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Nonprofiteer
← LANDMARK CREDIT UNION

Form 990 for tax year 2024

Filed by LANDMARK CREDIT UNION.

Totals

Total revenue
$426,617,281
Total expenses
$381,237,130
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$359,176,061
Investment income
$67,426,820
Other revenue
$14,400
Total assets, end of year
$6,770,014,749
Total liabilities, end of year
$6,081,373,512
Net assets or fund balances, end of year
$688,641,237
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 INTEREST INCOME

    total $299,252,543 · related or exempt $299,252,543

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $32,976,402 · related or exempt $32,976,402

  • 2c · Program service revenue: FEE REVENUE

    total $26,947,116 · related or exempt $26,696,203 · unrelated business $250,913

  • 3 · Investment income

    total $56,377,660 · excluded $56,377,660

  • 6a · Gross rents

    real property $14,400

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $14,400

  • 6d · Net rental income or loss

    total $14,400 · related or exempt $14,400

  • 7a · Gross sales of assets other than inventory

    securities $6,552,070 · other assets $5,138,501

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

    securities $534,736 · other assets $106,675

  • 7c · Gain or loss

    securities $6,017,334 · other assets $5,031,826

  • 7d · Net gain or loss

    total $11,049,160 · excluded $11,049,160

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $119,659,273

  • 5 · Compensation of officers, directors and key employees

    total $4,243,232

  • 7 · Other salaries and wages

    total $76,364,351

  • 8 · Pension plan contributions

    total $7,203,769

  • 9 · Other employee benefits

    total $12,972,542

  • 10 · Payroll taxes

    total $5,770,700

  • 11b · Fees: legal

    total $1,371,835

  • 11c · Fees: accounting

    total $350,058

  • 11g · Fees: other

    total $18,545,437

  • 12 · Advertising and promotion

    total $6,411,058

  • 13 · Office expenses

    total $16,655,979

  • 16 · Occupancy

    total $6,257,427

  • 17 · Travel

    total $548,642

  • 20 · Interest

    total $53,418,746

  • 22 · Depreciation, depletion and amortization

    total $8,181,345

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $22,691,855

  • 24b · Other expenses: LOAN SERVICING EXPENSES

    total $10,205,359

  • 24c · Other expenses: MISC. OPERATING EXPENSE

    total $10,054,835

  • 24d · Other expenses: OPERATING FEES

    total $330,687

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $76,127,291 · end of year $81,975,877

  • 2 · Savings and temporary cash investments

    beginning of year $119,099,743 · end of year $121,586,785

  • 4 · Accounts receivable

    beginning of year $4,620,263 · end of year $5,119,080

  • 5 · Loans and receivables from officers and key people

    end of year $2,000,000

  • 7 · Other notes and loans receivable

    beginning of year $5,328,724,552 · end of year $5,743,291,809

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,960,766 · end of year $8,092,816

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

    $206,324,777

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

    $64,359,054

  • 10c · Land, buildings and equipment, net

    beginning of year $142,130,918 · end of year $141,965,723

  • 11 · Investments: publicly traded securities

    beginning of year $561,952,025 · end of year $541,402,205

  • 12 · Investments: other securities

    beginning of year $18,285,874 · end of year $17,318,050

  • 15 · Other assets

    beginning of year $103,236,595 · end of year $107,262,404

  • 17 · Accounts payable and accrued expenses

    beginning of year $99,563,686 · end of year $75,043,533

  • 21 · Escrow or custodial account liability

    beginning of year $5,774,014 · end of year $5,116,310

  • 23 · Secured mortgages and notes payable

    beginning of year $490,000,000 · end of year $530,000,000

  • 25 · Other liabilities

    beginning of year $5,145,096,792 · end of year $5,471,213,669

  • 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 $621,703,535 · end of year $688,641,237

Mission and programs · 2024

Mission

LANDMARK CREDIT UNION IS A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

Activities or mission (Part I)

LANDMARK CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT, COOPERATIVE FINANCIAL INSTITUTION.

  • PROVIDE LOW-COST FINANCIAL SERVICES TO OVER 396,842 MEMBERS, WHO RESIDE PRIMARILY IN SOUTHEASTERN WISCONSIN.

  • PROVIDED OVER 745,338 SAVINGS-TYPE ACCOUNTS TO THE CREDIT UNION'S MEMBERS. THE ACCOUNTS ARE STRUCTURED TO ENCOURAGE MEMBER THRIFT AND PROVIDE A COMPETITIVE RETURN ON THEIR SAVINGS.

