CO-OP CREDIT UNION OF MONTEVIDEO

Address
2407 E HWY 7 PO BOX 447
MONTEVIDEO, MN 56265
Contact
Website: http://www.co-opcreditunion.com
Phone: +1 (320) 269-2117
Nonprofit
NTEE: W61 - Credit Unions
EIN: 41-0693272

Mission

THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.
 201720162015
Basic features of the organization
Year of formation1940
Subsection501(c)(14)
Organization typeAssociation
Human resources, including compensation
Summary compensation info
Total compensation of current key personnel$456,530.00$392,111.00$246,725.00
Sum of reportable (W2/1099) compensation$383,836.00$440,766.00$206,750.00
Number of employees535457
Number of people compensated >$100k331
Number of volunteers000
Number of highly compensated contractors133
Personnel
Bormann, Nancy
TitleSUPERVISORY CHAIRPERSONSUPERVISORY CHAIRPERSONSUPERVISORY CHAIRPERSON
Name of key/compensated personNANCY BORMANNNANCY BORMANNNANCY BORMANN
Average hours per week working for org111
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Carruth, Patrick
TitleBOARD MEMBERBOARD MEMBERBOARD MEMBER
Name of key/compensated personPATRICK CARRUTHPATRICK CARRUTHPATRICK CARRUTH
Average hours per week working for org111
Reportable compensation from org$0.00$1,250.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Givan, Linda
Title PRESIDENT/CEO, TREASURER (RETIRED 11/1/16)PRESIDENT/CEO AND TREASURER
Name of key/compensated person LINDA GIVANLINDA GIVAN
Average hours per week working for org 4040
Reportable compensation from org $211,150.00$204,088.00
Other comp, non-reportable, from org and related orgs $35,108.00$35,279.00
Position Officer, Key employee, Highly compensated employeeOfficer, Key employee, Highly compensated employee
Corresponding comp from related orgs
Reportable compensation from related orgs  $0.00$0.00
Average hours per week working for related orgs 00
Johnson, Korwin
TitleCHAIRPERSONBOARD MEMBERBOARD MEMBER
Name of key/compensated personKORWIN JOHNSONKORWIN JOHNSONKORWIN JOHNSON
Average hours per week working for org111
Reportable compensation from org$650.00$1,250.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or director, OfficerIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Kranz, Kyle
TitleBOARD MEMBERCHAIRPERSONCHAIRPERSON
Name of key/compensated personKYLE KRANZKYLE KRANZKYLE KRANZ
Average hours per week working for org111
Reportable compensation from org$680.00$1,490.00$736.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or director, OfficerIndividual trustee or director, Officer
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Mace, Michael
TitleBOARD MEMBERSECRETARYSECRETARY
Name of key/compensated personMICHAEL MACEMICHAEL MACEMICHAEL MACE
Average hours per week working for org111
Reportable compensation from org$670.00$1,450.00$602.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or director, OfficerIndividual trustee or director, Officer
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Olson, Doug
TitleBOARD MEMBERVICE CHAIRPERSONVICE CHAIRPERSON
Name of key/compensated personDOUG OLSONDOUG OLSONDOUG OLSON
Average hours per week working for org111
Reportable compensation from org$720.00$1,230.00$618.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or director, OfficerIndividual trustee or director, Officer
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Pieper, Daniel
TitleCHIEF CREDIT OFFICER  
Name of key/compensated personDANIEL PIEPER  
Average hours per week working for org40  
Reportable compensation from org$129,155.00  
Other comp, non-reportable, from org and related orgs$40,648.00  
PositionKey employee, Highly compensated employee  
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00  
Reiffenberger, Kayla
TitlePRESIDENT/CEO AND TREASURERPRESIDENT/CEO AND TREASURER (EFF 11/1/16) 
Name of key/compensated personKAYLA REIFFENBERGERKAYLA REIFFENBERGER 
Average hours per week working for org4040 
Reportable compensation from org$147,346.00$117,598.00 
Other comp, non-reportable, from org and related orgs$16,288.00$7,506.00 
PositionOfficer, Key employee, Highly compensated employeeOfficer, Key employee, Highly compensated employee 
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00 
Running, Janice
TitleSUPERVISORY MEMBERSUPERVISORY MEMBERSUPERVISORY MEMBER
Name of key/compensated personJANICE RUNNINGJANICE RUNNINGJANICE RUNNING
Average hours per week working for org111
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Samuelson, Brian
TitleVICE PRESIDENT OF LENDINGVICE PRESIDENT OF LENDING 
Name of key/compensated personBRIAN SAMUELSONBRIAN SAMUELSON 
Average hours per week working for org4040 
Reportable compensation from org$103,925.00$102,518.00 
Other comp, non-reportable, from org and related orgs$35,835.00$27,533.00 
PositionHighly compensated employeeHighly compensated employee 
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00 
Average hours per week working for related orgs 0 
Schmitz, Peter
