Teamsters Credit Union
- Assets
- $13.7m
- Revenue
- $617.5k
- Investments
- $0.0
- Employees
- 4
- Location
- Blaine, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- 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 12/2021, 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 12/2021, Teamsters Credit Union generated $617.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $495.7k during the year ending 12/2021. 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
IN THE SPIRIT OF UNION PRIDE: 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 78 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 1,931 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 405 NEW LOANS TO MEMBERS DURING 2021. AS OF 12/31/21 WE HAD 808 LOANS TO OUR MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrea Adams President | Officer | 40 | $77,675 |
Shelly Nelson Financial Of | Officer | 40 | $59,800 |
Bill Reynolds Secretary | OfficerTrustee | 0.5 | $0 |
Jeff Eckman Chair | OfficerTrustee | 0.5 | $0 |
Kristin Lundeen Vice Chair | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $575,221 |
| Investment income | $40,158 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,093 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $617,472 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,500 |
| 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. | $137,475 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,123 |
| Pension plan accruals and contributions | $10,785 |
| Other employee benefits | $48,619 |
| Payroll taxes | $16,417 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $3,554 |
| Office expenses | $67,063 |
| Information technology | $79,126 |
| Royalties | $0 |
| Occupancy | $447 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,257 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,532 |
| Insurance | $12,458 |
| All other expenses | $0 |
| Total functional expenses | $495,683 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $183,298 |
| Savings and temporary cash investments | $3,079,599 |
| 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 | $6,770,822 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,259 |
| Net Land, buildings, and equipment | $8,077 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,452,562 |
| Intangible assets | $0 |
| Other assets | $181,713 |
| Total assets | $13,696,330 |
| Accounts payable and accrued expenses | $10,793 |
| 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 | $12,451,500 |
| Total liabilities | $12,462,293 |
| 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 | $1,234,037 |
| Total liabilities and net assets/fund balances | $13,696,330 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
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 |