Harbor Pointe Credit Union
- Assets
- $155.1m
- Revenue
- $5.2m
- Investments
- $1.8m
- Employees
- 34
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0226825
Organization Overview
Harbor Pointe 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, Harbor Pointe Credit Union employed 34 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Harbor Pointe 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, Harbor Pointe Credit Union generated $5.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $4.1m during the year ending 12/2021. While expenses have increased by 4.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MEET THE BORROWING, SAVING, AND INVESTMENT NEEDS OF ITS MEMBERS BY PROVIDING THE FINANCIAL SERVICES DESIRED. MEMBERS SAVE AND BORROW FROM EACH OTHER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN SERVICING AND VISA PROGRAM EXPENSES
DEBIT ATM CARD PROGRAM EXPENSES
DRAFT ACCOUNT PROGRAM EXPENSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Lappi President/ceo | OfficerTrustee | 40 | $221,080 |
Lisa Herstad Evp | Officer | 40 | $146,401 |
James Lundberg VP Lending | 40 | $107,122 | |
J Earl Grano Board Member | Trustee | 2 | $0 |
Mike Fisher Board Member | Trustee | 2 | $0 |
Merry Wallin Board Member | Trustee | 2 | $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 | $4,992,742 |
| Investment income | $164,107 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,809 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,158,658 |
| 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 | $174,894 |
| Compensation of current officers, directors, key employees. | $531,807 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,036,024 |
| Pension plan accruals and contributions | $45,096 |
| Other employee benefits | $104,323 |
| Payroll taxes | $124,922 |
| Fees for services: Management | $11,850 |
| Fees for services: Legal | $11,786 |
| Fees for services: Accounting | $18,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,208 |
| Fees for services: Other | $3,933 |
| Advertising and promotion | $147,569 |
| Office expenses | $123,864 |
| Information technology | $391,563 |
| Royalties | $0 |
| Occupancy | $266,082 |
| Travel | $18,120 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,858 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $148,035 |
| Insurance | $72,758 |
| All other expenses | $28,019 |
| Total functional expenses | $4,112,578 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,032,526 |
| Savings and temporary cash investments | $34,871,037 |
| 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 | $99,791,193 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $114,533 |
| Net Land, buildings, and equipment | $1,846,325 |
| Investments—publicly traded securities | $12,901,267 |
| Investments—other securities | $1,840,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,747,333 |
| Total assets | $155,144,214 |
| Accounts payable and accrued expenses | $506,935 |
| 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 | $140,624,312 |
| Total liabilities | $141,131,247 |
| 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 | $1,631,055 |
| Retained earnings, endowment, accumulated income, or other funds | $12,381,912 |
| Total liabilities and net assets/fund balances | $155,144,214 |
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