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Nonprofiteer
← DANFOSS EMPLOYEES CREDIT UNION

Form 990 for tax year 2023

Filed by DANFOSS EMPLOYEES CREDIT UNION.

Totals

Total revenue
$197,883
Total expenses
$192,382
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$163,031
Investment income
$34,852
Other revenue
$0
Total assets, end of year
$2,818,371
Total liabilities, end of year
$2,541,602
Net assets or fund balances, end of year
$276,769
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 ON LOANS

    total $126,985 · related or exempt $126,985

  • 2b · Program service revenue: MEMBER FEE INCOME

    total $24,248 · related or exempt $24,248

  • 2c · Program service revenue: OTHER MEMBER RELATED INCOME

    total $11,609 · related or exempt $11,609

  • 2d · Program service revenue: FEE & INSURANCE INCOME

    total $189 · unrelated business $189

  • 3 · Investment income

    total $34,852 · excluded $34,852

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $74,450

  • 10 · Payroll taxes

    total $5,817

  • 11c · Fees: accounting

    total $8,918

  • 11g · Fees: other

    total $5,190

  • 12 · Advertising and promotion

    total $31

  • 13 · Office expenses

    total $64,970

  • 14 · Information technology

    total $6,211

  • 19 · Conferences, conventions and meetings

    total $900

  • 22 · Depreciation, depletion and amortization

    total $205

  • 23 · Insurance

    total $6,999

  • 24a · Other expenses: PROVISION LOAN LOSS

    total $14,740

  • 24b · Other expenses: DIVIDENDS EXPENSE

    total $3,951

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $69,614 · end of year $44,862

  • 2 · Savings and temporary cash investments

    beginning of year $1,659,772 · end of year $484,761

  • 7 · Other notes and loans receivable

    beginning of year $1,715,492 · end of year $2,227,496

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,895 · end of year -$6,230

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

    $5,831

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

    $477

  • 10c · Land, buildings and equipment, net

    beginning of year $716 · end of year $5,354

  • 13 · Investments: program-related

    beginning of year $24,500 · end of year $24,500

  • 15 · Other assets

    beginning of year $20,229 · end of year $37,628

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,038 · end of year $37,139

  • 25 · Other liabilities

    beginning of year $3,197,912 · end of year $2,504,463

  • 31 · Retained earnings, endowment or other funds

    beginning of year $271,268 · end of year $276,769

Mission and programs · 2023

Mission

MEET OUR MEMBERS' NEEDS BY PROVIDING SERVICE WITH A PERSONAL TOUCH, CULTIVATING CLOSE RELATIONSHIPS, OFFERING FINANCIAL GUIDANCE, AND SAFEGUARDING OUR MEMBERS' ASSETS.

  • THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 16 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 353 MEMBERS.

  • THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 91 NEW LOANS TO OUR MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 227 LOANS TO OUR MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Ann Healey-Allen

    PRESIDENT/CE

    Total calculated
    $74,450
    From this org
    $74,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Steve Zumbusch

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Brad Himle

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Huffman

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Peter Lauer

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Brad Diekmann

    DIRECTOR

    Total calculated
    $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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
23 October 2024
IRS schema version
2023v5.0
Source object
202432989349301208

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