Employees Credit Union
- Assets
- $147.8m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 16
- Location
- Estherville, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0772828
Organization Overview
Employees Credit Union is located in Estherville, IA. As of 12/2022, Employees Credit Union employed 16 individuals. Employees 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, Employees Credit Union generated $6.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $3.9m during the year ending 12/2022. While expenses have increased by 8.4% 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
TO BE OUR MEMBERS OPTIMUM SERVICE CENTER FOR THEIR FINANCIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 417 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 8,553 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 6,920 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 5,531 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Peters CEO | OfficerTrustee | 40 | $279,676 |
Laurel Hash Loan Manager | Officer | 40 | $93,974 |
Charlie Nourse Board Chair | OfficerTrustee | 1 | $0 |
Edward Munn Vice Chair | OfficerTrustee | 1 | $0 |
Terry Clark Director | Trustee | 1 | $0 |
Dan Jondle Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Computer Marketing Corp Data Processing | 12/30/22 | $202,866 |
Co-op Financial Services Card Processing | 12/30/22 | $288,045 |
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 | $5,139,123 |
| Investment income | $1,078,624 |
| 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 | $6,217,747 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,500 |
| Grants and other assistance to domestic individuals. | $2,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $373,650 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $601,016 |
| Pension plan accruals and contributions | $79,200 |
| Other employee benefits | $152,748 |
| Payroll taxes | $68,824 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,250 |
| Fees for services: Accounting | $42,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $33,726 |
| Office expenses | $386,021 |
| Information technology | $46,157 |
| Royalties | $0 |
| Occupancy | $71,358 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,805 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $72,903 |
| Insurance | $13,712 |
| All other expenses | $0 |
| Total functional expenses | $3,873,087 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,494 |
| Savings and temporary cash investments | $50,295,694 |
| 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 | $74,077,278 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,354 |
| Net Land, buildings, and equipment | $613,860 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,132,852 |
| Intangible assets | $0 |
| Other assets | $1,446,682 |
| Total assets | $147,822,214 |
| Accounts payable and accrued expenses | $172,105 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $176,523 |
| 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 | $117,288,479 |
| Total liabilities | $117,637,107 |
| 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 | $30,185,107 |
| Total liabilities and net assets/fund balances | $147,822,214 |