Crow Wing Power Credit Union
- Assets
- $115.3m
- Revenue
- $2.5m
- Investments
- $120.0k
- Employees
- 12
- Location
- Brainerd, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-1929474
Organization Overview
Crow Wing Power Credit Union is located in Brainerd, 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, Crow Wing Power Credit Union employed 12 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Crow Wing Power 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, Crow Wing Power Credit Union generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 4.6% 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
CROW WING POWER CREDIT UNION IS AN ORGANIZATION WITH THE MISSION OF PROVIDING LOANS AND SAVINGS PRODUCTS AND SERVICES TO THE MEMBERSHIP GROUP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021 CROW WING POWER CREDIT UNION PROMOTED THRIFT AMONG THE CREDIT UNION MEMBERS, AND CREATED A SOURCE OF CREDIT AT LEGITIMATE RATES OF INTEREST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Willeman President | Officer | 40 | $88,133 |
Jessica Smith Vice President | Officer | 40 | $57,503 |
Doris Mezzenga Secretary | OfficerTrustee | 1 | $0 |
Gertrude Roggenkamp Chairman | OfficerTrustee | 1 | $0 |
Diane Viehauser Vice Chair | OfficerTrustee | 1 | $0 |
Robert Kangas Director | 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 | $1,742,656 |
| Investment income | $128,033 |
| 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 | $2,549,563 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $207,832 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $388,315 |
| Pension plan accruals and contributions | $228,475 |
| Other employee benefits | $0 |
| Payroll taxes | $40,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,903 |
| Fees for services: Accounting | $13,626 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,527 |
| Office expenses | $7,320 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $200,409 |
| Travel | $3,028 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,202 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,992 |
| Insurance | $23,901 |
| All other expenses | $111,001 |
| Total functional expenses | $2,113,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1 |
| Savings and temporary cash investments | $60,766,802 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $174,079 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $53,103,573 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $56,071 |
| Net Land, buildings, and equipment | $1,930 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $120,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,042,592 |
| Total assets | $115,265,048 |
| Accounts payable and accrued expenses | $95,540 |
| 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 | $107,160,781 |
| Total liabilities | $107,256,321 |
| 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 | $8,008,727 |
| Total liabilities and net assets/fund balances | $115,265,048 |
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