Skip to content
Nonprofiteer
← EDUCATORS CREDIT UNION

Form 990 for tax year 2022

Filed by EDUCATORS CREDIT UNION.

Totals

Total revenue
$166,801,060
Total expenses
$134,797,605
Contributions and grants received
$0
Grants paid
$663,542
Program service revenue
$135,818,689
Investment income
$28,157,065
Other revenue
$2,825,306
Total assets, end of year
$3,107,585,746
Total liabilities, end of year
$2,842,785,113
Net assets or fund balances, end of year
$264,800,633
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: INTEREST ON LOANS

    total $78,306,663 · related or exempt $78,306,663

  • 2b · Program service revenue: CREDIT CARD INTERCHANGE INCOME

    total $32,754,227 · related or exempt $32,754,227

  • 2c · Program service revenue: MEMBER SERVICE FEES

    total $13,726,777 · related or exempt $13,726,777

  • 2d · Program service revenue: INCOME FROM SALE OF LOANS

    total $5,672,096 · related or exempt $5,672,096

  • 2e · Program service revenue: LOAN FEE INCOME

    total $1,470,403 · related or exempt $1,470,403

  • 2f · All other program service revenue

    total $3,888,523 · related or exempt $2,581,476 · unrelated business $1,307,047

  • 3 · Investment income

    total $27,870,701 · excluded $27,870,701

  • 6a · Gross rents

    real property $148,481

  • 6b · Less rental expenses

    real property $244,937

  • 6c · Rental income or loss

    real property -$96,456

  • 6d · Net rental income or loss

    total -$96,456 · excluded -$96,456

  • 7a · Gross sales of assets other than inventory

    other assets $368,358

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

    other assets $81,994

  • 7c · Gain or loss

    other assets $286,364

  • 7d · Net gain or loss

    total $286,364 · excluded $286,364

  • 10a · Gross sales of inventory

    $6,777,807

  • 10b · Cost of goods sold

    $6,656,417

  • 10c · Net income from sales of inventory

    total $121,390 · unrelated business $121,390

  • 11d · All other revenue

    total $2,800,372 · excluded $2,800,372

  • 11e · Other revenue, total

    $2,800,372

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $663,542

  • 5 · Compensation of officers, directors and key employees

    total $2,012,105

  • 7 · Other salaries and wages

    total $33,279,004

  • 8 · Pension plan contributions

    total $3,428,761

  • 9 · Other employee benefits

    total $4,565,180

  • 10 · Payroll taxes

    total $2,515,671

  • 11b · Fees: legal

    total $46,845

  • 11c · Fees: accounting

    total $347,575

  • 11g · Fees: other

    total $1,192,141

  • 12 · Advertising and promotion

    total $2,584,664

  • 13 · Office expenses

    total $4,255,750

  • 14 · Information technology

    total $12,943,028

  • 16 · Occupancy

    total $4,262,466

  • 17 · Travel

    total $146,214

  • 19 · Conferences, conventions and meetings

    total $1,386,934

  • 20 · Interest

    total $7,861,754

  • 22 · Depreciation, depletion and amortization

    total $7,275,743

  • 23 · Insurance

    total $401,292

  • 24a · Other expenses: DIVIDENDS PAID

    total $14,083,266

  • 24b · Other expenses: DEBIT AND CREDIT CARD E

    total $13,834,516

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $7,490,641

  • 24d · Other expenses: CASH BACK REWARDS

    total $5,366,904

  • 24e · All other expenses

    total $4,853,609

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $53,513,729 · end of year $58,934,104

  • 2 · Savings and temporary cash investments

    beginning of year $298,601,884 · end of year $78,769,992

  • 4 · Accounts receivable

    beginning of year $7,579,176 · end of year $8,953,409

  • 7 · Other notes and loans receivable

    beginning of year $1,824,835,862 · end of year $2,116,403,607

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,725,644 · end of year $6,702,863

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

    $100,467,857

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

    $45,265,565

  • 10c · Land, buildings and equipment, net

    beginning of year $58,094,548 · end of year $55,202,292

  • 11 · Investments: publicly traded securities

    beginning of year $732,676,052 · end of year $734,899,037

  • 12 · Investments: other securities

    beginning of year $35,334,940 · end of year $15,649,428

  • 15 · Other assets

    beginning of year $37,863,103 · end of year $32,071,014

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,284,115 · end of year $33,441,773

