Anoka Hennepin Credit Union
- Assets
- $278.5m
- Revenue
- $10.6m
- Investments
- $28.2m
- Employees
- 70
- Location
- Coon Rapids, MN
- Founding
- 09/1944
- Data as of
- 12/2021
- EIN
- 41-6036540
Organization Overview
Anoka Hennepin Credit Union is located in Coon Rapids, 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, Anoka Hennepin Credit Union employed 70 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Anoka Hennepin 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, Anoka Hennepin Credit Union generated $10.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $8.8m during the year ending 12/2021. While expenses have increased by 4.6% 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
MEMBERS HELPING MEMBERS IN A COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATION, WITH THE GOAL OF BECOMING OUR MEMBERS' PRIMARY FINANCIAL INSTITUTION; PROTECTING MEMBERS' ASSETS AND PROVIDING PERSONAL, CONVENIENT, AND COMPETITIVE SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP - ANOKA HENNEPIN CREDIT UNION SERVED THE FINANCIAL NEEDS OF 18,092 MEMBERS. AN AVERAGE OF 5.63 PRODUCTS AND SERVICES WERE USED PER MEMBER AS OF DECEMBER 31, 2021.
SAVINGS - ANOKA HENNEPIN CREDIT UNION PROVIDED 34,502 SAVINGS PRODUCTS TO MEMBERS. THIS INCLUDES SHARE ACCOUNTS, SHARE DRAFT ACCOUNTS, IRAS, SHARE CERTIFICATES, AND MONEY MARKET ACCOUNTS.
LOANS - ANOKA HENNEPIN CREDIT UNION PROVIDED 8,160 LOAN PRODUCTS TO MEMBERS, INCLUDING REAL ESTATE, VEHICLE, OTHER SECURED, UNSECURED, AND CREDIT CARD LOANS.
OTHER PROGRAM SERVICES -ANOKA HENNEPIN CREDIT UNION ALSO PROVIDED OTHER SERVICES TO ITS MEMBERS LIKE BILL PAYMENT, DEBIT CARDS, E-STATEMENTS, ONLINE BANKING, MOBILE BANKING, MOBILE CHECK DEPOSIT, TELEPHONE BANKING, INSURANCE PRODUCTS, AND SAFE DEPOSIT BOXES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Claussen President & CEO | Officer | 40 | $269,004 |
Martin Waligora VP Of Finance & CFO | Officer | 40 | $158,474 |
Chris Olsen VP Lending | 40 | $146,673 | |
Rick Gonnerman Cio | Officer | 40 | $137,052 |
Theresa Tostengard Svp/general Counsel | Officer | 32 | $128,446 |
Todd Proulx Director | Trustee | 1 | $2,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Corelation Inc Core Accounting System Provider | 12/30/21 | $121,299 |
Doxim Inc Statement Provider | 12/30/21 | $100,614 |
Ncr Corporation Digital Banking Systems Provider | 12/30/21 | $107,713 |
Century Link Internet Provider | 12/30/21 | $119,565 |
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 | $9,492,779 |
| Investment income | $1,057,784 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $84,410 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,634,973 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,362 |
| 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. | $833,466 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,922,485 |
| Pension plan accruals and contributions | $329,919 |
| Other employee benefits | $472,263 |
| Payroll taxes | $283,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,307 |
| Fees for services: Accounting | $35,058 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $86,570 |
| Advertising and promotion | $176,236 |
| Office expenses | $459,144 |
| Information technology | $708,020 |
| Royalties | $0 |
| Occupancy | $433,363 |
| Travel | $3,038 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,089 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $444,982 |
| Insurance | $64,206 |
| All other expenses | $55,607 |
| Total functional expenses | $8,844,561 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,551,450 |
| Savings and temporary cash investments | $35,169,089 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $847,129 |
| Loans from Officers, Directors, or Controlling Persons | $1,978,786 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $120,025,968 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $260,822 |
| Net Land, buildings, and equipment | $5,840,478 |
| Investments—publicly traded securities | $76,598,738 |
| Investments—other securities | $28,157,624 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,034,893 |
| Total assets | $278,464,977 |
| Accounts payable and accrued expenses | $2,001,050 |
| Grants payable | $0 |
| Deferred revenue | $40,278 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $255,036,914 |
| Total liabilities | $257,078,242 |
| 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 | $21,386,735 |
| Total liabilities and net assets/fund balances | $278,464,977 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |
Minnco Credit Union Cambridge, MN | $474,930,178 | $17,267,094 |
Co-Op Credit Union Of Montevideo Montevideo, MN | $328,823,847 | $13,808,277 |
Anoka Hennepin Credit Union Coon Rapids, MN | $278,464,977 | $10,634,973 |
Northwoods Credit Union Cloquet, MN | $158,800,321 | $10,013,963 |
Dakota West Credit Union Watford City, ND | $299,186,425 | $10,075,740 |
Financial One Credit Union Columbia Heights, MN | $196,661,798 | $11,270,296 |