Leading Edge Credit Union

Organization Overview

Leading Edge Credit Union is located in Worthington, 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, Leading Edge Credit Union employed 76 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Leading Edge 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, Leading Edge Credit Union generated $7.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $7.3m during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

MEMBER OWNED FINANCIAL SERVICES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LOANS - CURRENTLY HAVE 7,379 LOANS OF $98,237,059 TO OUR 11,180 MEMBERS


DEPOSITS - CURRENTLY HAVE $130,866,791 IN DEPOSITS HELD BY OUR 11,180 MEMBERS


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Board, Officers & Key Employees

Name (title)Compensation
Chad Merrihew
CEO & President
$228,401
Mike Reemtsma
COO
$109,372
Laura Honken
Cio
$102,112
Donna Tims
Chro
$98,184
Brandie Swenson
CFO
$84,490
Melissa Gehl
Cmo
$77,409

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Lsc
Debit And Credit Card Processing
$379,079
Jack Henry
Core, Data Processing, Italk
$355,214
Eo Johnson
It Services
$115,054
View All Vendors

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$7,082,557
Investment income $293,401
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$9,797
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,366,161

Peer Organizations

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