My Credit Union
- Assets
- $393.5m
- Revenue
- $17.6m
- Investments
- $17.7m
- Employees
- 88
- Location
- Bloomington, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- 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 12/2021, My Credit Union employed 88 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 12/2021, My Credit Union generated $17.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.3% each year. All expenses for the organization totaled $13.9m during the year ending 12/2021. While expenses have increased by 5.4% 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
2021
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 $281,651 PAID TO MEMBERS ON $359,993,364 DEPOSIT ACCOUNTS HELD BY 23,672 MEMBERS.
PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 1,492 LOANS IN 2021 WHICH EXCEEDED $129,601,384 MILLION DOLLARS IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $329,322,569 MILLION DOLLARS AT YEAR END.
PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO THREE IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 4 SUR-CHARGE FREE ATM'S, OVER 5,867 CREDIT CARDS, OVER 18,727 DEBIT AND 6 ATM CARDS, AND NEARLY 13,391 MEMBERS USING OUR INTERNET BANKING SITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Worthen President | Officer | 40 | $363,345 |
Rick Rasmusson Chief Financial Officer | Officer | 40 | $178,912 |
Karen Hoeppner Vice President, Lending | Officer | 40 | $170,619 |
Pierre Merlin Vice President, It | Officer | 40 | $156,625 |
John Debettignies Vice President, Member Ser | Officer | 40 | $144,026 |
Todd Barduson Vice President, Marketing | Officer | 40 | $122,087 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core Processing System | 12/30/21 | $735,647 |
Servion Commercial Lending Processing & Support | 12/30/21 | $539,242 |
Loffler It Services | 12/30/21 | $324,575 |
Alkami Mobile & Internet Banking | 12/30/21 | $328,252 |
Hennepin County Property Mgmt | 12/30/21 | $275,500 |
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 | $16,326,375 |
| Investment income | $389,978 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$284,182 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,620,611 |
| 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 | $281,651 |
| Compensation of current officers, directors, key employees. | $1,367,264 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,181,612 |
| Pension plan accruals and contributions | $178,483 |
| Other employee benefits | $919,547 |
| Payroll taxes | $92,807 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $27,914 |
| Fees for services: Accounting | $79,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,513,216 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $773,651 |
| Travel | $49,182 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,012 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $902,518 |
| Insurance | $0 |
| All other expenses | $295,619 |
| Total functional expenses | $13,867,144 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,002,807 |
| Savings and temporary cash investments | $14,633,141 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,739 |
| Loans from Officers, Directors, or Controlling Persons | $6,397,269 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $320,177,878 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $661,125 |
| Net Land, buildings, and equipment | $16,723,598 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,670,028 |
| Investments—program-related | $497,041 |
| Intangible assets | $0 |
| Other assets | $15,740,502 |
| Total assets | $393,544,128 |
| Accounts payable and accrued expenses | $2,343,739 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $963,915 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $360,026,348 |
| Total liabilities | $363,334,002 |
| 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 | $30,210,126 |
| Total liabilities and net assets/fund balances | $393,544,128 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Linn Area Credit Union Cedar Rapids, IA | $567,752,241 | $26,390,018 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |