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Nonprofiteer
← MINNCO CREDIT UNION

Form 990 for tax year 2024

Filed by MINNCO CREDIT UNION.

Totals

Total revenue
$26,953,300
Total expenses
$24,074,295
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$22,783,887
Investment income
$4,169,413
Other revenue
$0
Total assets, end of year
$523,432,126
Total liabilities, end of year
$488,308,460
Net assets or fund balances, end of year
$35,123,666
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: Income from Loans

    total $16,932,121 · related or exempt $16,932,121 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Service Fees on Accounts

    total $5,146,637 · related or exempt $4,925,201 · unrelated business $221,436 · excluded $0

  • 2f · All other program service revenue

    total $705,129 · related or exempt $705,129 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $4,236,935 · related or exempt $0 · unrelated business $0 · excluded $4,236,935

  • 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

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

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

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $2,399,497

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $2,467,019

  • 7c · Gain or loss

    securities $0 · other assets -$67,522

  • 7d · Net gain or loss

    total -$67,522 · related or exempt -$67,522 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

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

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

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

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $457,388

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,831,490

  • 8 · Pension plan contributions

    total $494,939

  • 9 · Other employee benefits

    total $1,159,722

  • 10 · Payroll taxes

    total $525,830

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $91,144

  • 11c · Fees: accounting

    total $124,942

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $188,192

  • 13 · Office expenses

    total $1,106,186

  • 14 · Information technology

    total $978,448

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $841,991

  • 17 · Travel

    total $62,127

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $44,901

  • 20 · Interest

    total $7,542,689

  • 21 · Payments to affiliates

    total $62,152

  • 22 · Depreciation, depletion and amortization

    total $488,514

  • 23 · Insurance

    total $0

  • 24a · Other expenses: Loan Services

    total $1,520,208

  • 24b · Other expenses: Professional and Outside Services

    total $928,801

  • 24c · Other expenses: Provision for Loan Loss

    total $1,206,724

  • 24e · All other expenses

    total $417,907

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,222,919 · end of year $45,204,863

  • 2 · Savings and temporary cash investments

    beginning of year $127,007,243 · end of year $118,805,583

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,535,819 · end of year $1,695,924

  • 7 · Other notes and loans receivable

    beginning of year $326,088,063 · end of year $326,329,095

  • 9 · Prepaid expenses and deferred charges

    beginning of year $223,939 · end of year $732,435

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

    $25,201,444

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

    $8,747,938

  • 10c · Land, buildings and equipment, net

    beginning of year $17,881,873 · end of year $16,453,506

  • 15 · Other assets

    beginning of year $14,074,147 · end of year $14,210,720

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,778,484 · end of year $14,743,696

  • 25 · Other liabilities

    beginning of year $459,754,467 · end of year $473,564,764

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $31,501,052 · end of year $35,123,666

Mission and programs · 2024

Mission

state chartered credit union - nurturing relationships . . . exceeding expectations

Activities or mission (Part I)

state chartered credit union to promote thrift and to provide source of credit for 33,860 members.

  • Organization granted 19,872 loans to credit seeking members.

  • Organization provided account-level services in exchange for fees.

  • Organization collected premiums from members for credit protection and earned revenue based on member credit card activity.

  • Investments

As filed on the 2024 return.

Listed in Part VII

  • Doug Hallstrom

    President

    Total calculated
    $506,439
    From this org
    $454,920
    From related orgs
    $0
    Other
    $51,519
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $391,829
    Bonus
    $63,120
    Other
    $11,795
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $466,744

  • John Wendland

    EVP Administration and General Counsel

    Total calculated
    $241,779
    From this org
    $195,932
    From related orgs
    $0
    Other
    $45,847
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,927
    Bonus
    $6,947
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $211,874

  • Todd Sanders

    SVP Lending

    Total calculated
    $180,932
    From this org
    $149,093
    From related orgs
    $0
    Other
    $31,839
    Hours/week
    40

  • Rick Borchardt

    SVP Finance

    Total calculated
    $179,165
    From this org
    $152,875
    From related orgs
    $0
    Other
    $26,290
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,473
    Bonus
    $5,400
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,873

  • Anita Quaglia

    SVP Member Experience

    Total calculated
    $167,829
    From this org
    $136,914
    From related orgs
    $0
    Other
    $30,915
    Hours/week
    40

  • Kirstin Bruss

    SVP Operations

    Total calculated
    $164,349
    From this org
    $150,091
    From related orgs
    $0
    Other
    $14,258
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,315
    Bonus
    $4,776
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $150,091

  • Jerry Schleicher

    Chairperson

    Total calculated
    $573
    From this org
    $573
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Soderberg

    Board Member

    Total calculated
    $463
    From this org
    $463
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Laurie Garnas

    Board Member

    Total calculated
    $404
    From this org
    $404
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kory Erickson

    Board Member

    Total calculated
    $379
    From this org
    $379
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dave Maurer

    Board Member

    Total calculated
    $354
    From this org
    $354
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wayne Anderson

    Board Member

    Total calculated
    $266
    From this org
    $266
    From related orgs
    $0
    Other
    $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

  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.0
Source object
202511359349303551

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