My Credit Union FY2023 filing

Not tax-deductible

Bloomington, MNMutual-benefit / member-servingSince 1957Mutual / membership EIN 41-0824021Revenue $18.7M in FY2023

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.

$1.5M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · 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
$1.5M
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
7 mo
of spending, in cash
Plus $11.1M in investments, Pt X · Ln 11–13
Looks good: 7.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$352.0M
91% of total assets
Concern: liabilities are 91% 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
$18.7M
+3% vs prior year
Spent
$16.6M
Net assets
$34.3M
By yearFY2020–FY2024
Revenue
$18.7M
FY2023▲ +3%
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
$16.6M
FY2023▲ +10%
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
$34.3M
FY2023▲ +6%
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 FY2023 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; $1.5M paid to officers and key staff.

Part VII, Section A · reportable compensation
President
$436,196Pt VII · Sec A
Chief Financial Officer
$231,045Pt VII · Sec A
Vice President, Lending
$197,047Pt VII · Sec A
Vice President, IT
$175,264Pt VII · Sec A
Vice President, Member Ser
$170,861Pt VII · Sec A
Vice President, Marketing
$141,013Pt VII · Sec A
Vice President, Commercial
$124,401Pt 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.

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Provided by the organization

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3 programs · in their own filed words · FY2023
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 6,085 credit cards, over 22,747 debit cards, and nearly 13,356 members using our internet banking site.

Pt IX · col B
02

Provided consumer, mortgage and business loan services to members. Granted 987 loans in 2023 which exceeded $31,433,939 in new loan disbursements. Total of all loans outstanding was over $333,109,095 at year end.

Pt IX · col B
03

Dividends and interest exceeding $1,154,541. Paid to members on $329,092,930 deposit accounts held by 23,874 members.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$18.7M
Ln 12
Fees for servicesLn 2g$17.8M
Investment incomeLn 3$458K
Other incomeLn 4–11$440K
Money outPt IX
$16.6M
Ln 25
Owns and owesPt X
$34.3M
net assets · Ln 32
Cash and savingsLn 1–2$10.0M
Total assetsLn 16$386.3M
LiabilitiesLn 26$352.0M
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$17.8M
Investment incomeLn 3$458K
Other incomeLn 4–11$440K
Gains on assetsLn 7$9K
Total revenueLn 12$18.7M
Assets in detailPt X, end of year
CashLn 1$1.4M
SavingsLn 2$8.6M
Cash and savings togetherLn 1–2$10.0M
InvestmentsLn 11–13$11.1M
Land, buildings, equipmentLn 10c$16.1M
Other assetsLn 15$10.0M
Total assetsLn 16$386.3M
LiabilitiesLn 26$352.0M
Net assetsLn 32$34.3M
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 FY23End FY23
Cash and savingsLn 1–2$18.9M$10.0M
InvestmentsLn 11–13$12.6M$11.1M
Land, buildings, equipmentLn 10c$16.8M$16.1M
Total assetsLn 16$399.7M$386.3M
LiabilitiesLn 26$367.1M$352.0M
Net assetsLn 32$32.5M$34.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Benefits paid to or for membersLn 4$1.2M
Pay of current officers, directors and key staffLn 5$1.6M
Other salaries and wagesLn 7$3.7M
Pension plan contributionsLn 8$206K
Other employee benefitsLn 9$651K
Payroll taxesLn 10−$227K
Legal feesLn 11b$114K
Accounting feesLn 11c$115K
Other fees for servicesLn 11g$1.9M
Office expensesLn 13$1.8M
OccupancyLn 16$1.1M
TravelLn 17$95K
InterestLn 20$625K
Depreciation, depletion and amortizationLn 22$997K
Other expenses (24a–d)Ln 24$2.7M
All other expensesLn 24e$24K
Total functional expensesLn 25$16.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $19.1M$18.4M$695K$35.2M 990 PDF
FY2023 Viewing $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 $13.9M$13.6M$217K$26.8M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $18,658,180 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $16,935,004$17,760,182
I-10 Investment incomePrior year $219,715$458,434
I-11 Other revenuePrior year $966,021$439,564
I-12 Total revenuePrior year $18,120,740$18,658,180
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $262,317$1,154,541
I-15 Salaries and benefitsPrior year $6,718,866$5,889,071
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $8,152,526$9,533,783
I-18 Total expensesPrior year $15,133,709$16,577,395
I-19 Revenue less expensesPrior year $2,987,031$2,080,785
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 $18,658,180 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $17,627,800 · Unrelated business $132,382$17,760,182
VIII-3 Investment incomeExcluded from tax $449,642$449,642
VIII-7 Net gain or loss on sales of assetsExcluded from tax $8,792$8,792
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $439,564$439,564
VIII-12 Total revenueRelated to mission $18,067,364 · Unrelated business $132,382 · Excluded from tax $458,434$18,658,180
Part IX · Statement of functional expenses $16,577,395 across 16 lines filed
IX-4 Benefits paid to or for members$1,154,541
IX-5 Pay of current officers, directors and key staff$1,594,944
IX-7 Other salaries and wages$3,664,166
IX-8 Pension plan contributions$205,775
IX-9 Other employee benefits$651,418
IX-10 Payroll taxes−$227,232
IX-11b Legal fees$114,284
IX-11c Accounting fees$114,830
IX-11g Other fees for services$1,921,387
IX-13 Office expenses$1,828,071
IX-16 Occupancy$1,133,245
IX-17 Travel$95,251
IX-20 Interest$625,346
IX-22 Depreciation, depletion and amortization$997,408
IX-24 Other expenses (24a–d)$2,680,461
IX-24e All other expenses$23,500
IX-25 Total functional expenses$16,577,395
Part X · Balance sheet $386,343,958 assets, 13 lines filed
Asset lines not itemized here account for $338,355,710; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,230,856$1,366,791
X-2 Savings and temporary cash investmentsStart of year $17,685,064$8,611,680
X-4 Accounts receivableStart of year $146,380$75,971
X-9 Prepaid expenses and deferred chargesStart of year $543,656$720,141
X-10c Land, buildings and equipment, netStart of year $16,769,511$16,141,167
X-12 Other securitiesStart of year $12,605,746$11,073,488
X-15 Other assetsStart of year $9,462,959$9,999,010
X-16 Total assetsStart of year $399,653,229$386,343,958
X-17 Accounts payable and accrued expensesStart of year $3,225,214$3,033,122
X-25 Other liabilitiesStart of year $357,988,863$329,061,950
X-26 Total liabilitiesStart of year $367,127,824$352,011,648
X-32 Total net assets or fund balancesStart of year $32,525,405$34,332,310
X-33 Total liabilities and net assetsStart of year $399,653,229$386,343,958
Part XI · Reconciliation of net assets $34,332,310 net assets at year end
XI-1 Total revenue$18,658,180
XI-2 Total expenses$16,577,395
XI-3 Revenue less expenses$2,080,785
XI-4 Net assets at start of year$32,525,405
XI-5 Net unrealized gains (losses) on investments$87,507
XI-9 Other changes in net assets−$361,387
XI-10 Net assets at end of year$34,332,310

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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