Med Park Credit Union
- Assets
- $20.2m
- Revenue
- $599.4k
- Investments
- $4.0m
- Employees
- 5
- Location
- Grand Forks, ND
- Founding
- 04/1954
- Data as of
- 12/2021
- EIN
- 45-0283861
Organization Overview
Med Park Credit Union is located in Grand Forks, ND. The organization was established in 1954. 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, Med Park Credit Union employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Med Park 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, Med Park Credit Union generated $599.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $648.7k during the year ending 12/2021. While expenses have increased by 5.1% 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
OUR CREDIT UNION IS A COOPERATIVE OWNED AND OPERATED BY ITS MEMBERS. OUR GOAL IS TO STRENGTHEN OUR COMMUNITY THROUGH SOCIAL RESPONSIBLITY AND MEETING THE FINANCIAL NEEDS OF OUR MEMBERS, WHILE MAINTAINING OUR FINANCIAL STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL EXPENSES FOR ALL SERVICES
WE HAVE NONE
WE HAVE NONE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Malm CEO | 40 | $133,377 | |
Veronica Holweger CEO Starting 12/1/21 | Officer | 40 | $7,131 |
Paul Edman President | Officer | 1 | $0 |
Kelly Grassel Secretary | Officer | 1 | $0 |
Joe Gimmel Vice President | Officer | 1 | $0 |
Sheila Piper Board Member | Trustee | 1 | $0 |
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 | $0 |
| Investment income | $0 |
| 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 | $599,438 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $262,634 |
| Pension plan accruals and contributions | $76,164 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $90,028 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,590 |
| Office expenses | $80,776 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,617 |
| Interest | $3,803 |
| Payments to affiliates | $10,943 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $648,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,694 |
| Savings and temporary cash investments | $6,095,570 |
| 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 | $9,807,514 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,329 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,989,162 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $127,020 |
| Total assets | $20,210,289 |
| Accounts payable and accrued expenses | $109,918 |
| 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 | $17,819,843 |
| Total liabilities | $17,929,761 |
| 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 | $2,280,528 |
| Total liabilities and net assets/fund balances | $20,210,289 |
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 |