Northern Communities Credit Union
- Assets
- $101.8m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 36
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0225925
Organization Overview
Northern Communities Credit Union is located in Duluth, MN. The organization was established in 1944. According to its NTEE Classification (J40) the organization is classified as: Labor Unions, under the broad grouping of Employment and related organizations. As of 12/2021, Northern Communities Credit Union employed 36 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northern Communities 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, Northern Communities Credit Union generated $4.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. 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
TO PROMOTE MEMBER SUCCESS BY MEETING THEIR CHANGING 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 838 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 6,233 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 39,108 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 40,826 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trina Hoff President/ce | Officer | 40 | $138,979 |
Anita Chandler VP Administr | Officer | 40 | $88,228 |
Sharon Lundquist VP Lending | Officer | 40 | $74,158 |
Dirk Davis Director | Trustee | 0.5 | $417 |
George Walters Director | Trustee | 0.5 | $398 |
John Lindquist Vice Chair | OfficerTrustee | 0.5 | $371 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Coop Systems Inc Card Processing | 12/30/21 | $287,258 |
Share One Inc Core Sys Softwr | 12/30/21 | $184,771 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,185 |
| Total Program Service Revenue | $4,215,804 |
| Investment income | $312,243 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $11,958 |
| Net Rental Income | $32,621 |
| 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 | $4,585,811 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,130 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $304,141 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $964,051 |
| Pension plan accruals and contributions | $83,514 |
| Other employee benefits | $221,342 |
| Payroll taxes | $95,842 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,157 |
| Fees for services: Accounting | $23,893 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $89,238 |
| Advertising and promotion | $74,805 |
| Office expenses | $612,080 |
| Information technology | $187,794 |
| Royalties | $0 |
| Occupancy | $205,882 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $27,787 |
| Interest | $70 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $185,276 |
| Insurance | $44,237 |
| All other expenses | $0 |
| Total functional expenses | $3,557,760 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $820,823 |
| Savings and temporary cash investments | $34,717,084 |
| 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 | $51,131,556 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $268,575 |
| Net Land, buildings, and equipment | $1,778,945 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,388,380 |
| Intangible assets | $0 |
| Other assets | $2,715,995 |
| Total assets | $101,821,358 |
| Accounts payable and accrued expenses | $628,292 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $22,597 |
| 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 | $91,747,721 |
| Total liabilities | $92,398,610 |
| 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 | $9,422,748 |
| Total liabilities and net assets/fund balances | $101,821,358 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Union Of Operating Engineers Minneapolis, MN | $24,562,358 | $20,752,936 |
Minnesota Teamsters Construction Division Fringe Benefit Funds Mendota Heights, MN | $30,866,404 | $23,683,343 |
Minnesota Nurses Association St Paul, MN | $18,618,225 | $17,502,340 |
National Pork Producers Council Des Moines, IA | $42,247,883 | $19,050,439 |
Carpenters And Joiners Apprenticeship And Journeymen St Paul, MN | $20,144,324 | $15,253,021 |
International Union Of Operating Engineers 139 Pewaukee, WI | $24,439,793 | $14,629,454 |
Service Employees International Union St Paul, MN | $3,226,378 | $12,392,421 |
Wisconsin Fox River Valley Sheet Metal Workers Welfare Trust Waukesha, WI | $17,147,311 | $12,962,825 |
Pipe Trades Health Care Services Inc White Bear Lake, MN | $1,989,770 | $11,324,397 |
International Brotherhood Of Teamsters Blaine, MN | $9,219,386 | $11,430,169 |
Laborers International Union Of North America Minneapolis, MN | $22,106,073 | $10,887,732 |
Mra-The Management Association Inc Waukesha, WI | $15,359,430 | $10,314,261 |