Form 990 for tax year 2023

Filed by CAPITAL CREDIT UNION.

Totals

Total revenue: $41,153,839
Total expenses: $32,857,288
Contributions and grants received: $0
Grants paid: $20,000
Program service revenue: $35,262,698
Investment income: $3,203,497
Other revenue: $2,687,644
Total assets, end of year: $755,781,859
Total liabilities, end of year: $664,191,944
Net assets or fund balances, end of year: $91,589,915
Program services expenses (Part IX): $32,857,288
Management and general expenses: $0
Fundraising expenses: $0
Program service expenses (Part III): $32,857,288

Program services were 100.0% 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.

1a · Federated campaigns

$0
1b · Membership dues

$0
1c · Fundraising events

$0
1d · Related organizations

$0
1e · Government grants (contributions)

$0
1f · All other contributions, gifts and grants

$0
1g · Noncash contributions included above

$0
2a · Program service revenue: LOAN INTEREST INCOME

total $28,049,267 · related or exempt $28,049,267 · unrelated business $0 · excluded $0
2b · Program service revenue: FEES & INTERCHANGE INCOME

total $5,450,269 · related or exempt $5,385,903 · unrelated business $64,366 · excluded $0
2c · Program service revenue: MORTGAGE LENDING INCOME

total $1,763,162 · related or exempt $1,763,162 · unrelated business $0 · excluded $0
2d · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2e · Program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $2,857,021 · related or exempt $2,857,021 · unrelated business $0 · excluded $0
4 · Income from investment of tax-exempt bond proceeds

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
5 · Royalties

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
6a · Gross rents

real property $123,052 · personal property $0
6b · Less rental expenses

real property $66,417 · personal property $0
6c · Rental income or loss

real property $56,635 · personal property $0
6d · Net rental income or loss

total $56,635 · related or exempt $56,635 · unrelated business $0 · excluded $0
7a · Gross sales of assets other than inventory

securities $1,912,118 · other assets $1,088,797
7b · Less cost or other basis and sales expenses

securities $1,947,125 · other assets $707,314
7c · Gain or loss

securities -$35,007 · other assets $381,483
7d · Net gain or loss

total $346,476 · related or exempt $346,476 · unrelated business $0 · excluded $0
8a · Fundraising events: gross income

$0
8a · Fundraising events: contributions included on line 1c

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0 · unrelated business $0 · excluded $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11a · Other revenue: SPLIT DOLLAR LOAN INCOME

total $429,713 · related or exempt $429,713 · unrelated business $0 · excluded $0
11b · Other revenue: LOAN INSURANCE SALES

total $215,762 · related or exempt $215,762 · unrelated business $0 · excluded $0
11c · Other revenue: WEALTH MANAGEMENT

total $202,064 · related or exempt $181,292 · unrelated business $20,772 · excluded $0
11d · All other revenue

total $1,783,470 · related or exempt $1,476,408 · unrelated business $307,062 · excluded $0
11e · Other revenue, total

$2,631,009

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0 · program services $0
2 · Grants to domestic individuals

total $20,000 · program services $20,000
3 · Grants to foreign organizations and individuals

total $0 · program services $0
4 · Benefits paid to or for members

total $351 · program services $351
5 · Compensation of officers, directors and key employees

total $2,927,134 · program services $2,927,134 · management and general $0 · fundraising $0
6 · Compensation of disqualified persons

total $0 · program services $0 · management and general $0 · fundraising $0
7 · Other salaries and wages

total $7,451,181 · program services $7,451,181 · management and general $0 · fundraising $0
8 · Pension plan contributions

total $370,327 · program services $370,327 · management and general $0 · fundraising $0
9 · Other employee benefits

total $1,316,417 · program services $1,316,417 · management and general $0 · fundraising $0
10 · Payroll taxes

total $740,670 · program services $740,670 · management and general $0 · fundraising $0
11a · Fees: management

total $0 · program services $0 · management and general $0 · fundraising $0
11b · Fees: legal

