Northwoods Credit Union
- Assets
- $158.8m
- Revenue
- $10.0m
- Investments
- $1.5m
- Employees
- 55
- Location
- Cloquet, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-0653148
Organization Overview
Northwoods Credit Union is located in Cloquet, 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, Northwoods Credit Union employed 55 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Northwoods 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, Northwoods Credit Union generated $10.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $8.7m during the year ending 12/2021. While expenses have increased by 8.9% 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
PROVIDE CREDIT UNION SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS AND INTEREST ON MEMBER SAVINGS ACCOUNTS AND LOANS TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Wolf President/ceo | Officer | 40 | $164,845 |
Matthew Ferrin Svp/chief Financial Officer | Officer | 40 | $132,112 |
Terry Burn Svp/chief Lending Officer | Officer | 40 | $125,768 |
Jeffrey Kletscher Chairperson | OfficerTrustee | 2.11 | $2,311 |
Christine Nielson-Ringat Secretary | OfficerTrustee | 1.2 | $1,313 |
Larry Champeaux Vice Chairperson | OfficerTrustee | 1.18 | $1,292 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncrdigital Insight Online Banking Provider | 12/30/21 | $349,163 |
The Boldt Company Remodeling Of Facilities | 12/30/21 | $1,012,834 |
Pscu Credit Card Service Provider | 12/30/21 | $150,345 |
Fiserv Core System Provider | 12/30/21 | $718,695 |
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 | $9,498,194 |
| Investment income | $70,208 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $365,286 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,013,963 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,006 |
| 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. | $532,579 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,478,087 |
| Pension plan accruals and contributions | $178,235 |
| Other employee benefits | $586,153 |
| Payroll taxes | $189,694 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $83,813 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $270,139 |
| Advertising and promotion | $207,028 |
| Office expenses | $312,865 |
| Information technology | $1,255,435 |
| Royalties | $0 |
| Occupancy | $332,457 |
| Travel | $27,241 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $47,792 |
| Interest | $5 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $548,074 |
| Insurance | $80,587 |
| All other expenses | $168,351 |
| Total functional expenses | $8,738,581 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,872,484 |
| Savings and temporary cash investments | $12,566,422 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,070,601 |
| Loans from Officers, Directors, or Controlling Persons | $2,925 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $125,792,637 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $156,715 |
| Net Land, buildings, and equipment | $7,302,095 |
| Investments—publicly traded securities | $3,085,229 |
| Investments—other securities | $1,517,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,434,213 |
| Total assets | $158,800,321 |
| Accounts payable and accrued expenses | $239,793 |
| 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 | $146,474,923 |
| Total liabilities | $146,714,716 |
| 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 | $12,085,605 |
| Total liabilities and net assets/fund balances | $158,800,321 |
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 |