Nonprofit · EIN 41-0174775
MINNCO CREDIT UNION
Tax-exempt · CAMBRIDGE, MN 55008
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $32,345,803 | $28,837,066 | $3,508,737 | $601,826,532 | $554,386,591 | $47,439,941 |
| December 31, 2024 | 990 | $26,953,300 | $24,074,295 | $2,879,005 | $523,432,126 | $488,308,460 | $35,123,666 |
| December 31, 2023 | 990 | $22,040,179 | $18,958,431 | $3,081,748 | $518,034,003 | $486,532,951 | $31,501,052 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $26,710,611
- Investment income
- $5,756,203
- Net gain from sales of assets
- -$85,939
- Other revenue
- -$121,011
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $504,557
- Other salaries and wages
- $6,309,518
- Salaries, compensation and benefits (total)
- $9,321,751
- Professional fundraising fees
- $0
- Legal fees
- $48,362
- Accounting fees
- $63,248
- Occupancy
- $977,080
- Travel
- $108,965
- Depreciation
- $450,140
Balance sheet and other
- Total assets, start of year
- $523,432,126
- Total assets, end of year
- $601,826,532
- Total liabilities, end of year
- $554,386,591
- Net assets, end of year
- $47,439,941
- Land, buildings and equipment
- $17,393,732
- Gross unrelated business income
- $302,335
- Gross receipts
- $32,656,966
- Employees
- 140
- Volunteers
- 7
- Year formed
- 1935
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Doug Hallstrom | President Officer | 40 | $502,446 | $49,428 |
| John Wendland | EVP Administration and General Counsel Highest-paid employee | 40 | $225,483 | $44,192 |
| Anita Quaglia | SVP Member Experience Highest-paid employee | 40 | $166,127 | $31,658 |
| Rick Borchardt | SVP Finance Highest-paid employee | 40 | $164,493 | $24,979 |
| Todd Sanders | SVP Lending Highest-paid employee | 40 | $161,731 | $26,717 |
| Kirstin Bruss | SVP Operations Highest-paid employee | 40 | $158,588 | $15,065 |
| Jerry Schleicher | Chairperson Trustee or director | 1 | $587 | $0 |
| Dave Maurer | Board Member Trustee or director | 1 | $337 | $0 |
| Richard Soderberg | Board Member Trustee or director | 1 | $325 | $0 |
| Kory Erickson | Board Member Trustee or director | 1 | $300 | $0 |
| Laurie Garnas | Board Member Trustee or director | 1 | $287 | $0 |
| Wayne Anderson | Board Member Trustee or director | 1 | $275 | $0 |
| Ryan Nelson | Board Member Trustee or director | 1 | $275 | $0 |
990 for the year ended December 31, 2024: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Doug Hallstrom | President Officer | 40 | $454,920 | $51,519 |
| John Wendland | EVP Administration and General Counsel Highest-paid employee | 40 | $195,932 | $45,847 |
| Todd Sanders | SVP Lending Highest-paid employee | 40 | $149,093 | $31,839 |
| Rick Borchardt | SVP Finance Highest-paid employee | 40 | $152,875 | $26,290 |
| Anita Quaglia | SVP Member Experience Highest-paid employee | 40 | $136,914 | $30,915 |
| Kirstin Bruss | SVP Operations Highest-paid employee | 40 | $150,091 | $14,258 |
| Jerry Schleicher | Chairperson Trustee or director | 1 | $573 | $0 |
| Richard Soderberg | Board Member Trustee or director | 1 | $463 | $0 |
| Laurie Garnas | Board Member Trustee or director | 1 | $404 | $0 |
| Kory Erickson | Board Member Trustee or director | 1 | $379 | $0 |
| Dave Maurer | Board Member Trustee or director | 1 | $354 | $0 |
| Wayne Anderson | Board Member Trustee or director | 1 | $266 | $0 |
990 for the year ended December 31, 2023: 14 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Doug Hallstrom | President Officer | 40 | $429,334 | $50,094 |
| John Wendland | SVP Administration and General Counsel Highest-paid employee | 40 | $205,603 | $43,816 |
| Todd Sanders | SVP Lending Highest-paid employee | 40 | $133,407 | $30,628 |
| Rick Borchardt | SVP Finance Highest-paid employee | 40 | $129,848 | $24,427 |
| Anita Quaglia | SVP Member Experience Highest-paid employee | 40 | $107,390 | $27,871 |
| Kirstin Bruss | SVP Operations Highest-paid employee | 40 | $123,134 | $11,698 |
| Richard Soderberg | Board Member Trustee or director | 1 | $598 | $0 |
| Jerry Schleicher | Chairperson Trustee or director | 1 | $598 | $0 |
| Kory Erickson | Board Member Trustee or director | 1 | $540 | $0 |
| Dave Maurer | Board Member Trustee or director | 1 | $471 | $0 |
| Wayne Anderson | Board Member Trustee or director | 1 | $460 | $0 |
| Laurie Garnas | Board Member Trustee or director | 1 | $448 | $0 |
| Dean Scholl | Board Member Trustee or director | 1 | $92 | $0 |
| Lewis Leasure | Board Member Trustee or director | 1 | $46 | $0 |
Address and contacts
- Address (IRS master file)
- 2215 3RD AVE NE, CAMBRIDGE, MN 55008-4441
- In care of
- % FREDERICK BORCHARDT
- Principal officer (990 for 2025)
- Doug Hallstrom, 2215 3rd Ave NE, Cambridge, MN 55008
- Signed the 990
- Rick Borchardt, Senior Vice President - Finance
- Phone
- (763) 689-1071
- Website
- minnco.com
Mission
state chartered credit union - nurturing relationships . . . exceeding expectations
Program accomplishments
- Organization granted 57,554 loans to credit seeking members.
- Organization provided account-level services in exchange for fees.
- Organization collected premiums from members for credit protection and earned revenue based on member credit card activity.
- Investments
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 41-0174775
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1944
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 0708: CREDIT UNIONS IN THE STATE OF MINNESOTA
- Assets (IRS master file)
- $601,826,532
- Income (IRS master file)
- $32,656,966
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $32,345,803 | $28,837,066 | $601,826,532 | XML |
| 990 | December 2024 | $26,953,300 | $24,074,295 | $523,432,126 | IRS |
| 990 | December 2023 | $22,040,179 | $18,958,431 | $518,034,003 | XML |
| 990 | December 2022 | $18,225,983 | $13,370,723 | $505,736,590 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-0174775).
Questions about MINNCO CREDIT UNION
- What is the EIN of MINNCO CREDIT UNION?
- The employer identification number (EIN) of MINNCO CREDIT UNION is 41-0174775.
- Is MINNCO CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
- Are donations to MINNCO CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MINNCO CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MINNCO CREDIT UNION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MINNCO CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of MINNCO CREDIT UNION?
- The 990 for the year ended December 31, 2025 names Doug Hallstrom.
- Who are the officers and directors of MINNCO CREDIT UNION?
- The 990 for the year ended December 31, 2025 lists 13 people; 13 received compensation from the organization, the highest $502,446 (Doug Hallstrom, President).
- How much revenue does MINNCO CREDIT UNION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $32,345,803, expenses of $28,837,066 and total assets of $601,826,532 at year end.
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