total $72,360 · program services $72,360 · management and general $0 · fundraising $0
11c · Fees: accounting

total $103,585 · program services $103,585 · management and general $0 · fundraising $0
11d · Fees: lobbying

total $0 · program services $0 · management and general $0 · fundraising $0
11e · Fees: professional fundraising services

total $0 · fundraising $0
11f · Fees: investment management

total $16,317 · program services $16,317 · management and general $0 · fundraising $0
11g · Fees: other

total $401,053 · program services $401,053 · management and general $0 · fundraising $0
12 · Advertising and promotion

total $1,515,204 · program services $1,515,204 · management and general $0 · fundraising $0
13 · Office expenses

total $1,386,500 · program services $1,386,500 · management and general $0 · fundraising $0
14 · Information technology

total $1,699,609 · program services $1,699,609 · management and general $0 · fundraising $0
15 · Royalties

total $0 · program services $0 · management and general $0 · fundraising $0
16 · Occupancy

total $1,210,647 · program services $1,210,647 · management and general $0 · fundraising $0
17 · Travel

total $44,800 · program services $44,800 · management and general $0 · fundraising $0
18 · Travel or entertainment for public officials

total $0 · program services $0 · management and general $0 · fundraising $0
19 · Conferences, conventions and meetings

total $132,801 · program services $132,801 · management and general $0 · fundraising $0
20 · Interest

total $6,761,312 · program services $6,761,312 · management and general $0 · fundraising $0
21 · Payments to affiliates

total $0 · program services $0 · management and general $0 · fundraising $0
22 · Depreciation, depletion and amortization

total $1,214,110 · program services $1,214,110 · management and general $0 · fundraising $0
23 · Insurance

total $143,781 · program services $143,781 · management and general $0 · fundraising $0
24a · Other expenses: Card Services

total $2,340,229 · program services $2,340,229 · management and general $0 · fundraising $0
24b · Other expenses: Provision for Loan Loss

total $1,527,918 · program services $1,527,918 · management and general $0 · fundraising $0
24c · Other expenses: Loan Program Expenses

total $484,533 · program services $484,533 · management and general $0 · fundraising $0
24d · Other expenses: Federal & State Supervisory Fees

total $121,543 · program services $121,543 · management and general $0 · fundraising $0
24e · All other expenses

total $854,906 · program services $854,906 · management and general $0 · fundraising $0
26 · Joint costs (an allocation of the lines above)

total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $3,733,888 · end of year $3,754,426
2 · Savings and temporary cash investments

beginning of year $45,582,329 · end of year $54,495,663
3 · Pledges and grants receivable

beginning of year $0 · end of year $5,000
4 · Accounts receivable

beginning of year $566,683 · end of year $1,724,848
5 · Loans and receivables from officers and key people

beginning of year $15,101,528 · end of year $16,792,072
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $546,909,993 · end of year $573,358,165
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $386,961 · end of year $709,622
10a · Land, buildings and equipment: cost or other basis

$29,237,201
10b · Land, buildings and equipment: accumulated depreciation

$12,212,387
10c · Land, buildings and equipment, net

beginning of year $16,382,756 · end of year $17,024,814
11 · Investments: publicly traded securities

beginning of year $3,422,594 · end of year $3,800,383
12 · Investments: other securities

beginning of year $77,808,248 · end of year $69,744,418
13 · Investments: program-related

beginning of year $7,349,280 · end of year $7,018,582
14 · Intangible assets

beginning of year $1,926,794 · end of year $2,452,992
15 · Other assets

beginning of year $4,980,216 · end of year $4,900,874
17 · Accounts payable and accrued expenses

beginning of year $7,926,729 · end of year $8,916,991
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $0 · end of year $0
20 · Tax-exempt bond liabilities

beginning of year $0 · end of year $0
21 · Escrow or custodial account liability

beginning of year $4,189,178 · end of year $4,349,887
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $0
24 · Unsecured notes and loans payable

beginning of year $20,804,595 · end of year $19,219,837
25 · Other liabilities

beginning of year $610,265,297 · end of year $631,705,229
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 $80,965,471 · end of year $91,589,915

Mission and programs · 2023

Mission

TO BE THE TRUSTED FINANCIAL RESOURCE THAT PUTS MEMBERS FIRST.

