Pipefitters-Steamfitters Credit Union
- Assets
- $55.3m
- Revenue
- $2.0m
- Investments
- $2.2m
- Employees
- 11
- Location
- Woodbury, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0843373
Organization Overview
Pipefitters-Steamfitters Credit Union is located in Woodbury, 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, Pipefitters-Steamfitters Credit Union employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Pipefitters-Steamfitters 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, Pipefitters-Steamfitters Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 7.4% 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
PROVIDE FINANCIAL SERVICES FOR MEMBERS AND THEIR FAMILIES OF UNION LOCAL 455
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO ITS CLOSED FIELD OF MEMBERSHIP: THE MEMBERS OF LOCAL 455 PIPEFITTERS STEAMFITTERS, AND THEIR FAMILY MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adam Hoen Board Chairman | OfficerTrustee | 2 | $675 |
Ryan Vail Board Member | Trustee | 2 | $700 |
Curtis Johnson Vice Chairman | OfficerTrustee | 2 | $875 |
Michael Menne Board Member | Trustee | 1.5 | $638 |
Patrick Moore Board Member | Trustee | 2 | $638 |
Mark Slagle Vice Chairman | OfficerTrustee | 0.5 | $300 |
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 | $1,521,396 |
| Investment income | $311,248 |
| 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 | $1,998,377 |
| 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 | $65,313 |
| Compensation of current officers, directors, key employees. | $156,306 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $362,161 |
| Pension plan accruals and contributions | $12,394 |
| Other employee benefits | $110,224 |
| Payroll taxes | $38,122 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,126 |
| Fees for services: Accounting | $24,397 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $176,205 |
| Advertising and promotion | $8,364 |
| Office expenses | $179,543 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $90,833 |
| Travel | $21,393 |
| 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 | $75,558 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,814,928 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $424,624 |
| Savings and temporary cash investments | $18,393,000 |
| 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 | $24,767,969 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,519 |
| Net Land, buildings, and equipment | $197,980 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,232,000 |
| Investments—program-related | $7,199,625 |
| Intangible assets | $0 |
| Other assets | $2,002,056 |
| Total assets | $55,270,773 |
| Accounts payable and accrued expenses | $510,408 |
| 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 | $49,594,915 |
| Total liabilities | $50,105,323 |
| 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 | $5,165,450 |
| Total liabilities and net assets/fund balances | $55,270,773 |