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Nonprofiteer
← BRAINERD B N CREDIT UNION

Form 990 for tax year 2022

Filed by BRAINERD B N CREDIT UNION.

Totals

Total revenue
$2,826,059
Total expenses
$2,327,280
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,233,068
Investment income
$489,180
Other revenue
$103,811
Total assets, end of year
$97,066,978
Total liabilities, end of year
$86,314,527
Net assets or fund balances, end of year
$10,752,451
Program services expenses (Part IX)
$484,835
Management and general expenses
$1,842,445
Fundraising expenses
$0
Program service expenses (Part III)
$484,835

Program services were 20.8% 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 ON LOANS

    total $1,814,567 · related or exempt $1,814,567

  • 2b · Program service revenue: VISA INTERCHANGE INCOME

    total $252,887 · related or exempt $252,887

  • 2c · Program service revenue: FEE INCOME

    total $79,770 · related or exempt $79,770

  • 2d · Program service revenue: MISC OPERATING INCOME

    total $51,194 · related or exempt $51,194

  • 2e · Program service revenue: LEASE INCOME

    total $31,687 · excluded $31,687

  • 2f · All other program service revenue

    total $2,963 · related or exempt $1,213 · unrelated business $1,750

  • 3 · Investment income

    total $489,180 · related or exempt $489,180

  • 11a · Other revenue: RECOVERY OF PRIOR CAP LOSS

    total $103,811 · related or exempt $103,811

  • 11e · Other revenue, total

    $103,811

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $231,325 · program services $231,325

  • 5 · Compensation of officers, directors and key employees

    total $335,420 · management and general $335,420

  • 6 · Compensation of disqualified persons

    total $89,775 · management and general $89,775

  • 7 · Other salaries and wages

    total $481,596 · management and general $481,596

  • 8 · Pension plan contributions

    total $59,471 · management and general $59,471

  • 9 · Other employee benefits

    total $198,954 · management and general $198,954

  • 10 · Payroll taxes

    total $67,816 · management and general $67,816

  • 11b · Fees: legal

    total $896 · management and general $896

  • 11c · Fees: accounting

    total $18,235 · management and general $18,235

  • 11g · Fees: other

    total $252,503 · management and general $252,503

  • 12 · Advertising and promotion

    total $44,110 · management and general $44,110

  • 13 · Office expenses

    total $100,394 · management and general $100,394

  • 16 · Occupancy

    total $82,600 · management and general $82,600

  • 17 · Travel

    total $3,508 · management and general $3,508

  • 19 · Conferences, conventions and meetings

    total $6,333 · program services $6,333

  • 20 · Interest

    total $3,496 · management and general $3,496

  • 22 · Depreciation, depletion and amortization

    total $64,889 · management and general $64,889

  • 24a · Other expenses: DEBIT CARD EXPENSES

    total $186,390 · program services $186,390

  • 24b · Other expenses: MISC OPERATING EXPENSE

    total $47,939 · program services $16,157 · management and general $31,782

  • 24c · Other expenses: LOAN SERVICING

    total $44,630 · program services $44,630

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $7,000 · management and general $7,000

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $685,170 · end of year $746,944

  • 2 · Savings and temporary cash investments

    beginning of year $43,775,508 · end of year $42,993,822

  • 4 · Accounts receivable

    beginning of year $44,361 · end of year $45,068

  • 7 · Other notes and loans receivable

    beginning of year $48,884,174 · end of year $50,879,007

  • 9 · Prepaid expenses and deferred charges

    beginning of year $62,054 · end of year $92,032

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

    $1,845,726

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

    $1,278,525

  • 10c · Land, buildings and equipment, net

    beginning of year $580,782 · end of year $567,201

  • 15 · Other assets

    beginning of year $1,622,228 · end of year $1,742,904

  • 17 · Accounts payable and accrued expenses

    beginning of year $200,869 · end of year $231,572

  • 25 · Other liabilities

    beginning of year $85,199,736 · end of year $86,082,955

  • 31 · Retained earnings, endowment or other funds

    beginning of year $10,253,672 · end of year $10,752,451

Mission and programs · 2022

Mission

WE DEDICATE ALL OUR EFFORTS TO BRINGING MEMBERS THE BEST FINANCIAL PRODUCTS AND SERVICES AVAILABLE WHILE MAINTAINING FINANCIAL STABILITY.

  • DIVIDENDS ON SAVINGS DEPOSITS PAID TO OUR MEMBERS ON A QUARTERLY BASIS

    Expenses $202,233

  • DEBIT CARD EXPENSES. EXPENSES RELATED TO PROVIDING DEBIT CARDS FOR MEMBERS. 6,863 MEMBERS HAVE THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2022.

    Expenses $186,390

  • LIFE INSURANCE FOR MEMBERS ON SHARE ACCOUNTS. THE LIFE INSURANCE PREMIUMS ARE PAID FOR BY THE CREDIT UNION. 6,863 MEMBERS HAD THIS SERVICE AVAILABLE TO THEM AS OF DECEMBER 31, 2022.

    Expenses $29,092

  • - LOAN SERVICING (EXPENSES 44,630) EXPENSES RELATED TO PROVIDING LOANS TO MEMBERS. - CORPORATE CREDIT UNION EXPENSES (EXPENSES 16,157) EXPENSES RELATED TO PROVIDING FINANCIAL SERVICE TO MEMBERS SUCH AS WIRING FUNDS, CASHING CHECKS, AND ACH TRANSACTIONS. - ANNUAL MEETING (EXPENSES 6,333) EXPENSES RELATED TO ANNUAL MEETING TO VOTE FOR BOARD OF DIRECTORS AND COMMITTEE MEMBERS AND PRESENT THE PRIOR YEAR FINANCIAL RESULTS TO MEMBERS.

    Expenses $67,120

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rhonda Sandell

    DIRECTOR

    Total calculated
    $1,005
    From this org
    $1,005
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stacy Caughey

    DIRECTOR

    Total calculated
    $1,020
    From this org
    $1,020
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jennifer Kiffmeyer

    DIRECTOR

    Total calculated
    $163
    From this org
    $163
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kelly Brown

    DIR-V. CHAIR

    Total calculated
    $1,052
    From this org
    $1,052
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Larson

    DIR-CHAIRMAN

    Total calculated
    $535
    From this org
    $535
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lois Bourassa

    DIRECTOR

    Total calculated
    $1,080
    From this org
    $1,080
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brenda Whirley

    DIRECTOR

    Total calculated
    $710
    From this org
    $710
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kaycie Mogensen

    TREASURER

    Total calculated
    $115,581
    From this org
    $102,027
    From related orgs
    $0
    Other
    $13,554
    Hours/week
    45

  • David Larson

    CHIEF FIN'L

    Total calculated
    $140,017
    From this org
    $113,854
    From related orgs
    $0
    Other
    $26,163
    Hours/week
    45

  • Cindy Stunek

    ASST. TREAS.

    Total calculated
    $105,249
    From this org
    $72,843
    From related orgs
    $0
    Other
    $32,406
    Hours/week
    45

  • Jessie Lecy

    EXEC. SECR.

    Total calculated
    $17,940
    From this org
    $15,010
    From related orgs
    $0
    Other
    $2,930
    Hours/week
    40

  • Crystal Bahma

    ASST. TREAS.

    Total calculated
    $36,476
    From this org
    $26,121
    From related orgs
    $0
    Other
    $10,355
    Hours/week
    45

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
3 November 2023
IRS schema version
2022v5.0
Source object
202303179349301950

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