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Nonprofiteer
← MY CREDIT UNION

Form 990 for tax year 2024

Filed by MY CREDIT UNION.

Totals

Total revenue
$19,141,834
Total expenses
$18,447,257
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$18,367,579
Investment income
$305,073
Other revenue
$469,182
Total assets, end of year
$376,551,920
Total liabilities, end of year
$341,399,769
Net assets or fund balances, end of year
$35,152,151
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: LOAN INTEREST

    total $15,041,196 · related or exempt $15,041,196

  • 2b · Program service revenue: OTHER INCOME

    total $2,476,616 · related or exempt $2,476,616

  • 2c · Program service revenue: FEE INCOME

    total $849,767 · related or exempt $746,306 · unrelated business $103,461

  • 3 · Investment income

    total $402,344 · excluded $402,344

  • 7a · Gross sales of assets other than inventory

    securities $76,113

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

    securities $173,384

  • 7c · Gain or loss

    securities -$97,271

  • 7d · Net gain or loss

    total -$97,271 · related or exempt -$97,271

  • 11a · Other revenue: OTHER INTEREST INCOME

    total $465,555 · related or exempt $465,555

  • 11b · Other revenue: OTHER INCOME

    total $3,627 · related or exempt $3,627

  • 11e · Other revenue, total

    $469,182

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,258,514

  • 5 · Compensation of officers, directors and key employees

    total $1,835,822

  • 7 · Other salaries and wages

    total $3,775,394

  • 8 · Pension plan contributions

    total $205,347

  • 9 · Other employee benefits

    total $694,216

  • 10 · Payroll taxes

    total $775,422

  • 11b · Fees: legal

    total $26,945

  • 11c · Fees: accounting

    total $12,717

  • 11g · Fees: other

    total $2,342,461

  • 12 · Advertising and promotion

    total $495,223

  • 13 · Office expenses

    total $2,057,597

  • 16 · Occupancy

    total $750,623

  • 17 · Travel

    total $106,688

  • 20 · Interest

    total $651,675

  • 22 · Depreciation, depletion and amortization

    total $945,181

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $1,209,324

  • 24b · Other expenses: MISCELLANEOUS OPERATING

    total $446,986

  • 24c · Other expenses: OPERATING FEES

    total $20,568

  • 24d · Other expenses: PROVISION FOR CREDIT LO

    total -$163,446

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,366,791 · end of year $1,558,194

  • 2 · Savings and temporary cash investments

    beginning of year $8,611,680 · end of year $13,606,089

  • 4 · Accounts receivable

    beginning of year $75,971 · end of year $14,178

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,374,511 · end of year $6,644,412

  • 7 · Other notes and loans receivable

    beginning of year $331,981,199 · end of year $319,861,559

  • 9 · Prepaid expenses and deferred charges

    beginning of year $720,141 · end of year $701,121

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

    $23,434,525

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

    $7,127,264

  • 10c · Land, buildings and equipment, net

    beginning of year $16,141,167 · end of year $16,307,261

  • 12 · Investments: other securities

    beginning of year $11,073,488 · end of year $8,581,794

  • 15 · Other assets

    beginning of year $9,999,010 · end of year $9,277,312

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,033,122 · end of year $2,205,782

  • 21 · Escrow or custodial account liability

    beginning of year $916,576 · end of year $991,436

  • 23 · Secured mortgages and notes payable

    beginning of year $19,000,000 · end of year $8,000,000

  • 25 · Other liabilities

    beginning of year $329,061,950 · end of year $330,202,551

  • 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 $34,332,310 · end of year $35,152,151

Mission and programs · 2024

Mission

TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.

  • DIVIDENDS AND INTEREST EXCEEDING $2,258,515. PAID TO MEMBERS ON $330,243,973 DEPOSIT ACCOUNTS HELD BY 23,691 MEMBERS.

  • PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 803 LOANS IN 2024 WHICH EXCEEDED $25,245,808 IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $320,934,232 AT YEAR END.

  • PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO FOUR IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 4 SURCHARGE FREE ATM'S, OVER 6,770 CREDIT CARDS, OVER 25,575 DEBIT CARDS, AND NEARLY 13,189 MEMBERS USING OUR INTERNET BANKING SITE.

As filed on the 2024 return.