  • GRANTED 48,000 LOANS TO CREDIT UNION MEMBERS, REPRESENTING APPROXIMATELY $2,262,420,299 AIMED AT MEETING THEIR RESPECTIVE FINANCING NEEDS.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jay Magulski

    TREASURER/CEO/PRESIDENT

    Total calculated
    $1,809,377
    From this org
    $1,721,368
    From related orgs
    $0
    Other
    $88,009
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $685,026
    Bonus
    $168,650
    Other
    $867,692
    Deferred
    $57,008
    Nontaxable benefits
    $31,001
    Filer's total
    $1,809,377

  • Brian Dorow

    CHAIRPERSON

    Total calculated
    $25,900
    From this org
    $25,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Grace Kostroski

    VICE CHAIRPERSON

    Total calculated
    $21,300
    From this org
    $21,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nancy Dickman

    SECRETARY

    Total calculated
    $22,850
    From this org
    $22,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Jennifer Bognar

    DIRECTOR

    Total calculated
    $15,125
    From this org
    $15,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Ailec Gonzalez

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Mike Erwin

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Schulze Jr

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nelson Phillips

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dane Sandersen

    ASSOCIATE DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Brian Melter

    CXO

    Total calculated
    $517,650
    From this org
    $453,258
    From related orgs
    $0
    Other
    $64,392
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $380,412
    Bonus
    $71,604
    Other
    $1,242
    Deferred
    $36,391
    Nontaxable benefits
    $28,001
    Filer's total
    $517,650

  • Stephen Hannan Jr

    CIO

    Total calculated
    $468,437
    From this org
    $408,224
    From related orgs
    $0
    Other
    $60,213
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $342,354
    Bonus
    $64,628
    Other
    $1,242
    Deferred
    $32,212
    Nontaxable benefits
    $28,001
    Filer's total
    $468,437

  • Mark Kennedy

    CLO

    Total calculated
    $460,554
    From this org
    $401,975
    From related orgs
    $0
    Other
    $58,579
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $335,464
    Bonus
    $64,189
    Other
    $2,322
    Deferred
    $27,578
    Nontaxable benefits
    $31,001
    Filer's total
    $460,554

  • David Powers

    CFO

    Total calculated
    $433,879
    From this org
    $376,591
    From related orgs
    $0
    Other
    $57,288
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $314,032
    Bonus
    $60,281
    Other
    $2,278
    Deferred
    $29,311
    Nontaxable benefits
    $27,977
    Filer's total
    $433,879

  • Jodi Greenmeier

    CPO

    Total calculated
    $391,160
    From this org
    $342,987
    From related orgs
    $0
    Other
    $48,173
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $288,131
    Bonus
    $54,132
    Other
    $724
    Deferred
    $27,597
    Nontaxable benefits
    $20,576
    Filer's total
    $391,160

  • Luke Hesprich

    SENIOR INVESTMENT REP

    Total calculated
    $742,469
    From this org
    $660,871
    From related orgs
    $0
    Other
    $81,598
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $8,982
    Bonus
    $649,567
    Other
    $2,322
    Deferred
    $51,597
    Nontaxable benefits
    $30,001
    Filer's total
    $742,469

  • Adam Newman

    EVP

    Total calculated
    $367,018
    From this org
    $311,268
    From related orgs
    $0
    Other
    $55,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,259
    Bonus
    $61,058
    Other
    $951
    Deferred
    $26,919
    Nontaxable benefits
    $28,831
    Filer's total
    $367,018

  • Trent Santos

    INVESTMENT REPRESENTATIVE SR

    Total calculated
    $434,983
    From this org
    $375,457
    From related orgs
    $0
    Other
    $59,526
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $8,983
    Bonus
    $365,671
    Other
    $803
    Deferred
    $29,773
    Nontaxable benefits
    $29,753
    Filer's total
    $434,983

  • William Gomilla

    INVESTMENT REPRESENTATIVE SR

    Total calculated
    $376,161
    From this org
    $333,243
    From related orgs
    $0
    Other
    $42,918
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $16,186
    Bonus
    $314,673
    Other
    $2,384
    Deferred
    $32,375
    Nontaxable benefits
    $10,543
    Filer's total
    $376,161

  • Spencer Simonen

    INVESTMENT REPRESENTATIVE SR

    Total calculated
    $351,907
    From this org
    $294,918
    From related orgs
    $0
    Other
    $56,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $10,674
    Bonus
    $282,923
    Other
    $1,321
    Deferred
    $29,290
    Nontaxable benefits
    $27,699
    Filer's total
    $351,907

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

  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
NAME: JAY MAGULSKI, CURRENT YEAR AMOUNT: $338,484. PLAN DESCRIPTION: 457(F)

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • LANDMARK FINANCIAL SERVICES INC

    DORMANT CORPORATION · WI · income $0 · assets $0

    Directly controlled by LANDMARK CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202543219349321514

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