Form 990 for tax year 2024
Filed by MINNESOTA POWER EMPLOYEES CREDIT UNION.
Totals
- Total revenue
- $8,527,985
- Total expenses
- $7,299,133
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $6,320,249
- Investment income
- $1,293,826
- Other revenue
- $913,910
- Total assets, end of year
- $160,176,098
- Total liabilities, end of year
- $144,453,188
- Net assets or fund balances, end of year
- $15,722,910
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- $1,844,607
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 $6,065,256 · related or exempt $6,065,256
-
2b · Program service revenue: FEE INCOME
total $254,993 · related or exempt $254,993
-
3 · Investment income
total $1,293,826 · excluded $1,293,826
-
11a · Other revenue: OTHER INCOME
total $913,910 · related or exempt $913,910
-
11e · Other revenue, total
$913,910
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $1,878,664
-
5 · Compensation of officers, directors and key employees
total $180,387
-
7 · Other salaries and wages
total $1,192,393
-
8 · Pension plan contributions
total $100,683
-
9 · Other employee benefits
total $233,008
-
10 · Payroll taxes
total $110,140
-
11a · Fees: management
total $13,537
-
11b · Fees: legal
total $16,076
-
11c · Fees: accounting
total $44,919
-
11g · Fees: other
total $328,384
-
12 · Advertising and promotion
total $250,450
-
13 · Office expenses
total $346,925
-
14 · Information technology
total $260,091
-
16 · Occupancy
total $232,397
-
17 · Travel
total $18,323
-
19 · Conferences, conventions and meetings
total $21,532
-
20 · Interest
total $943,050
-
22 · Depreciation, depletion and amortization
total $23,816
-
24a · Other expenses: CREDIT LOSS EXPENSE
total $490,618
-
24b · Other expenses: LOAN SERVICING
total $456,011
-
24c · Other expenses: MISC NON-INTEREST EXPEN
total $152,732
-
24d · Other expenses: OPERATING FEES
total $4,997
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $10,146,438 · end of year $13,404,643
-
4 · Accounts receivable
beginning of year $259,967 · end of year $525,410
-
7 · Other notes and loans receivable
beginning of year $102,232,048 · end of year $114,474,082
-
9 · Prepaid expenses and deferred charges
beginning of year $245,949 · end of year $212,622
-
10a · Land, buildings and equipment: cost or other basis
$507,725
-
10b · Land, buildings and equipment: accumulated depreciation
$424,291
-
10c · Land, buildings and equipment, net
beginning of year $36,142 · end of year $83,434
-
11 · Investments: publicly traded securities
beginning of year $20,924,727 · end of year $18,789,309
-
12 · Investments: other securities
beginning of year $3,973,279 · end of year $2,902,714
-
15 · Other assets
beginning of year $9,565,190 · end of year $9,783,884
-
17 · Accounts payable and accrued expenses
beginning of year $1,190,439 · end of year $1,155,231
-
23 · Secured mortgages and notes payable
beginning of year $21,500,000 · end of year $21,500,000
-
25 · Other liabilities
beginning of year $109,746,885 · end of year $121,797,957
-
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 $14,946,416 · end of year $15,722,910
Mission and programs · 2024
Mission
YOUR SUCCESSFUL FINANCIAL JOURNEY IS OUR PASSION.
Activities or mission (Part I)
MEMBER OWNED AND MEMBER DRIVEN
-
MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS TO ITS MEMBERS. MEMBERS WERE PAID $1,741,142 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION.
Expenses $1,741,142
-
MPECU PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO ITS MEMBERS. DURING THE YEAR, THE CREDIT UNION PAID APPROXIMATELY $57,366 FOR THESE TYPES OF SERVICES.
Expenses $57,366
-
MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $46,099 IN ATM SURCHARGE FEES BACK TO ITS MEMBERS.
Expenses $46,099
As filed on the 2024 return.
Listed in Part VII
-
Debora AlmirallDEBORA ALMIRALL
PRESIDENT/CEO
- Total calculated
- $180,387
- From this org
- $150,862
- From related orgs
- $0
- Other
- $29,525
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $131,482
- Bonus
- $19,380
- Other
- $0
- Deferred
- $12,126
- Nontaxable benefits
- $17,399
- Filer's total
- $180,387
-
Jason OlsenJASON OLSEN
SVP BUSINESS LENDING
- Total calculated
- $195,122
- From this org
- $146,608
- From related orgs
- $0
- Other
- $48,514
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $146,608
- Bonus
- $0
- Other
- $0
- Deferred
- $13,904
- Nontaxable benefits
- $34,610
- Filer's total
- $195,122
-
Dave KaumaDAVE KAUMA
VP FINANCE
- Total calculated
- $168,399
- From this org
- $117,301
- From related orgs
- $0
- Other
- $51,098
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $117,301
- Bonus
- $0
- Other
- $0
- Deferred
- $11,895
- Nontaxable benefits
- $39,203
- Filer's total
- $168,399
-
Annie LepperANNIE LEPPER
VP LENDING & MARKETING
- Total calculated
- $144,039
- From this org
- $111,397
- From related orgs
- $0
- Other
- $32,642
- Hours/week
- 40
-
Marcia PodratzMARCIA PODRATZ
BOARD CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Steve SharkeySTEVE SHARKEY
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Nathan SchmidtNATHAN SCHMIDT
SECRETARY
- Total calculated
- $0
- Hours/week
- 2
-
Jeremy CaineJEREMY CAINE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Mike FrenchMIKE FRENCH
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Thomas MeyerTHOMAS MEYER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
-
Kent OliverKENT OLIVER
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 2
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
- 4a · Severance or change-of-control payment
Answered no
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD AND ALL ADJUSTMENTS TO COMPENSATION ARE DISCUSSED AND APPROVED BY THE BOARD.
- PART I, LINE 4A
- NAME: JASON OLSEN, DESCRIPTION: TEMPORARY CEO DUTIES, CURRENT YEAR AMOUNT: $3,200. PLAN DESCRIPTION: ASSUMED CEO DUTIES WHILE DEB WAS ON LEAVE JAN-APR
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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 4 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202523089349304102
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