OUR CREDIT UNION WAS SERVING 31,429 MEMBERS AS OF DECEMBER 31 2023. OUR PROGRAM OBJECTIVES ARE TO BE THE TRUSTED FINANCIAL RESOURCE THAT PUTS MEMBERS FIRST AND TO BE THE BEST CHOICE FOR FINANCIAL SERVICES IN OUR MARKET. OUR PROGRAM OFFERS OUR MEMBERS A VARIETY OF PRODUCTS INCLUDING BUT NOT LIMITED TO: LOANS SAVINGS AND CHECKING ACCOUNTS CERTIFICATES OF DEPOSIT CARD AND DIGITAL SERVICES.

Expenses $32,857,288

As filed on the 2023 return.

Listed in Part VII

Vance Reinbold

Chief Executive Officer

Total calculated

$412,138

From this org

$377,537

From related orgs

$0

Other

$34,601

Hours/week

45

Schedule J breakdown matched by us

Base

$294,486

Bonus

$82,000

Other

$1,050

Deferred

$0

Nontaxable benefits

$34,601

Filer's total

$412,137
Jonathan Griffin

Chief Executive Officer

Total calculated

$370,158

From this org

$335,523

From related orgs

$0

Other

$34,635

Hours/week

45

Schedule J breakdown matched by us

Base

$298,471

Bonus

$36,730

Other

$322

Deferred

$0

Nontaxable benefits

$34,635

Filer's total

$370,158
Keith Mantz

Chief Retail Officer

Total calculated

$298,359

From this org

$270,142

From related orgs

$0

Other

$28,217

Hours/week

45

Schedule J breakdown matched by us

Base

$237,815

Bonus

$30,645

Other

$1,682

Deferred

$0

Nontaxable benefits

$28,217

Filer's total

$298,359
Bradley Shetler

Chief Lending Officer

Total calculated

$256,843

From this org

$218,551

From related orgs

$0

Other

$38,292

Hours/week

45

Schedule J breakdown matched by us

Base

$166,810

Bonus

$51,255

Other

$486

Deferred

$0

Nontaxable benefits

$38,293

Filer's total

$256,844
Kurt Schmidt

Chief Information Officer

Total calculated

$230,343

From this org

$214,040

From related orgs

$0

Other

$16,303

Hours/week

45

Schedule J breakdown matched by us

Base

$180,038

Bonus

$33,094

Other

$908

Deferred

$0

Nontaxable benefits

$16,303

Filer's total

$230,343
Ryan Monson

Chief Financial Officer

Total calculated

$219,627

From this org

$195,236

From related orgs

$0

Other

$24,391

Hours/week

45

Schedule J breakdown matched by us

Base

$164,522

Bonus

$29,915

Other

$800

Deferred

$0

Nontaxable benefits

$24,390

Filer's total

$219,627
Scott Bullinger

Mortgage Loan Officer

Total calculated

$213,409

From this org

$172,974

From related orgs

$0

Other

$40,435

Hours/week

45

Schedule J breakdown matched by us

Base

$72,551

Bonus

$99,599

Other

$824

Deferred

$0

Nontaxable benefits

$40,436

Filer's total

$213,410
Sean Smith

Vice President of Legal Risk

Total calculated

$167,672

From this org

$155,443

From related orgs

$0

Other

$12,229

Hours/week

45

Schedule J breakdown matched by us

Base

$136,193

Bonus

$18,753

Other

$496

Deferred

$0

Nontaxable benefits

$12,230

Filer's total

$167,672
Douglas Lee

Market President-East Region

Total calculated

$166,610

From this org

$154,111

From related orgs

$0

Other

$12,499

Hours/week

45

Schedule J breakdown matched by us

Base

$120,321

Bonus

$33,215

Other

$576

Deferred

$0

Nontaxable benefits

$12,499

Filer's total

$166,611
Jillian Lagasse

Chief Marketing Experience Officer

Total calculated

$191,378

From this org

$153,335

From related orgs

$0

Other

$38,043

Hours/week

45

Schedule J breakdown matched by us

Base

$136,217

Bonus

$16,535

Other

$583

Deferred

$0

