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Nonprofiteer
← WESTCONSIN CREDIT UNION

Form 990 for tax year 2023

Filed by WESTCONSIN CREDIT UNION.

Totals

Total revenue
$106,439,696
Total expenses
$90,131,847
Contributions and grants received
$0
Grants paid
$134,100
Program service revenue
$91,999,012
Investment income
$11,080,028
Other revenue
$3,360,656
Total assets, end of year
$1,938,899,963
Total liabilities, end of year
$1,744,314,774
Net assets or fund balances, end of year
$194,585,189
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 $69,843,060 · related or exempt $69,843,060

  • 2b · Program service revenue: FEE INCOME

    total $18,791,372 · related or exempt $18,744,234 · unrelated business $47,138

  • 2c · Program service revenue: MORTGAGE SERVICING INCOME

    total $1,799,208 · related or exempt $1,799,208

  • 2d · Program service revenue: MEMBER FINANCIAL INCOME

    total $890,092 · related or exempt $890,092

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

    total $675,280 · related or exempt $675,280

  • 3 · Investment income

    total $10,875,108 · excluded $10,875,108

  • 6a · Gross rents

    real property $93,420

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $93,420

  • 6d · Net rental income or loss

    total $93,420 · excluded $93,420

  • 7a · Gross sales of assets other than inventory

    other assets $321,994

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

    securities -$18,786 · other assets $135,860

  • 7c · Gain or loss

    securities $18,786 · other assets $186,134

  • 7d · Net gain or loss

    total $204,920 · excluded $204,920

  • 11a · Other revenue: REALTY COMMISSION INCOME

    total $2,386,487 · unrelated business $2,386,487

  • 11b · Other revenue: TITLE SERVICE INCOME

    total $880,749 · unrelated business $880,749

  • 11e · Other revenue, total

    $3,267,236

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $120,100

  • 2 · Grants to domestic individuals

    total $14,000

  • 5 · Compensation of officers, directors and key employees

    total $2,835,413

  • 7 · Other salaries and wages

    total $28,647,246

  • 8 · Pension plan contributions

    total $3,136,302

  • 9 · Other employee benefits

    total $5,859,657

  • 10 · Payroll taxes

    total $2,038,583

  • 11b · Fees: legal

    total $541

  • 11c · Fees: accounting

    total $162,318

  • 11f · Fees: investment management

    total $99,434

  • 11g · Fees: other

    total $1,064,089

  • 12 · Advertising and promotion

    total $1,721,387

  • 13 · Office expenses

    total $2,309,885

  • 14 · Information technology

    total $4,679,478

  • 16 · Occupancy

    total $1,900,229

  • 17 · Travel

    total $295,218

  • 19 · Conferences, conventions and meetings

    total $336,533

  • 20 · Interest

    total $844,193

  • 22 · Depreciation, depletion and amortization

    total $2,928,855

  • 24a · Other expenses: DIVIDENDS ON MEMBER ACC

    total $18,577,438

  • 24b · Other expenses: LOAN & CLOSING COSTS

    total $4,935,962

  • 24c · Other expenses: DEBIT CARD EXPENSES

    total $3,430,524

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $2,541,676

  • 24e · All other expenses

    total $1,652,786

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,939,102 · end of year $7,596,795

  • 2 · Savings and temporary cash investments

    beginning of year $113,096,581 · end of year $59,530,670

  • 4 · Accounts receivable

    beginning of year $4,567,103 · end of year $5,538,824

  • 7 · Other notes and loans receivable

    beginning of year $1,238,656,841 · end of year $1,358,374,015

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,392,879 · end of year $12,519,979

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

    $64,635,521

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

    $27,813,446

  • 10c · Land, buildings and equipment, net

    beginning of year $35,279,839 · end of year $36,822,075

  • 11 · Investments: publicly traded securities

    beginning of year $504,067,561 · end of year $437,637,557

  • 12 · Investments: other securities

    beginning of year $6,603,112 · end of year $6,982,326

  • 13 · Investments: program-related

    beginning of year $4,776,205 · end of year $4,688,485

  • 15 · Other assets

    beginning of year $20,489,946 · end of year $9,209,237

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,289,827 · end of year $32,149,947

  • 21 · Escrow or custodial account liability

    beginning of year $1,081,430 · end of year $661,265

  • 25 · Other liabilities

    beginning of year $1,740,768,147 · end of year $1,711,503,562

  • 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 $163,729,765 · end of year $194,585,189

Mission and programs · 2023

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)

WESTCONSIN CREDIT UNION IS COMMITTED TO HELPING OUR MEMBERS ACHIEVE FINANCIAL SUCCESS.

  • 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 4,230 HOURS IN 2023. THROUGH PROVIDING FREE FINANCIAL PROGRAMS AND SERVICES TO PROMOTE FINANCIAL EDUCATION AND LITERACY, WESTCONSIN EDUCATED OVER 76,000 STUDENTS IN OVER 250 AREA SCHOOLS. IN 2023, WESTCONSIN PROVIDED LOW-COST FINANCIAL SERVICES TO 120,077 MEMBERS.

