Minnesota Power Employees Credit Union
- Assets
- $121.5m
- Revenue
- $4.4m
- Investments
- $28.2m
- Employees
- 27
- Location
- Duluth, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0418235
Organization Overview
Minnesota Power Employees 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, Minnesota Power Employees Credit Union employed 27 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minnesota Power Employees 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, Minnesota Power Employees Credit Union generated $4.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $4.1m during the year ending 12/2021. While expenses have increased by 3.9% 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
MEMBER OWNED AND MEMBER DRIVEN
Describe the Organization's Program Activity:
Part 3 - Line 4a
MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) PROVIDES A FULL RANGE OF COMPETITIVELY PRICED FINANCIAL PRODUCTS AND SERVICES TO ITS MEMBERS. LOANS PROVIDED INCLUDE PERSONAL SECURED, UNSECURED, REAL ESTATE, CREDIT CARDS AND MEMBER BUSINESS LOANS ARE COMPETITIVELY PRICED. CREDIT CARDS ARE OFFERED AT AS LOW AS 7.9% APR AND INCLUDE POINT-BASED INCENTIVES AND NO ANNUAL FEE. MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS. MEMBERS WERE PAID $218,057 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION. MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $41,481 IN ATM SURCHARGE FEES BACK TO THE MEMBERS.
MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO MEMBERS. DURING 2021, THE CREDIT UNION PAID APPROXIMATELY $36,475 FOR THESE TYPES OF SERVICES. IN 2021 3,225 MEMBERS PERFORMED 103,285 ONLINE BANKING FUNCTIONS AND PAID 15,951 BILLS ONLINE. MPECU ALSO ADDED AN ONLINE PERSONAL FINANCIAL MANAGEMENT TOOL FREE TO MEMBERS. THE ANNUAL COST TO THE CREDIT UNION FOR THIS SERVICE IS $13,800.
MINNESOTA POWER EMPLOYEES CREDIT UNION (MPECU) IS A STRONG PROMOTER OF FINANCIAL LITERACY AND PROMOTES FINANCIAL EDUCATION AND PROVIDES COMMUNITY SUPPORT. IN 2021, MPECU PROVIDED $2,000 IN SCHOLARSHIPS TO MEMBERS AND $33,589 TO SUPPORT THE FOLLOWING ORGANIZATIONS AND ACTIVITIES: LSS FINANCIAL COUNSELING SERVICES FOR MEMBERS, SEVERAL SCHOOL ROBOTIC PROGRAMS, MANY COMMUNITY SPORTS TEAMS FOR KIDS, UNITED WAY, ZEITGEIST ARTS CENTER, UMD, NORTHLAND NEWBORN FOUNTAIN, AMERICAN HEART ASSOCIATION, COMMUNITY ACTION DULUTH, CHAMBER OF COMMERCE. MN CREDIT UNION NETWORK, DULUTH-SUPERIOR FOUNDATION, GREATER DOWNTOWN COUNCIL, DULUTH CHAMBER OF COMMERCE, BOYS AND GIRLS CLUB AND SEVERAL MORE. IN ADDITION TO MONETARY CONTRIBUTIONS, MPECU EMPLOYEES DONATED SEVERAL HOURS VOLUNTEERING FOR AND PARTICIPATING IN VARIOUS COMMUNITY ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debora Almirall President/ceo/treasurer | Officer | 40 | $175,413 |
Terese Thorstad VP Finance/cfo | Officer | 40 | $103,453 |
Mike French Chair | OfficerTrustee | 2 | $0 |
Marcia Podratz Vice-Chair | OfficerTrustee | 2 | $0 |
Jeremy Caine Secretary | OfficerTrustee | 2 | $0 |
Eric Skadsberg Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Core Processor And Credit Card Provider | 12/30/21 | $245,096 |
Cw Technology Technical Support (I/t Vendor) | 12/30/21 | $116,827 |
Shazam Debit Card Processing | 12/30/21 | $149,953 |
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 | $3,984,638 |
| Investment income | $380,033 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $4,364,671 |
| 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 | $218,057 |
| Compensation of current officers, directors, key employees. | $321,690 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $898,342 |
| Pension plan accruals and contributions | $49,861 |
| Other employee benefits | $228,133 |
| Payroll taxes | $90,566 |
| Fees for services: Management | $14,581 |
| Fees for services: Legal | $16,824 |
| Fees for services: Accounting | $38,996 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $417,274 |
| Advertising and promotion | $194,798 |
| Office expenses | $262,612 |
| Information technology | $87,766 |
| Royalties | $0 |
| Occupancy | $323,366 |
| Travel | $6,078 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,606 |
| Interest | $4,505 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $458,896 |
| Insurance | $29,986 |
| All other expenses | $34,102 |
| Total functional expenses | $4,085,794 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $22,104,477 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $554,334 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $63,016,558 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $481,377 |
| Net Land, buildings, and equipment | $143,507 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $28,185,728 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,029,349 |
| Total assets | $121,515,330 |
| Accounts payable and accrued expenses | $305,786 |
| Grants payable | $0 |
| Deferred revenue | $788 |
| 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 | $4,543,763 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $99,564,209 |
| Total liabilities | $104,414,546 |
| 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 | $17,100,784 |
| Total liabilities and net assets/fund balances | $121,515,330 |
Grants Awarded
Over the last fiscal year, Minnesota Power Employees Credit Union has awarded $11,536 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: PROGRAM SUPPORT | $6,536 |
Duluth, MN PURPOSE: PROGRAM SUPPORT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |