Hibbing Co-Op Credit Union
- Assets
- $110.2m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 16
- Location
- Hibbing, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-6029419
Organization Overview
Hibbing Co-Op Credit Union is located in Hibbing, 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 12/2022, Hibbing Co-Op Credit Union employed 16 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Hibbing Co-Op 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 12/2022, Hibbing Co-Op Credit Union generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. While expenses have increased by 1.0% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HIBBING COOPERATIVE CREDIT UNION IS A STATE-CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE GENERATED 1,257 LOANS TO OUR MEMBERS IN 2022 THAT TOTALED $13,544,718. WE GENERATE LOANS TO BUY NEW AND USED VEHICLES, RECREATIONAL ITEMS, HOUSEHOLD ITEMS AND FOR ANY REASONABLE PURPOSE. WE ALSO GENERATE HOME EQUITY LOANS AND OFFER VISA CREDIT CARDS.
HIBBING COOPERATIVE CREDIT UNION ALSO OFFERS HOME BANKING VIA THE INTERNET, VISA DEBIT CARDS, ATM, AND AUDIO RESPONSE (PHONE) FOR OUR MEMBERS' CONVENIENCE.
WE OFFER VARIOUS TYPES OF SAVINGS PRODUCTS TO OUR MEMBERS. ON 12/31/22 OUR MEMBERS HAD ON DEPOSIT $77,991,525 IN 13,398 ACCOUNTS.
WE OFFER SHARE DRAFT ACCOUNTS TO OUR MEMBERS. ON 12/31/22 WE HAD $20,026,950 IN 4,086 ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Dilley Secretary | OfficerTrustee | 0.3 | $770 |
John Dixon Treasurer | OfficerTrustee | 0.3 | $840 |
Gary S Kangas President | OfficerTrustee | 0.3 | $840 |
Rex Lentner Director | Trustee | 0.3 | $1,280 |
David Simonson Vice President | OfficerTrustee | 0.3 | $770 |
Waylon Vitters Manager | Officer | 40 | $98,768 |
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 | $1,667,714 |
| Investment income | $1,118,573 |
| 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 | $2,786,287 |
| 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 | $73,453 |
| Compensation of current officers, directors, key employees. | $114,641 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $362,214 |
| Pension plan accruals and contributions | $130,261 |
| Other employee benefits | $58,158 |
| Payroll taxes | $39,620 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,371 |
| Fees for services: Accounting | $112,504 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $161,128 |
| Advertising and promotion | $28,121 |
| Office expenses | $122,406 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,066 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $980 |
| Interest | $0 |
| Payments to affiliates | $19,534 |
| Depreciation, depletion, and amortization | $15,043 |
| Insurance | $42,770 |
| All other expenses | $67,661 |
| Total functional expenses | $1,800,837 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,169,756 |
| Savings and temporary cash investments | $81,972,614 |
| 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 | $25,343,626 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $250,968 |
| Net Land, buildings, and equipment | $45,414 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,435,371 |
| Total assets | $110,217,749 |
| Accounts payable and accrued expenses | $331,800 |
| 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 | $98,018,475 |
| Total liabilities | $98,350,275 |
| 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 | $11,867,474 |
| Total liabilities and net assets/fund balances | $110,217,749 |