Brainerd B N Credit Union

Organization Overview

Brainerd B N Credit Union is located in Brainerd, 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, Brainerd B N Credit Union employed 24 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Brainerd B N 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, Brainerd B N Credit Union generated $2.9m 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 $2.2m during the year ending 12/2021. While expenses have increased by 1.5% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

WE DEDICATE ALL OUR EFFORTS TO BRINGING MEMBERS THE BEST FINANCIAL PRODUCTS AND SERVICES AVAILABLE WHILE MAINTAINING FINANCIAL STABILITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DIVIDENDS ON SAVINGS DEPOSITS PAID TO OUR MEMBERS ON A QUARTERLY BASIS


DEBIT CARD EXPENSES. EXPENSES RELATED TO PROVIDING DEBIT CARDS FOR MEMBERS. 6,880 MEMBERS HAVE THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2021.


LIFE INSURANCE FOR MEMBERS ON SHARE ACCOUNTS. THE LIFE INSURANCE PREMIUMS ARE PAID FOR BY THE CREDIT UNION. 6,880 MEMBERS HAD THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2021.


- LOAN SERVICING (EXPENSES 41,943) EXPENSES RELATED TO PROVIDING LOANS TO MEMBERS. - CORPORATE CREDIT UNION EXPENSES (EXPENSES 6,896) EXPENSES RELATED TO PROVIDING FINANCIAL SERVICE TO MEMBERS SUCH AS WIRING FUNDS, CASHING CHECKS, AND ACH TRANSACTIONS. - ANNUAL MEETING (EXPENSES 6,270) EXPENSES RELATED TO ANNUAL MEETING TO VOTE FOR BOARD OF DIRECTORS AND COMMITTEE MEMBERS AND PRESENT THE PRIOR YEAR FINANCIAL RESULTS TO MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
David Larson
Chief Fin'l
$105,793
Kaycie Mogensen
Treasurer
$98,472
Cindy Stunek
Asst. Treas.
$69,594
Judy Jourdan
Asst. Treas.
$65,054
Tricia Engholm
Exec. Secr.
$36,938
Rhonda Sandell
Director
$810

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$2,294,995
Investment income $157,215
Tax Exempt Bond Proceeds $0
Royalties $0
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 $2,872,699

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