Trustone Financial Credit Union
- Assets
- $4.0b
- Revenue
- $161.6m
- Investments
- $8.3m
- Employees
- 772
- Location
- Plymouth, MN
- Founding
- Data as of
- 12/2021
- EIN
- 41-0749255
Organization Overview
Trustone Financial Credit Union is located in Plymouth, MN. As of 12/2021, Trustone Financial Credit Union employed 772 individuals. Trustone 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, Trustone Financial Credit Union generated $161.6m in total revenue. All expenses for the organization totaled $117.0m during the year ending 12/2021.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE ENGAGE, EDUCATE AND INSPIRE OUR MEMBERS TO ACHIEVE LIFELONG FINANCIAL WELL-BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 123,931 LOANS OUTSTANDING AS OF 12/31/21 WITH BALANCES OF $2,827,135,194.
DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 438,568 ACCOUNTS WITH DEPOSITS OF $3,466,534,385 AS OF 12/31/21.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Turner CEO | Officer | 40 | $831,615 |
Leon Eichten Chief Accounting Officer | Officer | 40 | $773,753 |
Jo Lee Mcdevitt Mortgage Consultant | 40 | $750,640 | |
Thomas Cochran Mortgage Area Sales Manager | 40 | $655,954 | |
Jeffrey Zajac Mortgage Area Sales Manager | 40 | $650,650 | |
Eric Feld Mortgage Consultant | 40 | $600,386 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Card Processing | 12/30/21 | $6,560,199 |
Ancona Title Agency Title Company | 12/30/21 | $1,800,787 |
Jack Henry & Associates Core Transaction Processor | 12/30/21 | $2,449,078 |
Q2 Software Inc Former Online Banking Provider | 12/30/21 | $3,365,374 |
Vision Media-stephen Reed Two Dogs Media Digital Media Provider | 12/30/21 | $2,037,119 |
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 | $158,693,328 |
| Investment income | $9,450,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,354,565 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $161,649,599 |
| 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 | $11,845,816 |
| Compensation of current officers, directors, key employees. | $4,998,622 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $42,845,406 |
| Pension plan accruals and contributions | $3,454,698 |
| Other employee benefits | $6,674,018 |
| Payroll taxes | $3,294,522 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $286,630 |
| Fees for services: Accounting | $113,311 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,866,186 |
| Advertising and promotion | $3,321,919 |
| Office expenses | $11,563,449 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,119,565 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $632,332 |
| Interest | $1,569,578 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,885,482 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $117,040,383 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,246,123 |
| Savings and temporary cash investments | $146,188,578 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,507,370 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,817,263,759 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,442,358 |
| Net Land, buildings, and equipment | $53,661,756 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,341,300 |
| Investments—program-related | $764,454,147 |
| Intangible assets | $22,082,353 |
| Other assets | $136,579,376 |
| Total assets | $3,979,767,120 |
| Accounts payable and accrued expenses | $55,652,272 |
| 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 | $42,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,466,536,250 |
| Total liabilities | $3,564,688,522 |
| 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 | $415,078,598 |
| Total liabilities and net assets/fund balances | $3,979,767,120 |
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