Totals
- Total revenue
- $577,564,645
- Total expenses
- $662,235,089
- Contributions and grants received
- $0
- Grants paid
- $5,184,044
- Program service revenue
- $486,320,278
- Investment income
- $40,022,155
- Other revenue
- $51,222,212
- Total assets, end of year
- $11,331,220,069
- Total liabilities, end of year
- $10,545,598,697
- Net assets or fund balances, end of year
- $785,621,372
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- $0
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.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$0
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: LOAN INTEREST REVENUE
total $468,496,672 · related or exempt $468,496,672
-
2b · Program service revenue: ATM FEE REVENUE
total $17,823,606 · related or exempt $17,606,258 · unrelated business $217,348
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $40,433,522 · excluded $40,433,522
-
6a · Gross rents
real property $363,501
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $363,501 · personal property $0
-
6d · Net rental income or loss
total $363,501 · excluded $363,501
-
7a · Gross sales of assets other than inventory
other assets $5,211,079
-
7b · Less cost or other basis and sales expenses
other assets $5,622,446
-
7c · Gain or loss
securities $0 · other assets -$411,367
-
7d · Net gain or loss
total -$411,367 · excluded -$411,367
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
11a · Other revenue: SERVICE RELEASE PREMIUMS
total $21,660,582 · related or exempt $21,660,582
-
11b · Other revenue: INTERCHANGE REVENUE
total $24,905,179 · related or exempt $24,905,179
-
11c · Other revenue: MISCELLANEOUS REVENUE
total $4,292,950 · related or exempt $4,292,950
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$50,858,711
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $5,184,044
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $6,396,165
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $65,275,270
-
8 · Pension plan contributions
total $6,673,341
-
9 · Other employee benefits
total $24,521,524
-
10 · Payroll taxes
total $6,046,731
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $384,675
-
11c · Fees: accounting
total $1,144,433
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $1,587,501
-
12 · Advertising and promotion
total $5,081,335
-
13 · Office expenses
total $10,129,330
-
14 · Information technology
total $15,252,372
-
15 · Royalties
total $0
-
16 · Occupancy
total $9,072,116
-
17 · Travel
total $296,722
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $5,115
-
20 · Interest
total $50,230,465
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $7,932,579
-
23 · Insurance
total $1,764,423
-
24a · Other expenses: INTEREST PAID TO MEMBERS
total $239,957,492
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $157,710,197
-
24c · Other expenses: MISCELLANEOUS EXPENSE
total $28,804,396
-
24d · Other expenses: PROCESSING FEES
total $18,784,863
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $727,104,819 · end of year $1,214,200,234
-
2 · Savings and temporary cash investments
beginning of year $0 · end of year $0
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $0 · end of year $0
-
5 · Loans and receivables from officers and key people
beginning of year $17,151,681 · end of year $17,582,520
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $9,897,852,728 · end of year $9,485,460,076
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $13,696,210 · end of year $14,718,970
-
10a · Land, buildings and equipment: cost or other basis
$198,713,203
-
10b · Land, buildings and equipment: accumulated depreciation
$63,373,071
-
10c · Land, buildings and equipment, net
beginning of year $134,660,659 · end of year $135,340,132
-
11 · Investments: publicly traded securities
beginning of year $58,379,803 · end of year $91,134,906
-
12 · Investments: other securities
beginning of year $0
-
13 · Investments: program-related
beginning of year $0
-
14 · Intangible assets
beginning of year $136,955,164 · end of year $134,990,764
-
15 · Other assets
beginning of year $292,782,013 · end of year $237,792,467
-
17 · Accounts payable and accrued expenses
beginning of year $57,821,129 · end of year $82,243,705
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $21,861,910 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $1,209,819,827 · end of year $1,250,843,765
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $9,079,604,874 · end of year $9,212,511,227
-
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 $909,475,337 · end of year $785,621,372
Mission and programs · 2023
Mission
As the nation's greatest financial institution, we...make profound impact in the lives of our members, empower our employees to create endless opportunities and shape our future, and enhance the vitality of our communities by donating our time, talents, and financial support.
-
GreenState Credit Union provides lending services with competative rates. The lending portfolio includes: - Mortgage loans including both first and second mortgages - Consumer loans including primarly auto loans and unsecured personal loans - Commercial Loans including both commercial real-estate and non-real-estate lending In 2023, the credit union originated $405 million of in-house mortgage loans; $1.15 billion of consumer and $202 million of Commercial loans. In addition, originated $1.48 billion in first mortgage loans which were sold on the secondary market.
