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.
Form
990
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
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Chad Merrihew CEO & President | Officer | 45 | $228,401 |
Mike Reemtsma COO | Officer | 45 | $109,372 |
Laura Honken Cio | Officer | 45 | $102,112 |
Donna Tims Chro | Officer | 45 | $98,184 |
Brandie Swenson CFO | Officer | 45 | $84,490 |
Melissa Gehl Cmo | Officer | 45 | $77,409 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Lsc Debit And Credit Card Processing | 12/30/21 | $379,079 |
Jack Henry Core, Data Processing, Italk | 12/30/21 | $355,214 |
Eo Johnson It Services | 12/30/21 | $115,054 |
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 |
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 | $678,241 |
Compensation of current officers, directors, key employees. | $704,714 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $2,104,204 |
Pension plan accruals and contributions | $47,585 |
Other employee benefits | $409,677 |
Payroll taxes | $205,301 |
Fees for services: Management | $31,635 |
Fees for services: Legal | $33,009 |
Fees for services: Accounting | $25,197 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $161,525 |
Office expenses | $1,750,970 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $285,471 |
Travel | $55,307 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $58 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $350,388 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $7,278,149 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $3,875,822 |
Savings and temporary cash investments | $5,442,074 |
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 | $97,948,197 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $217,327 |
Net Land, buildings, and equipment | $5,053,440 |
Investments—publicly traded securities | $20,026,882 |
Investments—other securities | $5,468,000 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $5,400,676 |
Total assets | $143,432,418 |
Accounts payable and accrued expenses | $689,415 |
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 | $130,866,791 |
Total liabilities | $131,556,206 |
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 | $11,876,212 |
Total liabilities and net assets/fund balances | $143,432,418 |
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