Associated Healthcare Credit Union

Organization Overview

Associated Healthcare Credit Union is located in Woodbury, 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, Associated Healthcare Credit Union employed 40 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Associated Healthcare 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, Associated Healthcare Credit Union generated $6.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $4.3m during the year ending 12/2021. While expenses have increased by 0.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO ITS QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE-BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS "OWNERS".

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE CREDIT UNION PROVIDES A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. WE HAD 12,990 MEMBER ACCOUNTS WITH DEPOSITS OF $138,303,717 AS OF DECEMBER 31, 2021.


THE CREDIT UNION PROVIDES A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. WE HAD 7,800 LOANS OUTSTANDING AS OF DECEMBER 31, 2021 WITH BALANCES OF $111,956,858.


THE CREDIT UNION PROVIDES ACCESS TO MEMBERS TO THEIR ACCOUNTS VIA ELECTRONIC BANKING, ATM NETWORK, SHARED BRANCHING, AND IN PERSON.


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Board, Officers & Key Employees

Name (title)Compensation
Theresa Malone
CEO
$211,122
Andrew Rihm
VP Lending
$160,343
Michael Nass
Vice Chair
$575
Thomas Gavinski
Chair
$575
Katina Mcdugle
Director
$450
Linda Zdon
Secretary
$375

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Fiserv Portico
Core Data Processing System
$480,443
Financial Institution Lending Options (F
Auto Loan Referral Business
$331,022
View All Vendors

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$5,646,589
Investment income $484,834
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$133
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $6,131,290

Peer Organizations

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