St Cloud Financial Credit Union
- Assets
- $326.8m
- Revenue
- $14.7m
- Investments
- $31.0m
- Employees
- 89
- Location
- St Cloud, MN
- Founding
- Data as of
- 12/2022
- EIN
- 41-0517445
Organization Overview
St Cloud Financial Credit Union is located in St Cloud, MN. As of 12/2022, St Cloud Financial Credit Union employed 89 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 12/2022, St Cloud Financial Credit Union generated $14.7m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $12.6m during the year ending 12/2022. While expenses have increased by 4.1% per year over the past 3 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
2022
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 3,182 NEW MEMBER DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/2022 WE HAD 24,399 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 5,562 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/2022 WE HAD 13,304 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jed Meyer CEO | Officer | 40 | $281,788 |
Alyce Justin Cao | 40 | $158,423 | |
Sheloa Fieldseth CFO | Officer | 40 | $150,657 |
Allison Peichel Loan Officer | Officer | 40 | $169,839 |
Chase Larson Clo | 40 | $146,261 | |
Jamie Kleve COO | 40 | $134,623 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Marco It Support | 12/30/22 | $152,327 |
Alkami Online And Mobile Access For Members | 12/30/22 | $307,454 |
Doxim Statement Provider | 12/30/22 | $124,176 |
Case Financial Atm Equip/main | 12/30/22 | $107,607 |
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 | $14,108,597 |
| Investment income | $610,991 |
| 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 | $14,690,907 |
| 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 | $768,723 |
| Compensation of current officers, directors, key employees. | $723,254 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,706,404 |
| Pension plan accruals and contributions | $205,208 |
| Other employee benefits | $524,649 |
| Payroll taxes | $366,754 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,397 |
| Fees for services: Accounting | $55,617 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,708,846 |
| Advertising and promotion | $409,179 |
| Office expenses | $727,724 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $651,559 |
| Travel | $201,385 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $68,563 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $479,447 |
| Insurance | $67,574 |
| All other expenses | $0 |
| Total functional expenses | $12,590,974 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,819,666 |
| Savings and temporary cash investments | $9,378,976 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | -$36,882 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $265,600,042 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,154,386 |
| Net Land, buildings, and equipment | $6,731,267 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $30,953,679 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,165,967 |
| Total assets | $326,767,101 |
| Accounts payable and accrued expenses | $4,312,074 |
| 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 | $8,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $293,531,395 |
| Total liabilities | $305,843,469 |
| 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 | $20,923,632 |
| Total liabilities and net assets/fund balances | $326,767,101 |