Totals
- Total revenue
- $2,225,807
- Total expenses
- $1,761,353
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,763,726
- Investment income
- $347,775
- Other revenue
- $114,306
- Total assets, end of year
- $61,488,258
- Total liabilities, end of year
- $57,040,002
- Net assets or fund balances, end of year
- $4,448,256
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
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: INTEREST INCOME
total $1,406,572 · related or exempt $1,406,572
-
2b · Program service revenue: SERVICE CHARGES & FEE INCOME
total $357,154 · related or exempt $357,154
-
3 · Investment income
total $402,912 · excluded $402,912
-
7a · Gross sales of assets other than inventory
securities $1,243,295 · other assets $11,400
-
7b · Less cost or other basis and sales expenses
securities $1,300,701 · other assets $9,131
-
7c · Gain or loss
securities -$57,406 · other assets $2,269
-
7d · Net gain or loss
total -$55,137 · excluded -$55,137
-
11a · Other revenue: STABILIZATION FUNDS RECOVERY
total $114,153 · related or exempt $114,153
-
11b · Other revenue: MERCHANDISE SALES
total $153 · related or exempt $153
-
11e · Other revenue, total
$114,306
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $59,107
-
5 · Compensation of officers, directors and key employees
total $328,393
-
7 · Other salaries and wages
total $417,261
-
8 · Pension plan contributions
total $26,264
-
9 · Other employee benefits
total $52,105
-
10 · Payroll taxes
total $50,962
-
11c · Fees: accounting
total $44,374
-
11g · Fees: other
total $6,000
-
12 · Advertising and promotion
total $33,163
-
13 · Office expenses
total $126,571
-
14 · Information technology
total $160,192
-
16 · Occupancy
total $127,871
-
17 · Travel
total $740
-
19 · Conferences, conventions and meetings
total $4,517
-
20 · Interest
total $68
-
22 · Depreciation, depletion and amortization
total $58,477
-
23 · Insurance
total $20,755
-
24a · Other expenses: ATM/DEBIT CARD EXP
total $140,403
-
24b · Other expenses: COMPUTER MAINTENANCE COST
total $35,965
-
24c · Other expenses: VISA CC PROGRAM EXP
total $20,481
-
24d · Other expenses: COURIER EXPENSES
total $19,072
-
24e · All other expenses
total $28,612
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $9,829,295 · end of year $9,521,948
-
2 · Savings and temporary cash investments
beginning of year $7,690,153 · end of year $10,518,623
-
7 · Other notes and loans receivable
beginning of year $33,768,261 · end of year $33,861,834
-
9 · Prepaid expenses and deferred charges
beginning of year $106,603 · end of year $136,208
-
10a · Land, buildings and equipment: cost or other basis
$2,159,498
-
10b · Land, buildings and equipment: accumulated depreciation
$1,248,861
-
10c · Land, buildings and equipment, net
beginning of year $942,887 · end of year $910,637
-
11 · Investments: publicly traded securities
beginning of year $6,689,648 · end of year $5,805,606
-
12 · Investments: other securities
beginning of year $551,910 · end of year $633,531
-
15 · Other assets
beginning of year $86,450 · end of year $99,871
-
17 · Accounts payable and accrued expenses
beginning of year $585,209 · end of year $716,359
-
25 · Other liabilities
beginning of year $54,191,838 · end of year $56,323,643
-
31 · Retained earnings, endowment or other funds
beginning of year $4,888,160 · end of year $4,448,256
Mission and programs · 2022
Mission
CREDIT UNION SECTION 501(C)(14), TO SERVE THE MEMBERS FINANCIAL NEEDS, TODAY, TOMORROW AND IN THE FUTURE.
-
SERVED THE FINANCIAL NEEDS FOR THE 4,132 MEMBERS IN DULUTH, HERMANTOWN AND PROCTOR. - DIVIDENDS & INTEREST - ANNUAL MEETING
-
PRINTING & PROMOTION - NEWSLETTER PUBLICATIONS - INFORMATIONAL BROCHURES
As filed on the 2022 return.
Listed in Part VII
-
Scott NigonSCOTT NIGON
CHAIR
- Total calculated
- $975
- From this org
- $975
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Mike MarturanoMIKE MARTURANO
VICE CHAIR
- Total calculated
- $975
- From this org
- $975
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Floranne NyquistFLORANNE NYQUIST
SECRETARY
- Total calculated
- $900
- From this org
- $900
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Steve RuceSTEVE RUCE
DIRECTOR
- Total calculated
- $975
- From this org
- $975
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Kent LarsonKENT LARSON
DIRECTOR
- Total calculated
- $975
- From this org
- $975
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Richard ErlanderRICHARD ERLANDER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Marc PetersonMARC PETERSON
DIRECTOR
- Total calculated
- $375
- From this org
- $375
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Cole MartinCOLE MARTIN
DIRECTOR
- Total calculated
- $525
- From this org
- $525
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Kellee Lueck-SchaferKELLEE LUECK-SCHAFER
CEO/PRESIDEN
- Total calculated
- $250,212
- From this org
- $218,040
- From related orgs
- $0
- Other
- $32,172
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $125,515
- Bonus
- $20,000
- Other
- $72,525
- Deferred
- $11,473
- Nontaxable benefits
- $20,699
- Filer's total
- $250,212
-
Joni CalverlyJONI CALVERLY
CFO
- Total calculated
- $71,700
- From this org
- $71,700
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
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 · Compensation survey or study
- 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
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323199349318602
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