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Nonprofiteer
← WEST METRO SCHOOLS CREDIT UNION

Form 990 for tax year 2022

Filed by WEST METRO SCHOOLS CREDIT UNION.

Totals

Total revenue
$1,509,319
Total expenses
$1,233,521
Contributions and grants received
$0
Grants paid
$4,000
Program service revenue
$1,255,165
Investment income
$252,169
Other revenue
$1,985
Total assets, end of year
$38,718,935
Total liabilities, end of year
$31,967,668
Net assets or fund balances, end of year
$6,751,267
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.

  • 2a · Program service revenue: INTEREST ON LOANS

    total $1,001,722 · related or exempt $1,001,722

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

    total $231,576 · related or exempt $231,576

  • 2c · Program service revenue: MEMBER FEE INCOME

    total $21,867 · related or exempt $21,867

  • 3 · Investment income

    total $252,169 · excluded $252,169

  • 5 · Royalties

    total $1,985 · excluded $1,985

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,000

  • 5 · Compensation of officers, directors and key employees

    total $113,443

  • 7 · Other salaries and wages

    total $245,176

  • 8 · Pension plan contributions

    total $19,166

  • 9 · Other employee benefits

    total $52,879

  • 10 · Payroll taxes

    total $28,331

  • 11c · Fees: accounting

    total $21,000

  • 12 · Advertising and promotion

    total $14,431

  • 13 · Office expenses

    total $330,690

  • 14 · Information technology

    total $83,426

  • 16 · Occupancy

    total $31,531

  • 19 · Conferences, conventions and meetings

    total $1,084

  • 20 · Interest

    total $199

  • 22 · Depreciation, depletion and amortization

    total $29,493

  • 23 · Insurance

    total $19,824

  • 24a · Other expenses: DIVIDENDS EXPENSE

    total $197,166

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $38,073

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $3,609

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $89,379 · end of year $64,282

  • 2 · Savings and temporary cash investments

    beginning of year $9,229,220 · end of year $5,697,251

  • 7 · Other notes and loans receivable

    beginning of year $17,625,993 · end of year $19,834,616

  • 9 · Prepaid expenses and deferred charges

    beginning of year $31,430 · end of year -$3,642

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

    $202,874

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

    $150,857

  • 10c · Land, buildings and equipment, net

    beginning of year $40,725 · end of year $52,017

  • 13 · Investments: program-related

    beginning of year $11,078,181 · end of year $12,344,181

  • 15 · Other assets

    beginning of year $714,383 · end of year $730,230

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,184 · end of year $94,053

  • 25 · Other liabilities

    beginning of year $32,307,658 · end of year $31,873,615

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,475,469 · end of year $6,751,267

Mission and programs · 2022

Mission

WE ARE A NOT-FOR-PROFIT, MEMBER OWNED AND CONTROLLED FINANCIAL ORGANIZATION. WE PROVIDE FINANCIAL SERVICES AND BUILD LIFE-LONG RELATIONSHIPS WHILE MAINTATING FINANCIAL STABILITY AND SAFEGUARDING MEMBER ASSETS.

  • THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 181 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 2,607 MEMBERS.

  • THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 369 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/22 WE HAD 1,705 LOANS TO OUR MEMBERS.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Crystal Schuman

    PRESIDENT

    Total calculated
    $149,229
    From this org
    $113,443
    From related orgs
    $0
    Other
    $35,786
    Hours/week
    40

  • Mary Kay Myrmel

    CAHIR

    Total calculated
    $0
    Hours/week
    2

  • Lisa Walker

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Betty Magnuson

    SECRETARY

    Total calculated
    $0
    Hours/week
    1.5

  • John Toop

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Theresa Myre

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Thomas Opitz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Colleen Luck

    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
5 April 2023
IRS schema version
2022v5.0
Source object
202321019349301617

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