Nonprofit · EIN 41-0415960
TOPLINE FEDERAL CREDIT UNION
Also known as MINNEAPOLIS TELCO
Tax-exempt · MAPLE GROVE, MN 55369
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $55,551,236 | $49,143,543 | $6,407,693 | $1,107,207,561 | $1,006,019,359 | $101,188,202 |
| December 31, 2023 | 990 | $42,876,775 | $35,743,645 | $7,133,130 | $801,323,948 | $732,517,334 | $68,806,614 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $51,375,433
- Investment income
- $4,265,256
- Net gain from sales of assets
- -$67,777
- Other revenue
- -$89,453
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $13,455,934
- Compensation of officers, directors and key employees
- $767,086
- Other salaries and wages
- $11,557,803
- Salaries, compensation and benefits (total)
- $14,975,842
- Professional fundraising fees
- $0
- Occupancy
- $1,175,695
- Depreciation
- $1,261,930
Balance sheet and other
- Total assets, start of year
- $801,323,948
- Total assets, end of year
- $1,107,207,561
- Total liabilities, end of year
- $1,006,019,359
- Net assets, end of year
- $101,188,202
- Land, buildings and equipment
- $22,134,172
- Gross unrelated business income
- $54,909
- Gross receipts
- $55,854,823
- Employees
- 207
- Volunteers
- 14
- Year formed
- 1996
- 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, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MITCHELL OLSON | CEO Trustee or director, Officer | 40 | $439,869 | $50,738 |
| KENT ENGLER | SVP MEMBER SERVICES & BRAN Highest-paid employee | 40 | $466,938 | $19,127 |
| SHAWN GAUSTAD | SENIOR INVESTMENT REPRESEN Highest-paid employee | 40 | $413,323 | $27,152 |
| VICKI ERICKSON | CMO Highest-paid employee | 40 | $256,811 | $35,485 |
| JEREMY EBERT | SVP FINANCE & CFO Trustee or director, Officer | 40 | $242,767 | $33,712 |
| ALAN SONNENBURG | SVP LENDING, CLO Highest-paid employee | 40 | $232,683 | $28,452 |
| COLLEEN JAKES | SVP INFORMATION SERVICES Highest-paid employee | 40 | $219,747 | $22,362 |
| PAUL JACOBSON | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| JOAN MOLENAAR | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| BILL HNATH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JOHN JACOBS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PAM STEGORA AXBERG | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KELLY BREIT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DAVID ENSTENESS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PRABHAKAR KARRI | DIRECTOR Trustee or director | 1 | $0 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| THERESE KIEFFER | DIRECTOR Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 16 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| MITCHELL OLSON | CEO Officer | 40 | $392,049 | $136,910 |
| SHAWN GAUSTAD | SENIOR INVESTMENT REPRESEN Highest-paid employee | 40 | $345,679 | $28,259 |
| VICKI ERICKSON | CMO Highest-paid employee | 40 | $262,283 | $42,620 |
| ALAN SONNENBURG | SVP LENDING, CLO Officer | 40 | $243,277 | $48,621 |
| KENT ENGLER | SVP MEMBER SERVICES & BRAN Highest-paid employee | 40 | $232,160 | $39,802 |
| COLLEEN JAKES | SVP INFORMATION SERVICES Highest-paid employee | 40 | $225,592 | $29,463 |
| ALICIA BARBER | VP OF HR Highest-paid employee | 40 | $210,809 | $15,138 |
| PAUL JACOBSON | CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| JOAN MOLENAAR | VICE CHAIR Trustee or director, Officer | 1 | $0 | $0 |
| BILL HNATH | TREASURER Trustee or director, Officer | 1 | $0 | $0 |
| JOHN JACOBS | SECRETARY Trustee or director, Officer | 1 | $0 | $0 |
| PAM STEGORA AXBERG | DIRECTOR Trustee or director | 1 | $0 | $0 |
| KELLY BREIT | DIRECTOR Trustee or director | 1 | $0 | $0 |
| DAVID ENSTENESS | DIRECTOR Trustee or director | 1 | $0 | $0 |
| PRABHAKAR KARRI | DIRECTOR Trustee or director | 1 | $0 | $0 |
| THERESE KIEFFER | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 9353 JEFFERSON HWY, MAPLE GROVE, MN 55369-4240
- In care of
- % JULIE WILSON
- Principal officer (990 for 2024)
- MITCHELL OLSON, 9353 JEFFERSON HIGHWAY, MAPLE GROVE, MN 55369
- Signed the 990
- MITCHELL OLSON, PRESIDENT AND CEO
- Phone
- (763) 391-9494
- Website
- WWW.TOPLINECU.COM
- Return prepared by
- CLIFTONLARSONALLEN LLP
Mission
DEDICATED TO BUILDING LIFE-LONG RELATIONSHIPS TO HELP YOU REACH AND MANAGE YOUR PERSONAL FINANCIAL GOALS.
Program accomplishments
- MEMBERS HELPING MEMBERS IN A COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATION, WITH THE GOAL OF BECOMING OUR MEMBERS PRIMARY FINANCIAL INSTITUTION
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 | Not 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
- 41-0415960
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 2024
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W61)
- Assets (IRS master file)
- $1,107,207,561
- Income (IRS master file)
- $55,854,823
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $55,551,236 | $49,143,543 | $1,107,207,561 | XML |
| 990 | December 2023 | $42,876,775 | $35,743,645 | $801,323,948 | XML |
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 41-0415960).
Questions about TOPLINE FEDERAL CREDIT UNION
- What is the EIN of TOPLINE FEDERAL CREDIT UNION?
- The employer identification number (EIN) of TOPLINE FEDERAL CREDIT UNION is 41-0415960.
- Is TOPLINE FEDERAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 2024.
- Are donations to TOPLINE FEDERAL CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does TOPLINE FEDERAL 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 TOPLINE FEDERAL CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did TOPLINE FEDERAL CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of TOPLINE FEDERAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 names MITCHELL OLSON.
- Who are the officers and directors of TOPLINE FEDERAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 16 people; 7 received compensation from the organization, the highest $439,869 (MITCHELL OLSON, CEO).
- How much revenue does TOPLINE FEDERAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $55,551,236, expenses of $49,143,543 and total assets of $1,107,207,561 at year end.
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All nonprofits in MAPLE GROVE · Minnesota · Public and societal benefit