Anoka Hennepin Credit Union
- Assets
- $293.9m
- Revenue
- $11.1m
- Investments
- $32.7m
- Employees
- 73
- Location
- Coon Rapids, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-6036540
Organization Overview
Anoka Hennepin Credit Union is located in Coon Rapids, 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, Anoka Hennepin Credit Union employed 73 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Anoka Hennepin 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, Anoka Hennepin Credit Union generated $11.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $9.5m during the year ending 12/2022. While expenses have increased by 4.9% 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
MEMBERS HELPING MEMBERS IN A COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATION, WITH THE GOAL OF BECOMING OUR MEMBERS' PRIMARY FINANCIAL INSTITUTION; PROTECTING MEMBERS' ASSETS AND PROVIDING PERSONAL, CONVENIENT, AND COMPETITIVE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP - ANOKA HENNEPIN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 18,199 MEMBERS. AN AVERAGE OF 5.70 PRODUCTS AND SERVICES WERE USED PER MEMBER AS OF DECEMBER 31, 2022.
OTHER PROGRAM SERVICES -ANOKA HENNEPIN CREDIT UNION ALSO PROVIDED OTHER SERVICES TO ITS MEMBERS LIKE BILL PAYMENT, DEBIT CARDS, E-STATEMENTS, ONLINE BANKING, MOBILE BANKING, MOBILE CHECK DEPOSIT, TELEPHONE BANKING, INSURANCE PRODUCTS, AND SAFE DEPOSIT BOXES.
SAVINGS - ANOKA HENNEPIN CREDIT UNION PROVIDED 34,741 SAVINGS PRODUCTS TO MEMBERS. THIS INCLUDES SHARE ACCOUNTS, SHARE DRAFT ACCOUNTS, IRAS, SHARE CERTIFICATES, AND MONEY MARKET ACCOUNTS.
LOANS - ANOKA HENNEPIN CREDIT UNION PROVIDED 8,376 LOAN PRODUCTS TO MEMBERS, INCLUDING REAL ESTATE, VEHICLE, OTHER SECURED, UNSECURED, AND CREDIT CARD LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Undis Director | Trustee | 1 | $800 |
Jim Gaffney Chairperson | OfficerTrustee | 1 | $880 |
Terry Anderson Vice Chairperson | OfficerTrustee | 1 | $720 |
James Caldwell Director | Trustee | 1 | $770 |
Stacy Gerrety Secretary | OfficerTrustee | 1 | $770 |
Joel Hall Director | Trustee | 1 | $560 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Heartland Business Systems Llc It Services | 12/30/22 | $146,508 |
Corelation Inc Core Accounting System Provider | 12/30/22 | $126,392 |
Ncr Corporation Digital Banking Systems Provider | 12/30/22 | $121,052 |
Doxim Inc Statement Provider | 12/30/22 | $110,036 |
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 | $9,344,625 |
| Investment income | $1,773,598 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,733 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,123,956 |
| 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. | $988,541 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,045,040 |
| Pension plan accruals and contributions | $137,768 |
| Other employee benefits | $508,603 |
| Payroll taxes | $301,794 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,102 |
| Fees for services: Accounting | $35,123 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $134,485 |
| Advertising and promotion | $184,931 |
| Office expenses | $473,968 |
| Information technology | $815,892 |
| Royalties | $0 |
| Occupancy | $470,634 |
| Travel | $2,605 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,541 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $450,333 |
| Insurance | $67,707 |
| All other expenses | $95,196 |
| Total functional expenses | $9,454,836 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,943,162 |
| Savings and temporary cash investments | $25,616,227 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,018,244 |
| Loans from Officers, Directors, or Controlling Persons | $1,998,772 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $137,638,976 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $266,184 |
| Net Land, buildings, and equipment | $5,575,162 |
| Investments—publicly traded securities | $78,825,529 |
| Investments—other securities | $32,669,624 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,313,810 |
| Total assets | $293,865,690 |
| Accounts payable and accrued expenses | $1,975,856 |
| Grants payable | $0 |
| Deferred revenue | $23,611 |
| 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 | $268,937,838 |
| Total liabilities | $270,937,305 |
| 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 | $22,928,385 |
| Total liabilities and net assets/fund balances | $293,865,690 |