Peoples Community Credit Union
- Assets
- $21.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 13
- Location
- Hopkins, MN
- Founding
- Data as of
- 12/2016
- EIN
- 41-6028591
Organization Overview
Peoples Community Credit Union is located in Hopkins, MN. As of 12/2016, Peoples Community Credit Union employed 13 individuals. Peoples Community 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 12/2016, Peoples Community Credit Union generated $1.3m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $1.2m during the year ending 12/2016. While expenses have increased by 4.2% per year over the past 2 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LENDING, SAVINGS, AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKET PLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNERS".
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE OFFERED A WIDE RANGE OF CONSUMER PRODUCTS TO OUR MEMBERS AT LOWER THAN MARKET RATES IN THE "SPIRIT OF PEOPLE HELPING PEOPLE". LOWER RATES ARE A DIRECT RESULT OF OUR COOPERATIVE STRUCTURE IN THAT THE MORE OUR MEMBERS BORROW AND SAVE WITH US THE GREATER THE DIVIDEND AND LOWER THE LOAN RATE. OUR PRODUCTS ARE PRICED BASED ON A MEMBER'S ABILITY TO AFFORD THE LOAN AND MEET THEIR INDIVIDUAL NEEDS WITH THE PROCEEDS. LAST YEAR WE EXTENDED 720 NEW LOANS VALUED AT $8,122,021.
THE CREDIT UNION OFFERS SEVERAL SOLUTIONS TO HELP OUR MEMBERS SAVE FOR THE FUTURE, MEET EVERYDAY DEMANDS, MAXIMIZE THEIR RETURNS ON SAVINGS AND PLAN FOR THEIR DEPENDENTS. OUR MEMBERS ARE EDUCATED ABOUT OUR SAFETY AND SOUNDNESS WHEN THEY INVEST AND OPEN ACCOUNTS AND INVEST IN THE CREDIT UNION. OUR CREDIT UNION HAS A CAPITAL RATIO IN EXCESS OF 21% WHICH IS EXTREMELY HIGH IN OUR INDUSTRY. WE HAVE $16,786,360 OF OUR MEMBERS SAVINGS INVESTED IN OUR VARIOUS SAVINGS PRODUCTS.
EXTREME CARE IS TAKEN WITH EVERY LOAN TO ENSURE THAT A LOAN DOES NOT BECOME A DISSERVICE TO OUR BORROWER. WE TAKE THE TIME TO COUNSEL OUR MEMBERS ABOUT CREDIT RESTORATIONS AND WE WORK WITH THE MEMBER SO THAT WE CAN LEND TO THEM IN THE FUTURE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Gabriel Director | Trustee | 1 | $0 |
Michael Grossman Director | Trustee | 1 | $0 |
Kevin Lentsch Director | Trustee | 1 | $0 |
Darin Busch Director | Trustee | 1 | $0 |
Mike Swenson Director | Trustee | 1 | $0 |
Jim Schagh 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 | $1,247,113 |
| Investment income | $51,613 |
| 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 | $1,298,726 |
| 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 | $26,576 |
| Compensation of current officers, directors, key employees. | $157,101 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $355,546 |
| Pension plan accruals and contributions | $7,762 |
| Other employee benefits | $59,121 |
| Payroll taxes | $38,334 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,465 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,311 |
| Office expenses | $130,410 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $100,636 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,141 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,059 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,210,318 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,004,393 |
| Savings and temporary cash investments | $500,000 |
| 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 | $16,666,934 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $559,408 |
| Net Land, buildings, and equipment | $19,393 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,023,500 |
| Intangible assets | $0 |
| Other assets | $373,502 |
| Total assets | $21,147,130 |
| Accounts payable and accrued expenses | -$227,592 |
| 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 | $16,877,191 |
| Total liabilities | $16,649,599 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $4,497,531 |