-
GreenState also provides opportunities for members to save for future needs in the form of Savings, Money Market, CDs while offering competitive rates on these funds. In 2023, deposits grew from $9.077 billion to $9.208 billion.
-
GreenState also provides membership with avenues to transact business via channels such as ACH, wire, electronic funds transfer, ETC. In 2023, the credit union processed 69,710,234 Financial transactions for its members.
As filed on the 2023 return.
Listed in Part VII
-
Andre Perry
Director (resigned 04.21.2023)
- Total calculated
- $0
- Hours/week
- 2
-
Dave Wright
BOD - Director
- Total calculated
- $2,400
- From this org
- $2,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Drew Denning
BOD - CFO
- Total calculated
- $2,400
- From this org
- $2,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
Fred Mims
BOD - Chairperson
- Total calculated
- $9,828
- From this org
- $9,828
- From related orgs
- $0
- Other
- $0
- Hours/week
- 13
-
Laurel Day
BOD - Secretary
- Total calculated
- $3,864
- From this org
- $3,864
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Loras Neuroth
Committee Chairperson (resigned 04.18.2023)
- Total calculated
- $1,110
- From this org
- $1,110
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Lynsey Engels
BOD - Vice Chariperson
- Total calculated
- $0
- Hours/week
- 8
-
Marc Moen
BOD - Director
- Total calculated
- $0
- Hours/week
- 2
-
Mark Rolinger
BOD - Credit Committee Chairperson
- Total calculated
- $7,508
- From this org
- $7,508
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
MJ Dolan
BOD - Governance Committee Chiarperson
- Total calculated
- $4,262
- From this org
- $4,262
- From related orgs
- $0
- Other
- $0
- Hours/week
- 2
-
Tiffany O'Donnell
BOD - Director
- Total calculated
- $0
- Hours/week
- 2
-
Amy Henderson
Chief Consumer Service Officer (Left 09/2023)
- Total calculated
- $955,646
- From this org
- $869,028
- From related orgs
- $0
- Other
- $86,618
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $230,347
- Bonus
- $250
- Other
- $638,431
- Deferred
- $38,483
- Nontaxable benefits
- $48,135
- Filer's total
- $955,646
-
Heather Stumpf
Interim CFO
- Total calculated
- $279,110
- From this org
- $274,681
- From related orgs
- $0
- Other
- $4,429
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $272,991
- Bonus
- $250
- Other
- $1,440
- Deferred
- $0
- Nontaxable benefits
- $4,429
- Filer's total
- $279,110
-
James Kelly
Chief Marketing Officer
- Total calculated
- $556,038
- From this org
- $523,753
- From related orgs
- $0
- Other
- $32,285
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $332,205
- Bonus
- $190,306
- Other
- $1,242
- Deferred
- $23,266
- Nontaxable benefits
- $9,019
- Filer's total
- $556,038
-
Jeffrey Disterhoft
President & CEO (Left 09/2023)
- Total calculated
- $670,762
- From this org
- $610,408
- From related orgs
- $0
- Other
- $60,354
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $591,911
- Bonus
- $0
- Other
- $18,497
- Deferred
- $52,500
- Nontaxable benefits
- $7,854
- Filer's total
- $670,762
-
Katherine Courtney
Chief Operating Officer
- Total calculated
- $813,493
- From this org
- $769,258
- From related orgs
- $0
- Other
- $44,235
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $464,423
- Bonus
- $303,125
- Other
- $1,710
- Deferred
- $44,235
- Nontaxable benefits
- $0
- Filer's total
- $813,493
-
Marsha Wolff
Chief HR & Information Officer (Left 09/2023)
- Total calculated
- $1,023,762
- From this org
- $982,395
- From related orgs
- $0
- Other
- $41,367
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $381,272
- Bonus
- $500
- Other
- $600,623
- Deferred
- $33,721
- Nontaxable benefits
- $7,646
- Filer's total
- $1,023,762
-
Ryan Doehrmann
Chief Mortgage Officer
- Total calculated
- $469,825
- From this org
- $459,362
- From related orgs
- $0
- Other
- $10,463
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $296,744
- Bonus
- $161,733
- Other
- $885
- Deferred
- $0
- Nontaxable benefits
- $10,463
- Filer's total
- $469,825
-
Samantha McSorley
Chief Commerical Officer
- Total calculated
- $518,834
- From this org
- $512,603
- From related orgs
- $0
- Other
- $6,231
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $334,897
- Bonus
- $176,320
- Other
- $1,386
- Deferred
- $6,231
- Nontaxable benefits
- $0
- Filer's total
- $518,834
-
Scott Taylor
Interim Chief Information Technology
- Total calculated
- $309,262
- From this org
- $279,262
- From related orgs
- $0
- Other
