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Nonprofiteer
← DAKOTA WEST CREDIT UNION

Form 990 for tax year 2023

Filed by DAKOTA WEST CREDIT UNION.

Totals

Total revenue
$13,452,508
Total expenses
$11,405,316
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,325,326
Investment income
$3,480,965
Other revenue
$1,646,217
Total assets, end of year
$307,138,706
Total liabilities, end of year
$277,257,939
Net assets or fund balances, end of year
$29,880,767
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: INCOME FROM LOANS

    total $8,325,326 · related or exempt $8,325,326

  • 3 · Investment income

    total $3,504,441 · excluded $3,504,441

  • 6a · Gross rents

    real property $126,016

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $126,016

  • 6d · Net rental income or loss

    total $126,016 · related or exempt $126,016

  • 7a · Gross sales of assets other than inventory

    securities $5,713,378 · other assets $13,000

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

    securities $5,749,854 · other assets $0

  • 7c · Gain or loss

    securities -$36,476 · other assets $13,000

  • 7d · Net gain or loss

    total -$23,476 · related or exempt -$23,476

  • 11a · Other revenue: FEES AND CHARGES

    total $901,760 · related or exempt $874,870 · unrelated business $26,890

  • 11b · Other revenue: INTERCHANGE INCOME

    total $368,459 · related or exempt $368,459

  • 11c · Other revenue: MISCELLANEOUS

    total $249,982 · related or exempt $249,982

  • 11e · Other revenue, total

    $1,520,201

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $763,904

  • 7 · Other salaries and wages

    total $3,756,480

  • 8 · Pension plan contributions

    total $367,890

  • 9 · Other employee benefits

    total $566,783

  • 10 · Payroll taxes

    total $312,931

  • 11b · Fees: legal

    total $37,650

  • 11c · Fees: accounting

    total $139,293

  • 11g · Fees: other

    total $1,193,082

  • 12 · Advertising and promotion

    total $300,661

  • 13 · Office expenses

    total $361,998

  • 16 · Occupancy

    total $292,838

  • 17 · Travel

    total $188,912

  • 20 · Interest

    total $1,708,798

  • 22 · Depreciation, depletion and amortization

    total $410,928

  • 23 · Insurance

    total $84,349

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $630,444

  • 24b · Other expenses: LOAN SERVICE

    total $233,107

  • 24c · Other expenses: ASSOCIATION DUES

    total $53,915

  • 24d · Other expenses: MISCELLANEOUS

    total $1,353

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,807,323 · end of year $9,354,784

  • 2 · Savings and temporary cash investments

    beginning of year $28,216,609 · end of year $25,543,753

  • 4 · Accounts receivable

    beginning of year -$15,956 · end of year $8,794

  • 5 · Loans and receivables from officers and key people

    beginning of year $4,057,901 · end of year $3,946,966

  • 7 · Other notes and loans receivable

    beginning of year $160,054,184 · end of year $157,418,765

  • 9 · Prepaid expenses and deferred charges

    beginning of year $399,165 · end of year $779,816

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

    $11,037,398

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

    $4,626,440

  • 10c · Land, buildings and equipment, net

    beginning of year $6,636,819 · end of year $6,410,958

  • 13 · Investments: program-related

    beginning of year $114,159,487 · end of year $95,227,570

  • 15 · Other assets

    beginning of year $8,153,984 · end of year $8,447,300

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,352,720 · end of year $3,136,212

  • 25 · Other liabilities

    beginning of year $296,804,505 · end of year $274,121,727

  • 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 $2,000,000 · end of year $2,000,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $24,312,291 · end of year $27,880,767

Mission and programs · 2023

Mission

NONE

Activities or mission (Part I)

NON-PROFIT ORGANIZATION PROVIDING FINANCIAL SERVICES TO A FIELD OF MEMBERSHIP.

  • NON-PROFIT ORGANIZATION PROVIDING FINANCIAL SERVICES TO A FIELD OF MEMBERSHIP.

As filed on the 2023 return.

Listed in Part VII

  • Joy Brew

    CHAIRPERSON

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Karla Quale January - August

    VICE CHAIRPERSON

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Andrew Fisher

    SECRETARY

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lynn Oberg

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ty Rolfsrud

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Allison Hilleren October - December

    VICE CHAIRPERSON

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

  • Jeff Meyer

    CEO

    Total calculated
    $441,836
    From this org
    $411,377
    From related orgs
    $0
    Other
    $30,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $411,377
    Bonus
    $0
    Other
    $0
    Deferred
    $5,444
    Nontaxable benefits
    $25,015
    Filer's total
    $441,836

  • Andrew Downer

    CFO

    Total calculated
    $146,843
    From this org
    $128,699
    From related orgs
    $0
    Other
    $18,144
    Hours/week
    40

  • James Bourgois

    IT MANAGER

    Total calculated
    $143,648
    From this org
    $118,727
    From related orgs
    $0
    Other
    $24,921
    Hours/week
    40

  • Jeffrey Reiter

    CHIEF CREDIT OFFICER

    Total calculated
    $175,225
    From this org
    $161,548
    From related orgs
    $0
    Other
    $13,677
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,548
    Bonus
    $0
    Other
    $0
    Deferred
    $3,234
    Nontaxable benefits
    $10,443
    Filer's total
    $175,225

  • Brock Romine

    COMMERCIAL LENDING MANAGER

    Total calculated
    $134,836
    From this org
    $117,054
    From related orgs
    $0
    Other
    $17,782
    Hours/week
    40

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 July 2024
IRS schema version
2023v5.1
Source object
202401929349300810

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