Soo Select Credit Union
- Assets
- $0.0
- Revenue
- $550.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Thief River Falls, MN
- Founding
- Data as of
- 10/2018
- EIN
- 41-0824078
Organization Overview
Soo Select Credit Union is located in Thief River Falls, MN. As of 10/2018, Soo Select Credit Union employed 6 individuals. Soo Select 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 10/2018, Soo Select Credit Union generated $550.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $693.3k during the year ending 10/2018. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST ON MEMBERS SAVINGS ACCOUNTS AND CD'S PAID TO OVER 2700 MEMBERS.
LIFE SAVINGS INSURANCE WHICH PROVIDES LIFE INSURANCE PROTECTION TO MEMBERS BASED ON THE BALANCE IN THEIR SHARE ACCOUNT.
ANNUAL MEETING OF MEMBERS AT WHICH THE CREDIT UNION OFFICERS REPORT TO THE MEMBERS ON THE OPERATION OF THE CREDIT UNION. THE MEMBERS ELECT THE BOARD OF DIRECTORS AND COMMITTEE MEMBERS. OVER 100 MEMBERS ATTENDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Wold President | OfficerTrustee | 1 | $264 |
Dana Jenkins Director | Trustee | 1 | $288 |
Ronnie Skallet Secretary | OfficerTrustee | 1 | $240 |
David Paulson Director | Trustee | 1 | $216 |
Bruce Bjorgaard Vice President | OfficerTrustee | 1 | $264 |
Joyce Kalbakdalen President/ceo | Officer | 50 | $104,163 |
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 | $461,102 |
| Investment income | $89,218 |
| 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 | $550,320 |
| 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 | $21,941 |
| Compensation of current officers, directors, key employees. | $105,435 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $166,071 |
| Pension plan accruals and contributions | $22,831 |
| Other employee benefits | $21,364 |
| Payroll taxes | $21,287 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,000 |
| Advertising and promotion | $0 |
| Office expenses | $180,922 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,964 |
| Travel | $5,711 |
| 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 | $51,963 |
| Insurance | $0 |
| All other expenses | -$25,000 |
| Total functional expenses | $693,334 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |