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Nonprofiteer
← EXPEDITION CREDIT UNION

Form 990 for tax year 2023

Filed by EXPEDITION CREDIT UNION.

Totals

Total revenue
$9,959,055
Total expenses
$9,344,960
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,341,291
Investment income
$1,361,059
Other revenue
$256,705
Total assets, end of year
$226,908,188
Total liabilities, end of year
$208,211,874
Net assets or fund balances, end of year
$18,696,314
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 $7,179,433 · related or exempt $7,179,433

  • 2b · Program service revenue: OTHER INCOME

    total $716,235 · related or exempt $716,235

  • 2c · Program service revenue: FEE INCOME

    total $445,623 · related or exempt $445,623

  • 3 · Investment income

    total $1,454,565 · excluded $1,454,565

  • 7a · Gross sales of assets other than inventory

    securities $3,642,494

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

    securities $3,736,000

  • 7c · Gain or loss

    securities -$93,506

  • 7d · Net gain or loss

    total -$93,506 · excluded -$93,506

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $256,705 · related or exempt $256,705

  • 11e · Other revenue, total

    $256,705

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,642,043

  • 5 · Compensation of officers, directors and key employees

    total $717,977

  • 7 · Other salaries and wages

    total $1,707,091

  • 8 · Pension plan contributions

    total $83,645

  • 9 · Other employee benefits

    total $242,446

  • 10 · Payroll taxes

    total $175,347

  • 11b · Fees: legal

    total $532

  • 11c · Fees: accounting

    total $128,582

  • 11g · Fees: other

    total $520,464

  • 12 · Advertising and promotion

    total $173,277

  • 13 · Office expenses

    total $1,553,791

  • 16 · Occupancy

    total $530,401

  • 17 · Travel

    total $37,934

  • 20 · Interest

    total $825,555

  • 22 · Depreciation, depletion and amortization

    total $316,871

  • 23 · Insurance

    total $8,393

  • 24a · Other expenses: LOAN SERVICING EXPENSE

    total $472,120

  • 24b · Other expenses: PROVISION FOR CREDIT L

    total $163,700

  • 24c · Other expenses: MISCELLANEOUS OPERATING

    total $36,691

  • 24d · Other expenses: OPERATING FEES

    total $8,100

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $261,605 · end of year $173,369

  • 2 · Savings and temporary cash investments

    beginning of year $867,596 · end of year $499,388

  • 4 · Accounts receivable

    beginning of year $468,349 · end of year $429,640

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,021,458 · end of year $2,278,772

  • 7 · Other notes and loans receivable

    beginning of year $144,175,695 · end of year $136,408,331

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,956,813 · end of year $2,874,344

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

    $5,970,181

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

    $1,967,382

  • 10c · Land, buildings and equipment, net

    beginning of year $4,306,051 · end of year $4,002,799

  • 12 · Investments: other securities

    beginning of year $63,404,738 · end of year $70,717,137

  • 13 · Investments: program-related

    beginning of year $9,080,000 · end of year $6,800,000

  • 15 · Other assets

    beginning of year $3,057,536 · end of year $2,724,408

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,257,180 · end of year $1,465,359

  • 23 · Secured mortgages and notes payable

    beginning of year $6,300,000 · end of year $12,525,000

  • 25 · Other liabilities

    beginning of year $206,547,972 · end of year $194,221,515

  • 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 $16,494,689 · end of year $18,696,314

Mission and programs · 2023

Mission

EXPEDITION CREDIT UNION IS A NOT FOR PROFIT FINANCIAL COOPERATIVE OPERATING TO IMPROVE THE FINANCIAL WELL-BEING OF OUR MEMBER OWNERS THROUGH REAL FINANCIAL SOLUTIONS.

  • TO PROVIDE AFFORDABLE CONSUMER LENDING PRODUCTS TO OUR MEMBERS. IN 2023 WE ORIGINATED 1,246 LOANS FOR A TOTAL OF $40,914,800.40.

  • TO PAY FAVORABLE DIVIDENDS ON SAVINGS AND INVESTMENT PRODUCTS TO OUR MEMBERS. IN 2023 WE INCREASED OUR MEMBER CERTIFICATES BY $12,807,856.80.

  • TO OFFER AFFORDABLE AND CONVENIENT ELECTRONIC AND CHECKING PRODUCTS TO OUR MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Ramona Springis-Doss

    CHAIRMAN

    Total calculated
    $762
    From this org
    $762
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Smola

    BOARD MEMBER/VICE CHAIR

    Total calculated
    $746
    From this org
    $746
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kany Seck

    BOARD MEMBER

    Total calculated
    $629
    From this org
    $629
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jordan Ford

    BOARD MEMBER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Dwayne Johnson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paul R Dammann

    PRESIDENT/CEO

    Total calculated
    $220,658
    From this org
    $220,658
    From related orgs
    $0
    Other
    $0
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $211,778
    Bonus
    $8,880
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $220,658

  • Shawn Lannier

    COO

    Total calculated
    $145,847
    From this org
    $145,847
    From related orgs
    $0
    Other
    $0
    Hours/week
    38

  • Andre Thibault

    CMO

    Total calculated
    $130,512
    From this org
    $125,512
    From related orgs
    $0
    Other
    $5,000
    Hours/week
    38

  • Caleb Hennek

    VP FINANCE

    Total calculated
    $111,812
    From this org
    $111,162
    From related orgs
    $0
    Other
    $650
    Hours/week
    38

  • Brant Puttkammer

    VP INFORMATION TECHNOLOGY

    Total calculated
    $107,011
    From this org
    $103,136
    From related orgs
    $0
    Other
    $3,875
    Hours/week
    38

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 · 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.

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.

  • EXPEDITION FOUNDATION

    501(C)(3) · FOUNDATION TO AWARD SCHOLARSHIPS AND GRANTS. · MN

    Directly controlled by EXPEDITION CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
28 October 2024
IRS schema version
2023v5.1
Source object
202403049349300125

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