My Credit Union FY2020 filing

Not tax-deductible

Bloomington, MNMutual-benefit / member-servingSince 1957EIN 41-0824021Revenue $13.9M in FY2020

On file with the IRSmymncu.org9550 Lyndale Ave S, 55420-4229 · Bloomington, MNTax-exempt since Sep 1944

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To provide lending, savings and other financial services to our qualifying members at terms generally better than available in the marketplace and with a "service based emphasis" that recognizes the members' status as owners.

$1.3M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $1.9M a year · 11% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$1.3M
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$323.5M
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$13.9M
Spent
$13.6M
Net assets
$26.8M
By yearFY2020–FY2024
Revenue
$13.9M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$13.9M
FY2021$17.6M
FY2022$18.1M
FY2023$18.7M
FY2024$19.1M
Expenses
$13.6M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$13.6M
FY2021$13.9M
FY2022$15.1M
FY2023$16.6M
FY2024$18.4M
Net assets
$26.8M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$26.8M
FY2021$30.2M
FY2022$32.5M
FY2023$34.3M
FY2024$35.2M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1944.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

16 people listed on the 990; $1.3M paid to officers and key staff.

Part VII, Section A · reportable compensation
President
$379,279Pt VII · Sec A
Chief Financial Officer
$205,238Pt VII · Sec A
Vice President, Lending
$196,587Pt VII · Sec A
Vice President, IT
$154,165Pt VII · Sec A
Vice President, Member Ser
$149,132Pt VII · Sec A
Vice President, Marketing
$129,917Pt VII · Sec A
Vice President, Commercial
$121,383Pt VII · Sec A
Director
$0Pt 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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II4 listed

Programs and updates

Offers better financial services like loans and savings to qualifying members who are also owners.

Questions for My Credit Union

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Provided by the organization

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3 programs · in their own filed words · FY2020
01

Provided outstanding personal and remote access to financial services. In addition to three in-person branches, my cu members accessed financial service through the use of three sur-charge free atm's, over 5,353 credit cards, over 16,526 debit and 6 atm cards, and nearly 12,263 members using our internet banking site.

Pt IX · col B
02

Provided consumer, mortgage and business loan services to members. Granted 1,660 loans in 2020 which exceeded $127,784,359 million dollars in new loan disbursements. Total of all loans outstanding was over $277,297,483 million dollars at year end.

