties | $0 |
| Occupancy | $33,508 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,997 |
| Interest | $945 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,860 |
| Insurance | $19,944 |
| All other expenses | $0 |
| Total functional expenses | $1,602,601 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $71,629 |
| Savings and temporary cash investments | $5,713,829 |
| 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 | $21,814,699 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $83,200 |
| Net Land, buildings, and equipment | $38,030 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,778,181 |
| Intangible assets | $0 |
| Other assets | $704,001 |
| Total assets | $39,203,569 |
| Accounts payable and accrued expenses | $109,855 |
| 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 | $32,093,224 |
| Total liabilities | $32,203,079 |
| 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 | $7,000,490 |
| Total liabilities and net assets/fund balances | $39,203,569 |