Northridge Community Credit Union
- Assets
- $97.1m
- Revenue
- $6.3m
- Investments
- $0.0
- Employees
- 36
- Location
- Hoyt Lakes, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- 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 12/2022, 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 12/2022, Northridge Community Credit Union generated $6.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.4% each year . All expenses for the organization totaled $4.8m during the year ending 12/2022. While expenses have increased by 13.8% 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
OUR PURPOSE IS TO SUPPORT THE PEOPLE IN OUR COMMUNITIES; TO ENCOURAGE THEIR LEARNING AND UNDERSTANDING OF THEIR UNIQUE FINANCIAL SITUATIONS AND PROVIDE TOOLS FOR OUR MEMBERS TO REACH THEIR DREAMS.
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 4,499 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 6,796 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 2,405 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 5,137 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicholas Mathiowetz Pres/ceo & S | OfficerTrustee | 40 | $137,831 |
Winifred Koivisto VP Accountin | Officer | 40 | $100,846 |
Elizabeth Kallevig VP Operation | Officer | 40 | $95,535 |
Mildred Wells-Boyer VP Lending | Officer | 40 | $63,481 |
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 | 12/30/22 | $113,015 |
The Boldt Company Construction | 12/30/22 | $2,919,426 |
Member Access Processing Card Processing | 12/30/22 | $205,791 |
Cu Interface Core System | 12/30/22 | $100,663 |
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 | $6,110,428 |
| Investment income | $153,103 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $10,465 |
| Net Rental Income | $9,315 |
| Net Gain/Loss on Asset Sales | -$15,543 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,267,768 |
| 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. | $397,693 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,054,188 |
| Pension plan accruals and contributions | $29,200 |
| Other employee benefits | $70,463 |
| Payroll taxes | $112,452 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,020 |
| Fees for services: Accounting | $25,380 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $169,240 |
| Advertising and promotion | $62,869 |
| Office expenses | $983,258 |
| Information technology | $201,745 |
| Royalties | $0 |
| Occupancy | $207,621 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $125,473 |
| Interest | $58,213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $110,098 |
| Insurance | $40,564 |
| All other expenses | $0 |
| Total functional expenses | $4,825,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,787,990 |
| Savings and temporary cash investments | $6,466,739 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $58,433 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $72,698,298 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $92,570 |
| Net Land, buildings, and equipment | $5,485,622 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,416,735 |
| Intangible assets | $0 |
| Other assets | $1,076,612 |
| Total assets | $97,082,999 |
| Accounts payable and accrued expenses | $1,170,156 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $207,376 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $8,000,000 |
| Other liabilities | $77,054,230 |
| Total liabilities | $86,431,762 |
| 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 | $10,651,237 |
| Total liabilities and net assets/fund balances | $97,082,999 |