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Nonprofiteer
← WESTCONSIN CREDIT UNION

Form 990 for tax year 2024

Filed by WESTCONSIN CREDIT UNION.

Totals

Total revenue
$115,565,806
Total expenses
$102,612,881
Contributions and grants received
$0
Grants paid
$115,012
Program service revenue
$102,342,497
Investment income
$10,475,544
Other revenue
$2,747,765
Total assets, end of year
$1,957,979,183
Total liabilities, end of year
$1,743,572,658
Net assets or fund balances, end of year
$214,406,525
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 $79,296,290 · related or exempt $79,296,290

  • 2b · Program service revenue: FEE INCOME

    total $19,391,023 · related or exempt $19,348,625 · unrelated business $42,398

  • 2c · Program service revenue: MORTGAGE SERVICING INCOME

    total $1,764,862 · related or exempt $1,764,862

  • 2d · Program service revenue: MEMBER FINANCIAL INCOME

    total $1,005,953 · related or exempt $1,005,953

  • 2e · Program service revenue: FANNIE MAE LOAN SALES

    total $884,369 · related or exempt $884,369

  • 3 · Investment income

    total $10,430,002 · excluded $10,430,002

  • 6a · Gross rents

    real property $82,500

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $82,500

  • 6d · Net rental income or loss

    total $82,500 · excluded $82,500

  • 7a · Gross sales of assets other than inventory

    other assets $133,007

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

    other assets $87,465

  • 7c · Gain or loss

    other assets $45,542

  • 7d · Net gain or loss

    total $45,542 · excluded $45,542

  • 11a · Other revenue: REALTY COMMISSION INCOME

    total $1,687,436 · unrelated business $1,687,436

  • 11b · Other revenue: TITLE SERVICE INCOME

    total $949,448 · unrelated business $949,448

  • 11d · All other revenue

    total $28,381 · excluded $28,381

  • 11e · Other revenue, total

    $2,665,265

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $101,012

  • 2 · Grants to domestic individuals

    total $14,000

  • 4 · Benefits paid to or for members

    total $25,252,670

  • 5 · Compensation of officers, directors and key employees

    total $3,353,989

  • 7 · Other salaries and wages

    total $28,890,009

  • 8 · Pension plan contributions

    total $3,478,136

  • 9 · Other employee benefits

    total $5,905,402

  • 10 · Payroll taxes

    total $2,200,615

  • 11b · Fees: legal

    total $140

  • 11c · Fees: accounting

    total $270,824

  • 11f · Fees: investment management

    total $109,545

  • 11g · Fees: other

    total $1,294,844

  • 12 · Advertising and promotion

    total $1,863,921

  • 13 · Office expenses

    total $2,744,910

  • 14 · Information technology

    total $5,502,749

  • 16 · Occupancy

    total $1,837,247

  • 17 · Travel

    total $265,054

  • 19 · Conferences, conventions and meetings

    total $324,634

  • 20 · Interest

    total $511,824

  • 22 · Depreciation, depletion and amortization

    total $2,816,323

  • 23 · Insurance

    total $106,309

  • 24a · Other expenses: LOAN & CLOSING COSTS

    total $5,212,285

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $5,071,487

  • 24c · Other expenses: DEBIT CARD EXPENSES

    total $3,819,142

  • 24d · Other expenses: FRAUD EXPENSES

    total $634,432

  • 24e · All other expenses

    total $1,031,378

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,596,795 · end of year $16,109,562

  • 2 · Savings and temporary cash investments

    beginning of year $59,530,670 · end of year $78,434,972

  • 4 · Accounts receivable

    beginning of year $5,538,824 · end of year $6,124,589

  • 7 · Other notes and loans receivable

    beginning of year $1,358,374,015 · end of year $1,396,384,449

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,519,979 · end of year $9,793,015

