Sharepoint Credit Union FY2020 filing

IRS exemption revoked

Bloomington, MNMutual-benefit / member-servingSince 1933Mutual / membership EIN 41-6024250Revenue $11.9M in FY2020

On file with the IRSsharepointcu.com5300 Hyland Greens Drive, 55437-3933 · Bloomington, MNTax-exempt since Sep 1944

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The Credit union's mission is to offer competitive loan and deposit products to our membership to crease lifelong financial relationships.

$1.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
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 $1.2M a year · 9% 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
$1.4M
to officers and key staff · 13% of spending
Looks good: pay to officers and key staff is 13% of spending; 15% or less.
Pt VII · Sec A
31 mo
of spending, in cash
Plus $59.0M in investments, Pt X · Ln 11–13
Looks good: 31.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$243.3M
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$11.9M
Spent
$11.1M
Net assets
$30.4M
By yearFY2020–FY2024
Revenue
$11.9M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$11.9M
FY2021$12.8M
FY2022$12.3M
FY2023$13.1M
FY2024$20.0M
Expenses
$11.1M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$11.1M
FY2021$10.1M
FY2022$10.4M
FY2023$12.5M
FY2024$19.7M
Net assets
$30.4M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$30.4M
FY2021$31.6M
FY2022$24.6M
FY2023$27.6M
FY2024$33.8M

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

990 PDF Claim
IRS revoked this organization's tax-exempt status on May 15, 2010
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

No. The IRS revoked its tax exemption. 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; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation
$637,380Pt VII · Sec A
$167,193Pt VII · Sec A
Vice President of Lending
$132,649Pt VII · Sec A
Mortgage Loan Officer
$118,136Pt VII · Sec A
Mortgage Loan Officer
$117,560Pt VII · Sec A
Vice President of Finance/Controller
$103,938Pt VII · Sec A
Vice President of IT
$102,824Pt VII · Sec A
Secretary
$3,960Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Phillip Kopischke$417,948$375,045$343,451$319,718$637,380
Julie Tanner—$111,642$185,755$161,054$167,193
Kerri Hiniker$178,189$154,807$157,674$134,517$132,649
Paul Vork$177,023$136,613$127,008$111,231$103,938
Megan Hammack$159,374$117,326$113,107——
Brad Huegel———$128,250$117,560
Jean Drinkwine———$127,225$118,136
Scott Olson$124,528————

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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers members competitive loans and deposit accounts to build lifelong financial relationships.

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Provided by the organization

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3 programs · in their own filed words · FY2020
01

Recording member account activity and providing access to members to their accounts via home banking, atm networks and in person at the credit union offices.

Pt IX · col B
02

Dividends and interest paid to members on approximately 23,000 deposit accounts held by approximately 20,000 members.

Pt IX · col B
03

Providing savings deposit services, originating new loans, and servicing the loan portfolio for members.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $10K · 2024–2024

