Smw Financial Credit Union
- Assets
- $90.6m
- Revenue
- $3.9m
- Investments
- $3.2m
- Employees
- 22
- Location
- Lino Lakes, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0840716
Organization Overview
Smw Financial Credit Union is located in Lino Lakes, 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, Smw Financial Credit Union employed 22 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Smw Financial 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, Smw Financial Credit Union generated $3.9m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $3.5m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.0%) per year over the past 6 years. 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
BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LOW COST FINANCIAL SERVICES TO 5,438 MEMBERS.
SERVED MEMBERS INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael T Day Chairman | OfficerTrustee | 1 | $0 |
Scott W Kloetzke Director | Trustee | 1 | $0 |
Jay R Strub Director | Trustee | 1 | $0 |
Michael G Trudeau Director | Trustee | 1 | $0 |
James Wright Director | Trustee | 1 | $0 |
Steven Hauser President/ceo | Officer | 40 | $142,586 |
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 | $3,357,733 |
| Investment income | $498,353 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,030 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,852,056 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,350 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $214,940 |
| Compensation of current officers, directors, key employees. | $680,537 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $510,331 |
| Pension plan accruals and contributions | $99,302 |
| Other employee benefits | $87,350 |
| Payroll taxes | $104,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,486 |
| Fees for services: Accounting | $37,464 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $463,125 |
| Advertising and promotion | $94,859 |
| Office expenses | $225,497 |
| Information technology | $343,853 |
| Royalties | $0 |
| Occupancy | $203,202 |
| Travel | $9,249 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $335 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $168,298 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,480,894 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $594,232 |
| Savings and temporary cash investments | $5,599,765 |
| 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 | $56,824,093 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $181,353 |
| Net Land, buildings, and equipment | $3,221,074 |
| Investments—publicly traded securities | $17,125,819 |
| Investments—other securities | $3,151,800 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,858,086 |
| Total assets | $90,556,222 |
| Accounts payable and accrued expenses | $241,006 |
| 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 | $82,911,175 |
| Total liabilities | $83,152,181 |
| 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 | $7,404,041 |
| Total liabilities and net assets/fund balances | $90,556,222 |