Minnco Credit Union

Organization Overview

Minnco Credit Union is located in Cambridge, 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 12/2021, Minnco Credit Union employed 103 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minnco 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, Minnco Credit Union generated $17.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 4.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

STATE CHARTERED CREDIT UNION TO PROMOTE THRIFT AND TO PROVIDE SOURCE OF CREDIT FOR 29,780 MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ORGANIZATION GRANTED 18,500 LOANS TO CREDIT SEEKING MEMBERS.


ORGANIZATION PROVIDED ACCOUNT-LEVEL SERVICES IN EXCHANGE FOR FEES.


ORGANIZATION COLLECTED PREMIUMS FROM MEMBERS FOR CREDIT PROTECTION AND EARNED REVENUE BASED ON MEMBER CREDIT CARD ACTIVITY.


INVESTMENTS


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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$15,031,211
Investment income $2,242,992
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$7,109
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $17,267,094

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