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

  • PROVIDED OVER 20,000 LOANS FOR OVER $479 MILLION TO MEMBERS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gerald Wolf

    CHAIRPERSON

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

  • Toidd Leipnitz

    VICE CHAIRPERSON

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

  • 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
    $9,710
    From this org
    $9,710
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Dahms

    BOARD MEMBER

    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

  • Lora Benrud

    CEO

    Total calculated
    $727,054
    From this org
    $649,862
    From related orgs
    $0
    Other
    $77,192
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $602,869
    Bonus
    $36,956
    Other
    $10,037
    Deferred
    $49,500
    Nontaxable benefits
    $27,692
    Filer's total
    $727,054

  • Jerilyn Kinderman

    CFO

    Total calculated
    $379,059
    From this org
    $303,905
    From related orgs
    $0
    Other
    $75,154
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,295
    Bonus
    $17,710
    Other
    $900
    Deferred
    $44,415
    Nontaxable benefits
    $30,739
    Filer's total
    $379,059

  • Kevin Hall

    CIO

    Total calculated
    $249,810
    From this org
    $225,802
    From related orgs
    $0
    Other
    $24,008
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,216
    Bonus
    $11,346
    Other
    $240
    Deferred
    $21,350
    Nontaxable benefits
    $2,658
    Filer's total
    $249,810

  • Jim Wookey

    COO

    Total calculated
    $356,784
    From this org
    $282,834
    From related orgs
    $0
    Other
    $73,950
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,727
    Bonus
    $16,217
    Other
    $1,890
    Deferred
    $41,537
    Nontaxable benefits
    $32,413
    Filer's total
    $356,784

  • Nicole Yarrington

    CTO

    Total calculated
    $295,372
    From this org
    $230,115
    From related orgs
    $0
    Other
    $65,257
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $215,535
    Bonus
    $13,530
    Other
    $1,050
    Deferred
    $33,896
    Nontaxable benefits
    $31,361
    Filer's total
    $295,372

  • Scott Giltner

    CLO

    Total calculated
    $325,436
    From this org
    $268,656
    From related orgs
    $0
    Other
    $56,780
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,900
    Bonus
    $15,176
    Other
    $2,580
    Deferred
    $26,278
    Nontaxable benefits
    $30,502
    Filer's total
    $325,436

  • Stephanie Rasmussen

    CXO

    Total calculated
    $270,905
    From this org
    $213,079
    From related orgs
    $0
    Other
    $57,826
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,745
    Bonus
    $12,284
    Other
    $1,050
    Deferred
    $30,963
    Nontaxable benefits
    $26,863
    Filer's total
    $270,905

  • Michael Tomasek

    CIO (THRU MAY 2023)

    Total calculated
    $163,080
    From this org
    $141,628
    From related orgs
    $0
    Other
    $21,452
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,895
    Bonus
    $7,618
    Other
    $115
    Deferred
    $20,045
    Nontaxable benefits
    $1,407
    Filer's total
    $163,080

  • Timothy Carlson

    VP - WESTCONSIN INVESTMENT

    Total calculated
    $242,889
    From this org
    $207,445
    From related orgs
    $0
    Other
    $35,444
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,017
    Bonus
    $230
    Other
    $2,198
    Deferred
    $30,858
    Nontaxable benefits
    $4,586
    Filer's total
    $242,889

  • Jamie Gower

    VP - HUMAN RESOURCES

    Total calculated
    $203,406
    From this org
    $159,911
    From related orgs
    $0
    Other
    $43,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,782
    Bonus
    $9,279
    Other
    $850
    Deferred
    $15,818
    Nontaxable benefits
    $27,677
    Filer's total
    $203,406

  • Russell Blasius

    SENIOR VP - RETAIL OPERATIONS

    Total calculated
    $229,165
    From this org
    $175,353
    From related orgs
    $0
    Other
    $53,812
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,374
    Bonus
    $11,089
    Other
    $1,890
    Deferred
    $25,748
    Nontaxable benefits
    $28,064
    Filer's total
    $229,165

  • James Wynn

    VP - BUSINESS LOANS AND SERVICES

    Total calculated
    $279,615
    From this org
    $217,949
    From related orgs
    $0
    Other
    $61,666
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,451
    Bonus
    $12,598
    Other
    $900
    Deferred
    $32,064
    Nontaxable benefits
    $29,602
    Filer's total
    $279,615

  • Kyle Zimmer

    VP - MORTGAGE

    Total calculated
    $210,636
    From this org
    $164,260
    From related orgs
    $0
    Other
    $46,376
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,864
    Bonus
    $9,626
    Other
    $770
    Deferred
    $23,906
    Nontaxable benefits
    $22,470
    Filer's total
    $210,636

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 $2,386,488 · assets $2,787,663

    Directly controlled by WESTCONSIN CREDIT UNION

  • WESTCONSIN TITLE SERVICES LLC

    GENERAL TITLE SERVICES · WI · income $880,750 · assets $1,970,895

    Directly controlled by WESTCONSIN CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
9 April 2024
IRS schema version
2023v5.0
Source object
202431349349306563

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