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Nonprofiteer
← NORTHWOODS COMMUNITY CREDIT UNION

Form 990 for tax year 2023

Filed by NORTHWOODS COMMUNITY CREDIT UNION.

Totals

Total revenue
$4,093,383
Total expenses
$3,667,874
Contributions and grants received
$15,000
Grants paid
$7,089
Program service revenue
$3,784,758
Investment income
$271,747
Other revenue
$21,878
Total assets, end of year
$89,100,475
Total liabilities, end of year
$80,591,611
Net assets or fund balances, end of year
$8,508,864
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1f · All other contributions, gifts and grants

    $15,000

  • 2a · Program service revenue: INTEREST ON LOANS

    total $3,079,509 · related or exempt $3,079,509

  • 2b · Program service revenue: OTHER MEMBER RELATED REVENUE

    total $399,400 · related or exempt $399,400

  • 2c · Program service revenue: MEMBER FEE INCOME

    total $302,245 · related or exempt $302,245

  • 2d · Program service revenue: FEE & INSURANCE INCOME

    total $3,604 · unrelated business $3,604

  • 3 · Investment income

    total $270,186 · excluded $270,186

  • 5 · Royalties

    total $9,513 · excluded $9,513

  • 6a · Gross rents

    real property $12,365

  • 6c · Rental income or loss

    real property $12,365

  • 6d · Net rental income or loss

    total $12,365 · excluded $12,365

  • 7a · Gross sales of assets other than inventory

    other assets $88,902

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

    other assets $87,341

  • 7c · Gain or loss

    other assets $1,561

  • 7d · Net gain or loss

    total $1,561 · related or exempt $1,561

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $7,089

  • 5 · Compensation of officers, directors and key employees

    total $254,367

  • 7 · Other salaries and wages

    total $1,023,383

  • 8 · Pension plan contributions

    total $45,779

  • 9 · Other employee benefits

    total $278,593

  • 10 · Payroll taxes

    total $92,329

  • 11b · Fees: legal

    total $9,850

  • 11c · Fees: accounting

    total $30,345

  • 11g · Fees: other

    total $25,232

  • 12 · Advertising and promotion

    total $47,127

  • 13 · Office expenses

    total $710,611

  • 14 · Information technology

    total $238,458

  • 16 · Occupancy

    total $136,584

  • 17 · Travel

    total $4,183

  • 19 · Conferences, conventions and meetings

    total $7,240

  • 20 · Interest

    total $4,789

  • 22 · Depreciation, depletion and amortization

    total $82,424

  • 23 · Insurance

    total $40,219

  • 24a · Other expenses: DIVIDENDS EXPENSE

    total $303,468

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $215,342

  • 24c · Other expenses: CREDIT LOSS EXPENSE

    total $110,462

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,211,340 · end of year $1,467,475

  • 2 · Savings and temporary cash investments

    beginning of year $8,954,846 · end of year $8,169,657

  • 7 · Other notes and loans receivable

    beginning of year $63,323,086 · end of year $65,111,976

  • 9 · Prepaid expenses and deferred charges

    beginning of year $305,677 · end of year $322,216

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

    $4,321,491

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

    $1,953,268

  • 10c · Land, buildings and equipment, net

    beginning of year $2,210,322 · end of year $2,368,223

  • 13 · Investments: program-related

    beginning of year $15,919,390 · end of year $10,639,916

  • 15 · Other assets

    beginning of year $2,131,120 · end of year $1,021,012

  • 17 · Accounts payable and accrued expenses

    beginning of year $733,761 · end of year $570,809

  • 21 · Escrow or custodial account liability

    beginning of year $227,912 · end of year $227,363

  • 25 · Other liabilities

    beginning of year $84,933,036 · end of year $79,793,439

  • 31 · Retained earnings, endowment or other funds

    beginning of year $8,161,072 · end of year $8,508,864

Mission and programs · 2023

Mission

PROVIDING FINANCIAL SECURITY AND OUTSTANDING SERVICE FOR OUR MEMBERS.

  • THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 1,543 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 8,537 MEMBERS.

  • THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 966 LOANS DURING 2023. AS OF 12/31/23 WE HAD 4,779 LOANS RECEIVABLE.

As filed on the 2023 return.

Listed in Part VII

  • Sally Zoesch

    PRESIDENT/CE

    Total calculated
    $159,037
    From this org
    $103,971
    From related orgs
    $0
    Other
    $55,066
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,321
    Bonus
    $1,150
    Other
    $500
    Deferred
    $4,348
    Nontaxable benefits
    $50,718
    Filer's total
    $159,037

  • Teresa Gehrman

    EXEC VICE PR

    Total calculated
    $136,798
    From this org
    $89,772
    From related orgs
    $0
    Other
    $47,026
    Hours/week
    40

  • Mirand Wachowski

    VP LENDING

    Total calculated
    $65,280
    From this org
    $60,624
    From related orgs
    $0
    Other
    $4,656
    Hours/week
    40

  • Chris Simon

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Roger Strand

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Joan Cooley

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Margaret Morgan

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Jim Braun

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jennifer Euclide

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Darla Isham

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
15 April 2024
IRS schema version
2023v5.0
Source object
202431079349300013

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