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Nonprofiteer
← CREDIT UNION 1

Form 990 for tax year 2022

Filed by CREDIT UNION 1.

Totals

Total revenue
$74,221,901
Total expenses
$64,352,203
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$47,263,470
Investment income
$3,453,551
Other revenue
$23,504,880
Total assets, end of year
$1,585,978,393
Total liabilities, end of year
$1,455,360,872
Net assets or fund balances, end of year
$130,617,521
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INCOME

    total $47,263,470 · related or exempt $47,263,470

  • 3 · Investment income

    total $2,583,102 · excluded $2,583,102

  • 7a · Gross sales of assets other than inventory

    other assets $2,628,063

  • 7b · Less cost or other basis and sales expenses

    other assets $1,757,614

  • 7c · Gain or loss

    other assets $870,449

  • 7d · Net gain or loss

    total $870,449 · related or exempt $870,449

  • 11a · Other revenue: OTHER INCOME

    total $23,504,880 · excluded $23,504,880

  • 11e · Other revenue, total

    $23,504,880

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,904,967

  • 6 · Compensation of disqualified persons

    total $22,929,528

  • 9 · Other employee benefits

    total $4,410,501

  • 10 · Payroll taxes

    total $2,071,860

  • 11g · Fees: other

    total $2,908,375

  • 12 · Advertising and promotion

    total $1,130,957

  • 13 · Office expenses

    total $11,887,802

  • 20 · Interest

    total $2,310,903

  • 22 · Depreciation, depletion and amortization

    total $2,485,320

  • 24a · Other expenses: LOAN PROCESSING

    total $4,935,001

  • 24b · Other expenses: DIVIDEND EXPENSE

    total $4,676,092

  • 24c · Other expenses: BOARD & STAFF

    total $995,045

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $576,230

  • 24e · All other expenses

    total $129,622

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,762,000 · end of year $28,339,687

  • 2 · Savings and temporary cash investments

    beginning of year $244,532,935 · end of year $25,929,256

  • 7 · Other notes and loans receivable

    beginning of year $820,880,135 · end of year $1,340,152,720

  • 10a · Land, buildings and equipment: cost or other basis

    $49,022,835

  • 10b · Land, buildings and equipment: accumulated depreciation

    $23,769,714

  • 10c · Land, buildings and equipment, net

    beginning of year $22,939,606 · end of year $25,253,121

  • 11 · Investments: publicly traded securities

    beginning of year $17,432,279 · end of year $56,491,992

  • 12 · Investments: other securities

    beginning of year $30,598,995 · end of year $28,160,773

  • 13 · Investments: program-related

    beginning of year $214,240 · end of year $593,731

  • 15 · Other assets

    beginning of year $70,429,247 · end of year $81,057,113

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,754,180 · end of year $70,000,000

  • 21 · Escrow or custodial account liability

    end of year $5,796,299

  • 22 · Loans and payables to officers and key people

    end of year $3,869,068

  • 25 · Other liabilities

    beginning of year $1,091,144,009 · end of year $1,375,695,505

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $106,891,248 · end of year $130,617,521

Mission and programs · 2022

Mission

CREDIT UNION 1 IS A MEMBER-OWNED AND CONTROLLED FINANCIAL INSTITUTION DEDICATED TO PROVIDING CONVENIENT AND COMPETITIVE SERVICES AS A MEANS OF IMPROVING ONGOING ECONOMIC WELL-BEING OF OUR MEMBERS WHILE PROMOTING GROWTH AND MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.

  • PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Eberhardt

    DIRECTOR - CHAIR

    Total calculated
    $47,658
    From this org
    $21,600
    From related orgs
    $0
    Other
    $26,058
    Hours/week
    2

  • Dan Long

    DIRECTOR

    Total calculated
    $25,306
    From this org
    $14,400
    From related orgs
    $0
    Other
    $10,906
    Hours/week
    2

  • Rex Tolliver

    DIRECTOR

    Total calculated
    $14,490
    From this org
    $14,400
    From related orgs
    $0
    Other
    $90
    Hours/week
    2

  • Daniel Ricci

    DIRECTOR - VICE CHAIR

    Total calculated
    $14,445
    From this org
    $14,400
    From related orgs
    $0
    Other
    $45
    Hours/week
    2

  • Thomas Wells Jr

    DIRECTOR - SECRETARY

    Total calculated
    $25,261
    From this org
    $14,400
    From related orgs
    $0
    Other
    $10,861
    Hours/week
    2

  • Kent Yager

    DIRECTOR

    Total calculated
    $25,306
    From this org
    $14,400
    From related orgs
    $0
    Other
    $10,906
    Hours/week
    2

  • Paul Simons

    DIRECTOR

    Total calculated
    $14,459
    From this org
    $14,400
    From related orgs
    $0
    Other
    $59
    Hours/week
    2

  • Todd Gunderson

    PRESIDENT/CEO

    Total calculated
    $749,035
    From this org
    $693,135
    From related orgs
    $0
    Other
    $55,900
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $568,135
    Bonus
    $125,000
    Other
    $0
    Deferred
    $29,842
    Nontaxable benefits
    $26,058
    Filer's total
    $749,035

  • Hallie Olsen

    DIRECTOR

    Total calculated
    $14,490
    From this org
    $14,400
    From related orgs
    $0
    Other
    $90
    Hours/week
    2

  • Paul Fichter

    EVP, GENERAL COUNSEL & CHI

    Total calculated
    $442,267
    From this org
    $389,506
    From related orgs
    $0
    Other
    $52,761
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $286,684
    Bonus
    $102,822
    Other
    $0
    Deferred
    $26,703
    Nontaxable benefits
    $26,058
    Filer's total
    $442,267

  • Michael Hirt

    SVP, CHIEF TECHNOLOGY OFFI

    Total calculated
    $346,496
    From this org
    $295,129
    From related orgs
    $0
    Other
    $51,367
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,957
    Bonus
    $80,172
    Other
    $0
    Deferred
    $25,309
    Nontaxable benefits
    $26,058
    Filer's total
    $346,496

  • Kevin Allen

    SVP, CHIEF SALES OFFICER

    Total calculated
    $332,997
    From this org
    $285,231
    From related orgs
    $0
    Other
    $47,766
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,259
    Bonus
    $75,972
    Other
    $0
    Deferred
    $25,214
    Nontaxable benefits
    $22,552
    Filer's total
    $332,997

  • Scott McDonald

    EVP, CHIEF FINANCIAL OFFIC

    Total calculated
    $441,514
    From this org
    $386,350
    From related orgs
    $0
    Other
    $55,164
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $286,828
    Bonus
    $99,522
    Other
    $0
    Deferred
    $29,106
    Nontaxable benefits
    $26,058
    Filer's total
    $441,514

  • Jeff Rothmeyer

    EVP, CHIEF LENDING OFFICER

    Total calculated
    $411,243
    From this org
    $375,427
    From related orgs
    $0
    Other
    $35,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,055
    Bonus
    $93,372
    Other
    $0
    Deferred
    $9,758
    Nontaxable benefits
    $26,058
    Filer's total
    $411,243

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CUSO LTD

    C · DORMANT TRAVEL AGENCY · IL · 100% owned

Provenance

Return type
form_990
Tax year
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202333179349301643

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