  • 21 · Escrow or custodial account liability

    beginning of year $2,425,655 · end of year $2,803,078

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $1,412,631

  • 25 · Other liabilities

    beginning of year $2,674,100,597 · end of year $2,805,127,631

  • 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 $344,414,571 · end of year $264,800,633

Mission and programs · 2022

Mission

OUR GOAL IS TO BE THE BEST CREDIT UNION, NOT THE LARGEST. THIS CAN BE ACHIEVED BY HAVING THE MOST LOYAL MEMBERS THROUGH THEIR USE OF OUR PRODUCTS, SERVICES, TECHNOLOGY, AND WILLINGNESS TO REFER OTHERS TO EDUCATORS CREDIT UNION.

Activities or mission (Part I)

PASSIONATELY HELP PEOPLE BY EDUCATING AND ADVISING TO EARN THEIR LOYALTY.

  • EDUCATORS CREDIT UNION PROVIDES BUSINESS AND CONSUMER LOANS AND LEASES. CURRENT LOAN PORTFOLIO IS OVER $2.1 BILLION. EDUCATORS OFFERS EDUCATIONAL SEMINARS TO HELP INFORM ITS MEMBERSHIP AND TOOLS TO HELP MAKE LARGE PURCHASES, SUCH AS HOME AND AUTOS. EDCUATORS CREDIT UNION ALSO HAS MANY FINANCIAL TOOLS TO HELP MEMBERS BUILD AND IMPROVE THEIR CREDIT SCORE TO ENSURE THEY GET THE LOWEST RATE POSSIBLE ON THEIR LOANS FOR YEARS TO COME.

  • EDUCATORS CREDIT UNION PROVIDES VERY COMPETITIVE RATES ON SAVING, CHECKING, CDS, IRAS, AND MONEY MARKET ACCOUNTS WITH BALANCES OVER $2.8 BILLION. EDCUATORS THE CREDIT UNION GAVE BACK OVER $5 MILLION DOLLARS BACK TO OUR LOYAL MEMBERS THROUGH OUR MEMBER LOYALTY PROGRAM. WE ALSO HAVE GREAT BENEFITS FOR OUR MEMBERS LIKE MIND & MONEY, FINANCIAL WELLNESS TOOLS, AND FRAUD AND THEFT PROTECTION. EDCUATORS CREDIT UNION ALSO HAS A TEAM IN INVESTMENT SERVICES TO ENSURE FINANCIAL WELLNESS FOR FUTURE GENERATIONS.

  • WE HAVE OVER 223,000 MEMBERS AND FOCUS ON EDUCATING THEM IN OUR BRANCHES AS WELL AS THROUGH COMMUNITY ACTIVITIES. EDUCATORS GAVE BACK MORE THAN $600,000 BACK TO THE COMMUNITIES IN WHICH WE SERVE. EDUCATORS CREDIT UNION ALSO AWARDED A TOTAL OF $70,000 TO 35 SCHOOL STUDENTS TO HELP OFFSET THE COST OF HIGHER EDUCATION. TO HELP ENSURE THE SECURITY OF OUR COMMUNITIES' INFORMATION, EDUCATORS CREDIT UNION OFFERS MULTIPLE SHRED DAYS THROUGHOUT OUR COMMUNITIES FREE OF CHARGE.

As filed on the 2022 return.

Listed in Part VII

  • William Halsey

    BOARD MEMBER

    Total calculated
    $700
    From this org
    $700
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sarah Fierek

    BOARD MEMBER

    Total calculated
    $600
    From this org
    $600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Pelzek

    BOARD MEMBER

    Total calculated
    $800
    From this org
    $800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nancy Majewski

    BOARD MEMBER

    Total calculated
    $950
    From this org
    $950
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Milton Dockery

    SECRETARY

    Total calculated
    $850
    From this org
    $850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mary Lueneburg

    CHAIRPERSON

    Total calculated
    $1,300
    From this org
    $1,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Cheryl Kothe

    VICE CHAIRPERSON

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Logan Martin

    ASSOCIATE BOARD MEMBER

    Total calculated
    $700
    From this org
    $700
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Elton Demeti

    ASSOCIATE BOARD MEMBER

    Total calculated
    $500
    From this org
    $500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Donald Lodge

    ASSOCIATE BOARD MEMBER

    Total calculated
    $900
    From this org
    $900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Clarence Allen

