Northridge Community Credit Union
- Assets
- $73.7m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 36
- Location
- Hoyt Lakes, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0849130
Organization Overview
Northridge Community Credit Union is located in Hoyt 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 12/2021, Northridge Community Credit Union employed 36 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northridge Community 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, Northridge Community Credit Union generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $3.8m during the year ending 12/2021. While expenses have increased by 12.1% 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
TO PROMOTE THRIFT AMONG OUR MEMBERS, AND TO CREATE A SOURCE OF CREDIT FOR THEM AT FAIR AND REASONABLE RATES OF INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 1,702 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 6,534 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 2,485 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 4,711 LOANS RECEIVABLE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Mathiowetz Pres/ceo & S | OfficerTrustee | 40 | $117,587 |
Winifred Koivisto VP Accountin | Officer | 40 | $89,377 |
Elizabeth Kallevig VP Operation | Officer | 40 | $77,278 |
Kevin Kubat VP Lending | Officer | 40 | $55,890 |
Susan Sowers Chair | OfficerTrustee | 0.5 | $0 |
Cassandra Hainey Vice Chair | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kasasa Rewards Prgms | 12/30/21 | $107,341 |
Member Access Processing Card Processing | 12/30/21 | $165,391 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,680 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,680 |
| Total Program Service Revenue | $5,067,193 |
| Investment income | $111,888 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,974 |
| Net Rental Income | $10,865 |
| Net Gain/Loss on Asset Sales | $18,453 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,224,053 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $340,132 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $923,245 |
| Pension plan accruals and contributions | $25,939 |
| Other employee benefits | $74,376 |
| Payroll taxes | $88,148 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $126 |
| Fees for services: Accounting | $14,516 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $179,001 |
| Advertising and promotion | $55,908 |
| Office expenses | $873,527 |
| Information technology | $161,177 |
| Royalties | $0 |
| Occupancy | $161,538 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75,984 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $100,237 |
| Insurance | $30,733 |
| All other expenses | $6,680 |
| Total functional expenses | $3,799,494 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,640,471 |
| Savings and temporary cash investments | $4,916,850 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $223 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $55,847,074 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $51,637 |
| Net Land, buildings, and equipment | $1,891,567 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,475,837 |
| Intangible assets | $0 |
| Other assets | $884,555 |
| Total assets | $73,708,214 |
| Accounts payable and accrued expenses | $429,768 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $154,070 |
| 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 | $63,418,802 |
| Total liabilities | $64,002,640 |
| 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 | $9,705,574 |
| Total liabilities and net assets/fund balances | $73,708,214 |
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 |