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Nonprofiteer
← MINNESOTA CREDIT UNION NETWORK INC

Form 990 for tax year 2023

Filed by MINNESOTA CREDIT UNION NETWORK INC.

Totals

Total revenue
$2,711,756
Total expenses
$2,657,743
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,531,470
Investment income
$98,587
Other revenue
$81,699
Total assets, end of year
$4,232,305
Total liabilities, end of year
$788,503
Net assets or fund balances, end of year
$3,443,802
Program services expenses (Part IX)
$2,657,743
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 $2,531,142 · related or exempt $2,531,142

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

    total $328 · related or exempt $328

  • 3 · Investment income

    total $98,587 · excluded $98,587

  • 11a · Other revenue: OTHER INCOME

    total $132,892 · related or exempt $132,892

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

    total $2,036 · related or exempt $2,036

  • 11c · Other revenue: INCOME FROM SUB

    total -$53,229 · related or exempt -$53,229

  • 11e · Other revenue, total

    $81,699

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $265,263 · program services $265,263

  • 6 · Compensation of disqualified persons

    total $297,147 · program services $297,147

  • 7 · Other salaries and wages

    total $704,828 · program services $704,828

  • 8 · Pension plan contributions

    total $73,318 · program services $73,318

  • 9 · Other employee benefits

    total $217,533 · program services $217,533

  • 10 · Payroll taxes

    total $82,530 · program services $82,530

  • 11b · Fees: legal

    total $108,134 · program services $108,134

  • 13 · Office expenses

    total $11,238 · program services $11,238

  • 16 · Occupancy

    total $68,749 · program services $68,749

  • 17 · Travel

    total $43,674 · program services $43,674

  • 19 · Conferences, conventions and meetings

    total $3,266 · program services $3,266

  • 22 · Depreciation, depletion and amortization

    total $21,687 · program services $21,687

  • 23 · Insurance

    total $13,670 · program services $13,670

  • 24a · Other expenses: EDUCATION & CU SUPPORT

    total $598,586 · program services $598,586

  • 24b · Other expenses: OTHER GENERAL EXP

    total $54,175 · program services $54,175

  • 24c · Other expenses: DUES & SUBSCRIPTIONS

    total $50,000 · program services $50,000

  • 24d · Other expenses: TELEPHONE

    total $16,344 · program services $16,344

  • 24e · All other expenses

    total $27,601 · program services $27,601

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,269,220 · end of year $1,597,208

  • 4 · Accounts receivable

    beginning of year $45,708 · end of year -$66,953

  • 9 · Prepaid expenses and deferred charges

    beginning of year $60,980 · end of year $74,223

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

    $383,192

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

    $353,479

  • 10c · Land, buildings and equipment, net

    beginning of year $62,080 · end of year $29,713

  • 15 · Other assets

    beginning of year $2,698,369 · end of year $2,598,114

  • 17 · Accounts payable and accrued expenses

    beginning of year $323,683 · end of year $379,371

  • 25 · Other liabilities

    beginning of year $422,557 · end of year $409,132

  • 27 · Net assets without donor restrictions

    beginning of year $2,302,319 · end of year $2,341,631

  • 28 · Net assets with donor restrictions

    beginning of year $1,087,798 · end of year $1,102,171

Mission and programs · 2023

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 77 MEMBERS.

  • THE ORGANIZATION PROVIDES A COMPLIANCE AND REGULATORY AVENUE FOR ITS 77 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 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Mark Cummins

    PRESIDENT

    Total calculated
    $321,280
    From this org
    $305,641
    From related orgs
    $15,639
    Other
    $0
    Hours/week
    36

    Schedule J breakdown matched by us

    Base
    $297,147 + $15,639 related
    Bonus
    not reported
    Other
    $8,494
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $305,641 + $15,639 related

  • Mara Humphrey

    PRESIDENT

    Total calculated
    $316,972
    From this org
    $303,011
    From related orgs
    $13,961
    Other
    $0
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $265,263 + $13,961 related
    Bonus
    not reported
    Other
    $37,748
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $303,011 + $13,961 related

  • John Ferstl

    VP

    Total calculated
    $236,015
    From this org
    $22,346
    From related orgs
    $213,669
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $11,246 + $213,669 related
    Bonus
    not reported
    Other
    $11,100
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $22,346 + $213,669 related

  • Deb Almirall

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • 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

  • 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 $156,833 · share of assets $2,206,977

    Directly controlled by NETWORK SE

  • MN CU NETWORK SERVICES CORP

    C CORP · CU BUSINES · MN · share of income $1,165,707 · share of assets $2,529,340

    Directly controlled by MN CU NETW

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.0
Source object
202413179349303526

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