My Credit Union EIN 41-0824021 Form 990 (PDF) Claim this org

My Credit Union

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Offers better financial services like loans and savings to qualifying members who are also owners. For fiscal year 2024 it reported $19.1M in revenue, $18.4M in expenses, and $35.2M in net assets.Pt I

Founded
1957
Type
Mutual-benefit / member-serving · Nonprofit
Location
Bloomington, MN
Website
www.mymncu.org
Filings
5 on file (2020–2024)
Revenue
$19.1MFY2024
Expenses
$18.4M
Net assets
$35.2M
People
19
Filings
5
Updates
0
More identity details & actions ⌄
EIN  41-0824021 Mutual-benefit / member-serving Bloomington, MN Founded 1957
Form 990 (PDF)
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Figures match the IRS filing checked 8/11/26 · see original: IRS
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Size
$10–100M
What they do
Offers better financial services like loans and savings to qualifying members who are also owners.
Leadership
Greg Worthen · President · $454K
Money in and out
$19.1M revenue, $18.4M expenses
Bottom line
+4% surplus margin
Reported financial activity · FY2024
Total revenue
$19.1M
Pt VIII · Ln 12
Total expenses
$18.4M
Pt IX · Ln 25
Net assets
$35.2M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $695K
Surplus margin
+4%
revenue over expenses, this year▼ -67% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$19.1M
FY2024▲ +3%
Expenses
$18.4M
FY2024▲ +11%
Total assets
$376.6M
FY2024▼ -3%
Total liabilities
$341.4M
FY2024▼ -3%
Total revenue
$19.1M
Pt VIII · Ln 12
Total expenses
$18.4M
Pt IX · Ln 25
Net assets
$35.2M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$695K
Total assetsPt X · Ln 16$376.6M
Program-expense ratioPt IX · col B
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49
Mission & Programs · Part III

Where the work happens

3 program services, described in the organization's own filed words · FY2024.
01

Provided outstanding personal and remote access to financial services. In addition to four in-person branches, my credit union members accessed financial service through the use of 4 surcharge free atm's, over 6,770 credit cards, over 25,575 debit cards, and nearly 13,189 members using our internet banking site.

Pt IX · col B
02

Provided consumer, mortgage and business loan services to members. Granted 803 loans in 2024 which exceeded $25,245,808 in new loan disbursements. Total of all loans outstanding was over $320,934,232 at year end.

Pt IX · col B
03

Dividends and interest exceeding $2,258,515. Paid to members on $330,243,973 deposit accounts held by 23,691 members.

Pt IX · col B

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMy Credit Union
EINHdr · item D41-0824021
Principal addressHdr · item CBloomington, MN
WebsiteHdr · item Jwww.mymncu.org
Year of formationHdr · item L1957
State of legal domicileHdr · item MMN
Exempt statusHdr · item I501(c)(14) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFSep 1944

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$454,385Pt VII · Sec A
Chief Financial Officer
$230,664Pt VII · Sec A
Vice President, Lending
$208,923Pt VII · Sec A
Vice President, IT
$202,112Pt VII · Sec A
Vice President, Member Ser
$191,845Pt VII · Sec A
Vice President, Marketing
$143,992Pt VII · Sec A
Vice President, HR
$140,007Pt VII · Sec A
VP of Commercial Services
$138,269Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Greg Worthen$454,385$436,196$409,577$363,345$379,279
Rick Rasmusson$230,664$231,045$207,087$178,912$205,238
Karen Hoeppner$208,923$197,047$195,095$170,619$196,587
Pierre Merlin$202,112$175,264$175,264$156,625$154,165
John Debettignies$191,845$170,861$152,813$144,026$149,132
Todd Barduson$143,992$141,013$136,227$122,087$129,917
Julie Pribble$140,007
Christopher Guarnera$138,269

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$18.4M · 96%
Investment income$305K · 2%
Other revenue$469K · 2%
Program service revenue96%$18.4M
Investment income2%$305K
Other revenue2%$469K
Total revenueLn 12$19.1M

Balance Sheet

Part X · end of year
CashLn 1$15.2M
Total assetsLn 16$376.6M
Total liabilitiesLn 26$341.4M
Total net assetsLn 32$35.2M
Months of cash on handcomputed9.9

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $23.7M · Operating expenses/yr $18.4M
15.4 months
Where the money goes
Program services
Program services — · Total expenses $18.4M
Management & General
Management & general — · Total expenses $18.4M
Fundraising
Fundraising — · Total expenses $18.4M
Cost to raise $1
Fundraising expense — · Solicited contributions —
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $19.1M
0%
Government reliance
Government grants — · Total revenue $19.1M
Earned-income share
Program service revenue $18.4M · Total revenue $19.1M
96%
Investment reliance
Investment income $305K · Total revenue $19.1M
+2%
Program self-sufficiency
Program service revenue $18.4M · Total expenses $18.4M
100%
Growth & trend
Revenue growth (YoY)
This year $19.1M · Prior year $18.7M
+3%
Revenue CAGR
FY2020 $13.9M · FY2024 $19.1M
+8%
Net-asset trend (YoY)
End of year $35.2M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $19.1M · Expenses $18.4M
+4%
Liabilities-to-Assets
Total liabilities — · Total assets $376.6M
Net-asset ratio
Net assets $35.2M · Total assets $376.6M
9%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) $8.6M · Total assets (Pt X, ln 16) $376.6M
2%
People & payroll
Highest Reported Total Compensation
Individual Greg Worthen · Reported title PRESIDENT · Highest reported compensation $454K · Total expenses $18.4M
2%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $7.3M · Total expenses $18.4M
39%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Revenue growth 3%
Legal fee ratio 0.1%
Accounting fee ratio 0.07%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$19.1M revenue · viewing · ⤓ 990 PDF
FY2023$18.7M revenue · ⤓ 990 PDF
FY2022$18.1M revenue · ⤓ 990 PDF
FY2021$17.6M revenue · ⤓ 990 PDF
FY2020$13.9M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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