Pt IX · col B
03

Dividends and interest exceeding $373,524 paid to members on $317,583,694 deposit accounts held by 23,280 members.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$13.9M
Ln 12
Fees for servicesLn 2g$12.9M
Investment incomeLn 3$955K
Money outPt IX
$13.6M
Ln 25
Owns and owesPt X
$26.8M
net assets · Ln 32
Cash and savingsLn 1–2$10.3M
Total assetsLn 16$350.2M
LiabilitiesLn 26$323.5M
PeoplePt VI, VII
16
listed · VII A
PaidVII A7
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$12.9M
Investment incomeLn 3$955K
Gains on assetsLn 7$45K
Total revenueLn 12$13.9M
Assets in detailPt X, end of year
CashLn 1$1.2M
SavingsLn 2$9.1M
Cash and savings togetherLn 1–2$10.3M
InvestmentsLn 11–13$30.3M
Land, buildings, equipmentLn 10c$16.7M
Other assetsLn 15$14.9M
Total assetsLn 16$350.2M
LiabilitiesLn 26$323.5M
Net assetsLn 32$26.8M
OperationsPt I, VI
EmployeesI 588
VolunteersI 612
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$7.7M$10.3M
InvestmentsLn 11–13$63.7M$30.3M
Land, buildings, equipmentLn 10c$15.5M$16.7M
Total assetsLn 16$307.5M$350.2M
LiabilitiesLn 26$281.6M$323.5M
Net assetsLn 32$26.0M$26.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$374K
Pay of current officers, directors and key staffLn 5$1.5M
Other salaries and wagesLn 7$3.3M
Pension plan contributionsLn 8$167K
Other employee benefitsLn 9$536K
Payroll taxesLn 10$555K
Legal feesLn 11b$67K
Accounting feesLn 11c$72K
Office expensesLn 13$1.8M
OccupancyLn 16$537K
TravelLn 17$58K
InterestLn 20$115K
Depreciation, depletion and amortizationLn 22$866K
Other expenses (24a–d)Ln 24$3.5M
All other expensesLn 24e$226K
Total functional expensesLn 25$13.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $19.1M$18.4M$695K$35.2M 990 PDF
FY2023 $18.7M$16.6M$2.1M$34.3M 990 PDF
FY2022 $18.1M$15.1M$3.0M$32.5M 990 PDF
FY2021 $17.6M$13.9M$3.8M$30.2M 990 PDF
FY2020 Viewing $13.9M$13.6M$217K$26.8M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $13,861,459 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $11,105,392$12,906,542
I-10 Investment incomePrior year $1,872,016$954,919
I-11 Other revenuePrior year $294−$2
I-12 Total revenuePrior year $12,977,702$13,861,459
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $399,352$373,524
I-15 Salaries and benefitsPrior year $5,361,891$5,976,803
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $6,436,942$7,294,184
I-18 Total expensesPrior year $12,198,185$13,644,511
I-19 Revenue less expensesPrior year $779,517$216,948
Part VI · Governance 9 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $13,861,459 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $12,842,989 · Unrelated business $63,553$12,906,542
VIII-3 Investment incomeExcluded from tax $909,449$909,449
VIII-7 Net gain or loss on sales of assetsExcluded from tax $45,470$45,470
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission −$2−$2
VIII-12 Total revenueRelated to mission $12,842,987 · Unrelated business $63,553 · Excluded from tax $954,919$13,861,459
Part IX · Statement of functional expenses $13,644,511 across 15 lines filed
IX-4 Benefits paid to or for members$373,524
IX-5 Pay of current officers, directors and key staff$1,451,966
IX-7 Other salaries and wages$3,266,788
IX-8 Pension plan contributions$167,418
IX-9 Other employee benefits$535,628
IX-10 Payroll taxes$555,003
IX-11b Legal fees$66,935
IX-11c Accounting fees$72,063
IX-13 Office expenses$1,836,798
IX-16 Occupancy$537,391
IX-17 Travel$58,361
IX-20 Interest$115,011
IX-22 Depreciation, depletion and amortization$866,452
IX-24 Other expenses (24a–d)$3,515,659
IX-24e All other expenses$225,514
IX-25 Total functional expenses$13,644,511
Part X · Balance sheet $350,249,139 assets, 14 lines filed
Asset lines not itemized here account for $277,326,545; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,445,150$1,169,687
X-2 Savings and temporary cash investmentsStart of year $6,296,249$9,113,114
X-4 Accounts receivableStart of year $112,712$112,611
X-9 Prepaid expenses and deferred chargesStart of year $562,246$610,731
X-10c Land, buildings and equipment, netStart of year $15,499,784$16,724,602
X-12 Other securitiesStart of year $59,233,655$27,517,635
X-13 Program-related investmentsStart of year $4,479,253$2,737,612
X-15 Other assetsStart of year $14,553,309$14,936,602
X-16 Total assetsStart of year $307,549,200$350,249,139
X-17 Accounts payable and accrued expensesStart of year $3,008,498$4,116,552
X-25 Other liabilitiesStart of year $278,039,595$318,612,756
X-26 Total liabilitiesStart of year $281,576,931$323,452,944
X-32 Total net assets or fund balancesStart of year $25,972,269$26,796,195
X-33 Total liabilities and net assetsStart of year $307,549,200$350,249,139
Part XI · Reconciliation of net assets $26,796,195 net assets at year end
XI-1 Total revenue$13,861,459
XI-2 Total expenses$13,644,511
XI-3 Revenue less expenses$216,948
XI-4 Net assets at start of year$25,972,269
XI-5 Net unrealized gains (losses) on investments$578,682
XI-9 Other changes in net assets$28,296
XI-10 Net assets at end of year$26,796,195

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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