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

    $70,767,428

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

    $29,516,075

  • 10c · Land, buildings and equipment, net

    beginning of year $36,822,075 · end of year $41,251,353

  • 11 · Investments: publicly traded securities

    beginning of year $437,637,557 · end of year $386,372,147

  • 12 · Investments: other securities

    beginning of year $6,982,326 · end of year $6,924,206

  • 13 · Investments: program-related

    beginning of year $4,688,485 · end of year $4,614,462

  • 15 · Other assets

    beginning of year $9,209,237 · end of year $11,970,428

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,149,947 · end of year $23,716,012

  • 21 · Escrow or custodial account liability

    beginning of year $661,265 · end of year $482,127

  • 25 · Other liabilities

    beginning of year $1,711,503,562 · end of year $1,719,374,519

  • 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 $194,585,189 · end of year $214,406,525

Mission and programs · 2024

Mission

THE ORGANIZATION 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)

TO GIVE MEMBERS, COMMUNITIES, AND ONE ANOTHER THE INSPIRATION, RESOURCES, AND SUPPORT TO ACHIEVE FINANCIAL WELLNESS.

  • WESTCONSIN CREDIT UNION, LIKE ALL CREDIT UNIONS, IS EXEMPT FROM FEDERAL AND MOST STATE TAXES BECAUSE WE ARE A MEMBER-OWNED, NOT FOR PROFIT ORGANIZATION. IN TURN, WE REINVEST INTO OUR ORGANIZATION AND COMMUNITIES. WE ENCOURAGE OUR LEADERS AND EMPLOYEES TO GET INVOLVED IN COMMUNITY CHARITABLE ACTIVITIES AND WORTHWHILE CAUSES, VOLUNTEERING 4,263 HOURS IN 2024. THROUGH PROVIDING FREE FINANCIAL PROGRAMS AND SERVICES TO PROMOTE FINANCIAL EDUCATION AND LITERACY, WESTCONSIN EDUCATED OVER 71,527 STUDENTS IN OVER 212 AREA SCHOOLS. IN 2024, WESTCONSIN PROVIDED LOW-COST FINANCIAL SERVICES TO 124,158 MEMBERS.

  • SERVED MEMBERS' INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.

  • PROVIDED OVER 16,000 LOANS FOR OVER $464 MILLION TO MEMBERS.

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

Listed in Part VII

  • Karen Flug

    TREASURER

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colleen Mensing

    SECRETARY

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dale Dahlke

    BOARD MEMBER

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Todd Leipnitz

    VICE CHAIRPERSON

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Sarah Noreen

    BOARD MEMBER

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Gerald Wolf

    CHAIRPERSON

    Total calculated
    $9,700
    From this org
    $9,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jesse Singerhouse

    BOARD MEMBER

    Total calculated
    $8,100
    From this org
    $8,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Dahms

    BOARD MEMBER (THRU 03/24)

    Total calculated
    $1,700
    From this org
    $1,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lora Benrud

    CEO (THRU 09/24)

    Total calculated
    $776,989
    From this org
    $703,889
    From related orgs
    $0
    Other
    $73,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $593,561
    Bonus
    $47,615
    Other
    $62,713
    Deferred
    $51,750
    Nontaxable benefits
    $21,350
    Filer's total
    $776,989

  • Jim Wookey

    CEO

    Total calculated
    $536,188
    From this org
    $453,148
    From related orgs
    $0
    Other
    $83,040
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $428,331
    Bonus
    $23,398
    Other
    $1,419
    Deferred
    $51,750
    Nontaxable benefits
    $31,290
    Filer's total
    $536,188

  • Jerilyn Kinderman

    CFO

    Total calculated
    $395,343
    From this org
    $320,227
    From related orgs
    $0
    Other
    $75,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,073
    Bonus
    $22,854
    Other
    $300
    Deferred
    $46,081
    Nontaxable benefits
    $29,035
    Filer's total
    $395,343

