Duluth Police Department 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 12/2022, Duluth Police Department Credit Union employed 3 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Duluth Police Department 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, Duluth Police Department Credit Union generated $226.7k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $176.6k during the year ending 12/2022. 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
TO PROMOTE THRIFT AMONG OUR MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST.
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 13 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 711 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 146 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 323 OUTSTANDING LOANS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Thomas Ehle Manager / Tr | OfficerTrustee | 18 | $32,434 |
John Kalenowski Chair | OfficerTrustee | 0.25 | $0 |
Milton Huta Vice Chair | OfficerTrustee | 0.25 | $0 |
Claudia Johnson Secretary | OfficerTrustee | 0.25 | $0 |
Richard Voltzke Director | Trustee | 0.25 | $0 |
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 | $154,921 |
Investment income | $71,460 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $310 |
Net Rental Income | $0 |
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 | $226,691 |
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 | $0 |
Compensation of current officers, directors, key employees. | $32,434 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $42,350 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $6,011 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $2,620 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $500 |
Office expenses | $18,936 |
Information technology | $17,519 |
Royalties | $0 |
Occupancy | $2,212 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,976 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $6,882 |
All other expenses | $0 |
Total functional expenses | $176,557 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $135,920 |
Savings and temporary cash investments | $1,160,033 |
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 | $4,500,739 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $0 |
Net Land, buildings, and equipment | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $5,117,000 |
Intangible assets | $0 |
Other assets | $106,693 |
Total assets | $11,020,385 |
Accounts payable and accrued expenses | $0 |
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 | $9,440,179 |
Total liabilities | $9,440,179 |
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 | $1,580,206 |
Total liabilities and net assets/fund balances | $11,020,385 |
Organization Name | Assets | Revenue |
---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |