Electric Machinery Employees Credit Union
- Assets
- $8.8m
- Revenue
- $331.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Minneapolis, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0682083
Organization Overview
Electric Machinery Employees Credit Union is located in Minneapolis, 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 12/2022, Electric Machinery Employees Credit Union employed 2 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Electric Machinery 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 12/2022, Electric Machinery Employees Credit Union generated $331.5k in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $316.7k during the year ending 12/2022. 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
PROVIDE COMPETITIVE RATES ON SAVINGS ACCOUNTS AND LOW COST LOANS TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
DIVIDENDS PAID TO MEMBERS
LOAN SERVICING
ANNUAL MEETING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory D Ericson President | Officer | 40 | $75,790 |
Richard Gross Chairman Of The Board | Trustee | 1 | $0 |
Joe Westenfield Director | Trustee | 1 | $0 |
Eric Norman Secretary Treasurer | Trustee | 1 | $0 |
Ryan Laflamme Vice Chairman | Trustee | 1 | $0 |
Joe Loyas Director | Trustee | 1 | $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 | $293,775 |
| Investment income | $37,721 |
| 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 | $331,496 |
| 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 | $31,158 |
| Compensation of current officers, directors, key employees. | $75,791 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,382 |
| Pension plan accruals and contributions | $4,039 |
| Other employee benefits | $14,150 |
| Payroll taxes | $9,469 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $233 |
| Office expenses | $7,285 |
| Information technology | $42,845 |
| Royalties | $0 |
| Occupancy | $1,729 |
| Travel | $1,199 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $113 |
| Payments to affiliates | $7,178 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,580 |
| All other expenses | $815 |
| Total functional expenses | $316,688 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $118,512 |
| Savings and temporary cash investments | $3,811,678 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $147,654 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,751,847 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,344 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,879 |
| Total assets | $8,848,914 |
| Accounts payable and accrued expenses | $15,578 |
| 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 | $7,098,202 |
| Total liabilities | $7,113,780 |
| 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 | $1,735,134 |
| Total liabilities and net assets/fund balances | $8,848,914 |