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Nonprofiteer
← MINNESOTA CREDIT UNION FOUNDATION INC

Form 990 for tax year 2023

Filed by MINNESOTA CREDIT UNION FOUNDATION INC.

Totals

Total revenue
$462,196
Total expenses
$261,194
Contributions and grants received
$449,933
Grants paid
$192,984
Program service revenue
$0
Investment income
$17,765
Other revenue
-$5,502
Total assets, end of year
$1,069,745
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$1,069,745
Program services expenses (Part IX)
$244,192
Management and general expenses
$14,331
Fundraising expenses
$2,671
Program service expenses (Part III)
$244,192

Program services were 93.5% 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.

  • 1c · Fundraising events

    $111,750

  • 1f · All other contributions, gifts and grants

    $338,183

  • 1g · Noncash contributions included above

    $3,500

  • 3 · Investment income

    total $17,765 · excluded $17,765

  • 8a · Fundraising events: gross income

    $16,487

  • 8a · Fundraising events: contributions included on line 1c

    $111,750

  • 8b · Fundraising events: direct expenses

    $21,989

  • 8c · Net income from fundraising events

    total -$5,502 · excluded -$5,502

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $192,984 · program services $192,984

  • 11g · Fees: other

    total $3,343 · management and general $3,343

  • 12 · Advertising and promotion

    total $5,000 · program services $2,500 · fundraising $2,500

  • 13 · Office expenses

    total $518 · program services $176 · management and general $171 · fundraising $171

  • 19 · Conferences, conventions and meetings

    total $3,561 · management and general $3,561

  • 24a · Other expenses: SCHOLARSHIPS

    total $18,000 · program services $18,000

  • 24b · Other expenses: GENERAL ADMIN EXP

    total $13,702 · program services $6,851 · management and general $6,851

  • 24c · Other expenses: FEE TO NCUF

    total $11,044 · program services $11,044

  • 24d · Other expenses: ENHANCE FICEP EXPENSE

    total $8,250 · program services $8,250

  • 24e · All other expenses

    total $4,792 · program services $4,387 · management and general $405

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year -$1

  • 2 · Savings and temporary cash investments

    beginning of year $870,144 · end of year $1,061,595

  • 4 · Accounts receivable

    beginning of year $7,876 · end of year $8,151

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,277

  • 19 · Deferred revenue

    beginning of year $3,000

  • 27 · Net assets without donor restrictions

    beginning of year -$510,945 · end of year $291,772

  • 28 · Net assets with donor restrictions

    beginning of year $1,379,688 · end of year $777,973

Mission and programs · 2023

Mission

TO PROMOTE THE DEVELOPMENT OF CHALLENGED CREDIT UNIONS IN MINNESOTA & THEIR COMMUNITIES THROUGH ASSISTANCE AND EDUCATION, AND TO SUPPORT THE GREATER SOCIAL MISSION OF THE CREDIT UNION MOVEMENT.

  • CREDIT UNION FOR KIDS IS AN ONGOING PROGRAM THAT THE ORGANIZATION CONTINUES TO RAISE FUNDS TO SUPPORT THE GILLETTE CHILDREN'S SPECIALTY HEALTHCARE AND INCLUDED IN THIS IS THE CHILDREN'S MIRACLE NETWORK. ALL OF THE DONATIONS RECEIVED BY THE ORGANIZATION DURING THE YEAR ARE GIVEN TO HELP THE CHILDREN. THE MNCU4KIDS COMMITTEE HELD 6 STATEWIDE FUNDRAISERS IN 2022 AND SOME DONORS HELD MINOR FUNDRAISERS THAT RAISED MORE FUNDS TO GIVE TO THE GILLETTE CHILDREN' S SPECIALTY HEALTHCARE.

    Expenses $170,235 · Grants $170,235

  • GRANTS TO 18 MEMBER CREDIT UNIONS TO COVER THE REGISTRATION AND LODGING COSTS OF ATTENDING CONFERENCES WITH THE PRIMARY PURPOSES OF EDUCATION AND TRAINING RELATING TO ISSUES FACING CREDIT UNIONS AND THE PEOPLE INVOLVED.

    Expenses $22,749 · Grants $22,749

  • Withheld by Nonprofiteer: this text may name a private individual.

    Expenses $18,000

  • THE ORGANIZATION CONTINUES TO NETWORK AND MAINTAIN A WEBSITE IN AN EFFORT TO RECEIVE CONTRIBUTIONS SO IT MAY CONTINUE TO FURTHER IT'S EXEMPT PURPOSE. IN ADDITION THE ORGANIZATION CONTINUES TO HELP MEMBERS FURTHER THEIR EDUCATION.

    Expenses $33,208

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here. A text marked withheld matched a screen for wording that may name a private individual, such as an honorific or "in memory of". Most of what it withholds names no one; it is withheld so that what does is never shown.

Listed in Part VII

  • Mark Cummins

    PRESIDENT

    Total calculated
    $332,423
    From this org
    $0
    From related orgs
    $312,786
    Other
    $19,637
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    not reported + $297,147 related
    Bonus
    not reported
    Other
    not reported + $15,639 related
    Deferred
    not reported
    Nontaxable benefits
    not reported + $19,637 related
    Filer's total
    not reported + $332,423 related
  • Mara Humphrey

    PRESIDENT

    Total calculated
    $287,464
    From this org
    $0
    From related orgs
    $279,224
    Other
    $8,240
    Hours/week
    0.5

    Schedule J breakdown matched by us

    Base
    not reported + $265,263 related
    Bonus
    not reported
    Other
    not reported + $13,961 related
    Deferred
    not reported
    Nontaxable benefits
    not reported + $8,240 related
    Filer's total
    not reported + $287,464 related
  • Caitlin Brama

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Glen Durbahn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Doug Hallstrom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Mary Matheson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Sue Palen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5
  • Trina Hoff

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    0.5
  • Doug Ralston

    CHAIR

    Total calculated
    $0
    Hours/week
    0.5
  • Kayla Reiffenberger

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    0.5

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 · 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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

  • CHILDREN'S MIRACLE NETWORK

    $170,235

    PROVIDE CARE TO KIDS

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.

Provenance

Return type
form_990
Tax year
2023
Filed
29 October 2024
IRS schema version
2023v5.0
Source object
202443179349304259

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