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$11.9M
Ln 12
Fees for servicesLn 2g$11.1M
Investment incomeLn 3$733K
Other incomeLn 4–11$62K
Money outPt IX
$11.1M
Ln 25
Owns and owesPt X
$30.4M
net assets · Ln 32
Cash and savingsLn 1–2$29.0M
Total assetsLn 16$273.7M
LiabilitiesLn 26$243.3M
PeoplePt VI, VII
16
listed · VII A
PaidVII A14
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$11.1M
Investment incomeLn 3$733K
Other incomeLn 4–11$62K
Gains on assetsLn 7−$8K
Total revenueLn 12$11.9M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$27.8M
Cash and savings togetherLn 1–2$29.0M
InvestmentsLn 11–13$59.0M
Land, buildings, equipmentLn 10c$4.8M
Other assetsLn 15$13.6M
Total assetsLn 16$273.7M
LiabilitiesLn 26$243.3M
Net assetsLn 32$30.4M
OperationsPt I, VI
EmployeesI 577
VolunteersI 612
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
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$15.7M$29.0M
InvestmentsLn 11–13$22.2M$59.0M
Land, buildings, equipmentLn 10c$5.0M$4.8M
Total assetsLn 16$240.6M$273.7M
LiabilitiesLn 26$211.3M$243.3M
Net assetsLn 32$29.4M$30.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$843K
Other salaries and wagesLn 7$2.6M
Other employee benefitsLn 9$815K
Payroll taxesLn 10$259K
Legal feesLn 11b$32K
Accounting feesLn 11c$42K
Other fees for servicesLn 11g$256K
Advertising and promotionLn 12$213K
Office expensesLn 13$367K
Information technologyLn 14$281K
OccupancyLn 16$387K
TravelLn 17$46K
Depreciation, depletion and amortizationLn 22$362K
InsuranceLn 23$8K
Other expenses (24a–d)Ln 24$4.0M
All other expensesLn 24e$716K
Total functional expensesLn 25$11.1M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $20.0M$19.7M$291K$33.8M 990 PDF
FY2023 $13.1M$12.5M$659K$27.6M 990 PDF
FY2022 $12.3M$10.4M$1.8M$24.6M 990 PDF
FY2021 $12.8M$10.1M$2.7M$31.6M 990 PDF
FY2020 Viewing $11.9M$11.1M$705K$30.4M 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 FY2020 990 (6 parts)
Part I · Summary $11,851,252 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $11,365,823$11,055,652
I-10 Investment incomePrior year $648,955$733,440
I-11 Other revenuePrior year $60,096$62,160
I-12 Total revenuePrior year $12,074,874$11,851,252
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $1,400,784$0
I-15 Salaries and benefitsPrior year $4,526,719$4,480,014
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,912,528$6,666,380
I-18 Total expensesPrior year $10,840,031$11,146,394
I-19 Revenue less expensesPrior year $1,234,843$704,858
Part VI · Governance 8 of 8 board members independent, 3 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsYes
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $11,851,252 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $11,047,367 · Unrelated business $8,285$11,055,652
VIII-3 Investment incomeExcluded from tax $741,296$741,296
VIII-6 Net rental income or lossExcluded from tax $62,160$62,160
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$7,856−$7,856
VIII-12 Total revenueRelated to mission $11,047,367 · Unrelated business $8,285 · Excluded from tax $795,600$11,851,252
Part IX · Statement of functional expenses $11,146,394 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$843,078
IX-7 Other salaries and wages$2,562,649
IX-9 Other employee benefits$815,045
IX-10 Payroll taxes$259,242
IX-11b Legal fees$31,793
IX-11c Accounting fees$42,000
IX-11g Other fees for services$256,086
IX-12 Advertising and promotion$212,780
IX-13 Office expenses$367,282
IX-14 Information technology$281,025
IX-16 Occupancy$387,005
IX-17 Travel$45,660
IX-22 Depreciation, depletion and amortization$362,403
IX-23 Insurance$7,960
IX-24 Other expenses (24a–d)$3,956,620
IX-24e All other expenses$715,766
IX-25 Total functional expenses$11,146,394
Part X · Balance sheet $273,724,274 assets, 14 lines filed
Asset lines not itemized here account for $166,270,043; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,300,160$1,270,677
X-2 Savings and temporary cash investmentsStart of year $14,415,031$27,754,738
X-4 Accounts receivableStart of year $383,791$485,814
X-9 Prepaid expenses and deferred chargesStart of year $466,309$537,804
X-10c Land, buildings and equipment, netStart of year $5,028,882$4,789,185
X-11 Publicly traded securitiesStart of year $21,297,118$52,786,860
X-12 Other securitiesStart of year $935,707$6,255,707
X-15 Other assetsStart of year $11,862,865$13,573,446
X-16 Total assetsStart of year $240,631,362$273,724,274
X-17 Accounts payable and accrued expensesStart of year $2,509,694$1,945,459
X-25 Other liabilitiesStart of year $208,744,389$241,350,295
X-26 Total liabilitiesStart of year $211,254,083$243,295,754
X-32 Total net assets or fund balancesStart of year $29,377,279$30,428,520
X-33 Total liabilities and net assetsStart of year $240,631,362$273,724,274
Part XI · Reconciliation of net assets $30,428,520 net assets at year end
XI-1 Total revenue$11,851,252
XI-2 Total expenses$11,146,394
XI-3 Revenue less expenses$704,858
XI-4 Net assets at start of year$29,377,279
XI-5 Net unrealized gains (losses) on investments$346,383
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$30,428,520

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

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