Teamsters Credit Union
- Assets
- $13.7m
- Revenue
- $611.0k
- Investments
- $0.0
- Employees
- 4
- Location
- Blaine, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-1227313
Organization Overview
Teamsters Credit Union is located in Blaine, 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, Teamsters Credit Union employed 4 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Teamsters 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, Teamsters Credit Union generated $611.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $549.4k during the year ending 12/2022. While expenses have increased by 0.7% 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
TEAMSTERS CREDIT UNION PLEDGES TO HELP HARD-WORKING TEAMSTERS AND THEIR FAMILIES BY OFFERING SIMPLE AND FAIR LOANS. AS A DIRECT UNION-BENEFIT PROVIDER, WE ARE DEDICATED TO BUILDING LIFELONG FINANCIAL RELATIONSHIPS BY OFFERING SUPERIOR SERVICE TO OUR MEMBERS - ONE MEMBER AT A TIME.
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 113 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 1,879 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 432 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/22 WE HAD 828 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea Adams President | Officer | 40 | $80,664 |
Shelly Nelson Vice Preside | Officer | 40 | $62,168 |
Jeff Eckman Chair | OfficerTrustee | 0.5 | $0 |
Bill Reynolds Vice Chair | OfficerTrustee | 0.5 | $0 |
Sandy Kisch Secretary | OfficerTrustee | 0.5 | $0 |
Paul Slattery Director | Trustee | 0.5 | $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 | $379 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $379 |
| Total Program Service Revenue | $538,782 |
| Investment income | $66,924 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,896 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $610,981 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000 |
| 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. | $142,832 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $91,150 |
| Pension plan accruals and contributions | $12,362 |
| Other employee benefits | $50,467 |
| Payroll taxes | $17,900 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $530 |
| Fees for services: Accounting | $6,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $775 |
| Advertising and promotion | $6,578 |
| Office expenses | $62,329 |
| Information technology | $91,558 |
| Royalties | $0 |
| Occupancy | $431 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,116 |
| Interest | $25 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,317 |
| Insurance | $12,894 |
| All other expenses | $0 |
| Total functional expenses | $549,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $192,665 |
| Savings and temporary cash investments | $1,496,040 |
| 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 | $7,377,692 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $25,761 |
| Net Land, buildings, and equipment | $7,686 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,448,562 |
| Intangible assets | $0 |
| Other assets | $148,036 |
| Total assets | $13,696,442 |
| Accounts payable and accrued expenses | $20,437 |
| 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 | $12,380,357 |
| Total liabilities | $12,400,794 |
| 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 | $1,295,648 |
| Total liabilities and net assets/fund balances | $13,696,442 |