St Cloud Financial Credit Union
- Assets
- $289.9m
- Revenue
- $14.0m
- Investments
- $38.3m
- Employees
- 99
- Location
- St Cloud, MN
- Founding
- Data as of
- 12/2021
- EIN
- 41-0517445
Organization Overview
St Cloud Financial Credit Union is located in St Cloud, MN. As of 12/2021, St Cloud Financial Credit Union employed 99 individuals. St Cloud Financial 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, St Cloud Financial Credit Union generated $14.0m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $11.5m during the year ending 12/2021. While expenses have increased by 1.3% per year over the past 2 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
WE ARE A MEMBER-OWNED ORGANIZATION, OFFERING FINANCIAL SERVICES THAT ARE COMPETITIVE WITHIN THE MARKET AND RESPONSIVE TO THE CHANGING NEEDS OF OUR MEMBERS, WHILE MAINTAINING A SAFE AND SOUND BUSINESS PRACTICE.
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 2,815 NEW MEMBER DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/2021 WE HAD 23,256 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 4,969 NEW LOANS TO MEMBERS DURING 2021. AS OF 12/31/2021 WE HAD 16,307 LOANS TO OUR MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jed Meyer CEO | Officer | 40 | $226,271 |
Alyce Justin Cao | 40 | $169,590 | |
Theresa Tschumperlin COO | 40 | $158,644 | |
Allison Peichel Mortgage Director | 40 | $151,940 | |
Mel Tody CFO | 40 | $135,863 | |
Sheloa Fieldseth CFO | Officer | 40 | $106,472 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Co-op Debit Card Provider | 12/30/21 | $728,301 |
Alkami Online And Mobile Access For Members | 12/30/21 | $317,562 |
Marco It Support | 12/30/21 | $174,452 |
Case Financial Atm Equip/main | 12/30/21 | $101,598 |
Doxim Statement Provider | 12/30/21 | $118,049 |
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 | $13,511,414 |
| Investment income | $468,130 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $650 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,966,994 |
| 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 | $537,566 |
| Compensation of current officers, directors, key employees. | $408,403 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,642,352 |
| Pension plan accruals and contributions | $163,089 |
| Other employee benefits | $553,546 |
| Payroll taxes | $368,176 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,073 |
| Fees for services: Accounting | $45,547 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,515,262 |
| Advertising and promotion | $278,461 |
| Office expenses | $655,527 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $670,790 |
| Travel | $145,514 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $567,683 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $11,453,028 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,208,275 |
| Savings and temporary cash investments | $17,428,192 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $205,646 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $213,175,395 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,229,972 |
| Net Land, buildings, and equipment | $7,013,627 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $38,318,457 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,306,462 |
| Total assets | $289,886,026 |
| Accounts payable and accrued expenses | $3,252,380 |
| 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 | $264,796,809 |
| Total liabilities | $268,049,189 |
| 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 | $21,836,837 |
| Total liabilities and net assets/fund balances | $289,886,026 |
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