Nonprofit · EIN 41-0519270
IDEAL CREDIT UNION
Tax-exempt · WOODBURY, MN 55125
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $63,119,291 | $59,793,637 | $3,325,654 | $1,038,509,439 | $929,686,105 | $108,823,334 |
| December 31, 2023 | 990 | $56,178,125 | $50,638,586 | $5,539,539 | $1,021,960,738 | $918,335,306 | $103,625,432 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $55,786,710
- Investment income
- $7,332,581
- Net gain from sales of assets
- $127,340
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $15,772,394
- Compensation of officers, directors and key employees
- $4,601,413
- Other salaries and wages
- $11,841,003
- Salaries, compensation and benefits (total)
- $20,147,500
- Professional fundraising fees
- $0
- Legal fees
- $4,563
- Occupancy
- $1,171,941
- Travel
- $495,778
- Depreciation
- $1,601,267
Balance sheet and other
- Total assets, start of year
- $1,021,960,738
- Total assets, end of year
- $1,038,509,439
- Total liabilities, end of year
- $929,686,105
- Net assets, end of year
- $108,823,334
- Land, buildings and equipment
- $19,245,346
- Gross unrelated business income
- $20,214
- Gross receipts
- $117,213,574
- Employees
- 234
- Volunteers
- 0
- Year formed
- 1926
- 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 |
|---|---|---|---|---|
| BRIAN SHERRICK | CEO Officer | 40 | $731,228 | $233,967 |
| DENNIS BAUER | CFO - EVP Officer | 40 | $492,451 | $50,634 |
| CRAIG LUNDQUIST | WEALTH MANAGEMENT ADVISOR Highest-paid employee | 40 | $487,999 | $24,150 |
| LAWRENCE MIGGLER | CHIEF TECHNOLOGY OFFICER Officer | 40 | $457,249 | $47,858 |
| ALISHA JOHNSON | CHIEF GROWTH OFFICER Officer | 40 | $330,619 | $93,596 |
| RICK BLOOD | CLO Officer | 40 | $329,027 | $71,284 |
| HERBERT HALL | SVP MEMBER EXPERIENCE Key employee | 40 | $321,142 | $34,612 |
| AMARA MACKEY | CHIEF FINANCIAL OFFICER Key employee | 40 | $248,812 | $37,242 |
| EMILY KELLY | SVP HR & ADMIN Key employee | 40 | $249,648 | $36,268 |
| SHANNON BUTLER | SVP OPS Key employee | 40 | $240,678 | $44,441 |
| FAITH THOLKES | SVP MORTGAGE AND CONSUMER Key employee | 40 | $254,377 | $30,355 |
| SHARON RILLEY | VP RISK Key employee | 40 | $212,270 | $23,564 |
| JENNIFER HANSON | VP ENTERPRISE APPLICATIONS Highest-paid employee | 40 | $180,602 | $23,006 |
| CRYSTAL CURRIER | VP BUSINESS LENDING Highest-paid employee | 40 | $182,196 | $21,131 |
| COURTNEY HUSSEY | VP OPS Highest-paid employee | 40 | $170,091 | $32,343 |
16 more people on this return
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| JANE HENNEN | VP MARKETING Highest-paid employee | 40 | $172,172 | $29,622 |
| PETER OLSEN | BOD - CHAIRMAN Trustee or director, Officer | 1 | $7,563 | $0 |
| CHRIS VOLKERS | BOD - SECRETARY Trustee or director, Officer | 1 | $3,625 | $0 |
| PAUL FAHEY | BOARD OF DIRECTORS Trustee or director | 1 | $2,875 | $0 |
| CRAIG SPREITER | BOD - VICE CHAIRMAN Trustee or director, Officer | 1 | $2,700 | $0 |
| LEWIS LAMBERT | BOARD OF DIRECTORS Trustee or director | 1 | $2,500 | $0 |
| LISA LIDDELL | BOARD OF DIRECTORS Trustee or director | 1 | $1,813 | $0 |
| RICHARD OSBORN | SUP COMMITTEE - CHAIRMAN Trustee or director | 1 | $1,738 | $0 |
| JIM MOSNER | BOARD OF DIRECTORS Trustee or director | 1 | $1,650 | $0 |
| LAURA PORT | ADVISORY COMMITTEE - CHAIRMAN Trustee or director | 1 | $1,563 | $0 |
| MARY WESTBURG | BOARD OF DIRECTORS Trustee or director | 1 | $1,413 | $0 |
| DANIELLE DUCHEMIN | BOARD OF DIRECTORS - ASSOC Trustee or director | 1 | $875 | $0 |
| SARA MARUSKA | ADVISORY COMMITTEE Trustee or director | 1 | $850 | $0 |
| MARCO BUCHMAYER | ADVISORY COMMITTEE Trustee or director | 1 | $613 | $0 |
| SARA RACINE | ADVISORY COMMITTEE Trustee or director | 1 | $238 | $0 |
| ERIN PETSCHEL | ADVISORY COMMITTEE Trustee or director | 1 | $75 | $0 |
990 for the year ended December 31, 2023: 30 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRIAN SHERRICK | CEO Officer | 40 | $757,513 | $231,196 |
| DENNIS BAUER | CFO - EVP Officer | 40 | $745,561 | $47,863 |
| CRAIG LUNDQUIST | WEALTH MANAGEMENT ADVISOR Highest-paid employee | 40 | $417,830 | $22,275 |
| ALISHA JOHNSON | CHIEF GROWTH OFFICER Officer | 40 | $343,121 | $90,683 |
| LAWRENCE MIGGLER | CHIEF TECHNOLOGY OFFICER Officer | 40 | $311,327 | $121,881 |
| RICK BLOOD | CLO Officer | 40 | $330,660 | $70,564 |
| HERBERT HALL | SVP MEMBER EXPERIENCE Key employee | 40 | $275,770 | $49,410 |