Listed in Part VII

  • JAMES HABECK

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JOHN SUAREZ

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • SCOTT HOFFHINES

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • TERESA KRUSE

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • DYLAN KLOPP

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JIM MCDONALD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SUSAM ROSENBERG

    DIRECTOR'

    Total calculated
    $0
    Hours/week
    1

  • LUANN WERNER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LYNNE SCHERER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • GREG WORTHEN

    PRESIDENT

    Total calculated
    $494,293
    From this org
    $454,385
    From related orgs
    $0
    Other
    $39,908
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,251
    Bonus
    $67,600
    Other
    $40,534
    Deferred
    $20,700
    Nontaxable benefits
    $19,208
    Filer's total
    $494,293

  • RICK RASMUSSON

    CHIEF FINANCIAL OFFICER

    Total calculated
    $258,197
    From this org
    $230,664
    From related orgs
    $0
    Other
    $27,533
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,501
    Bonus
    $38,380
    Other
    $7,783
    Deferred
    $12,436
    Nontaxable benefits
    $15,097
    Filer's total
    $258,197

  • KAREN HOEPPNER

    VICE PRESIDENT, LENDING

    Total calculated
    $220,909
    From this org
    $208,923
    From related orgs
    $0
    Other
    $11,986
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,416
    Bonus
    $32,320
    Other
    $9,187
    Deferred
    $11,986
    Nontaxable benefits
    $0
    Filer's total
    $220,909

  • JOHN DEBETTIGNIES

    VICE PRESIDENT, MEMBER SER

    Total calculated
    $203,281
    From this org
    $191,845
    From related orgs
    $0
    Other
    $11,436
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,664
    Bonus
    $30,600
    Other
    $1,581
    Deferred
    $11,436
    Nontaxable benefits
    $0
    Filer's total
    $203,281

  • PIERRE MERLIN

    VICE PRESIDENT, IT

    Total calculated
    $217,209
    From this org
    $202,112
    From related orgs
    $0
    Other
    $15,097
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,019
    Bonus
    $34,340
    Other
    $1,753
    Deferred
    $0
    Nontaxable benefits
    $15,097
    Filer's total
    $217,209

  • TODD BARDUSON

    VICE PRESIDENT, MARKETING

    Total calculated
    $157,710
    From this org
    $143,992
    From related orgs
    $0
    Other
    $13,718
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,318
    Bonus
    $23,028
    Other
    $6,646
    Deferred
    $7,115
    Nontaxable benefits
    $6,603
    Filer's total
    $157,710

  • TERRY STIREWALT

    VICE PRESIDENT, COMMERCIAL

    Total calculated
    $120,258
    From this org
    $113,214
    From related orgs
    $0
    Other
    $7,044
    Hours/week
    40

  • JULIE PRIBBLE

    VICE PRESIDENT, HR

    Total calculated
    $163,965
    From this org
    $140,007
    From related orgs
    $0
    Other
    $23,958
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,871
    Bonus
    $23,230
    Other
    $4,906
    Deferred
    $7,247
    Nontaxable benefits
    $16,711
    Filer's total
    $163,965

  • CHRISTOPHER GUARNERA

    VP OF COMMERCIAL SERVICES

    Total calculated
    $167,514
    From this org
    $138,269
    From related orgs
    $0
    Other
    $29,245
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,576
    Bonus
    $14,968
    Other
    $12,725
    Deferred
    $8,020
    Nontaxable benefits
    $21,225
    Filer's total
    $167,514

  • BRADEN WELCH

    DIRECTOR OF IT

    Total calculated
    $135,245
    From this org
    $120,259
    From related orgs
    $0
    Other
    $14,986
    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 committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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

The filer's explanations (Part III)

PART I, LINE 3
COMPENSATION COMMITTEE REVIEWS THE CEO'S PERFORMANCE AND APPROVES SALARY/BENEFIT CHANGES. THIS INFORMATION IS PROVIDED TO THE ENTIRE BOARD ON AN ANNUAL BASIS.

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.

  • MY CREDIT UNION FOUNDATION

    501(C)(3) · MY CU COMMUNITY FOUNDATION FOCUSES SUPPORTING VETERANS AND STUDENTS. · MN · controlled entity

    Directly controlled by MY CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202503219349322050

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