Mower County Employees Credit Union
- Assets
- $11.9m
- Revenue
- $617.3k
- Investments
- $0.0
- Employees
- 7
- Location
- Austin, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0856202
Organization Overview
Mower County Employees Credit Union is located in Austin, 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 12/2023, Mower County Employees Credit Union employed 7 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mower County Employees 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 12/2023, Mower County Employees Credit Union generated $617.3k in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $549.8k during the year ending 12/2023. While expenses have increased by 12.0% per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ENCOURAGES THRIFT AMONG MEMBERS IMPROVING SOCIAL CONDITIONS OFFERING LOW RATE LOANS SHARE SAVINGS DRAFTS AND CERTIFICATES OF DEPOSIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 1,631 LOANS TOTALLING $3,678,850.54 FOR A YEAR-END TOTAL OF $11,354,711.26 IN LOAN ASSETS.
PROVIDED DEPOSIT SERVICES TOTALLING $4,493,582.83 IN SHARE-SAVINGS, $747,790.58 IN SHARE-DRAFT AND $4,723,472.34 IN SHARE CERTIFICATES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Duane Felt Board President | OfficerTrustee | $0 | |
Mark May Board Vice President | OfficerTrustee | $0 | |
Chris Eastvold Board Secretary | OfficerTrustee | $0 | |
Duane Stanley Board Member | Trustee | $0 | |
Stephanie Riles Presidentceo | 40 | $60,320 | |
Thomas Dunlap Board Member | Trustee | $0 |
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 | $573,687 |
| Investment income | $42,720 |
| 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 | $617,314 |
| 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. | $60,320 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,168 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,322 |
| Payroll taxes | $11,578 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,979 |
| Office expenses | $107,218 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $83,911 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $170,732 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,480 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $549,832 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,847 |
| Savings and temporary cash investments | $1,603,016 |
| 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 | $9,835,645 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $34,430 |
| Net Land, buildings, and equipment | $213,110 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $152,130 |
| Total assets | $11,885,178 |
| Accounts payable and accrued expenses | $42,350 |
| 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 | $200,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,642,828 |
| Total liabilities | $11,885,178 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $11,885,178 |