Lamoure Credit Union
- Assets
- $36.1m
- Revenue
- $962.8k
- Investments
- $0.0
- Employees
- 8
- Location
- Lamoure, ND
- Founding
- 07/1945
- Data as of
- 12/2022
- EIN
- 45-0258543
Organization Overview
Lamoure Credit Union is located in Lamoure, ND. The organization was established in 1945. 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, Lamoure Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lamoure 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, Lamoure Credit Union generated $962.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $664.9k during the year ending 12/2022. While expenses have increased by 0.9% 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
THE ORG IS A STATE CHARTERED CREDIT UNION WHICH IS ORGANIZED AND OPERATED FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES FOR CREDIT UNION MEMBERS, INCLUDING DEPOSIT ACCOUNTS AND LOANS TO MEMBERS. APPROXIMATELY 1140 CREDIT UNION MEMBERS WERE SERVED DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Musland Managertreasurer | Officer | 50 | $137,917 |
Kathy Exner Director | Trustee | 1 | $120 |
James Rufsvold Director | Trustee | 1 | $120 |
Dale Siedschlag President | OfficerTrustee | 1 | $120 |
Gloria Lauf Secretary | OfficerTrustee | 1 | $120 |
Barry Townsend Vice President | OfficerTrustee | 1 | $110 |
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 | $806,381 |
| Investment income | $143,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,300 |
| 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 | $962,775 |
| 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 | $34,033 |
| Compensation of current officers, directors, key employees. | $138,507 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $151,927 |
| Pension plan accruals and contributions | $20,200 |
| Other employee benefits | $65,081 |
| Payroll taxes | $22,778 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,558 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,400 |
| Advertising and promotion | $15,216 |
| Office expenses | $38,027 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $23,561 |
| Travel | $1,981 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,462 |
| Insurance | $14,425 |
| All other expenses | $4,418 |
| Total functional expenses | $664,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $17,956,429 |
| 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 | $17,183,054 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,976 |
| Net Land, buildings, and equipment | $442,245 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $513,687 |
| Total assets | $36,107,391 |
| Accounts payable and accrued expenses | $50,075 |
| 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 | $31,480,996 |
| Total liabilities | $31,531,071 |
| 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 | $4,576,320 |
| Total liabilities and net assets/fund balances | $36,107,391 |