Duluth Police Department Credit Union
- Assets
- $9.0m
- Revenue
- $221.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0226495
Organization Overview
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 12/2023, 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 12/2023, Duluth Police Department Credit Union generated $221.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $194.9k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 5 years. 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
2023
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 20 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 709 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 125 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 316 OUTSTANDING LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Ehle Manager / Tr | OfficerTrustee | 18 | $32,434 |
John Kalenowski Chair | OfficerTrustee | 1 | $0 |
Milton Huta Vice Chair | OfficerTrustee | 1 | $0 |
Claudia Johnson Secretary | OfficerTrustee | 1 | $0 |
Richard Voltzke Director | Trustee | 1 | $0 |
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 | $176,729 |
| Investment income | $65,130 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $482 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$20,814 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $221,527 |
| 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 | $43,117 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,038 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,810 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $11,770 |
| Information technology | $17,840 |
| Royalties | $0 |
| Occupancy | $2,208 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $889 |
| Interest | $13,067 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,902 |
| All other expenses | $0 |
| Total functional expenses | $194,938 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,400 |
| Savings and temporary cash investments | $1,750,505 |
| 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 | $4,854,864 |
| 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 | $2,243,001 |
| Intangible assets | $0 |
| Other assets | $93,519 |
| Total assets | $8,967,289 |
| 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 | $350,000 |
| Other liabilities | $7,010,494 |
| Total liabilities | $7,360,494 |
| 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 | $1,606,795 |
| Total liabilities and net assets/fund balances | $8,967,289 |