Leading Edge Credit Union
- Assets
- $149.2m
- Revenue
- $7.6m
- Investments
- $4.3m
- Employees
- 74
- Location
- Worthington, MN
- Founding
- 09/1944
- Data as of
- 12/2022
- EIN
- 41-1563619
Organization Overview
Leading Edge Credit Union is located in Worthington, 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, Leading Edge Credit Union employed 74 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Leading Edge 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, Leading Edge Credit Union generated $7.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $7.2m during the year ending 12/2022. While expenses have increased by 7.2% per year over the past 8 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
MEMBER OWNED FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS - CURRENTLY HAVE 6,674 LOANS OF $110,192,904 TO OUR 10,553 MEMBERS
DEPOSITS - CURRENTLY HAVE $130,104,557 IN DEPOSITS HELD BY OUR 10,553 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Donahue Chairman | OfficerTrustee | 4 | $1,560 |
Tony Vanderbosch Board Member | Trustee | 2 | $176 |
Mike Loosebrock Vice Chairman | OfficerTrustee | 3 | $583 |
Voris Spittle Board Member | Trustee | 2 | $462 |
Phyllis Brunk Secretary & Treasurer | OfficerTrustee | 3 | $1,573 |
Thomas Martin Asst Secretary & Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lsc Debit And Credit Card Processing | 12/30/22 | $362,070 |
Jack Henry & Associates Core, Data Processing, Italk | 12/30/22 | $304,140 |
Eo Johnson It Services | 12/30/22 | $144,967 |
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 | $7,262,927 |
| Investment income | $274,114 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $32,513 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,569,554 |
| 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 | $606,608 |
| Compensation of current officers, directors, key employees. | $644,321 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,054,593 |
| Pension plan accruals and contributions | $44,184 |
| Other employee benefits | $274,367 |
| Payroll taxes | $199,570 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $21,293 |
| Fees for services: Accounting | $52,491 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $160,869 |
| Office expenses | $1,785,230 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $269,467 |
| Travel | $74,780 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $81,448 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $412,528 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,236,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,631,375 |
| Savings and temporary cash investments | $3,022,806 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $109,792,282 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $235,537 |
| Net Land, buildings, and equipment | $4,823,639 |
| Investments—publicly traded securities | $17,359,558 |
| Investments—other securities | $4,326,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,006,530 |
| Total assets | $149,217,727 |
| Accounts payable and accrued expenses | $1,149,322 |
| 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 | $7,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $130,104,557 |
| Total liabilities | $138,253,879 |
| 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 | $10,963,848 |
| Total liabilities and net assets/fund balances | $149,217,727 |