Skip to content
Nonprofiteer
← CO-OP CREDIT UNION OF MONTEVIDEO

Form 990 for tax year 2024

Filed by CO-OP CREDIT UNION OF MONTEVIDEO.

Totals

Total revenue
$20,157,881
Total expenses
$15,732,673
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$17,620,073
Investment income
$2,537,808
Other revenue
$0
Total assets, end of year
$374,479,158
Total liabilities, end of year
$318,527,570
Net assets or fund balances, end of year
$55,951,588
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 $17,600,912 · related or exempt $17,600,912 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: NONMEMBER

    total $19,161 · related or exempt $0 · unrelated business $19,161 · excluded $0

  • 2f · All other program service revenue

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

  • 3 · Investment income

    total $2,537,808 · related or exempt $2,537,808 · 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 $7,108,806

  • 5 · Compensation of officers, directors and key employees

    total $1,148,783

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,372,988

  • 8 · Pension plan contributions

    total $180,887

  • 9 · Other employee benefits

    total $364,410

  • 10 · Payroll taxes

    total $242,605

  • 11b · Fees: legal

    total $6,455

  • 11g · Fees: other

    total $866,189

  • 12 · Advertising and promotion

    total $89,534

  • 16 · Occupancy

    total $240,492

  • 19 · Conferences, conventions and meetings

    total $48,290

  • 20 · Interest

    total $75,465

  • 22 · Depreciation, depletion and amortization

    total $380,907

  • 23 · Insurance

    total $106,527

  • 24a · Other expenses: OFFICE OPERATIONS

    total $1,626,027

  • 24b · Other expenses: CREDIT LOSS EXPENSE

    total $457,221

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $235,900

  • 24d · Other expenses: DUES

    total $46,984

  • 24e · All other expenses

    total $134,203

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,670,791 · end of year $27,965,127

  • 4 · Accounts receivable

    beginning of year $229,143,722 · end of year $244,478,969

  • 9 · Prepaid expenses and deferred charges

    beginning of year $230,999 · end of year $279,697

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

    $10,641,735

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

    $3,882,835

  • 10c · Land, buildings and equipment, net

    beginning of year $6,681,275 · end of year $6,758,900

  • 12 · Investments: other securities

    beginning of year $65,091,979 · end of year $47,671,850

  • 13 · Investments: program-related

    beginning of year $39,782,212 · end of year $40,061,327

  • 15 · Other assets

    beginning of year $6,448,117 · end of year $7,263,288

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,982,855 · end of year $2,927,226

  • 23 · Secured mortgages and notes payable

    beginning of year $5,628,408 · end of year $1,544,371

  • 25 · Other liabilities

    beginning of year $298,911,452 · end of year $314,055,973

  • 27 · Net assets without donor restrictions

    beginning of year $51,526,380 · end of year $55,951,588

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPOXIMATELY 17,200 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 17,200 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 17,200 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.

As filed on the 2024 return.

Listed in Part VII

  • Kayla Reiffenberger

    PRESIDENT/CEO

    Total calculated
    $376,598
    From this org
    $281,926
    From related orgs
    $0
    Other
    $94,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $279,996
    Bonus
    $9,398
    Other
    $0
    Deferred
    $64,740
    Nontaxable benefits
    $17,285
    Filer's total
    $371,419

  • Daniel Pieper

    CHIEF CREDIT OFFICER

    Total calculated
    $211,230
    From this org
    $171,685
    From related orgs
    $0
    Other
    $39,545
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,541
    Bonus
    $6,320
    Other
    $0
    Deferred
    $14,529
    Nontaxable benefits
    $12,242
    Filer's total
    $210,632

  • Anna Spray

    CFO

    Total calculated
    $155,660
    From this org
    $128,194
    From related orgs
    $0
    Other
    $27,466
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,827
    Bonus
    $5,421
    Other
    $0
    Deferred
    $10,571
    Nontaxable benefits
    $12,242
    Filer's total
    $155,061

  • Loren Hansen

    LOAN OFFICER

    Total calculated
    $152,204
    From this org
    $121,118
    From related orgs
    $0
    Other
    $31,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $122,596
    Bonus
    $4,666
    Other
    $0
    Deferred
    $10,022
    Nontaxable benefits
    $14,323
    Filer's total
    $151,607

  • Ryan Epema

    Loan Officer

    Total calculated
    $131,941
    From this org
    $100,422
    From related orgs
    $0
    Other
    $31,519
    Hours/week
    40

  • Cheri Hughes

    Branch Manager/Loan Officer

    Total calculated
    $115,694
    From this org
    $106,646
    From related orgs
    $0
    Other
    $9,048
    Hours/week
    40

  • Peter Schmitz

    SECRETARY

    Total calculated
    $728
    From this org
    $728
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Mark Tastad

    BOARD OFFICER

    Total calculated
    $635
    From this org
    $635
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Jason French

    CHAIRPERSON

    Total calculated
    $625
    From this org
    $625
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Kyle Kranz

    BOARD MEMBER

    Total calculated
    $613
    From this org
    $613
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Diane Dieter

    VICE CHAIRPERSON

    Total calculated
    $575
    From this org
    $575
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Jennifer Stryhn

    BOARD MEMBER

    Total calculated
    $570
    From this org
    $570
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Barb Pederson

    SUPERVISORY CHAIRPERSON

    Total calculated
    $428
    From this org
    $428
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Patrick Carruth

    BOARD MEMBER

    Total calculated
    $353
    From this org
    $353
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Aaron Jaenisch

    SUPERVISORY MEMBER

    Total calculated
    $228
    From this org
    $228
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Ronda Olson

    SUPERVISORY MEMBER

    Total calculated
    $203
    From this org
    $203
    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
2024
Filed
14 November 2025
IRS schema version
2024v5.0
Source object
202523189349312652

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.