Interra Credit Union
- Assets
- $1.6b
- Revenue
- $68.4m
- Investments
- $6.7m
- Employees
- 400
- Location
- Goshen, IN
- Founding
- 08/2019
- Data as of
- 12/2021
- EIN
- 35-1082578
Organization Overview
Interra Credit Union is located in Goshen, IN. The organization was established in 2019. 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 12/2021, Interra Credit Union employed 400 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Interra 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 12/2021, Interra Credit Union generated $68.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.1% each year. All expenses for the organization totaled $56.1m during the year ending 12/2021. While expenses have increased by 8.3% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE FINANCIAL INSTITUTION WITH A MISSION TO BE OUR MEMBERS' MOST TRUSTED AND VALUED FINANCIAL RESOURCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NUMBER OF MEMBERS SERVED FOR LOANS WAS 47,703 IN THE AMOUNT OF $1,123,484,262 AND NUMBER OF MEMBERS SERVED FOR SAVINGS WAS 87,201 IN THE AMOUNT OF $1,419,107,825.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Sink President/ceo | Officer | 40 | $966,472 |
Andy Marshall Evp COO | Officer | 40 | $474,799 |
Jim Henning CFO | Officer | 40 | $338,265 |
David Birky Cso | Officer | 40 | $335,935 |
Phil Wiens Clo | Officer | 40 | $302,719 |
John Potter SVP - Mortgage Services | 40 | $264,956 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Computer Software | 12/30/21 | $1,125,104 |
Aunalytics Bus Info Services | 12/30/21 | $1,005,092 |
Q2 Software Inc Web Services/program | 12/30/21 | $645,658 |
D J Construction Co Inc Maintenance/construc | 12/30/21 | $1,286,753 |
Pscu Financial Services Credit/debit Card Pr | 12/30/21 | $4,280,668 |
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 | $63,413,414 |
| Investment income | $1,804,342 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,212,642 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,430,398 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $145,119 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,571,485 |
| Compensation of current officers, directors, key employees. | $4,837,932 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,625,820 |
| Pension plan accruals and contributions | $2,045,035 |
| Other employee benefits | $2,345,340 |
| Payroll taxes | $1,459,770 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $102,213 |
| Fees for services: Accounting | $164,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,206,796 |
| Office expenses | $8,826,302 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,050,443 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $297,437 |
| Interest | $514,259 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,967,935 |
| Insurance | $434,608 |
| All other expenses | $0 |
| Total functional expenses | $56,116,915 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,874,864 |
| Savings and temporary cash investments | $94,114,834 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,469,700 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,117,079,418 |
| Inventories for sale or use | $117,391 |
| Prepaid expenses and deferred charges | $1,722,496 |
| Net Land, buildings, and equipment | $23,649,264 |
| Investments—publicly traded securities | $322,370,159 |
| Investments—other securities | $6,676,864 |
| Investments—program-related | $37,422,334 |
| Intangible assets | $0 |
| Other assets | $4,684,313 |
| Total assets | $1,620,181,637 |
| Accounts payable and accrued expenses | $7,600,728 |
| 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 | $40,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,501,224 |
| Total liabilities | $60,101,952 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,419,350,869 |
| Paid-in or capital surplus, or land, building, or equipment fund | $71,000,729 |
| Retained earnings, endowment, accumulated income, or other funds | $69,728,087 |
| Total liabilities and net assets/fund balances | $1,620,181,637 |
Grants Awarded
Over the last fiscal year, Interra Credit Union has awarded $145,119 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Madison, WI PURPOSE: SUPPORT | $135,119 |
Madison, WI PURPOSE: SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |