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Nonprofiteer
← MINNESOTA CREDIT UNION NETWORK INC

Form 990 for tax year 2024

Filed by MINNESOTA CREDIT UNION NETWORK INC.

Totals

Total revenue
$2,687,499
Total expenses
$2,725,893
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,393,966
Investment income
$104,449
Other revenue
$189,084
Total assets, end of year
$4,124,101
Total liabilities, end of year
$718,024
Net assets or fund balances, end of year
$3,406,077
Program services expenses (Part IX)
$2,725,893
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: MEMBERSHIP DUES & ASSESSMENTS

    total $2,394,635 · related or exempt $2,394,635

  • 2b · Program service revenue: NET FLOWTHROUGH INCOME K-1

    total -$669 · related or exempt -$669

  • 3 · Investment income

    total $104,449 · excluded $104,449

  • 11a · Other revenue: OTHER INCOME

    total $167,826 · related or exempt $167,826

  • 11b · Other revenue: INCOME FROM SUB

    total $20,008 · related or exempt $20,008

  • 11c · Other revenue: GAIN ON DISPOSAL OF ASSETS

    total $1,250 · related or exempt $1,250

  • 11e · Other revenue, total

    $189,084

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $314,576 · program services $314,576

  • 7 · Other salaries and wages

    total $995,479 · program services $995,479

  • 8 · Pension plan contributions

    total $67,258 · program services $67,258

  • 9 · Other employee benefits

    total $225,414 · program services $225,414

  • 10 · Payroll taxes

    total $98,412 · program services $98,412

  • 11b · Fees: legal

    total $98,880 · program services $98,880

  • 11c · Fees: accounting

    total $11,400 · program services $11,400

  • 13 · Office expenses

    total $8,473 · program services $8,473

  • 16 · Occupancy

    total $60,735 · program services $60,735

  • 17 · Travel

    total $38,202 · program services $38,202

  • 19 · Conferences, conventions and meetings

    total $11,640 · program services $11,640

  • 22 · Depreciation, depletion and amortization

    total $13,990 · program services $13,990

  • 23 · Insurance

    total $13,626 · program services $13,626

  • 24a · Other expenses: EDUCATION & CU SUPPORT

    total $645,148 · program services $645,148

  • 24b · Other expenses: DUES & SUBSCRIPTIONS

    total $48,292 · program services $48,292

  • 24c · Other expenses: OTHER GENERAL EXP

    total $40,117 · program services $40,117

  • 24d · Other expenses: TELEPHONE

    total $15,449 · program services $15,449

  • 24e · All other expenses

    total $18,802 · program services $18,802

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,597,208 · end of year $1,352,523

  • 4 · Accounts receivable

    beginning of year -$66,953 · end of year $83,293

  • 9 · Prepaid expenses and deferred charges

    beginning of year $74,223 · end of year $94,370

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

    $349,712

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

    $331,195

  • 10c · Land, buildings and equipment, net

    beginning of year $29,713 · end of year $18,517

  • 15 · Other assets

    beginning of year $2,598,114 · end of year $2,575,398

  • 17 · Accounts payable and accrued expenses

    beginning of year $379,371 · end of year $359,676

  • 25 · Other liabilities

    beginning of year $409,132 · end of year $358,348

  • 27 · Net assets without donor restrictions

    beginning of year $2,341,631 · end of year $2,570,574

  • 28 · Net assets with donor restrictions

    beginning of year $1,102,171 · end of year $835,503

Mission and programs · 2024

Mission

THE ORGANIZATION WAS DESIGNED TO ENSURE THE SUCCESS GROWTH AND VITALITY OF OUR MEMBER CREDIT UNIONS BY CREATING A POSITIVE PUBLIC ENVIRONMENT THROUGH LEADERSHIP, POLITICAL ADVOCACY, EDUCATION, AWARENESS AND REGULATORY ASSISTANCE.

  • THE ORGANIZATION EDUCATES LEGISLATORS AT THE STATE AND FEDERAL LEVEL TO WATCH FOR LEGISLATION THAT IS POTENTIALLY HARMFUL TO THE CREDIT UNION MOVEMENT AND ITS 86 MEMBERS.

  • THE ORGANIZATION PROVIDES A COMPLIANCE AND REGULATORY AVENUE FOR ITS 86 MEMBERS TO GET ANSWERS FOR ALL THEIR COMPLIANCE AND REGULATORY QUESTIONS.

  • DURING THE YEAR THE ORGANIZATION MADE AVAILABLE TO ALL CREDIT UNION EMPLOYEES, DIRECTORS, AND OTHERS AFFILIATED WITH THE CREDIT UNION APPROXIMATELY 100 EDUCATIONAL EVENTS. THESE EVENTS WERE OFFERED VIA CONFERENCES, SEMINARS, AND ROUND TABLE DISCUSSIONS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mara Humphrey

    PRESIDENT

    Total calculated
    $370,240
    From this org
    $353,683
    From related orgs
    $16,557
    Other
    $0
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $314,576 + $16,557 related
    Bonus
    not reported
    Other
    $39,107
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $353,683 + $16,557 related

  • John Ferstl

    VP

    Total calculated
    $235,475
    From this org
    $12,654
    From related orgs
    $222,821
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $11,727 + $222,821 related
    Bonus
    not reported
    Other
    $927
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $12,654 + $222,821 related

  • Aaron Dejong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Steve Ewers

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jay Gostonczik

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Trina Hoff

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dave Larson

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    1

  • Mary Matheson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Randy Willert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg Worthen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dana Garrett

    CHAIR

    Total calculated
    $0
    Hours/week
    1

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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TRULYNC

    C CORP · SHARE DRAF · MN · share of income $256,332 · share of assets $1,938,478

    Directly controlled by NETWORK SE

  • MN CU NETWORK SERVICES CORP

    C CORP · CU BUSINES · MN · share of income $1,121,454 · share of assets $2,537,755

    Directly controlled by MN CU NETW

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.0
Source object
202513219349312561

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