Overview
What is Ely Area Credit Union?
Ely Area Credit Union is a member-owned financial cooperative situated in Ely, Minnesota, specifically at 2 East Chapman Street. As a community-focused organization, their primary goal is to offer competitive financial solutions that cater to their members' requirements, all while maintaining a robust asset base. The cooperative operates as a full-service entity, ensuring it meets the diverse demands of its membership. Regular dividends are paid out to members quarterly on their savings accounts, reflecting the cooperative's commitment to its members' financial well-being. With a team of 10 dedicated employees, Ely Area Credit Union plays an essential role in serving its community.
Is Ely Area Credit Union legitimate?
Ely Area Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Ely Area Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $102,692
Professional Fundraising Fees: $0
Other Salaries and Wages: $366,981
For more financial information, click here
What is the mission statement of Ely Area Credit Union?
Ely Area Credit Union, as a member-owned financial cooperative, is committed to developing and offering competitive financial products that cater to its members' needs. The organization prioritizes maintaining asset strength and aims to be a full-service organization that meets the diverse needs of its membership. The credit union's mission is to provide satisfactory services to its members while offering a wide range of competitive financial products. Additionally, the credit union pays dividends to its members quarterly on their savings accounts.
Who is the CEO of Ely Area Credit Union?
Mark Krekelberg is the Treasuermanager of Ely Area Credit Union.
What is the revenue of Ely Area Credit Union?
Ely Area Credit Union's revenue in 2022 was $1,866,322.
Who are the executives of Ely Area Credit Union and what are their salaries?
The average compensation at Ely Area Credit Union during 2022 was $46,967. There are 10 employees and 15 volunteers at Ely Area Credit Union.
Here are 8 key members and their salaries:
- Compensation: $102,692
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Ely Area Credit Union?
Ely Area Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ely Area Credit Union
Ely Area Credit Union, as a member-owned financial cooperative, is committed to developing and offering competitive financial products that cater to the needs of its members. The organization strives to maintain asset strength while operating as a full-service entity, ensuring the satisfaction of its membership. By adhering to this mission, Ely Area Credit Union aims to provide its members with a wide range of financial solutions that meet their requirements, thereby enhancing its overall standing in the financial sector.
The credit union's approach to service is rooted in its member-owned nature. This means that Ely Area Credit Union is not driven by profit maximization but rather by the welfare and needs of its members. By offering competitive product lines, the credit union demonstrates its commitment to providing its members with the best possible financial solutions. The maintenance of asset strength is another crucial aspect of Ely Area Credit Union's mission, ensuring the financial stability and reliability of the organization.
To fulfill this mission, Ely Area Credit Union pays dividends to its members quarterly on their savings accounts. This practice not only rewards the loyalty of its members but also encourages savings, thereby contributing to the financial well-being of its members. By operating as a full-service organization, Ely Area Credit Union aims to meet the diverse needs of its membership, offering a comprehensive range of financial services. This approach to service, grounded in the credit union's member-owned nature, allows Ely Area Credit Union to forge strong relationships with its members, fostering a sense of community and trust.
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Impact
October, 2024
Ely Area Credit Union plays a vital role in fostering financial well-being within the community. As a member-owned financial cooperative, it focuses on developing and offering competitive product lines tailored to meet the diverse needs of its members. This approach ensures that members have access to valuable financial services while maintaining the credit union's asset strength.
By prioritizing member satisfaction, Ely Area Credit Union's mission directly impacts the local economy, providing essential banking services that empower individuals and families. Quarterly dividends paid on savings accounts ensure that members benefit from their participation, promoting a culture of saving and financial growth. Overall, the credit union serves as a cornerstone of financial support, contributing to the stability and prosperity of the Ely community.
This information is meant to be a general summary of Ely Area Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $307,700
- Program Service Revenue: $1,369,739
- Gross Receipts: $1,866,322
Assets and Liabilities:
- Total Assets: $63,688,645
- Total Liabilities: $89,235
- Net Assets: $63,599,410
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$911,983
FEES AND CHARGES
Revenue
$127,516
VISA INCOME
Revenue
$312,484
CLS AND CREDIT CARD INT
Revenue
$17,756
Organization Details
Founding Year
1938
Principal Officer
Mark Krekelberg
Main Address
2 EAST CHAPMAN STREET, ELY, MN, 55731
NTEE Category
Code: W60 - Public benefit
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