My Credit Union
- Assets
- $399.7m
- Revenue
- $18.1m
- Investments
- $12.6m
- Employees
- 103
- Location
- Bloomington, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-0824021
Organization Overview
My Credit Union is located in Bloomington, 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, My Credit Union employed 103 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. My 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, My Credit Union generated $18.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $15.1m during the year ending 12/2022. While expenses have increased by 1.6% per year over the past 6 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
TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR 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
DIVIDENDS AND INTEREST EXCEEDING $283,735. PAID TO MEMBERS ON $400,833,777 DEPOSIT ACCOUNTS HELD BY 23,958 MEMBERS.
PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,193 LOANS IN 2022 WHICH EXCEEDED $68,530,485 IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $336,340,733 AT YEAR END.
PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO FOUR IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 3 SURCHARGE FREE ATM'S, OVER 6,314 CREDIT CARDS, OVER 23,073 DEBIT CARDS, AND NEARLY 13,640 MEMBERS USING OUR INTERNET BANKING SITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Habeck Chairman | OfficerTrustee | 1 | $0 |
Lynn Scherer Vice Chairman | OfficerTrustee | 1 | $0 |
Teresa Kruse Secretary | OfficerTrustee | 1 | $0 |
James Mcdonald Treasurer | OfficerTrustee | 1 | $0 |
Dylan Klopp Director | Trustee | 1 | $0 |
Doug Forsman Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loffler It Services | 12/30/22 | $977,880 |
Fiserv Core Processing System | 12/30/22 | $637,384 |
Servion Commercial Lending Processing & Support | 12/30/22 | $441,835 |
Case Banking And Security Provider | 12/30/22 | $324,953 |
Hennepin County Property Taxes | 12/30/22 | $321,570 |
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 | $16,935,004 |
| Investment income | $288,429 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$68,714 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,120,740 |
| 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 | $262,317 |
| Compensation of current officers, directors, key employees. | $1,517,324 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,471,803 |
| Pension plan accruals and contributions | $201,996 |
| Other employee benefits | $634,148 |
| Payroll taxes | $893,595 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,190 |
| Fees for services: Accounting | $90,885 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,712,100 |
| Advertising and promotion | $0 |
| Office expenses | $1,614,308 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $966,855 |
| Travel | $109,849 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,418 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,047,242 |
| Insurance | $0 |
| All other expenses | -$128,458 |
| Total functional expenses | $15,133,709 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,230,856 |
| Savings and temporary cash investments | $17,685,064 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $146,380 |
| Loans from Officers, Directors, or Controlling Persons | $6,230,214 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $334,978,843 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $543,656 |
| Net Land, buildings, and equipment | $16,769,511 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,605,746 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,462,959 |
| Total assets | $399,653,229 |
| Accounts payable and accrued expenses | $3,225,214 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $913,747 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $357,988,863 |
| Total liabilities | $367,127,824 |
| 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 | $32,525,405 |
| Total liabilities and net assets/fund balances | $399,653,229 |