Nontaxable benefits

$38,043

Filer's total

$191,378
Patricia Olson

Vice President of Human Resources

Total calculated

$185,592

From this org

$152,624

From related orgs

$0

Other

$32,968

Hours/week

45

Schedule J breakdown matched by us

Base

$135,121

Bonus

$16,923

Other

$580

Deferred

$0

Nontaxable benefits

$32,968

Filer's total

$185,592
Dustin Bitz

Director of Financial Education

Total calculated

$175,173

From this org

$149,841

From related orgs

$0

Other

$25,332

Hours/week

45

Schedule J breakdown matched by us

Base

$134,481

Bonus

$14,882

Other

$478

Deferred

$0

Nontaxable benefits

$25,332

Filer's total

$175,173
Thomas Ternes

Market President-Central Region

Total calculated

$172,508

From this org

$142,945

From related orgs

$0

Other

$29,563

Hours/week

45

Schedule J breakdown matched by us

Base

$116,929

Bonus

$25,627

Other

$390

Deferred

$0

Nontaxable benefits

$29,563

Filer's total

$172,509
Chad Williams

Agricultural Vice President

Total calculated

$171,590

From this org

$137,698

From related orgs

$0

Other

$33,892

Hours/week

45

Schedule J breakdown matched by us

Base

$137,528

Bonus

$0

Other

$170

Deferred

$0

Nontaxable benefits

$33,893

Filer's total

$171,591
Nanette Fort

Mortgage Loan Underwriter

Total calculated

$146,481

From this org

$125,630

From related orgs

$0

Other

$20,851

Hours/week

45
Austin Kahler

Vice President of Credit

Total calculated

$141,660

From this org

$117,509

From related orgs

$0

Other

$24,151

Hours/week

45
Kyla Stampka

Vice President of Accounting

Total calculated

$146,852

From this org

$115,260

From related orgs

$0

Other

$31,592

Hours/week

45
Leanne Holzer

Vice President of Operations

Total calculated

$126,641

From this org

$105,635

From related orgs

$0

Other

$21,006

Hours/week

45
Marlina Walth

Board Member

Total calculated

$3,728

From this org

$3,728

From related orgs

$0

Other

$0

Hours/week

4
Michael Gunsch

Board Member

Total calculated

$2,769

From this org

$2,769

From related orgs

$0

Other

$0

Hours/week

4
Shawn Deisz

Board Member

Total calculated

$2,604

From this org

$2,604

From related orgs

$0

Other

$0

Hours/week

4
Lance Gaebe

Board Member

Total calculated

$2,561

From this org

$2,561

From related orgs

$0

Other

$0

Hours/week

4
Jay Buringrud

Board Member

Total calculated

$550

From this org

$550

From related orgs

$0

Other

$0

Hours/week

4
Faye Miller

Board Member

Total calculated

$550

From this org

$550

From related orgs

$0

Other

$0

Hours/week

4
Kevin Schoenborn

Board Member

Total calculated

$500

From this org

$500

From related orgs

$0

Other

$0

Hours/week

4

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 · Approval by the board or compensation committee
4a · Severance or change-of-control payment

Answered no

4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Part I Line 4a: | Name :, Amount:| Keith Mantz, 50000|

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

CCU FINANCIAL SERVICES LLC

CREDIT UNION SERVICE ORGANIZATION · ND · income $181,848 · assets $981,998

Directly controlled by CAPITAL CREDIT UNION

Provenance

Return type: form_990
Tax year: 2023
Filed: 13 November 2024
IRS schema version: 2023v5.1
Source object: 202433189349310913

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