    BOARD MEMBER

    Total calculated
    $650
    From this org
    $650
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janet Days

    ASSOCIATE BOARD MEMBER

    Total calculated
    $1,250
    From this org
    $1,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brad Zautcke

    TREASURER

    Total calculated
    $850
    From this org
    $850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Justman

    CFO

    Total calculated
    $300,651
    From this org
    $275,905
    From related orgs
    $0
    Other
    $24,746
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,153
    Bonus
    $24,524
    Other
    $228
    Deferred
    $24,698
    Nontaxable benefits
    $48
    Filer's total
    $300,651

  • Linda Hoover

    CEO & PRESIDENT

    Total calculated
    $707,947
    From this org
    $662,722
    From related orgs
    $0
    Other
    $45,225
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $597,355
    Bonus
    $57,939
    Other
    $7,428
    Deferred
    $36,625
    Nontaxable benefits
    $8,600
    Filer's total
    $707,947

  • Maggie Feager

    SVP HR

    Total calculated
    $206,044
    From this org
    $167,194
    From related orgs
    $0
    Other
    $38,850
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,703
    Bonus
    $15,263
    Other
    $228
    Deferred
    $21,136
    Nontaxable benefits
    $17,714
    Filer's total
    $206,044

  • Lori Gorkowski

    VP PAYMENTS

    Total calculated
    $199,209
    From this org
    $170,217
    From related orgs
    $0
    Other
    $28,992
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,933
    Bonus
    $15,056
    Other
    $228
    Deferred
    $20,904
    Nontaxable benefits
    $8,088
    Filer's total
    $199,209

  • Ashley Madala

    VP LENDING

    Total calculated
    $201,312
    From this org
    $172,605
    From related orgs
    $0
    Other
    $28,707
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,806
    Bonus
    $15,331
    Other
    $468
    Deferred
    $20,499
    Nontaxable benefits
    $8,208
    Filer's total
    $201,312

  • Dale Dreher

    INFORMATION SECURITY OFFICER

    Total calculated
    $197,069
    From this org
    $168,316
    From related orgs
    $0
    Other
    $28,753
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,204
    Bonus
    $14,644
    Other
    $468
    Deferred
    $20,545
    Nontaxable benefits
    $8,208
    Filer's total
    $197,069

  • Jonathan Henkes

    VP IT

    Total calculated
    $188,822
    From this org
    $167,716
    From related orgs
    $0
    Other
    $21,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,229
    Bonus
    $16,259
    Other
    $228
    Deferred
    $20,018
    Nontaxable benefits
    $1,088
    Filer's total
    $188,822

  • Rich Chiapete

    CORPORATE ATTORNEY

    Total calculated
    $217,521
    From this org
    $172,938
    From related orgs
    $0
    Other
    $44,583
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,638
    Bonus
    $15,832
    Other
    $468
    Deferred
    $20,884
    Nontaxable benefits
    $23,699
    Filer's total
    $217,521

  • Kurt Johnson

    CRO

    Total calculated
    $342,395
    From this org
    $284,584
    From related orgs
    $0
    Other
    $57,811
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,915
    Bonus
    $25,441
    Other
    $228
    Deferred
    $35,711
    Nontaxable benefits
    $22,100
    Filer's total
    $342,395

  • Joseph Brazgel

    CIO

    Total calculated
    $302,300
    From this org
    $248,551
    From related orgs
    $0
    Other
    $53,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,949
    Bonus
    $24,374
    Other
    $228
    Deferred
    $27,184
    Nontaxable benefits
    $26,565
    Filer's total
    $302,300

  • Shannon Huot

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $255,955
    From this org
    $206,857
    From related orgs
    $0
    Other
    $49,098
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,983
    Bonus
    $18,646
    Other
    $228
    Deferred
    $25,158
    Nontaxable benefits
    $23,940
    Filer's total
    $255,955

  • Glenn Brusky

    VP FACILITIES

    Total calculated
    $194,462
    From this org
    $165,434
    From related orgs
    $0
    Other
    $29,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,460
    Bonus
    $14,746
    Other
    $228
    Deferred
    $20,940
    Nontaxable benefits
    $8,088
    Filer's total
    $194,462

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 · Compensation committee
  • 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

The 10 largest by cash amount. The API serves every itemized grant.

Provenance

Return type
form_990
Tax year
2022
Filed
14 September 2023
IRS schema version
2022v5.0
Source object
202312759349300246

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.