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Nonprofiteer
← CO-OP CREDIT UNION OF MONTEVIDEO

Form 990 for tax year 2023

Filed by CO-OP CREDIT UNION OF MONTEVIDEO.

Totals

Total revenue
$16,954,154
Total expenses
$12,703,146
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$14,491,924
Investment income
$2,462,230
Other revenue
$0
Total assets, end of year
$359,049,095
Total liabilities, end of year
$307,522,715
Net assets or fund balances, end of year
$51,526,380
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: MEMBER

    total $14,472,910 · related or exempt $14,472,910 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: NON-MEMBER

    total $19,014 · related or exempt $0 · unrelated business $19,014 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $2,462,230 · related or exempt $2,462,230 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,114,638

  • 5 · Compensation of officers, directors and key employees

    total $953,241

  • 7 · Other salaries and wages

    total $2,465,322

  • 8 · Pension plan contributions

    total $180,277

  • 9 · Other employee benefits

    total $397,221

  • 10 · Payroll taxes

    total $236,849

  • 11g · Fees: other

    total $841,988

  • 12 · Advertising and promotion

    total $70,395

  • 16 · Occupancy

    total $269,385

  • 19 · Conferences, conventions and meetings

    total $42,537

  • 20 · Interest

    total $199,637

  • 22 · Depreciation, depletion and amortization

    total $366,211

  • 23 · Insurance

    total $103,688

  • 24a · Other expenses: OFFICE OPERATIONS

    total $1,520,986

  • 24b · Other expenses: CREDIT LOSS EXPENSE

    total $554,286

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $220,630

  • 24d · Other expenses: DUES

    total $48,091

  • 24e · All other expenses

    total $117,764

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,139,883 · end of year $11,670,791

  • 4 · Accounts receivable

    beginning of year $203,699,594 · end of year $229,143,722

  • 9 · Prepaid expenses and deferred charges

    beginning of year $268,894 · end of year $230,999

  • 10a · Land, buildings and equipment: cost or other basis

    $10,171,506

  • 10b · Land, buildings and equipment: accumulated depreciation

    $3,490,231

  • 10c · Land, buildings and equipment, net

    beginning of year $6,802,526 · end of year $6,681,275

  • 12 · Investments: other securities

    beginning of year $77,378,723 · end of year $65,091,979

  • 13 · Investments: program-related

    beginning of year $52,626,122 · end of year $39,782,212

  • 15 · Other assets

    beginning of year $5,594,170 · end of year $6,448,117

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,210,633 · end of year $2,982,855

  • 23 · Secured mortgages and notes payable

    beginning of year $2,734,092 · end of year $5,628,408

  • 25 · Other liabilities

    beginning of year $306,289,815 · end of year $298,911,452

  • 27 · Net assets without donor restrictions

    beginning of year $47,275,372 · end of year $51,526,380

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPOXIMATELY 16,700 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

Activities or mission (Part I)

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 16,700 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

  • THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTEMENT OPTIONS, AND LOANS FOR APPROXIMATELY 16,700 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

As filed on the 2023 return.

Listed in Part VII

  • Kayla Reiffenberger

    PRESIDENT/CEO

    Total calculated
    $341,492
    From this org
    $256,699
    From related orgs
    $0
    Other
    $84,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,467
    Bonus
    $8,632
    Other
    $0
    Deferred
    $58,628
    Nontaxable benefits
    $14,571
    Filer's total
    $336,298

  • Daniel Pieper

    CHIEF CREDIT OFFICER

    Total calculated
    $196,017
    From this org
    $159,744
    From related orgs
    $0
    Other
    $36,273
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,125
    Bonus
    $5,980
    Other
    $0
    Deferred
    $13,396
    Nontaxable benefits
    $9,903
    Filer's total
    $195,404

  • Loren Hansen

    LOAN OFFICER

    Total calculated
    $145,602
    From this org
    $116,663
    From related orgs
    $0
    Other
    $28,939
    Hours/week
    40

  • Susan Hilleren

    COO

    Total calculated
    $140,172
    From this org
    $109,258
    From related orgs
    $0
    Other
    $30,914
    Hours/week
    40

  • Anna Spray

    CFO

    Total calculated
    $124,120
    From this org
    $114,487
    From related orgs
    $0
    Other
    $9,633
    Hours/week
    40

  • Cheri Hughes

    Branch Manager/Loan Officer

    Total calculated
    $111,001
    From this org
    $102,899
    From related orgs
    $0
    Other
    $8,102
    Hours/week
    40

  • Kyle Kranz

    BOARD MEMBER

    Total calculated
    $750
    From this org
    $750
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Peter Schmitz

    SECRETARY

    Total calculated
    $611
    From this org
    $611
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Barb Pederson

    SUPERVISORY CHAIRPERSON

    Total calculated
    $568
    From this org
    $568
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Jason French

    CHAIRPERSON

    Total calculated
    $550
    From this org
    $550
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Patrick Carruth

    BOARD MEMBER

    Total calculated
    $510
    From this org
    $510
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Mark Tastad

    BOARD OFFICER

    Total calculated
    $490
    From this org
    $490
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Diane Dieter

    VICE CHAIRPERSON

    Total calculated
    $473
    From this org
    $473
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Aaron Jaenisch

    SUPERVISORY MEMBER

    Total calculated
    $335
    From this org
    $335
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Jennifer Stryhn

    BOARD MEMBER

    Total calculated
    $320
    From this org
    $320
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Ronda Olson

    SUPERVISORY MEMBER

    Total calculated
    $230
    From this org
    $230
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 4
KAYLA REIFFENBERGER IS A PARTICIPANT IN A 457(f) PLAN AND A 457(b) PLAN.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.0
Source object
202403209349321710

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