TitleVICE CHAIRPERSONBOARD MEMBERBOARD MEMBER
Name of key/compensated personPETER SCHMITZPETER SCHMITZPETER SCHMITZ
Average hours per week working for org111
Reportable compensation from org$0.00$1,350.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or director, OfficerIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Vadnais, Aaron
TitleSUPERVISORY MEMBERSUPERVISORY MEMBERSUPERVISORY MEMBER
Name of key/compensated personAARON VADNAISAARON VADNAISAARON VADNAIS
Average hours per week working for org111
Reportable compensation from org$0.00$0.00$0.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or directorIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Valentino, Eloise
TitleSECRETARYBOARD MEMBERBOARD MEMBER
Name of key/compensated personELOISE VALENTINOELOISE VALENTINOELOISE VALENTINO
Average hours per week working for org111
Reportable compensation from org$690.00$1,480.00$706.00
Other comp, non-reportable, from org and related orgs$0.00$0.00$0.00
PositionIndividual trustee or director, OfficerIndividual trustee or directorIndividual trustee or director
Corresponding comp from related orgs
Reportable compensation from related orgs $0.00$0.00$0.00
Average hours per week working for related orgs 00
Purpose: mission, activities & accomplishments
Mission or significant activitiesTHE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.
Program expenses (total)$0.00$0.00$0.00
Programs, including revenue & expenses
THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.
Program descriptionTHE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.THE CREDIT UNION PROVIDES FINANCIAL SERVICES, INVESTMENT OPTIONS, AND LOANS FOR APPROXIMATELY 13,000 MEMBERS IN WEST CENTRAL MINNESOTA. THE CREDIT UNION HAS LOCATIONS IN MONTEVIDEO, BENSON, CANBY AND WILLMAR.
Financial data
Expense categories (totals)
Sum (total functional expenses)$5,619,024.00$5,068,224.00$4,718,244.00
Program services (total functional expenses)$0.00$0.00$0.00
Management & general (total functional expenses)$0.00$0.00$0.00
Fundraising (total functional expenses)$0.00$0.00$0.00
Revenue
Total revenue$8,302,669.00$7,494,747.00$6,597,413.00
Program service revenue (total)$7,860,584.00$7,118,551.00$6,290,912.00
Revenue from contributions (total)$0.00$0.00$0.00
Investment income$442,085.00$376,196.00$306,501.00
Total unrelated business revenue$8,281.00$7,139.00$6,868.00
Other revenue, current yr$0.00$0.00$0.00
Net unrelated business taxable revenue$0.00$0.00-$4,207.00
Total revenue from grants, etc., current yr$0.00$0.00$0.00
Gross receipts$8,302,669.00$7,494,747.00$6,597,413.00
Other types of revenue
Royalties (total)$0.00$0.00$0.00
Miscellaneous revenue (total)$0.00$0.00$0.00
Income from dividends, interest, and similar investments$442,085.00$376,196.00$306,501.00
Net rental income  $0.00
Fees for services
Fundraising service fees (total)$0.00$0.00$0.00
Assets and liabilities
Total assets$183,012,612.00$170,219,570.00$164,161,789.00
Total assets, beginning of year$170,219,570.00$164,161,789.00$147,234,505.00
Total liabilities$155,879,113.00$145,780,201.00$142,161,794.00
Total liabilities, beginning of year$145,780,201.00$142,161,794.00$127,114,294.00
Temporarily restricted net assets$0.00$0.00$0.00
Permanently restricted net assets, end of yr$0.00$0.00$0.00
Net assets$27,133,499.00$24,439,369.00$21,999,995.00
Net assets, beginning of year$24,439,369.00$21,999,995.00$20,120,211.00
Other liabilities$147,859,627.00$137,135,293.00$133,392,057.00
Other assets$2,916,785.00$2,774,840.00$2,733,036.00
Investments: other securities$8,888,000.00$13,298,000.00$15,192,000.00
Cash: non-interest bearing$13,440,184.00$11,988,303.00$7,329,027.00
Cash: non-interest bearing, beginning of year$11,988,303.00$7,329,027.00$8,491,763.00
Investments: program-related$15,771,621.00$20,844,342.00$21,218,563.00
Other financial variables
Revenue less expenses$2,683,645.00$2,426,523.00$1,879,169.00
Advertising (total)$50,551.00$30,261.00$17,669.00
Accounts receivable, net$138,464,839.00$117,615,469.00$114,011,387.00
Prepaid expenses & deferred charges$155,058.00$153,030.00$163,347.00
Accounts payable & accrued expenses$1,582,714.00$1,750,272.00$1,818,618.00
Secured mortgages and notes payable$6,436,772.00$6,894,636.00$6,951,119.00
Total net assets or fund balances$27,133,499.00$24,439,369.00$21,999,995.00
Depreciation, depletion, amortization$220,464.00$218,515.00$216,303.00
Governance and accountability
Number of voting members777
Number of independent voting members777
Tax year start date2017-01-012016-01-012015-01-01
Tax year end date2017-12-312016-12-312015-12-31
Has local chaptersTrueTrueTrue
Accounting methodAccrualAccrualAccrual
Metadata about the filing
E-return type990990990
Date e-filing submitted2018-10-032017-12-052017-01-03
IRS schema version2017v2.02016v3.02015v2.1
Filing identifier201801949349301555201702829349300425201612329349300431
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