MINNESOTA POWER EMPLOYEES CREDIT UNION: Form 990, tax year 2023
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- Organization
- MINNESOTA POWER EMPLOYEES CREDIT UNION (EIN 41-0418235)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-07-03
- IRS object ID
- 202431859349300148
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-07-03T11:08:41-05:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 109 N MAIN STREET SUITE 200 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410418235 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MINNESOTA POWER EMPLOYEES CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MINN | BusinessNameControlTxt |
| Phone | 2183361800 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 W SUPERIOR STREET SUITE 126 | AddressLine1Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55802 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | DAVE KAUMA | PersonNm |
| Person Title | VP FINANCE | PersonTitleTxt |
| Phone | 2183361800 | PhoneNum |
| Signature | 2024-06-19 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | DAVE | PersonFirstNm |
| Person Last | KAUMA | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2024-06-19 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | DEBORA ALMIRALL | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 W SUPERIOR STREET SUITE 126 | AddressLine1Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55802 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $6,860,848 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MPECU.COM | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1933 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | MEMBER OWNED AND MEMBER DRIVEN | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 25 | TotalEmployeeCnt |
| Total Volunteers | 15 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $3,150,130 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $4,935,779 | CYProgramServiceRevenueAmt |
| PY Investment Income | $777,216 | PYInvestmentIncomeAmt |
| CY Investment Income | $991,113 | CYInvestmentIncomeAmt |
| PY Other Revenue | $1,132,669 | PYOtherRevenueAmt |
| CY Other Revenue | $933,956 | CYOtherRevenueAmt |
| PY Total Revenue | $5,060,015 | PYTotalRevenueAmt |
| CY Total Revenue | $6,860,848 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $275,048 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $830,757 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,650,194 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $1,781,598 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $2,160,856 | PYOtherExpensesAmt |
| CY Other Expenses | $3,234,397 | CYOtherExpensesAmt |
| PY Total Expenses | $4,086,098 | PYTotalExpensesAmt |
| CY Total Expenses | $5,846,752 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $973,917 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $1,014,096 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $122,966,915 | TotalAssetsBOYAmt |
| Total Assets EOY | $147,383,740 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $109,134,491 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $132,437,324 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $13,832,424 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $14,946,416 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | YOUR SUCCESSFUL FINANCIAL JOURNEY IS OUR PASSION. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $830,760 | ExpenseAmt |
| Desc | MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS TO ITS MEMBERS. MEMBERS WERE PAID $830,760 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $49,982 | ExpenseAmt |
| Desc | MPECU PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO ITS MEMBERS. DURING 2023, THE CREDIT UNION PAID APPROXIMATELY $49,982 FOR THESE TYPES OF SERVICES. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $46,220 | ExpenseAmt |
| Desc | MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $46,220 IN ATM SURCHARGE FEES BACK TO ITS MEMBERS. | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $13,800 | ExpenseAmt |
| Desc | MPECU PROVIDED ITS MEMBERS WITH AN ONLINE PERSONAL FINANCIAL MANAGEMENT TOOL IN 2023. THE ANNUAL COST TO THE CREDIT UNION FOR THIS SERVICE WAS $13,800. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Prog Srvc Expense | $13,800 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $940,762 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (1) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 1506 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 25 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | 0 | MinutesOfCommitteesInd |
| Officer Mailing Address | Yes (1) | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DAVE KAUMA | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 2183361800 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 W SUPERIOR ST SUITE 126 | AddressLine1Txt |
| City | DULUTH | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55802 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (10 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| MIKE FRENCH | |||||||
| BOARD MEMBER | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| MARCIA PODRATZ | |||||||
