Centricity Credit Union
- Assets
- $227.6m
- Revenue
- $11.4m
- Investments
- $21.8m
- Employees
- 94
- Location
- Hermantown, MN
- Founding
- Data as of
- 12/2021
- EIN
- 41-0788273
Organization Overview
Centricity Credit Union is located in Hermantown, MN. As of 12/2021, Centricity Credit Union employed 94 individuals. Centricity 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, Centricity Credit Union generated $11.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 21.5% each year . All expenses for the organization totaled $8.8m during the year ending 12/2021. While expenses have increased by 17.6% per year over the past 5 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
THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION BANKING SERVICE PROGRAMS: THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2021 OUR MEMBERS HAD $198,030,963 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $113,587,474 IN SAVINGS ACCOUNTS, $39,922,010 IN CHECKING ACCOUNTS, $29,414,494 IN MONEY MARKET, AND $12,114,738 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS 05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF .20 % AT YEAR END. NON-IRA CERTIFICATES EARNED .75 % AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 16,828 MEMBERS AND ENDED THE YEAR WITH 17,648 FOR AN INCREASE OF 820 MEMBERS.
CREDIT UNION LENDING: THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $39,965,399 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2021. USED AUTO LOANS REPRESENT 25.29% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2021. THE CREDIT UNION HAD $29,980.742 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/21. THEY REPRESENT 18.98% OF OUR LOAN PORTFOLIO AND 13.17 % OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2021 FOR FIRST MORTGAGE LOANS WAS 3.00 %. THE TOTAL LOAN PORTFOLIO INCREASED $15,311,496 DURING 2021. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS .81%.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Constance Carter CFO | Officer | 40 | $330,352 |
Doug Ralston President/ceo | Officer | 40 | $198,378 |
Margaret Taylor Chairperson | OfficerTrustee | 2 | $0 |
Mark Thorsten Vice Chairperson | OfficerTrustee | 2 | $0 |
Stephen Morgan Secretary | OfficerTrustee | 2 | $0 |
Gayle Wahner Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core Software And Other Service Software | 12/30/21 | $1,142,161 |
Guideline Amc Appraisal Services | 12/30/21 | $102,725 |
Integris It Services | 12/30/21 | $291,792 |
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 | $10,918,710 |
| Investment income | $301,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,000 |
| Net Gain/Loss on Asset Sales | -$5,349 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,411,107 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $46,399 |
| 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. | $677,373 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,527,040 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $186,103 |
| Payroll taxes | $231,604 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,380 |
| Fees for services: Accounting | $56,060 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $475,399 |
| Advertising and promotion | $192,893 |
| Office expenses | $262,309 |
| Information technology | $585,556 |
| Royalties | $0 |
| Occupancy | $323,968 |
| Travel | $10,772 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,121 |
| Interest | $20,654 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $296,792 |
| Insurance | $39,834 |
| All other expenses | $183,308 |
| Total functional expenses | $8,795,053 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,082,671 |
| Savings and temporary cash investments | $20,649,586 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $720,382 |
| Loans from Officers, Directors, or Controlling Persons | $1,472,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $155,478,159 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,605,498 |
| Net Land, buildings, and equipment | $4,016,844 |
| Investments—publicly traded securities | $8,498,029 |
| Investments—other securities | $21,839,767 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,233,532 |
| Total assets | $227,596,468 |
| Accounts payable and accrued expenses | $1,550,616 |
| Grants payable | $0 |
| Deferred revenue | $20,863 |
| 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 | $2,332,024 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $200,302,914 |
| Total liabilities | $204,206,417 |
| 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 | $23,390,051 |
| Total liabilities and net assets/fund balances | $227,596,468 |
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