Linn Area Credit Union
- Assets
- $567.8m
- Revenue
- $26.4m
- Investments
- $0.0
- Employees
- 125
- Location
- Cedar Rapids, IA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 42-0173285
Organization Overview
Linn Area Credit Union is located in Cedar Rapids, IA. The organization was established in 0000. 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, Linn Area Credit Union employed 125 individuals. Linn Area 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, Linn Area Credit Union generated $26.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $20.0m during the year ending 12/2021. While expenses have increased by 3.4% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Lorenz Consultant | Officer | 40 | $476,459 |
Paula O'rourke President/ce | Officer | 40 | $297,902 |
Tracy Taylor Sr VP Of Len | Officer | 40 | $249,362 |
Nick Mundorf Mortgage Ori | 40 | $195,841 | |
Richard Head VP Of It | Officer | 40 | $179,067 |
Debra Salz-Steenblock VP Human Res | 40 | $175,776 |
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 | $26,069,522 |
| Investment income | $320,496 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,390,018 |
| 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. | $1,527,332 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,683,314 |
| Pension plan accruals and contributions | $466,859 |
| Other employee benefits | $839,143 |
| Payroll taxes | $453,649 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,361 |
| Fees for services: Accounting | $45,873 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $553,482 |
| Office expenses | $1,637,710 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $933,745 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $144,211 |
| Interest | $315,822 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,167,577 |
| Insurance | $90,966 |
| All other expenses | $843,069 |
| Total functional expenses | $20,048,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,095,544 |
| Savings and temporary cash investments | $18,299,513 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,001,918 |
| Loans from Officers, Directors, or Controlling Persons | $3,852,727 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $494,341,216 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,822,827 |
| Net Land, buildings, and equipment | $14,122,907 |
| Investments—publicly traded securities | $8,493,170 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,722,419 |
| Total assets | $567,752,241 |
| Accounts payable and accrued expenses | $6,186,143 |
| 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 | $40,550,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $465,726,419 |
| Total liabilities | $512,462,562 |
| 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 | $18,297,207 |
| Retained earnings, endowment, accumulated income, or other funds | $36,992,472 |
| Total liabilities and net assets/fund balances | $567,752,241 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
Andigo Credit Union Schaumburg, IL | $850,101,906 | $43,497,190 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
1st Midamerica Credit Union Bethalto, IL | $860,013,719 | $45,661,014 |
Great Lakes Credit Union Bannockburn, IL | $1,045,676,236 | $50,981,092 |
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 |
Numark Credit Union Joliet, IL | $604,429,082 | $32,569,723 |
Dupage Credit Union Naperville, IL | $557,263,458 | $27,754,068 |
Abbott Laboratories Employer Credit Union Gurnee, IL | $1,021,053,305 | $27,617,158 |
Liberty First Credit Union Lincoln, NE | $400,479,429 | $27,721,129 |