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Nonprofiteer
← NORTHWOODS CREDIT UNION

Form 990 for tax year 2023

Filed by NORTHWOODS CREDIT UNION.

Totals

Total revenue
$11,960,002
Total expenses
$11,930,660
Contributions and grants received
$0
Grants paid
$35,497
Program service revenue
$11,172,446
Investment income
$513,970
Other revenue
$273,586
Total assets, end of year
$172,709,574
Total liabilities, end of year
$159,345,986
Net assets or fund balances, end of year
$13,363,588
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 LOAN

    total $8,494,108 · related or exempt $8,494,108

  • 2b · Program service revenue: FEE INCOME

    total $2,678,338 · related or exempt $2,666,673 · unrelated business $11,665

  • 3 · Investment income

    total $512,538 · excluded $512,538

  • 7a · Gross sales of assets other than inventory

    other assets $1,432

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

    other assets $0

  • 7c · Gain or loss

    other assets $1,432

  • 7d · Net gain or loss

    total $1,432 · excluded $1,432

  • 11a · Other revenue: RECOVERY OF CAPITAL

    total $273,586 · excluded $273,586

  • 11e · Other revenue, total

    $273,586

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $34,341

  • 2 · Grants to domestic individuals

    total $1,156

  • 5 · Compensation of officers, directors and key employees

    total $590,109

  • 7 · Other salaries and wages

    total $2,953,690

  • 8 · Pension plan contributions

    total $202,486

  • 9 · Other employee benefits

    total $614,924

  • 10 · Payroll taxes

    total $276,270

  • 11b · Fees: legal

    total $12,150

  • 11c · Fees: accounting

    total $75,106

  • 11f · Fees: investment management

    total $7,825

  • 11g · Fees: other

    total $269,914

  • 12 · Advertising and promotion

    total $165,225

  • 13 · Office expenses

    total $436,649

  • 14 · Information technology

    total $2,396,776

  • 16 · Occupancy

    total $339,289

  • 17 · Travel

    total $57,041

  • 19 · Conferences, conventions and meetings

    total $89,291

  • 20 · Interest

    total $9,716

  • 22 · Depreciation, depletion and amortization

    total $516,487

  • 23 · Insurance

    total $102,921

  • 24a · Other expenses: MEMBERSHIP DIVIDENDS/RE

    total $1,406,931

  • 24b · Other expenses: LOAN & CLOSING COSTS

    total $528,013

  • 24c · Other expenses: DEBIT CARD EXPENSE

    total $457,857

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $265,335

  • 24e · All other expenses

    total $121,158

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,291,343 · end of year $3,541,194

  • 2 · Savings and temporary cash investments

    beginning of year $565,591 · end of year $14,104,576

  • 4 · Accounts receivable

    beginning of year $1,165,175 · end of year $983,642

  • 5 · Loans and receivables from officers and key people

    beginning of year $3,385 · end of year $1,402,472

  • 7 · Other notes and loans receivable

    beginning of year $135,198,421 · end of year $133,235,089

  • 9 · Prepaid expenses and deferred charges

    beginning of year $485,201 · end of year $330,156

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

    $12,306,558

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

    $3,908,026

  • 10c · Land, buildings and equipment, net

    beginning of year $7,352,147 · end of year $8,398,532

  • 11 · Investments: publicly traded securities

    beginning of year $8,471,382 · end of year $5,040,709

  • 12 · Investments: other securities

    beginning of year $1,539,600 · end of year $1,197,500

  • 15 · Other assets

    beginning of year $4,327,062 · end of year $4,475,704

  • 17 · Accounts payable and accrued expenses

    beginning of year $276,716 · end of year $1,863,699

  • 25 · Other liabilities

    beginning of year $148,791,378 · end of year $157,482,287

  • 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 $13,331,213 · end of year $13,363,588

Mission and programs · 2023

Mission

TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS.

Activities or mission (Part I)

PROVIDE CREDIT UNION SERVICES TO MEMBERS.

  • SERVED 11,711 MEMBERS - PAID OVER $1,349,000 IN DIVIDENDS

  • 8,940 OUTSTANDING MEMBER LOANS TOTALING $118,895,003 ON DECEMBER 31, 2023 - GRANTED 3,366 LOANS TO MEMBERS TOTALING $54,979,165 IN 2023 - MEMBERS PAID OVER $7,683,358 IN LOAN INTEREST THROUGHOUT 2023

As filed on the 2023 return.

Listed in Part VII

  • Jeffrey Kletscher

    CHAIRPERSON

    Total calculated
    $2,807
    From this org
    $2,807
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.86

  • Larry Champeaux

    VICE CHAIRPERSON

    Total calculated
    $1,745
    From this org
    $1,745
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.04

  • Christine Nielson-Ringat

    SECRETARY

    Total calculated
    $1,938
    From this org
    $1,938
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.16

  • Nathan Manner

    DIRECTOR

    Total calculated
    $1,545
    From this org
    $1,545
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.94

  • Lisa Follett-Pollak

    DIRECTOR

    Total calculated
    $1,244
    From this org
    $1,244
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.72

  • Debra J Larson

    DIRECTOR

    Total calculated
    $1,511
    From this org
    $1,511
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.87

  • Kasey Olson

    DIRECTOR (THRU 02/2023)

    Total calculated
    $210
    From this org
    $210
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.38

  • Darren Juntunen

    DIRECTOR

    Total calculated
    $1,120
    From this org
    $1,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.63

  • Terry Burn

    SVP/CHIEF LENDING OFFICER

    Total calculated
    $183,316
    From this org
    $140,481
    From related orgs
    $0
    Other
    $42,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,187
    Bonus
    $17,294
    Other
    $0
    Deferred
    $8,038
    Nontaxable benefits
    $34,797
    Filer's total
    $183,316

  • Doug Wolf

    PRESIDENT/CEO

    Total calculated
    $218,661
    From this org
    $182,717
    From related orgs
    $0
    Other
    $35,944
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,194
    Bonus
    $25,523
    Other
    $0
    Deferred
    $9,885
    Nontaxable benefits
    $26,059
    Filer's total
    $218,661

  • Matthew Ferrin

    SVP/CHIEF FINANCIAL OFFICER

    Total calculated
    $175,132
    From this org
    $143,024
    From related orgs
    $0
    Other
    $32,108
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $125,730
    Bonus
    $17,294
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $32,108
    Filer's total
    $175,132

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 survey or study
  • 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
DOUG WOLF PARTICIPATES IN A SPLIT-DOLLAR LIFE INSURANCE PLAN. THERE WERE NO DISTRIBUTIONS DURING 2023.

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.

Provenance

Return type
form_990
Tax year
2023
Filed
12 July 2024
IRS schema version
2023v5.1
Source object
202411989349300016

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