  • Scott Giltner

    CLO

    Total calculated
    $365,513
    From this org
    $292,942
    From related orgs
    $0
    Other
    $72,571
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,527
    Bonus
    $20,435
    Other
    $1,980
    Deferred
    $42,450
    Nontaxable benefits
    $30,121
    Filer's total
    $365,513

  • Kevin Hall

    CIO

    Total calculated
    $300,344
    From this org
    $249,438
    From related orgs
    $0
    Other
    $50,906
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,724
    Bonus
    $17,474
    Other
    $240
    Deferred
    $23,667
    Nontaxable benefits
    $27,239
    Filer's total
    $300,344

  • Nicole Yarrington

    CTO

    Total calculated
    $313,114
    From this org
    $247,457
    From related orgs
    $0
    Other
    $65,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,220
    Bonus
    $17,787
    Other
    $450
    Deferred
    $36,000
    Nontaxable benefits
    $29,657
    Filer's total
    $313,114

  • Russ Blasius

    COO

    Total calculated
    $303,288
    From this org
    $238,909
    From related orgs
    $0
    Other
    $64,379
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,945
    Bonus
    $13,984
    Other
    $1,980
    Deferred
    $35,097
    Nontaxable benefits
    $29,282
    Filer's total
    $303,288

  • Stephanie Rasmussen

    CXO

    Total calculated
    $295,210
    From this org
    $233,064
    From related orgs
    $0
    Other
    $62,146
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,372
    Bonus
    $16,242
    Other
    $450
    Deferred
    $33,837
    Nontaxable benefits
    $28,309
    Filer's total
    $295,210

  • James Wynn

    VP-BUSINESS LOANS AND SERVICES

    Total calculated
    $290,882
    From this org
    $229,793
    From related orgs
    $0
    Other
    $61,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,943
    Bonus
    $16,550
    Other
    $300
    Deferred
    $33,267
    Nontaxable benefits
    $27,822
    Filer's total
    $290,882

  • Alexander Burian

    VP-WESTCONSIN INVESTMENT

    Total calculated
    $240,502
    From this org
    $190,647
    From related orgs
    $0
    Other
    $49,855
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,249
    Bonus
    $160
    Other
    $238
    Deferred
    $27,810
    Nontaxable benefits
    $22,045
    Filer's total
    $240,502

  • Kyle Zimmer

    VP-MORTGAGE

    Total calculated
    $212,108
    From this org
    $181,175
    From related orgs
    $0
    Other
    $30,933
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,512
    Bonus
    $12,393
    Other
    $270
    Deferred
    $25,161
    Nontaxable benefits
    $5,772
    Filer's total
    $212,108

  • Jayson Ampig

    VP-INFORMATION TECHNOLOGY

    Total calculated
    $219,456
    From this org
    $181,599
    From related orgs
    $0
    Other
    $37,857
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,716
    Bonus
    $13,433
    Other
    $450
    Deferred
    $8,954
    Nontaxable benefits
    $28,903
    Filer's total
    $219,456

  • Melissa Kraemer

    SR. BUSINESS LOAN OFFICER

    Total calculated
    $210,711
    From this org
    $178,627
    From related orgs
    $0
    Other
    $32,084
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,967
    Bonus
    $12,370
    Other
    $1,290
    Deferred
    $25,093
    Nontaxable benefits
    $6,991
    Filer's total
    $210,711

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 · Independent compensation consultant
  • 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

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.

  • WESTCONSIN REALTY LLC

    REAL ESTATE BROKERAGE SERVICES · WI · income $1,687,436 · assets $2,767,302

    Directly controlled by WESTCONSIN CREDIT UNION

  • WESTCONSIN TITLE SERVICES LLC

    GENERAL TITLE SERVICES · WI · income $949,448 · assets $1,893,804

    Directly controlled by WESTCONSIN CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
16 June 2025
IRS schema version
2024v5.1
Source object
202501749349300615

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