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Nonprofit · EIN 41-0237440

ELY AREA CREDIT UNION

Tax-exempt · ELY, MN 55731

Financials

$2.3M$1.4M2023$2.9M$1.7M2024$3.5M$1.8M2025
Revenue Expenses · by fiscal year end
Financials of ELY AREA CREDIT UNION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2025990$3,505,301$1,797,104$1,708,197$73,171,414$65,964$73,105,450
December 31, 2024990$2,947,398$1,662,042$1,285,356$67,400,425$62,138$67,338,287
December 31, 2023990$2,330,009$1,373,789$956,220$64,991,016$41,570$64,949,446
Financial details: 990 for the year ended December 31, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$1,858,803
Investment income
$1,323,343
Other revenue
$323,155

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$439,549
Salaries, compensation and benefits (total)
$676,850
Professional fundraising fees
$0
Accounting fees
$14,004
Occupancy
$51,298
Depreciation
$88,623

Balance sheet and other

Total assets, start of year
$67,400,425
Total assets, end of year
$73,171,414
Total liabilities, end of year
$65,964
Net assets, end of year
$73,105,450
Land, buildings and equipment
$226,565
Publicly traded securities
$23,534,000
Gross unrelated business income
$6,956
Gross receipts
$3,505,301
Employees
10
Volunteers
10
Year formed
1938
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, 2025, highest compensation first.

NameTitleHours / weekCompensation
MARK KREKELBERGTREASURERMANAGER
Highest-paid employee
40$141,853
TODD AHOCHAIR
Trustee or director
1$0
STEPHEN PETERSONBOARD MEMBER
Trustee or director
1$0
DEB ANDERSONBOARD MEMBER
Trustee or director
1$0
TINA FOSTERBOARD MEMBER
Trustee or director
1$0
TONY GORNIKBOARD MEMBER
Trustee or director
1$0
BARBARA MATHEWSVICE CHAIR
Trustee or director
1$0
KERRY DAVISBOARD MEMBER
Trustee or director
1$0
990 for the year ended December 31, 2024: 8 people
NameTitleHours / weekCompensation
MARK KREKELBERGTREASURERMANAGER
Highest-paid employee
40$120,080
TODD AHOVICE CHAIR
Trustee or director
1$0
STEPHEN PETERSONCHAIR
Trustee or director
1$0
DEB ANDERSONBOARD MEMBER
Trustee or director
1$0
TINA FOSTERBOARD MEMBER
Trustee or director
1$0
TONY GORNIKBOARD MEMBER
Trustee or director
1$0
BARBARA MATHEWSBOARD MEMBER
Trustee or director
1$0
KERRY DAVISBOARD MEMBER
Trustee or director
1$0
990 for the year ended December 31, 2023: 8 people
NameTitleHours / weekCompensation
MARK KREKELBERGTREASUERMANAGER
Officer, Highest-paid employee
40$102,692
TODD AHOBOARD MEMBER
Trustee or director
1$0
STEPHEN PETERSONVICE CHAIR
Trustee or director
1$0
DEB ANDERSONBOARD MEMBER
Trustee or director
1$0
TINA FOSTERCHAIR PERSON
Trustee or director
1$0
TONY GORNIKCHAIR
Trustee or director
1$0
BARBARA MATHEWSBOARD MEMBER
Trustee or director
1$0
KERRY DAVISBOARD MEMBER
Trustee or director
1$0

Address and contacts

Address (IRS master file)
2 E CHAPMAN ST, ELY, MN 55731-1228
In care of
% MARK KREKELBERG
Mailing address (990-N for 2009)
PO Box 151, Ely MN 55731
Principal officer (990 for 2025)
MARK KREKELBERG, 2 E CHAPMAN ST, ELY, MN 55731
Principal officer (990-N for 2009)
Tricia Schreffler, 1647 Hwy 1, Ely MN 55731
Signed the 990
MARK KREKELBERG, TREASURERMANAGER
Phone
(218) 365-3131

Mission

AS A MEMBER-OWNED FINANCIAL COOPERATIVE, WE WILL DEVELOP AND OFFER COMPETITIVE PRODUCT LINES THAT MEET MEMBERS' NEEDS WHILE MAINTAINING ASSET STRENGTH AND BE A FULL-SERVICE ORGANIZATION THAT SATISFIES THE NEEDS OF THE MEMBERSHIP.

990 for the year ended December 31, 2025

Program accomplishments

  • DIVIDENDS PAID TO THE MEMBERS QUARTERLY ON THEIR SAVINGS ACCOUNTS
  • PROVIDES FINANCIAL & FINANCIALLY RELATED SERVICES TO OUR MEMBERS
  • PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR & REASONABLE RATE OF INTEREST

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, 2026990 on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
41-0237440
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)
$73,171,414
Income (IRS master file)
$3,505,301

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2025$3,505,301$1,797,104$73,171,414XML
990December 2024$2,947,398$1,662,042$67,400,425IRS
990December 2023$2,330,009$1,373,789$64,991,016XML
990December 2022$1,866,322$1,434,423$63,688,645IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS
990-N for 2009
Officer: Tricia Schreffler
December 31, 2009≤ $50,000 receipts––e-Postcard

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 41-0237440).

Questions about ELY AREA CREDIT UNION

What is the EIN of ELY AREA CREDIT UNION?
The employer identification number (EIN) of ELY AREA CREDIT UNION is 41-0237440.
Is ELY AREA CREDIT UNION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
Are donations to ELY AREA CREDIT UNION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does ELY AREA 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 ELY AREA CREDIT UNION due?
The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did ELY AREA CREDIT UNION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2025.
Who is the principal officer of ELY AREA CREDIT UNION?
The 990 for the year ended December 31, 2025 names MARK KREKELBERG.
Who are the officers and directors of ELY AREA CREDIT UNION?
The 990 for the year ended December 31, 2025 lists 8 people; 1 received compensation from the organization, the highest $141,853 (MARK KREKELBERG, TREASURERMANAGER).
How much revenue does ELY AREA CREDIT UNION have?
On its 990 for the year ended December 31, 2025 it reported revenue of $3,505,301, expenses of $1,797,104 and total assets of $73,171,414 at year end.

Other nonprofits in ELY

All nonprofits in ELY · Minnesota