United Savings Credit Union

The United Savings Credit Union (USCU) is a member-owned and controlled financial cooperative. It operates under the principles of promoting financial responsibility, encouraging membership involvement, and ensuring the long-term financial stability of the organization[1][3].

Overview

USCU is designated as a 501(c)(14) organization, which categorizes it as a state-chartered credit union and mutual reserve fund[2]. This classification reflects its nonprofit status, aligning with the regulations applicable to such financial cooperatives.

Governance

The credit union is governed by a Volunteer Board of Directors, elected by its members. The Board is responsible for setting the direction of the organization, protecting its interests, and making decisions on long-term planning, policies, and budgets. These decisions are guided by the wishes of the membership, the credit union's philosophy, and relevant laws and regulations[1].

Financial Operations

USCU derives its revenue primarily from program services and investment income. In recent years, program services have constituted the majority of its revenue, while investment income contributes a smaller but significant portion[2][3]. The organization does not receive grants or contributions, and its operations are largely self-sustaining[2].

Membership and Benefits

Membership in the credit union is open and continues until a member chooses to close their account. Members benefit from a variety of financial services and products tailored to support their financial goals and stability[1].

Key Personnel

USCU's leadership includes a Chief Executive Officer and a Board of Directors consisting of a Chairman, Secretary, Treasurer, and Vice Chairman, among others. Key roles are held by individuals such as Jim Schaefbauer, Charles Burnman, Doreen Klomstad, and David Dahl[3].

Conclusion

United Savings Credit Union operates as a community-focused financial institution, providing essential financial services to its members while maintaining a strong commitment to education and member involvement. Its model of member ownership and volunteer leadership supports its mission of promoting financial well-being within the communities it serves.