Lamoure Credit Union
- Assets
- $33.6m
- Revenue
- $804.7k
- Investments
- $0.0
- Employees
- 5
- Location
- Lamoure, ND
- Founding
- 07/1945
- Data as of
- 12/2021
- EIN
- 45-0258543
Organization Overview
Lamoure Credit Union is located in Lamoure, ND. The organization was established in 1945. 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, Lamoure Credit Union employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lamoure 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, Lamoure Credit Union generated $804.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $584.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 7 years. 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
THE ORG IS A STATE CHARTERED CREDIT UNION WHICH IS ORGANIZED AND OPERATED FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES FOR CREDIT UNION MEMBERS, INCLUDING DEPOSIT ACCOUNTS AND LOANS TO MEMBERS. APPROXIMATELY 1230 CREDIT UNION MEMBERS WERE SERVED DURING 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Musland Managertreasurer | Officer | 50 | $105,667 |
Gloria Lauf Secretary | OfficerTrustee | 1 | $120 |
James Rufsvold Director | Trustee | 1 | $120 |
Barry Townsend Vice President | OfficerTrustee | 1 | $110 |
Kathy Exner Director | Trustee | 1 | $110 |
Dale Siedschlag President | OfficerTrustee | 1 | $90 |
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 | $775,437 |
| Investment income | $14,904 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $14,400 |
| 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 | $804,741 |
| 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 | $28,119 |
| Compensation of current officers, directors, key employees. | $106,212 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $124,871 |
| Pension plan accruals and contributions | $14,200 |
| Other employee benefits | $65,623 |
| Payroll taxes | $18,236 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,900 |
| Advertising and promotion | $12,720 |
| Office expenses | $45,992 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,640 |
| Travel | $1,503 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,462 |
| Insurance | $13,738 |
| All other expenses | $2,434 |
| Total functional expenses | $584,404 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $16,172,832 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,492,490 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,725 |
| Net Land, buildings, and equipment | $458,707 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $439,782 |
| Total assets | $33,575,536 |
| Accounts payable and accrued expenses | $38,841 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,258,285 |
| Total liabilities | $29,297,126 |
| 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 | $4,278,410 |
| Total liabilities and net assets/fund balances | $33,575,536 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
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 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Valley Financial Credit Union Billings, MT | $409,425,878 | $18,570,812 |
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 |