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Nonprofiteer
← SUPERIOR CHOICE CREDIT UNION

Form 990 for tax year 2023

Filed by SUPERIOR CHOICE CREDIT UNION.

Totals

Total revenue
$49,260,403
Total expenses
$56,364,749
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$42,803,829
Investment income
$6,384,384
Other revenue
$72,190
Total assets, end of year
$804,124,778
Total liabilities, end of year
$743,930,149
Net assets or fund balances, end of year
$60,194,629
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 $33,644,641 · related or exempt $33,644,641

  • 2b · Program service revenue: OTHER OPERATING REVENUE

    total $3,898,488 · related or exempt $3,898,488

  • 2c · Program service revenue: FEE INCOME

    total $2,803,471 · related or exempt $2,803,471

  • 2d · Program service revenue: INTERCHANGE FEES

    total $2,221,214 · related or exempt $2,221,214

  • 2e · Program service revenue: INSURANCE SALES & COMMISSIONS

    total $198,848 · related or exempt $198,848

  • 2f · All other program service revenue

    total $37,167 · unrelated business $37,167

  • 3 · Investment income

    total $6,384,384 · excluded $6,384,384

  • 6a · Gross rents

    real property $52,334

  • 6c · Rental income or loss

    real property $52,334

  • 6d · Net rental income or loss

    total $52,334 · related or exempt $52,334

  • 11a · Other revenue: NON OPERATING INCOME

    total $19,856 · excluded $19,856

  • 11e · Other revenue, total

    $19,856

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,794,245

  • 7 · Other salaries and wages

    total $9,162,057

  • 8 · Pension plan contributions

    total $489,186

  • 9 · Other employee benefits

    total $2,134,077

  • 10 · Payroll taxes

    total $824,666

  • 11a · Fees: management

    total $1,378

  • 11b · Fees: legal

    total $295,081

  • 11c · Fees: accounting

    total $148,199

  • 11g · Fees: other

    total $1,595,161

  • 12 · Advertising and promotion

    total $710,629

  • 13 · Office expenses

    total $3,385,621

  • 14 · Information technology

    total $1,512,976

  • 16 · Occupancy

    total $1,758,867

  • 17 · Travel

    total $396,124

  • 19 · Conferences, conventions and meetings

    total $1,012

  • 20 · Interest

    total $2,589,586

  • 22 · Depreciation, depletion and amortization

    total $1,786,374

  • 23 · Insurance

    total $819,555

  • 24a · Other expenses: DIVIDENDS PAID TO MEMBERS

    total $11,178,473

  • 24b · Other expenses: PROVISION FOR BAD DEBT

    total $10,285,333

  • 24c · Other expenses: LOAN ORIGINATION/SERVICIN

    total $2,352,330

  • 24d · Other expenses: OTHER EXPENSES

    total $1,882,815

  • 24e · All other expenses

    total $1,261,004

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,803,690 · end of year $8,624,042

  • 2 · Savings and temporary cash investments

    beginning of year $95,821,203 · end of year $60,098,942

  • 4 · Accounts receivable

    beginning of year $623,304 · end of year $727,267

  • 7 · Other notes and loans receivable

    beginning of year $540,480,830 · end of year $634,622,080

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,223,390 · end of year $7,251,966

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

    $39,030,412

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

    $12,941,930

  • 10c · Land, buildings and equipment, net

    beginning of year $17,443,014 · end of year $26,088,482

  • 11 · Investments: publicly traded securities

    beginning of year $1,970,000 · end of year $2,892,500

  • 12 · Investments: other securities

    beginning of year $15,571,703 · end of year $35,044,686

  • 13 · Investments: program-related

    beginning of year $4,808,294 · end of year $6,260,869

  • 14 · Intangible assets

    beginning of year $5,947,724 · end of year $9,062,177

  • 15 · Other assets

    beginning of year $10,647,244 · end of year $13,451,767

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,368,995 · end of year $6,587,660

  • 23 · Secured mortgages and notes payable

    beginning of year $66,000,000 · end of year $76,500,000

  • 25 · Other liabilities

    beginning of year $573,320,591 · end of year $660,842,489

  • 31 · Retained earnings, endowment or other funds

    beginning of year $61,650,810 · end of year $60,194,629

Mission and programs · 2023

Mission

A NOT-FOR-PROFIT MEMBER-OWNED FINANCIAL INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.