- $30,000
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $277,420
- Bonus
- $600
- Other
- $1,242
- Deferred
- $30,000
- Nontaxable benefits
- $0
- Filer's total
- $309,262
-
Todd Fanning
Interim CEO/CFO
- Total calculated
- $788,967
- From this org
- $752,862
- From related orgs
- $0
- Other
- $36,105
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $454,181
- Bonus
- $294,217
- Other
- $4,464
- Deferred
- $30,000
- Nontaxable benefits
- $6,105
- Filer's total
- $788,967
-
Daryn Peterson
VP/Mortgage Lending
- Total calculated
- $1,029,535
- From this org
- $1,007,035
- From related orgs
- $0
- Other
- $22,500
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $52,000
- Bonus
- $954,108
- Other
- $927
- Deferred
- $22,500
- Nontaxable benefits
- $0
- Filer's total
- $1,029,535
-
Eric Norman
VP/Mortgage Lending
- Total calculated
- $701,448
- From this org
- $671,448
- From related orgs
- $0
- Other
- $30,000
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $96,154
- Bonus
- $574,195
- Other
- $1,099
- Deferred
- $30,000
- Nontaxable benefits
- $0
- Filer's total
- $701,448
-
Felisha Junge
VP/Mortgage Loan Officer
- Total calculated
- $556,170
- From this org
- $547,465
- From related orgs
- $0
- Other
- $8,705
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $107,413
- Bonus
- $439,133
- Other
- $919
- Deferred
- $0
- Nontaxable benefits
- $8,705
- Filer's total
- $556,170
-
Peter Johnson
VP/Mortgage Loan Officer
- Total calculated
- $477,048
- From this org
- $444,085
- From related orgs
- $0
- Other
- $32,963
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $41,537
- Bonus
- $401,621
- Other
- $927
- Deferred
- $22,500
- Nontaxable benefits
- $10,463
- Filer's total
- $477,048
-
Tyler Knudsvig
Commercial Services Loan Officer VP
- Total calculated
- $463,007
- From this org
- $436,588
- From related orgs
- $0
- Other
- $26,419
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $123,503
- Bonus
- $169,067
- Other
- $144,018
- Deferred
- $22,500
- Nontaxable benefits
- $3,919
- Filer's total
- $463,007
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
- 1a · Health or social club dues or initiation fees
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4a · Severance or change-of-control payment
Answered no
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- Schedule J, Part I, Line 1a Travel for companions
- The board of directors policy along with the contract for the President/CEO allow spouses to travel on business trips. Any expense related to travel companions is treated as taxable income and included in reportable compensation in Part VII and Schedule J.
- Schedule J, Part I, Line 1a Health or social club dues or initiation fees
- In tax year 2023, GreenState Credit Union provided social club dues to Jeffrey A Disterhoft. The amount is included in reportable compensation in Part VII and Schedule J.
- Schedule J, Part I, Line 3
- GreenState CU made severance payments to the following individuals who left in September 2023: Marsha Wolff - $600,000 Amy Henderson - $590,558
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
-
$1,600,000
Various
-
School of the Wild
-
UI Stead Family Children's Hospital: Extenuating Circumstances Fund
-
Hawkeye Sports Properties Learfield
$60,000
Kirks Kids
-
Survivors Achieving Financial Empowerment Program (SAFE)
-
$31,000
Iowa City Jazz Festival
-
Carver Circle campaign - Iowa Wrestling training facility
-
$30,000
Playing to Learn at The Iowa Children's Museum!
-
West Des Moines Parks & Recreation
$30,000
MidAmerican RecPlex Field Sponsor
-
$25,000
Healthy Time Check
The 10 largest by cash amount. The API serves every itemized grant.
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.
-
GreenState Financial LLC
CUSO Activity · IA · income $5,376,297 · assets $42,339,407
Directly controlled by GreenState Credit Union
-
GreenState Insurance Services LLC
Insurance Services · IA · income $1,668,826 · assets $9,170,863
Directly controlled by GreenState Financial
-
GreenState Trust Services
Trust Services · IA · income $129,994 · assets $496,458
Directly controlled by GreenState Financial
-
GreenState Loan Servicing
Loan Originations · IA · income $3,556,407 · assets $173,014,600
Directly controlled by GreenState Financial
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 14 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202441359349309444
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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