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Nonprofiteer
← BRAINERD B N CREDIT UNION

Form 990 for tax year 2025

Filed by BRAINERD B N CREDIT UNION.

Totals

Total revenue
$5,938,765
Total expenses
$5,103,976
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,511,290
Investment income
$2,427,475
Other revenue
$0
Total assets, end of year
$122,550,331
Total liabilities, end of year
$109,093,329
Net assets or fund balances, end of year
$13,457,002
Program services expenses (Part IX)
$2,606,339
Management and general expenses
$2,497,637
Fundraising expenses
$0
Program service expenses (Part III)
$2,606,339

Program services were 51.1% 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: INTEREST INCOME ON LOANS

    total $3,112,380 · related or exempt $3,112,380

  • 2b · Program service revenue: VISA INTERCHANGE INCOME

    total $234,815 · related or exempt $234,815

  • 2c · Program service revenue: FEE INCOME

    total $97,304 · related or exempt $97,304

  • 2d · Program service revenue: LEASE INCOME

    total $34,480 · excluded $34,480

  • 2e · Program service revenue: MISC OPERATING INCOME

    total $27,858 · related or exempt $27,858

  • 2f · All other program service revenue

    total $4,453 · related or exempt $2,703 · unrelated business $1,750

  • 3 · Investment income

    total $2,427,475 · related or exempt $2,427,475

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,274,019 · program services $2,274,019

  • 5 · Compensation of officers, directors and key employees

    total $437,085 · management and general $437,085

  • 7 · Other salaries and wages

    total $653,768 · management and general $653,768

  • 8 · Pension plan contributions

    total $109,689 · management and general $109,689

  • 9 · Other employee benefits

    total $278,583 · management and general $278,583

  • 10 · Payroll taxes

    total $83,541 · management and general $83,541

  • 11b · Fees: legal

    total $32,154 · management and general $32,154

  • 11c · Fees: accounting

    total $12,681 · management and general $12,681

  • 11g · Fees: other

    total $315,276 · management and general $315,276

  • 12 · Advertising and promotion

    total $53,642 · management and general $53,642

  • 13 · Office expenses

    total $182,589 · management and general $182,589

  • 16 · Occupancy

    total $136,574 · management and general $136,574

  • 17 · Travel

    total $3,511 · management and general $3,511

  • 19 · Conferences, conventions and meetings

    total $8,888 · program services $8,888

  • 20 · Interest

    total $2,143 · management and general $2,143

  • 22 · Depreciation, depletion and amortization

    total $54,907 · management and general $54,907

  • 24a · Other expenses: DEBIT CARD EXPENSES

    total $249,628 · program services $249,628

  • 24b · Other expenses: MISC OPERATING EXPENSE

    total $57,208 · program services $18,211 · management and general $38,997

  • 24c · Other expenses: LOAN SERVICING

    total $55,593 · program services $55,593

  • 24d · Other expenses: LOSS: SALE OF COLLATERAL

    total $51,718 · management and general $51,718

  • 24e · All other expenses

    total $50,779 · management and general $50,779

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $805,550 · end of year $699,883

  • 2 · Savings and temporary cash investments

    beginning of year $48,999,101 · end of year $55,828,703

  • 4 · Accounts receivable

    beginning of year $45,388 · end of year $43,648

  • 7 · Other notes and loans receivable

    beginning of year $58,741,820 · end of year $63,422,970

  • 9 · Prepaid expenses and deferred charges

    beginning of year $61,053 · end of year $105,941

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

    $2,510,437

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

    $1,365,230

  • 10c · Land, buildings and equipment, net

    beginning of year $600,229 · end of year $1,145,207

  • 15 · Other assets

    beginning of year $1,229,038 · end of year $1,303,979

  • 17 · Accounts payable and accrued expenses

    beginning of year $295,443 · end of year $1,157,719

  • 25 · Other liabilities

    beginning of year $97,564,523 · end of year $107,935,610

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,622,213 · end of year $13,457,002

Mission and programs · 2025

Mission

WE DEDICATE ALL OUR EFFORTS TO PROVIDING MEMBERS THE BEST FINANCIAL PRODUCTS AND SERVICES AVAILABLE WHILE MAINTAINING FINANCIAL STABILITY.

  • DIVIDENDS ON SAVINGS DEPOSITS PAID TO OUR MEMBERS ON A QUARTERLY BASIS

    Expenses $2,250,123

  • DEBIT CARD EXPENSES. EXPENSES RELATED TO PROVIDING DEBIT CARDS FOR MEMBERS. 6,688 MEMBERS HAVE THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2025.

    Expenses $249,628

  • LIFE INSURANCE FOR MEMBERS ON SHARE ACCOUNTS. THE LIFE INSURANCE PREMIUMS ARE PAID FOR BY THE CREDIT UNION. 6,688 MEMBERS HAD THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2025.

    Expenses $23,896

  • - LOAN SERVICING (EXPENSES 55,593) EXPENSES RELATED TO PROVIDING LOANS TO MEMBERS. - CORPORATE CREDIT UNION EXPENSES (EXPENSES 18,211) EXPENSES RELATED TO PROVIDING FINANCIAL SERVICE TO MEMBERS SUCH AS WIRING FUNDS, CASHING CHECKS, AND ACH TRANSACTIONS. - ANNUAL MEETING (EXPENSES 8,888) EXPENSES RELATED TO ANNUAL MEETING TO VOTE FOR BOARD OF DIRECTORS AND COMMITTEE MEMBERS AND PRESENT THE PRIOR YEAR FINANCIAL RESULTS TO MEMBERS.

    Expenses $82,692

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rhonda Sandell

    DIRECTOR

    Total calculated
    $1,025
    From this org
    $1,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stacy Caughey

    DIRECTOR

    Total calculated
    $975
    From this org
    $975
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lois Bourassa

    DIRECTOR

    Total calculated
    $950
    From this org
    $950
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kelly Brown

    DIR-V. CHAIR

    Total calculated
    $1,088
    From this org
    $1,088
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Larson

    DIR-CHAIRMAN

    Total calculated
    $1,388
    From this org
    $1,388
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Barbara Bihler

    DIRECTOR

    Total calculated
    $588
    From this org
    $588
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dylan Lee

    DIRECTOR

    Total calculated
    $1,125
    From this org
    $1,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kaycie Hofmann

    PRESIDENT/CE

    Total calculated
    $136,396
    From this org
    $118,210
    From related orgs
    $0
    Other
    $18,186
    Hours/week
    45

  • David Larson

    CHIEF FIN'L

    Total calculated
    $158,109
    From this org
    $133,495
    From related orgs
    $0
    Other
    $24,614
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $133,495
    Bonus
    not reported
    Other
    not reported
    Deferred
    $15,984
    Nontaxable benefits
    $8,630
    Filer's total
    $158,109

  • Cindy Stunek

    CHIEF OPER O

    Total calculated
    $128,217
    From this org
    $87,498
    From related orgs
    $0
    Other
    $40,719
    Hours/week
    45

  • Jessie Lecy

    EXEC. SECR.

    Total calculated
    $87,651
    From this org
    $43,793
    From related orgs
    $0
    Other
    $43,858
    Hours/week
    45

  • Shylo Vredenburg

    VP - MEMBER

    Total calculated
    $65,923
    From this org
    $46,950
    From related orgs
    $0
    Other
    $18,973
    Hours/week
    45

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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
2025
Filed
1 May 2026
IRS schema version
2025v4.0
Source object
202601259349302300

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