| BOARD CHAIR | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| JEREMY CAINE | |||||||
| BOARD MEMBER | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| KENT OLIVER | |||||||
| BOARD MEMBER | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| NATHAN SCHMIDT | |||||||
| SECRETARY | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| THOMAS MEYER | |||||||
| BOARD MEMBER | 2.00 | Yes (X) | $0 | $0 | $0 | ||
| STEVE SHARKEY | |||||||
| VICE CHAIR | 2.00 | Yes (X) | $0 | $0 | $0 | Yes (X) | |
| DEBORA ALMIRALL | |||||||
| PRESIDENT/CEO | 40.00 | $190,831 | $0 | $35,824 | Yes (X) | ||
| JASON OLSEN | |||||||
| SVP BUSINESS LENDING | 40.00 | $144,792 | $0 | $13,960 | Yes (X) | ||
| ANNIE LEPPER | |||||||
| VP LENDING & MARKETING | 40.00 | $105,797 | $0 | $30,507 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $441,420 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $80,291 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 3 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| JACK HENRY & ASSOCIATES | |||||
| PO BOX 609 | MONETT | MO | 65708 | CORE PROCESSOR AND CREDIT CARD PROVIDER | $302,278 |
| SHAZAM | |||||
| 6700 PIONEER PARKWAY | JOHNSTON | IA | 50181 | DEBIT CARD PROCESSOR | $172,834 |
| VC3 | |||||
| PO BOX 746804 | ATLANTA | GA | 30374 | TECHNICAL SUPPORT/IT VENDOR | $106,889 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 522100 | $4,679,710 | $4,679,710 |
| FEE INCOME | 522100 | $256,069 | $256,069 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $4,935,779 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $991,113 | TotalRevenueColumnAmt |
| Exclusion | $991,113 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | OTHER INCOME | Desc |
| Business | 522100 | BusinessCd |
| Total Revenue Column | $933,956 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $933,956 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $933,956 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $6,860,848 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $5,869,735 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $991,113 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $830,757 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $226,655 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,179,776 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $96,369 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $164,348 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $114,450 | TotalAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,726 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,282 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $49,373 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $322,231 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $232,417 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $314,163 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $290,842 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $270,342 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $23,521 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,008 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $595,889 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $38,676 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| CREDIT LOSS EXPENSE | $484,791 |
| LOAN SERVICING | $397,266 |
| MISC NON-INTEREST EXPEN | $164,019 |
| OPERATING FEES | $1,851 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,846,752 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,634,981 | BOYAmt |
| EOY | $10,146,438 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $327,717 | BOYAmt |
| EOY | $259,967 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $76,875,777 | BOYAmt |
| EOY | $102,232,048 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $274,968 | BOYAmt |
| EOY | $245,949 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $876,729 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $840,587 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,525 | BOYAmt |
| EOY | $36,142 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $22,763,098 | BOYAmt |
| EOY | $20,924,727 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,440,041 | BOYAmt |
| EOY | $3,973,279 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,588,808 | BOYAmt |
| EOY | $9,565,190 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $122,966,915 | BOYAmt |
| EOY | $147,383,740 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $331,880 | BOYAmt |
| EOY | $1,190,439 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $21,500,000 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $108,802,611 | BOYAmt |
| EOY | $109,746,885 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $109,134,491 | BOYAmt |
| EOY | $132,437,324 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,832,424 | BOYAmt |
| EOY | $14,946,416 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $13,832,424 | BOYAmt |
| EOY | $14,946,416 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $122,966,915 | BOYAmt |
