Members Cooperative Credit Union

Organization Overview

Members Cooperative Credit Union is located in Duluth, 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, Members Cooperative Credit Union employed 275 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members Cooperative 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, Members Cooperative Credit Union generated $45.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $38.3m during the year ending 12/2021. While expenses have increased by 7.3% 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.

Since 2016, Members Cooperative Credit Union has awarded 22 individual grants totaling $567,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO CONDUCT THE ORDINARY AND NECESSARY BUSINESS OF A CREDIT UNION INVOLVING THE RECEIVING OF SAVINGS OF MEMBERS AND LENDING MONEY TO MEMBERS FOR PROVIDENT PURPOSES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DIVIDENDS AND INTEREST OF $5.46 MILLION WAS PAID TO MEMBERS IN 2021 ON 120,375 DEPOSIT ACCOUNTS. WE STRIVE TO OFFER COMPETITVE RATES TO OUR MEMBERS.


35,146 LOANS TOTALING OVER $737 MILLION WERE ACTIVE FOR CONSUMER, MORTGAGE AND COMMERCIAL LOANS. OUR GOAL IS TO OFFER LOANS AT REASONABLE RATES TO OUR MEMBERS. WE ASLO PROVIDE INDIRECT LOANS TO CUSTOMERS OF AUTO DEALERSHIPS IN THE AREA AT COMPETITIVE RATES.


AVAILABILITY OF 13 OF OUR OWN ATM'S AS WELL AS A LARGE NETWORK OF ATM'S NATION AND WORLD WIDE TO OUR MEMBERS AND NON-MEMBERS. WE WANT TO OFFER CONVENIENCE TO OUR MEMBERS AFTER HOURS AND AWAY FROM HOME.


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Board, Officers & Key Employees

Name (title)Compensation
Stephen Ewers
President/ceo
$455,460
Janet Vold
Cio/coo
$328,065
Ralph Hamann
Cfo/chro
$315,807
Simone Suri
General Counsel
$296,979
Stephan Glonchak
Chief Lending Officer
$290,897
Ryanne Battaglia
Cmo
$250,240

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv
Annual Software Maintenance
$2,414,576
Compudyne
Computer Service Contract
$409,571
Servion Commercial Loan Services
Loan Servicing
$690,406
Abrigo
Computer Software
$209,437
Equifax Information Svcs Llc
Consumer Credit Reporting
$204,642
View All Vendors

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$43,947,517
Investment income $1,253,922
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$981
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $45,708,037

Grants Awarded

Over the last fiscal year, Members Cooperative Credit Union has awarded $110,000 in support to 4 organizations.

Grant RecipientAmount

GRANDMA'S MARATHON

Org PageRecipient Profile

Duluth, MN

PURPOSE: GRANDMA'S MARATHON

$60,000

ENTREPRENEUR FUND

Org PageRecipient Profile

Duluth, MN

PURPOSE: ENVEST CAPITAL CAMPAIGN

$25,000

Superior, WI

PURPOSE: CORPORATE PARTNER AIR SHOW

$15,000

UNIVERSITY OF MINNESOTA REGENTS

PURPOSE: SPONSOR UMD ATHLETICS

$10,000
View Grant Profile

Peer Organizations

Organization NameAssets
Magnifi Financial Credit Union
Melrose, MN
$78,975,601
Members Cooperative Credit Union
Duluth, MN
$45,708,037
First Community Credit Union
Jamestown, ND
$50,434,728
Ideal Credit Union
Woodbury, MN
$42,764,424
City & County Credit Union
Saint Paul, MN
$41,175,696
Dutrac Community Credit Union
Dubuque, IA
$36,287,980
Capital Credit Union
Bismarck, ND
$34,065,557
Town & Country Credit Union
Minot, ND
$30,613,353
Linn Area Credit Union
Cedar Rapids, IA
$26,390,018
Southpoint Financial Credit Union
Sleepy Eye, MN
$21,366,397
Heritage Credit Union
Deforest, WI
$20,193,229
North Star Community Credit Union
Maddock, ND
$17,250,607

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