Latvian Credit Union
- Assets
- $5.3m
- Revenue
- $254.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Minneapolis, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0884474
Organization Overview
Latvian Credit Union is located in Minneapolis, 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Latvian 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, Latvian Credit Union generated $254.1k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $252.2k during the year ending 12/2022. 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
STATE-CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST PAID (DIVIDENDS) TO 719 MEMBER ACCOUNTS.
DONATIONS TO LATVIAN CULTURAL, EDUCATIONAL, AND SPORTS ORGANIZATIONS COMPOSED PRIMARY OF MEMBERS OF THOSE ELIGIBLE FOR MEMBERSHIP.
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Santa Kalnite CEO | Officer | 40 | $72,350 |
Zinta Pone Manager | Officer | 28 | $48,650 |
Vanesa Putnina Supervisory Committee | Officer | 2 | $960 |
Kristine Girbe Supervisory Committee | Officer | 2 | $920 |
Imants Pone Supervisory Committee | Officer | 2 | $880 |
Arnold Ozols Board Member | Trustee | 1 | $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 | $238,242 |
| Investment income | $15,873 |
| 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 | $254,115 |
| 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 | $21,996 |
| Compensation of current officers, directors, key employees. | $126,400 |
| Compensation of current officers, directors, key employees. | $126,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,633 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,898 |
| Office expenses | $28,536 |
| Information technology | $21,031 |
| Royalties | $0 |
| Occupancy | $8,160 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,120 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,721 |
| All other expenses | $0 |
| Total functional expenses | $252,240 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $29,259 |
| Savings and temporary cash investments | $856,167 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $128,191 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,203,157 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $64,558 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,281,332 |
| Accounts payable and accrued expenses | -$8,681 |
| 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 | $4,720,996 |
| Total liabilities | $4,712,315 |
| 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 | $569,017 |
| Total liabilities and net assets/fund balances | $5,281,332 |