| EOY | $147,383,740 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $1,014,096 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $90,224 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $9,672 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $503,115 | OtherCostOrOtherBasisAmt |
| Depreciation | $490,526 | DepreciationAmt |
| Book Value | $12,589 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $373,614 | OtherCostOrOtherBasisAmt |
| Depreciation | $350,061 | DepreciationAmt |
| Book Value | $23,553 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $36,142 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (5 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT | $1,018,415 |
| ACCRUED INTEREST | $380,729 |
| OTHER ASSETS | $230,932 |
| OTHER INSURANCE | $7,386,154 |
| ROU ASSET | $548,960 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $9,565,190 | TotalBookValueOtherAssetsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS | $105,412,315 |
| NONMEMBER DEPOSITS | $4,334,570 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $109,746,885 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) 501(C)(14), FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS IN THE PAST FOR ACTIVITIES IT HAS DEEMED TAXABLE AS UNRELATED BUSINESS INCOME. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF JUNE 30, 2023 AND 2022. THE CREDIT UNION'S 2019 THROUGH 2022 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DEBORA ALMIRALL | ||||||||||||||
| PRESIDENT/CEO | $173,840 | $0 | $16,991 | $0 | $0 | $0 | $17,713 | $0 | $18,111 | $0 | $226,655 | $0 | $0 | $0 |
| JASON OLSEN | ||||||||||||||
| SVP BUSINESS LENDING | $144,792 | $0 | $0 | $0 | $0 | $0 | $13,031 | $0 | $929 | $0 | $158,752 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 3 | FormAndLineReferenceDesc |
| Explanation | THE PRESIDENT/CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD AND ALL ADJUSTMENTS TO COMPENSATION ARE DISCUSSED AND APPROVED BY THE BOARD. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MINNESOTA POWER EMPLOYEES CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. |
| FORM 990, PART VI, SECTION A, LINE 7A | DIRECTORS ARE ELECTED BY THE MEMBERS OF MPECU AT THE ANNUAL MEETING. DIRECTORS ARE ELECTED TO THREE YEAR TERMS. |
| FORM 990, PART VI, SECTION A, LINE 8B | MEETING MINUTES ARE RECORDED AFTER EACH MEETING BY THE ASSIGNED BOARD SECRETARY OR THEIR DESIGNEE. MEETING MINUTES ARE REVIEWED BY THE BOARD AND APPROVED AT THE BEGINNING OF THE NEXT SCHEDULED BOARD MEETING. THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 11B | PRIOR TO BEING FILED WITH THE IRS, FORM 990 AND REQUIRED SCHEDULES ARE REVIEWED BY THE VP OF FINANCE AND SUPERVISORY COMMITTEE. THE BOARD OF DIRECTORS WILL REVIEW FORM 990 AT THEIR REGULAR SCHEDULED MEETING FOLLOWING THE FILING WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | EMPLOYEES, DIRECTORS, AND OFFICERS ARE REQUIRED TO COMPLETE ANNUAL RELATED PARTY AND/OR CODE OF CONDUCT/CONFLICT OF INTEREST DISCLOSURES. EACH ITEM CONCERNING A CONFLICT OF THE POLICY FOR A VOLUNTEER OFFICIAL SHALL BE REVIEWED BY THE PRESIDENT, CHAIRPERSON OF THE BOARD, THE SUPERVISORY COMMITTEE, AND RELAYED TO THE INTERNAL AUDITOR. AN OPPORTUNITY WILL BE GIVEN TO THE VOLUNTEER OFFICIAL TO EXPLAIN AND RESOLVE THE MATTER. IF THE ISSUE CANNOT BE RESOLVED, THE PRESIDENT SHALL FORWARD A WRITTEN REPORT TO THE BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, AND THE INTERNAL AUDITOR. IF THE ITEM INVOLVES THE PRESIDENT, THE CONFLICT SHALL BE REVIEWED BY THE ENTIRE BOARD OF DIRECTORS. SUSPECTED FRAUD SHALL BE BROUGHT TO THE ATTENTION OF THE INTERNAL AUDITOR. ONCE INVESTIGATED, THE INTERNAL AUDITOR WILL NOTIFY THE PRESIDENT AND SUPERVISORY COMMITTEE. INFORMATION RECIEVED WILL BE TREATED CONFIDENTIALLY EXCEPT TO THE EXTENT NECESSARY FOR THE PURPOSE OF MPECU'S INTEREST. A DIRECTOR OR COMMITTEE MEMBER WHO VIOLATES ANY OF THE RESPONSIBILITIES AND CODES MAY BE REMOVED FROM THE BOARD OR COMMITTEE, DEPENDING UPON THE OTHER BOARD AND COMMITTEE MEMBER'S ASSESSMENT OF THE OFFENSE AND THE CIRCUMSTANCES INVOLVED. THE DISCIPLINARY ACTION MAY BE IN ADDITION TO ANY PENALTY PRESCRIBED BY LAW FOR THE VIOLATION. |
| FORM 990, PART VI, SECTION B, LINE 15 | PART VI, SECTION B, LINE 15: MPECU USED CUNA TO PROVIDE UP-TO-DATE MARKET DATA ON COMPENSATION LEVELS OF OFFICERS AND KEY EMPLOYEES. THE BOARD OF DIRECTORS EVALUATES AND ESTABLISHES SALARY LEVELS PER THIS MARKET DATA. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS ARE POSTED MONTHLY IN OFFICE AND ON MPECU'S WEBSITE. ARTICLES OF INCORPORATION ARE POSTED IN THE LOBBY. BYLAWS ARE AVAILABLE FOR INSPECTION AS REQUESTED BY MEMBERSHIP. CONFLICT OF INTEREST POLICY IS NOT PROVIDED TO THE PUBLIC. |
| FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC | MIKE FRENCH - 722 OLD HOWARD MILL RD, DULUTH, MN 55804. MARCIA PODRATZ - 1610 N. 28TH AVE. W., DULUTH, MN 55806. JEREMY CAINE - 5060 WASHBURN RD, DULUTH, MN 55804. KENT OLIVER - PO BOX 1862, TITUSVILLE, FL 32781. NATHAN SCHMIDT - 3806 GLADSTONE ST, DULUTH, MN 55804. THOMAS MEYER - 1717 N. ARLINGTON AVE., DULUTH, MN 55811. STEVE SHARKEY - 166 N CLOQUET RD E, ESKO, MN 55733. |
| FORM 990, PART XI, LINE 9: | ROUNDING CECL TRANSITION 9,672. |
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