Activities or mission (Part I)

A NOT-FOR-PROFIT MEMBER-OWNED FINANCIAL INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS.

  • FINANCIAL SERVICE PROVIDER TO INCLUDE LOANS, DEPOSITS, AND TRANSACTIONAL SERVICES TO ALL MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Tim Foster

    PRESIDENT &

    Total calculated
    $634,876
    From this org
    $593,409
    From related orgs
    $0
    Other
    $41,467
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $392,500
    Bonus
    $200,909
    Other
    not reported
    Deferred
    $31,867
    Nontaxable benefits
    $9,600
    Filer's total
    $634,876

  • Shane Asbel

    COO/EVP

    Total calculated
    $393,651
    From this org
    $349,784
    From related orgs
    $0
    Other
    $43,867
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $272,500
    Bonus
    $77,284
    Other
    not reported
    Deferred
    $31,867
    Nontaxable benefits
    $12,000
    Filer's total
    $393,651

  • Kelli Koehler

    CMO/SVP

    Total calculated
    $329,995
    From this org
    $312,693
    From related orgs
    $0
    Other
    $17,302
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,250
    Bonus
    $67,443
    Other
    not reported
    Deferred
    $11,302
    Nontaxable benefits
    $6,000
    Filer's total
    $329,995

  • Ben Altonen

    CFO/EVP

    Total calculated
    $318,393
    From this org
    $275,232
    From related orgs
    $0
    Other
    $43,161
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,957
    Bonus
    $56,275
    Other
    not reported
    Deferred
    $31,867
    Nontaxable benefits
    $11,294
    Filer's total
    $318,393

  • Jennifer Strama

    CLO

    Total calculated
    $213,217
    From this org
    $197,115
    From related orgs
    $0
    Other
    $16,102
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,000
    Bonus
    $22,115
    Other
    not reported
    Deferred
    $11,302
    Nontaxable benefits
    $4,800
    Filer's total
    $213,217

  • Julie Lupa

    VP LOAN OPER

    Total calculated
    $176,576
    From this org
    $176,576
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,576
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $176,576

  • Tammy Makela

    VP ASSISTANT

    Total calculated
    $162,778
    From this org
    $162,778
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,778
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $162,778

  • Eric Anderson

    VP LENDING

    Total calculated
    $132,312
    From this org
    $132,312
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jessica Kohne

    VP RETAIL SA

    Total calculated
    $117,326
    From this org
    $117,326
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Heather Davis

    VP OPERATION

    Total calculated
    $114,424
    From this org
    $114,424
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Mark Casper

    BOARD CHAIR

    Total calculated
    $7,868
    From this org
    $7,868
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Anderson

    BOARD VICE C

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Frenchick

    BOARD MEMBER

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Paul Gilbertson

    TREASURER

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Charlie Glazman

    VICE CHAIR P

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jim Larson

    VICE CHAIR-A

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lisa Nault

    BOARD MEMBER

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Greg Running

    ALCO

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Pamela Tafelski

    VICE CHAIR L

    Total calculated
    $7,268
    From this org
    $7,268
    From related orgs
    $0
    Other
    $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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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)

SCHEDULE J, PAGE 1, PART I, LINE 1A
TRAVEL FOR COMPANIONS WAS AVAILABLE FOR EDUCATIONAL EVENTS, LEAGUE CONVENTIONS, CHAPTER EVENTS, AND STRATEGIC PLANNING OFF SITE RETREATS.

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
16 July 2024
IRS schema version
2023v5.0
Source object
202402259349300630

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