Totals
- Total revenue
- $2,786,287
- Total expenses
- $1,800,837
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $1,667,714
- Investment income
- $1,118,573
- Other revenue
- $0
- Total assets, end of year
- $110,217,749
- Total liabilities, end of year
- $98,350,275
- Net assets or fund balances, end of year
- $11,867,474
- 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 $1,001,791 · related or exempt $1,001,791
-
2b · Program service revenue: SERVICE CHARGES
total $462,259 · related or exempt $454,174 · unrelated business $8,085
-
2c · Program service revenue: OTHER INCOME
total $183,664 · related or exempt $183,664
-
2d · Program service revenue: LOAN LOSS RECOVERY
total $20,000 · related or exempt $20,000
-
3 · Investment income
total $1,118,573 · excluded $1,118,573
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $73,453
-
5 · Compensation of officers, directors and key employees
total $114,641
-
7 · Other salaries and wages
total $362,214
-
8 · Pension plan contributions
total $130,261
-
9 · Other employee benefits
total $58,158
-
10 · Payroll taxes
total $39,620
-
11b · Fees: legal
total $17,371
-
11c · Fees: accounting
total $112,504
-
11g · Fees: other
total $161,128
-
12 · Advertising and promotion
total $28,121
-
13 · Office expenses
total $122,406
-
16 · Occupancy
total $72,066
-
19 · Conferences, conventions and meetings
total $980
-
21 · Payments to affiliates
total $19,534
-
22 · Depreciation, depletion and amortization
total $15,043
-
23 · Insurance
total $42,770
-
24a · Other expenses: ATM INTERCHANGE EXPENSE
total $221,266
-
24b · Other expenses: VISA CREDIT CARD EXPENS
total $114,589
-
24c · Other expenses: CREDIT REPORTS
total $15,051
-
24d · Other expenses: STATE EXAMINATION FEES
total $12,000
-
24e · All other expenses
total $67,661
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,099,040 · end of year $1,169,756
-
2 · Savings and temporary cash investments
beginning of year $83,896,584 · end of year $81,972,614
-
7 · Other notes and loans receivable
beginning of year $22,040,628 · end of year $25,343,626
-
9 · Prepaid expenses and deferred charges
beginning of year $88,071 · end of year $250,968
-
10a · Land, buildings and equipment: cost or other basis
$1,153,765
-
10b · Land, buildings and equipment: accumulated depreciation
$1,108,351
-
10c · Land, buildings and equipment, net
beginning of year $48,660 · end of year $45,414
-
15 · Other assets
beginning of year $1,376,453 · end of year $1,435,371
-
17 · Accounts payable and accrued expenses
beginning of year $566,396 · end of year $331,800
-
25 · Other liabilities
beginning of year $97,391,517 · end of year $98,018,475
-
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 $10,591,523 · end of year $11,867,474
Mission and programs · 2022
Mission
HIBBING COOPERATIVE CREDIT UNION IS A STATE-CHARTERED COOPERATIVE ASSOCIATION ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AMONG AND CREATING A SOURCE OF CREDIT FOR ITS MEMBERS.
-
WE GENERATED 1,257 LOANS TO OUR MEMBERS IN 2022 THAT TOTALED $13,544,718. WE GENERATE LOANS TO BUY NEW AND USED VEHICLES, RECREATIONAL ITEMS, HOUSEHOLD ITEMS AND FOR ANY REASONABLE PURPOSE. WE ALSO GENERATE HOME EQUITY LOANS AND OFFER VISA CREDIT CARDS.
-
WE OFFER VARIOUS TYPES OF SAVINGS PRODUCTS TO OUR MEMBERS. ON 12/31/22 OUR MEMBERS HAD ON DEPOSIT $77,991,525 IN 13,398 ACCOUNTS.
-
WE OFFER SHARE DRAFT ACCOUNTS TO OUR MEMBERS. ON 12/31/22 WE HAD $20,026,950 IN 4,086 ACCOUNTS.
-
HIBBING COOPERATIVE CREDIT UNION ALSO OFFERS HOME BANKING VIA THE INTERNET, VISA DEBIT CARDS, ATM, AND AUDIO RESPONSE (PHONE) FOR OUR MEMBERS' CONVENIENCE.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Patrick DilleyPATRICK DILLEY
SECRETARY
- Total calculated
- $770
- From this org
- $770
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.3
-
John DixonJOHN DIXON
TREASURER
- Total calculated
- $840
- From this org
- $840
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.3
-
Gary S KangasGARY S KANGAS
PRESIDENT
- Total calculated
- $840
- From this org
- $840
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.3
-
Rex LentnerREX LENTNER
DIRECTOR
- Total calculated
- $1,280
- From this org
- $1,280
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.3
-
David SimonsonDAVID SIMONSON
VICE PRESIDENT
- Total calculated
- $770
- From this org
- $770
- From related orgs
- $0
- Other
- $0
- Hours/week
- 0.3
-
Waylon VittersWAYLON VITTERS
MANAGER
- Total calculated
- $110,141
- From this org
- $98,768
- From related orgs
- $0
- Other
- $11,373
- 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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 1 August 2023
- IRS schema version
- 2022v5.0
- Source object
- 202342159349301439
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