DULUTH FIRE DEPARTMENT CREDIT UNION

EIN: 410226128

DULUTH, MN

Total Revenue
$311,669
Total Expenses
$270,588
Total Assets
$7,352,354
Net Assets
$1,125,814
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1932
Legal Domicile
MN
Principal Officer
DAVID J TORGERSON
Phone
2187238357
Tax Period
2025-01-01 to 2025-12-31

DULUTH FIRE DEPARTMENT CREDIT UNION, founded in 1932, is a small nonprofit that reported $312K in total revenue in fiscal year 2025. Expenses of $271K left a modest 13% surplus.

Mission

CREDIT UNION-SAVINGS AND VEHICLE LOANS

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $165,010
Investment Income $146,659
Other Revenue $0
TOTAL REVENUE $311,669

Expense Breakdown

Grants Paid $0
Salaries & Benefits $72,542
Fundraising Expenses $0
Program Expenses $270,588
Other Expenses $45,158
TOTAL EXPENSES $270,588

Year-over-Year Comparison

2025 2024 Change
Revenue $311,669 $291,735 +0.1%
Expenses $270,588 $249,529 +0.1%
Net Income $41,081 $42,206 0.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
5
Independent Members
5
Employees
5
Volunteers
11

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
2
$0
Total Directors
5
$0
Key Employees
1
$23,000
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DAVID J TORGERSON MANAGER 16
Key Emp
$23,000 $0 $23,000
CHAD COOKE PRESIDENT 0
Officer Director
$0 $0 $0
RICHARD GRONDAHL VICE-PRESIDENT 0
Officer Director
$0 $0 $0
LUKE MATLON DIRECTOR 0
Director
$0 $0 $0
KATIE SANDSTROM DIRECTOR 0
Director
$0 $0 $0
SANDRA MCCOMB DIRECTOR 0
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $311,669 $270,588 $7,352,354 $41,081
2024 No data No data No data No data
2023 $233,762 $183,035 $6,784,363 $50,727
2022 $177,221 $123,777 $6,193,191 $53,444
2021 $172,462 $139,139 $6,461,197 $33,323
2020 $167,682 $126,378 $5,892,202 $41,304
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