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Nonprofit · EIN 41-0418235

MINNESOTA POWER EMPLOYEES CREDIT UNION

Also known as MINNESOTA POWER EMPLS

Tax-exempt · DULUTH, MN 55802

Financials

$6.9M$5.8M2023$8.5M$7.3M2024
Revenue Expenses · by fiscal year end
Financials of MINNESOTA POWER EMPLOYEES CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$8,527,985$7,299,133$1,228,852$160,176,098$144,453,188$15,722,910
December 31, 2023990$6,860,848$5,846,752$1,014,096$147,383,740$132,437,324$14,946,416
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$6,320,249
Investment income
$1,293,826
Other revenue
$913,910

Expenses

Grants and similar amounts paid
$0
Benefits paid to members
$1,878,664
Compensation of officers, directors and key employees
$180,387
Other salaries and wages
$1,192,393
Salaries, compensation and benefits (total)
$1,816,611
Professional fundraising fees
$0
Legal fees
$16,076
Accounting fees
$44,919
Occupancy
$232,397
Travel
$18,323
Depreciation
$23,816

Balance sheet and other

Total assets, start of year
$147,383,740
Total assets, end of year
$160,176,098
Total liabilities, end of year
$144,453,188
Net assets, end of year
$15,722,910
Land, buildings and equipment
$83,434
Publicly traded securities
$18,789,309
Gross receipts
$8,527,985
Employees
24
Volunteers
14
Year formed
1933
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.

NameTitleHours / weekCompensationOther / benefits
JASON OLSENSVP BUSINESS LENDING
Highest-paid employee
40$146,608$48,514
DEBORA ALMIRALLPRESIDENT/CEO
Officer
40$150,862$29,525
DAVE KAUMAVP FINANCE
Highest-paid employee
40$117,301$51,098
ANNIE LEPPERVP LENDING & MARKETING
Highest-paid employee
40$111,397$32,642
MARCIA PODRATZBOARD CHAIR
Trustee or director, Officer
2$0$0
STEVE SHARKEYVICE CHAIR
Trustee or director, Officer
2$0$0
NATHAN SCHMIDTSECRETARY
Trustee or director, Officer
2$0$0
JEREMY CAINEBOARD MEMBER
Trustee or director
2$0$0
MIKE FRENCHBOARD MEMBER
Trustee or director
2$0$0
THOMAS MEYERBOARD MEMBER
Trustee or director
2$0$0
KENT OLIVERBOARD MEMBER
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 10 people
NameTitleHours / weekCompensationOther / benefits
DEBORA ALMIRALLPRESIDENT/CEO
Officer
40$190,831$35,824
JASON OLSENSVP BUSINESS LENDING
Highest-paid employee
40$144,792$13,960
ANNIE LEPPERVP LENDING & MARKETING
Highest-paid employee
40$105,797$30,507
MIKE FRENCHBOARD MEMBER
Trustee or director
2$0$0
MARCIA PODRATZBOARD CHAIR
Trustee or director, Officer
2$0$0
JEREMY CAINEBOARD MEMBER
Trustee or director
2$0$0
KENT OLIVERBOARD MEMBER
Trustee or director
2$0$0
NATHAN SCHMIDTSECRETARY
Trustee or director, Officer
2$0$0
THOMAS MEYERBOARD MEMBER
Trustee or director
2$0$0
STEVE SHARKEYVICE CHAIR
Trustee or director, Officer
2$0$0

Address and contacts

Address (IRS master file)
30 W SUPERIOR ST STE 126, DULUTH, MN 55802-2191
Principal officer (990 for 2024)
JASON OLSEN, 30 W SUPERIOR STREET SUITE 126, DULUTH, MN 55802
Signed the 990
DAVID KAUMA, VP FINANCE
Phone
(218) 336-1800
Return prepared by
CLIFTONLARSONALLEN LLP

Mission

YOUR SUCCESSFUL FINANCIAL JOURNEY IS OUR PASSION.

990 for the year ended December 31, 2024

Program accomplishments

  • MPECU PROVIDED FEE-FREE CHECKING ACCOUNTS, TIERED SAVINGS ACCOUNTS, IRA ACCOUNTS AND TERM DEPOSITS TO ITS MEMBERS. MEMBERS WERE PAID $1,741,142 IN DIVIDENDS ON THEIR ACCOUNTS AND RECEIVED FEE DISCOUNTS BASED ON THEIR PRODUCTS AND SERVICES UTILIZATION.
    Expenses $1,741,142
  • MPECU PROVIDES FREE ONLINE FINANCIAL MANAGEMENT TOOLS TO ITS MEMBERS. DURING THE YEAR, THE CREDIT UNION PAID APPROXIMATELY $57,366 FOR THESE TYPES OF SERVICES.
    Expenses $57,366
  • MPECU HAS AN ATM FEE REIMBURSEMENT PROGRAM THAT REFUNDED $46,099 IN ATM SURCHARGE FEES BACK TO ITS MEMBERS.
    Expenses $46,099

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 yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
41-0418235
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
Assets (IRS master file)
$160,176,098
Income (IRS master file)
$8,527,985

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$8,527,985$7,299,133$160,176,098XML
990December 2023$6,860,848$5,846,752$147,383,740XML
990December 2022$5,060,015$4,086,098$122,966,915IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990December 2017–––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 41-0418235).

Questions about MINNESOTA POWER EMPLOYEES CREDIT UNION

What is the EIN of MINNESOTA POWER EMPLOYEES CREDIT UNION?
The employer identification number (EIN) of MINNESOTA POWER EMPLOYEES CREDIT UNION is 41-0418235.
Is MINNESOTA POWER EMPLOYEES CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
Are donations to MINNESOTA POWER EMPLOYEES CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does MINNESOTA POWER EMPLOYEES 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 MINNESOTA POWER EMPLOYEES 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 MINNESOTA POWER EMPLOYEES 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 MINNESOTA POWER EMPLOYEES CREDIT UNION?
The 990 for the year ended December 31, 2024 names JASON OLSEN.
Who are the officers and directors of MINNESOTA POWER EMPLOYEES CREDIT UNION?
The 990 for the year ended December 31, 2024 lists 11 people; 4 received compensation from the organization, the highest $146,608 (JASON OLSEN, SVP BUSINESS LENDING).
How much revenue does MINNESOTA POWER EMPLOYEES CREDIT UNION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $8,527,985, expenses of $7,299,133 and total assets of $160,176,098 at year end.

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