| EMILY KELLY | SVP HR & ADMIN Key employee | 40 | $256,039 | $36,518 |
| FAITH THOLKES | SVP MORTGAGE AND CONSUMER Key employee | 40 | $255,957 | $30,077 |
| SHANNON BUTLER | SVP OPS Key employee | 40 | $241,317 | $38,985 |
| SHARON RILLEY | VP RISK Key employee | 40 | $213,317 | $23,634 |
| AMARA MACKEY | VP FINANCE Key employee | 40 | $203,582 | $25,306 |
| JANE HENNEN | VP MARKETING Highest-paid employee | 40 | $175,275 | $28,877 |
| JENNIFER HANSON | VP ENTERPRISE APPLICATIONS Highest-paid employee | 40 | $180,854 | $22,598 |
| CRYSTAL CURRIER | VP BUSINESS LENDING Highest-paid employee | 40 | $181,650 | $20,764 |
| COURTNEY HUSSEY | VP OPS Highest-paid employee | 40 | $169,636 | $29,090 |
| PETER OLSEN | BOD - CHAIRMAN Trustee or director, Officer | 1 | $5,850 | $0 |
| LEWIS LAMBERT | BOARD OF DIRECTORS Trustee or director | 1 | $3,050 | $0 |
| MARY WESTBURG | BOARD OF DIRECTORS Trustee or director | 1 | $2,488 | $0 |
| CHRIS VOLKERS | BOD - SECRETARY Trustee or director, Officer | 1 | $2,350 | $0 |
| CRAIG SPREITER | BOD - VICE CHAIRMAN Trustee or director, Officer | 1 | $2,338 | $0 |
| LISA LIDDELL | BOARD OF DIRECTORS Trustee or director | 1 | $1,988 | $0 |
| RICHARD OSBORN | SUP COMMITTEE - CHAIRMAN Trustee or director | 1 | $1,850 | $0 |
| PAUL FAHEY | BOARD OF DIRECTORS Trustee or director | 1 | $1,838 | $0 |
| JIM MOSNER | BOARD OF DIRECTORS Trustee or director | 1 | $1,638 | $0 |
| ERIN PETSCHEL | SUP COMMITTEE Trustee or director | 1 | $1,150 | $0 |
| DANIELLE DUCHEMIN | BOARD OF DIRECTORS - ASSOC Trustee or director | 1 | $900 | $0 |
| KEITH E HAUGE | BOARD OF DIRECTORS Trustee or director | 1 | $800 | $0 |
| DAN OLSON | BOARD OF DIRECTORS Trustee or director | 1 | $425 | $0 |
| SARA RACINE | SUP COMMITTEE Trustee or director | 1 | $238 | $0 |
Address and contacts
- Address (IRS master file)
- 8499 TAMARACK RD, WOODBURY, MN 55125-9201
- Principal officer (990 for 2024)
- BRIAN SHERRICK, 8499 TAMARACK RD, WOODBURY, MN 55125
- Signed the 990
- BRIAN SHERRICK, CEO
- Phone
- (651) 770-7000
- Website
- WWW.IDEALCU.COM
- Return prepared by
- CLIFTONLARSONALLEN LLP
Mission
TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERSHIP INCLUDING LOANS, DEPOSITS AND OTHER MISCELLANEOUS SERVICES.
Program accomplishments
- THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO APPROXIMATELY 49,379 MEMBERS. ALL EXCESS EARNINGS OF THE CREDIT UNION GO TO RETAINED EARNINGS, OUR ONLY SOURCE OF CAPITAL. WE PROVIDE A BROAD ARRAY OF FINANCIAL SERVICES INCLUDING CONSUMER LOANS, REAL ESTATE LOANS AND BUSINESS LOANS.
- THE CREDIT UNION PROVIDES A WIDE ARRAY OF DEPOSIT PRODUCTS TO OUR MEMBERS INCLUDING SAVINGS, MONEY MARKET, IRA'S, CD'S AND CHECKING. ATTACHED TO THE CHECKING WE OFFER ACCESS TO ATM'S, DEBIT CARDS, ACH AND OTHER PAYMENT SYSTEMS.
- THE CREDIT UNION PROVIDES ACCESS TO ALL MEMBERS THROUGH BOTH TELEPHONE AND INTERNET SERVICES.
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
- 41-0519270
- 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)
- $1,038,509,439
- Income (IRS master file)
- $117,213,574
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $63,119,291 | $59,793,637 | $1,038,509,439 | XML |
| 990 | December 2023 | $56,178,125 | $50,638,586 | $1,021,960,738 | XML |
| 990 | December 2022 | $48,171,673 | $41,131,666 | $988,489,095 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | 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 41-0519270).
Questions about IDEAL CREDIT UNION
- What is the EIN of IDEAL CREDIT UNION?
- The employer identification number (EIN) of IDEAL CREDIT UNION is 41-0519270.
- Is IDEAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
- Are donations to IDEAL CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does IDEAL 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 IDEAL 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 IDEAL 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 IDEAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 names BRIAN SHERRICK.
- Who are the officers and directors of IDEAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 31 people; 31 received compensation from the organization, the highest $731,228 (BRIAN SHERRICK, CEO).
- How much revenue does IDEAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $63,119,291, expenses of $59,793,637 and total assets of $1,038,509,439 at year end.
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