Trustone Financial Credit Union
- Assets
- $4.6b
- Revenue
- $190.6m
- Investments
- $24.6m
- Employees
- 725
- Location
- Plymouth, MN
- Founding
- Data as of
- 12/2022
- EIN
- 41-0749255
Organization Overview
Trustone Financial Credit Union is located in Plymouth, MN. As of 12/2022, Trustone Financial Credit Union employed 725 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 12/2022, Trustone Financial Credit Union generated $190.6m in total revenue. All expenses for the organization totaled $134.1m during the year ending 12/2022. While expenses have increased by 597.1% 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 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 126,303 LOANS OUTSTANDING AS OF 12/31/22 WITH BALANCES OF $3,630,530,830.
DEPOSITS:AS A STATE CHARTERED CREDIT UNION, WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 454,862 ACCOUNTS WITH DEPOSITS OF $3,785,243,583 AS OF 12/31/22.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Christenson Chair | OfficerTrustee | 5 | $5,000 |
Samuel Stern Secretary | OfficerTrustee | 5 | $5,000 |
James Sackett Treasurer | OfficerTrustee | 5 | $3,875 |
Bruce Whitmore Director | Trustee | 2 | $2,286 |
Darrick Metz Director | Trustee | 2 | $3,947 |
Doug Nesbit Director | Trustee | 2 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Card Processing | 12/30/22 | $3,239,130 |
Servion Commercial Loan Resources Inc Commercial Loan Servicer | 12/30/22 | $3,009,642 |
Vision Media-stephen Reed Two Dogs Media Digital Media Provider | 12/30/22 | $2,689,372 |
Ancona Title Agency Title Company | 12/30/22 | $2,978,297 |
Jack Henry & Associates Core Transaction Processor | 12/30/22 | $3,004,058 |
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 | $169,254,143 |
| Investment income | $22,179,673 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$895,528 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $190,600,595 |
| 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 | $20,517,213 |
| Compensation of current officers, directors, key employees. | $4,092,874 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $37,512,588 |
| Pension plan accruals and contributions | $3,209,542 |
| Other employee benefits | $7,929,192 |
| Payroll taxes | $3,224,802 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $243,649 |
| Fees for services: Accounting | $165,337 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,634,568 |
| Advertising and promotion | $4,118,782 |
| Office expenses | $11,970,773 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,683,701 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $858,659 |
| Interest | $12,642,377 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,330,814 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $134,126,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,776,604 |
| Savings and temporary cash investments | $32,313,617 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,067,229 |
| Loans from Officers, Directors, or Controlling Persons | $24,850,297 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,616,146,673 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,939,356 |
| Net Land, buildings, and equipment | $50,706,729 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,626,900 |
| Investments—program-related | $651,006,666 |
| Intangible assets | $22,040,504 |
| Other assets | $117,193,547 |
| Total assets | $4,614,668,122 |
| Accounts payable and accrued expenses | $64,020,283 |
| 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 | $378,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,785,243,583 |
| Total liabilities | $4,227,263,866 |
| 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 | $387,404,256 |
| Total liabilities and net assets/fund balances | $4,614,668,122 |