Expedition Credit Union
- Assets
- $230.6m
- Revenue
- $8.6m
- Investments
- $63.4m
- Employees
- 50
- Location
- Mendota Heights, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0802271
Organization Overview
Expedition Credit Union is located in Mendota Heights, 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, Expedition Credit Union employed 50 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Expedition 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, Expedition Credit Union generated $8.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $7.7m during the year ending 12/2022. While expenses have increased by 4.7% 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
EXPEDITION CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE OPERATING TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBER OWNERS THROUGH REAL FINANCIAL SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE CONSUMER LENDING PRODUCTS TO OUR MEMBERS. IN 2022 WE ORIGINATED 1697 LOANS FOR A TOTAL OF $62,343,243.27.
TO PAY FAVORABLE DIVIDENDS ON SAVINGS AND INVESTMENT PRODUCTS TO OUR MEMBERS. IN 2022 WE INCREASED OUR MEMBER SHARE BALANCE BY $8,537,528.07.
TO OFFER AFFORDABLE AND CONVENIENT ELECTRONIC AND CHECKING PRODUCTS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ramona Springis-Doss Chairman | OfficerTrustee | 1 | $0 |
James Smola Board Member/treasurer | OfficerTrustee | 1 | $0 |
Steven Scarrella Board Member | Trustee | 1 | $0 |
Kany Seck Board Member | Trustee | 1 | $0 |
Steve Buettner Board Member | Trustee | 1 | $0 |
Jordan Ford Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthpartners Employee Health Insurance | 12/30/22 | $301,868 |
Presidio Networked Monitor Operating Systems | 12/30/22 | $357,814 |
Arkatechture Digital Analytics Marketing Platform | 12/30/22 | $134,674 |
Ncr Corporation Digital Banking Platform | 12/30/22 | $112,320 |
Strum Communications System | 12/30/22 | $131,840 |
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 | $7,058,801 |
| Investment income | $935,368 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,395 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,556,619 |
| 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 | $23,816 |
| Compensation of current officers, directors, key employees. | $428,784 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,883,345 |
| Pension plan accruals and contributions | $119,175 |
| Other employee benefits | $194,225 |
| Payroll taxes | $174,470 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,025 |
| Fees for services: Accounting | $106,915 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $654,465 |
| Advertising and promotion | $111,021 |
| Office expenses | $1,551,410 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $510,454 |
| Travel | $34,540 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $714,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $353,264 |
| Insurance | $9,881 |
| All other expenses | $0 |
| Total functional expenses | $7,737,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $261,605 |
| Savings and temporary cash investments | $867,596 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $468,349 |
| Loans from Officers, Directors, or Controlling Persons | $2,021,458 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $144,175,695 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,956,813 |
| Net Land, buildings, and equipment | $4,306,051 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $63,404,738 |
| Investments—program-related | $9,080,000 |
| Intangible assets | $0 |
| Other assets | $3,057,536 |
| Total assets | $230,599,841 |
| Accounts payable and accrued expenses | $1,257,180 |
| 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 | $6,300,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $206,547,972 |
| Total liabilities | $214,105,152 |
| 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 | $16,494,689 |
| Total liabilities and net assets/fund balances | $230,599,841 |