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Nonprofiteer
← CREDIT UNION 1

Form 990 for tax year 2024

Filed by CREDIT UNION 1.

Totals

Total revenue
$107,315,887
Total expenses
$103,205,283
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$58,932,856
Investment income
$27,284,110
Other revenue
$21,098,921
Total assets, end of year
$1,873,446,949
Total liabilities, end of year
$1,715,980,762
Net assets or fund balances, end of year
$157,466,187
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 INCOME

    total $58,932,856 · related or exempt $58,932,856

  • 3 · Investment income

    total $27,220,259 · excluded $27,220,259

  • 7a · Gross sales of assets other than inventory

    other assets $63,851

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

    other assets $0

  • 7c · Gain or loss

    other assets $63,851

  • 7d · Net gain or loss

    total $63,851 · related or exempt $63,851

  • 11a · Other revenue: OTHER INCOME

    total $21,098,921 · excluded $21,098,921

  • 11e · Other revenue, total

    $21,098,921

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,982,576

  • 7 · Other salaries and wages

    total $24,685,872

  • 9 · Other employee benefits

    total $4,419,929

  • 10 · Payroll taxes

    total $2,262,093

  • 11g · Fees: other

    total $2,500,051

  • 12 · Advertising and promotion

    total $2,314,504

  • 13 · Office expenses

    total $15,859,431

  • 16 · Occupancy

    total $6,860,874

  • 20 · Interest

    total $9,728,004

  • 22 · Depreciation, depletion and amortization

    total $176,920

  • 24a · Other expenses: DIVIDEND EXPENSE

    total $18,786,390

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $7,732,092

  • 24c · Other expenses: LOAN PROCESSING

    total $3,283,756

  • 24d · Other expenses: BOARD & STAFF

    total $1,269,762

  • 24e · All other expenses

    total $343,029

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $22,296,665 · end of year $30,123,730

  • 2 · Savings and temporary cash investments

    beginning of year $326,828,578 · end of year $234,057,494

  • 7 · Other notes and loans receivable

    beginning of year $1,185,868,768 · end of year $1,335,660,198

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

    $47,102,087

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

    $22,122,485

  • 10c · Land, buildings and equipment, net

    beginning of year $20,862,105 · end of year $24,979,602

  • 11 · Investments: publicly traded securities

    beginning of year $30,290,786 · end of year $11,453,556

  • 12 · Investments: other securities

    beginning of year $20,738,181 · end of year $95,510,984

  • 13 · Investments: program-related

    beginning of year $652,936 · end of year $0

  • 15 · Other assets

    beginning of year $91,490,648 · end of year $141,661,385

  • 17 · Accounts payable and accrued expenses

    beginning of year $65,379,487 · end of year $54,833,651

  • 21 · Escrow or custodial account liability

    beginning of year $3,022,714 · end of year $3,155,450

  • 22 · Loans and payables to officers and key people

    beginning of year $2,785,481 · end of year $3,102,843

  • 25 · Other liabilities

    beginning of year $1,494,908,151 · end of year $1,654,888,818

  • 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 $132,932,834 · end of year $157,466,187

Mission and programs · 2024

Mission

CREDIT UNION 1 IS A MEMBER-OWNED AND CONTROLLED FINANCIAL INSTITUTION DEDICATED TO PROVIDING CONVENIENT AND COMPETITIVE SERVICES AS A MEANS OF IMPROVING ONGOING ECONOMIC WELL-BEING OF OUR MEMBERS WHILE PROMOTING GROWTH AND MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.

  • PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.

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

Listed in Part VII

  • Robert Eberhardt

    DIRECTOR - CHAIR

    Total calculated
    $48,523
    From this org
    $21,600
    From related orgs
    $0
    Other
    $26,923
    Hours/week
    2

  • Dan Long

    DIRECTOR

    Total calculated
    $25,605
    From this org
    $14,400
    From related orgs
    $0
    Other
    $11,205
    Hours/week
    2

  • Jason Rex Tolliver

    DIRECTOR

    Total calculated
    $14,784
    From this org
    $14,400
    From related orgs
    $0
    Other
    $384
    Hours/week
    2

  • Thomas Wells Jr

    DIRECTOR - SECRETARY

    Total calculated
    $14,411
    From this org
    $14,400
    From related orgs
    $0
    Other
    $11
    Hours/week
    2

  • Kent Yager

    DIRECTOR

    Total calculated
    $25,605
    From this org
    $14,400
    From related orgs
    $0
    Other
    $11,205
    Hours/week
    2

  • Paul Simons

    DIRECTOR

    Total calculated
    $14,404
    From this org
    $14,400
    From related orgs
    $0
    Other
    $4
    Hours/week
    2

  • Todd Gunderson

    CEO/PRESIDENT/DIRECTOR

    Total calculated
    $907,650
    From this org
    $852,631
    From related orgs
    $0
    Other
    $55,019
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $628,880
    Bonus
    $223,751
    Other
    $0
    Deferred
    $28,950
    Nontaxable benefits
    $26,069
    Filer's total
    $907,650

  • Hallie Olsen

    DIRECTOR

    Total calculated
    $14,404
    From this org
    $14,400
    From related orgs
    $0
    Other
    $4
    Hours/week
    2

  • David Thurston

    DIRECTOR - VICE CHAIR

    Total calculated
    $14,404
    From this org
    $14,400
    From related orgs
    $0
    Other
    $4
    Hours/week
    2

  • Paul Fichter

    CHIEF LEGAL COUNSEL

    Total calculated
    $502,220
    From this org
    $447,201
    From related orgs
    $0
    Other
    $55,019
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,054
    Bonus
    $126,147
    Other
    $0
    Deferred
    $28,950
    Nontaxable benefits
    $26,069
    Filer's total
    $502,220

  • Michael Hirt

    SVP, CHIEF TECHNOLOGY OFFI

    Total calculated
    $407,849
    From this org
    $356,155
    From related orgs
    $0
    Other
    $51,694
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,001
    Bonus
    $106,154
    Other
    $0
    Deferred
    $25,625
    Nontaxable benefits
    $26,069
    Filer's total
    $407,849

  • Scott McDonald

    EVP, CHIEF FINANCIAL OFFIC

    Total calculated
    $494,456
    From this org
    $439,437
    From related orgs
    $0
    Other
    $55,019
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $321,726
    Bonus
    $117,711
    Other
    $0
    Deferred
    $28,950
    Nontaxable benefits
    $26,069
    Filer's total
    $494,456

  • Jeff Lyle Rothmeyer

    CHIEF LENDING OFFICER

    Total calculated
    $499,376
    From this org
    $444,509
    From related orgs
    $0
    Other
    $54,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $318,811
    Bonus
    $125,698
    Other
    $0
    Deferred
    $28,798
    Nontaxable benefits
    $26,069
    Filer's total
    $499,376

  • Michael Eck

    CHIEF MARKETING OFFICER

    Total calculated
    $406,735
    From this org
    $360,447
    From related orgs
    $0
    Other
    $46,288
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,352
    Bonus
    $104,095
    Other
    $0
    Deferred
    $23,726
    Nontaxable benefits
    $22,562
    Filer's total
    $406,735

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
FOR ONE MEETING PER YEAR, A SPOUSE IS ALLOWED TO TRAVEL WITH THE BOARD MEMBER AND THE EXPENSE IS REIMBURSED TO THE BOARD MEMBER.

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CUSO LTD

    C · DORMANT TRAVEL AGENCY · IL · 100% owned · share of assets $330,000

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.1
Source object
202511359349306221

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