Expedition Credit Union
- Assets
- $237.1m
- Revenue
- $8.1m
- Investments
- $52.5m
- Employees
- 41
- Location
- Mendota Heights, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- 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 12/2021, Expedition Credit Union employed 41 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 12/2021, Expedition Credit Union generated $8.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $6.9m during the year ending 12/2021. While expenses have increased by 3.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
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 2021 WE ORIGINATED 1661 LOANS FOR A TOTAL OF $55,244,966.50.
TO PAY FAVORABLE DIVIDENDS ON SAVINGS AND INVESTMENT PRODUCTS TO OUR MEMBERS. IN 2021 WE INCREASED OUR MEMBER SHARE BALANCE BY $16,745,343.30
TO OFFER AFFORDABLE AND CONVENIENT ELECTRONIC AND CHECKING PRODUCTS TO OUR MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robyn Musto CFO | Officer | 38 | $216,429 |
Paul R Dammann President/ceo | Officer | 38 | $165,728 |
Ramona Springis-Doss Chairman | OfficerTrustee | 1 | $940 |
James Smola Board Member/treasurer | OfficerTrustee | 1 | $900 |
Steven Scarrella Board Member | Trustee | 1 | $860 |
Kany Seck Board Member | Trustee | 1 | $760 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Healthpartners Employee Health Insurance | 12/30/21 | $295,306 |
Presidio Networked Monitor Operating Systems | 12/30/21 | $240,446 |
Ncr Corporation Digital Banking Platform | 12/30/21 | $230,361 |
Strum Marketing/name Change | 12/30/21 | $192,731 |
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 | $6,434,559 |
| Investment income | $660,995 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,600 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,050,046 |
| 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 | $557,180 |
| Compensation of current officers, directors, key employees. | $455,784 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $1,576,994 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $138,588 |
| Other employee benefits | $185,778 |
| Payroll taxes | $153,486 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,704 |
| Fees for services: Accounting | $51,486 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $672,599 |
| Advertising and promotion | $117,479 |
| Office expenses | $1,242,526 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $567,090 |
| Travel | $40,391 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $434,713 |
| Insurance | $8,627 |
| All other expenses | $0 |
| Total functional expenses | $6,890,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $182,218 |
| Savings and temporary cash investments | $6,153,729 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $548,517 |
| Loans from Officers, Directors, or Controlling Persons | $2,165,586 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $126,410,196 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,205,578 |
| Net Land, buildings, and equipment | $4,568,354 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $52,471,927 |
| Investments—program-related | $34,416,258 |
| Intangible assets | $0 |
| Other assets | $7,970,882 |
| Total assets | $237,093,245 |
| Accounts payable and accrued expenses | $1,147,697 |
| 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 | $215,085,500 |
| Total liabilities | $216,233,197 |
| 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 | $20,860,048 |
| Total liabilities and net assets/fund balances | $237,093,245 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
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 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
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 |