North Star Credit Union
- Assets
- $90.9m
- Revenue
- $4.2m
- Investments
- $2.4m
- Employees
- 44
- Location
- Cook, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0789207
Organization Overview
North Star Credit Union is located in Cook, 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, North Star Credit Union employed 44 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. North Star 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, North Star Credit Union generated $4.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $3.6m during the year ending 12/2022. While expenses have increased by 12.0% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A CREDIT UNION. OUR MISSION IS TO PROVIDE FINANCIAL SERVICES AND FINANCIAL EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NON-PROFIT ORGANIZATION PROVIDING FINANCIAL SERVICES TO A FIELD OF MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lara Whiteside Secretary | OfficerTrustee | 1 | $0 |
William Conner Director | Trustee | 1 | $0 |
Vicki Schelde Director | Trustee | 1 | $0 |
Marge Rinne Vice Chair | OfficerTrustee | 1 | $0 |
John Korpi Chair | OfficerTrustee | 1 | $0 |
Kristen Zigan Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hawk Construction Inc Construction | 12/30/22 | $182,011 |
Computer Marketing Corp Computer Marketing | 12/30/22 | $137,419 |
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 | $4,190,877 |
| Investment income | $62,258 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$94,076 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,235,366 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $337,538 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,236,675 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $339,212 |
| Payroll taxes | $121,074 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $875 |
| Fees for services: Accounting | $18,840 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $379,666 |
| Advertising and promotion | $145,526 |
| Office expenses | $157,352 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $124,182 |
| Travel | $76,340 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,809 |
| Interest | $118,950 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $182,458 |
| Insurance | $0 |
| All other expenses | $21,795 |
| Total functional expenses | $3,574,264 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $418,097 |
| Savings and temporary cash investments | $1,258,645 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $252,481 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $82,748,345 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $137,674 |
| Net Land, buildings, and equipment | $2,791,830 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,432,015 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $892,709 |
| Total assets | $90,931,796 |
| Accounts payable and accrued expenses | $425,388 |
| 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 | $1,062,653 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $80,824,894 |
| Total liabilities | $82,312,935 |
| 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 | $8,618,861 |
| Total liabilities and net assets/fund balances | $90,931,796 |