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Nonprofit · EIN 41-0653148

NORTHWOODS CREDIT UNION

Tax-exempt · CLOQUET, MN 55720

Financials

$12M$11.9M2023$13.5M$12.3M2024
Revenue Expenses · by fiscal year end
Financials of NORTHWOODS CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$13,484,630$12,264,605$1,220,025$175,915,538$161,331,925$14,583,613
December 31, 2023990$11,960,002$11,930,660$29,342$172,709,574$159,345,986$13,363,588
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$12,434,793
Investment income
$988,837
Net gain from sales of assets
$2,857
Other revenue
$61,000

Expenses

Grants and similar amounts paid
$33,371
Benefits paid to members
$1,890,636
Compensation of officers, directors and key employees
$669,026
Other salaries and wages
$3,345,795
Salaries, compensation and benefits (total)
$5,255,900
Professional fundraising fees
$0
Legal fees
$8,448
Accounting fees
$70,670
Occupancy
$301,999
Travel
$57,002
Depreciation
$583,147

Balance sheet and other

Total assets, start of year
$172,709,574
Total assets, end of year
$175,915,538
Total liabilities, end of year
$161,331,925
Net assets, end of year
$14,583,613
Land, buildings and equipment
$8,397,986
Publicly traded securities
$8,020,659
Gross unrelated business income
$14,271
Gross receipts
$13,484,630
Employees
63
Volunteers
10
Year formed
1936
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
DOUG WOLFPRESIDENT/CEO
Officer
40$180,861$38,455
TERRY BURNSVP/CHIEF LENDING OFFICER
Officer
40$176,475$42,836
MATTHEW FERRINSVP/CFO
Officer
40$175,172$34,772
STEVEN MCCONNELLSVP/CTO
Highest-paid employee
40$114,275$7,256
JEFFREY KLETSCHERCHAIRPERSON
Trustee or director, Officer
1.89$4,605$0
CHRISTINE NIELSON-RINGATSECRETARY
Trustee or director, Officer
1.14$2,920$0
LARRY CHAMPEAUXVICE CHAIRPERSON
Trustee or director, Officer
1.1$2,832$0
DEBRA J LARSONDIRECTOR
Trustee or director
0.9$2,453$0
DARREN JUNTUNENDIRECTOR
Trustee or director
0.86$2,278$0
NATHAN MANNERDIRECTOR
Trustee or director
0.8$2,105$0
LISA FOLLETT-POLLAKDIRECTOR
Trustee or director
0.73$1,975$0
990 for the year ended December 31, 2023: 11 people
NameTitleHours / weekCompensationOther / benefits
DOUG WOLFPRESIDENT/CEO
Officer
40$182,717$35,944
TERRY BURNSVP/CHIEF LENDING OFFICER
Officer
40$140,481$42,835
MATTHEW FERRINSVP/CHIEF FINANCIAL OFFICER
Officer
40$143,024$32,108
JEFFREY KLETSCHERCHAIRPERSON
Trustee or director, Officer
1.86$2,807$0
CHRISTINE NIELSON-RINGATSECRETARY
Trustee or director, Officer
1.16$1,938$0
LARRY CHAMPEAUXVICE CHAIRPERSON
Trustee or director, Officer
1.04$1,745$0
NATHAN MANNERDIRECTOR
Trustee or director
0.94$1,545$0
DEBRA J LARSONDIRECTOR
Trustee or director
0.87$1,511$0
LISA FOLLETT-POLLAKDIRECTOR
Trustee or director
0.72$1,244$0
DARREN JUNTUNENDIRECTOR
Trustee or director
0.63$1,120$0
KASEY OLSONDIRECTOR (THRU 02/2023)
Trustee or director
0.38$210$0

Address and contacts

Address (IRS master file)
1702 AVENUE B, CLOQUET, MN 55720-1958
Principal officer (990 for 2024)
TERRY BURN, 1702 AVE B, CLOQUET, MN 55720
Signed the 990
TERRY BURN, PRESIDENT/CEO
Phone
(218) 879-4181
Return prepared by
WIPFLI LLP

Mission

TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS.

990 for the year ended December 31, 2024

Program accomplishments

  • SERVED 12,024 MEMBERS - PAID OVER $1,837,000 IN DIVIDENDS.
  • 8,773 OUTSTANDING MEMBER LOANS TOTALING $118,822,050 ON DECEMBER 31, 2024 - GRANTED 3,308 LOANS TO MEMBERS TOTALING $57,640,893 IN 2024 - MEMBERS PAID OVER $8,716,286 IN LOAN INTEREST THROUGHOUT 2024.

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
41-0653148
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)
$175,915,538
Income (IRS master file)
$13,484,630

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$13,484,630$12,264,605$175,915,538XML
990December 2023$11,960,002$11,930,660$172,709,574XML
990December 2022$11,374,020$9,715,764$162,399,307IRS
990December 2021–––IRS
990December 2020–––IRS
990December 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 41-0653148).

Questions about NORTHWOODS CREDIT UNION

What is the EIN of NORTHWOODS CREDIT UNION?
The employer identification number (EIN) of NORTHWOODS CREDIT UNION is 41-0653148.
Is NORTHWOODS CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
Are donations to NORTHWOODS CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does NORTHWOODS 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 NORTHWOODS 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 NORTHWOODS 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 NORTHWOODS CREDIT UNION?
The 990 for the year ended December 31, 2024 names TERRY BURN.
Who are the officers and directors of NORTHWOODS CREDIT UNION?
The 990 for the year ended December 31, 2024 lists 11 people; 11 received compensation from the organization, the highest $180,861 (DOUG WOLF, PRESIDENT/CEO).
How much revenue does NORTHWOODS CREDIT UNION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $13,484,630, expenses of $12,264,605 and total assets of $175,915,538 at year end.

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