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Nonprofiteer
← NORTHWOODS CREDIT UNION

Form 990 for tax year 2022

Filed by NORTHWOODS CREDIT UNION.

Totals

Total revenue
$11,374,020
Total expenses
$9,715,764
Contributions and grants received
$0
Grants paid
$36,789
Program service revenue
$10,080,951
Investment income
$151,593
Other revenue
$1,141,476
Total assets, end of year
$162,399,307
Total liabilities, end of year
$149,068,094
Net assets or fund balances, end of year
$13,331,213
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: INTEREST ON LOAN

    total $7,250,192 · related or exempt $7,250,192

  • 2b · Program service revenue: FEE INCOME

    total $2,830,759 · related or exempt $2,817,854 · unrelated business $12,905

  • 3 · Investment income

    total $151,593 · excluded $151,593

  • 11a · Other revenue: RECOVERY OF CAPITAL

    total $1,141,476 · excluded $1,141,476

  • 11e · Other revenue, total

    $1,141,476

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $35,867

  • 2 · Grants to domestic individuals

    total $922

  • 5 · Compensation of officers, directors and key employees

    total $572,182

  • 7 · Other salaries and wages

    total $2,836,029

  • 8 · Pension plan contributions

    total $197,199

  • 9 · Other employee benefits

    total $650,317

  • 10 · Payroll taxes

    total $256,513

  • 11c · Fees: accounting

    total $115,590

  • 11f · Fees: investment management

    total $7,521

  • 11g · Fees: other

    total $194,417

  • 12 · Advertising and promotion

    total $229,062

  • 13 · Office expenses

    total $411,011

  • 14 · Information technology

    total $1,595,705

  • 16 · Occupancy

    total $303,307

  • 17 · Travel

    total $70,927

  • 19 · Conferences, conventions and meetings

    total $55,305

  • 20 · Interest

    total $8,576

  • 22 · Depreciation, depletion and amortization

    total $513,710

  • 23 · Insurance

    total $111,922

  • 24a · Other expenses: LOAN & CLOSING COSTS

    total $480,602

  • 24b · Other expenses: MEMBERSHIP DIVIDENDS/RE

    total $417,661

  • 24c · Other expenses: ATM EXPENSES

    total $355,839

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $187,246

  • 24e · All other expenses

    total $108,334

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,872,484 · end of year $3,291,343

  • 2 · Savings and temporary cash investments

    beginning of year $12,566,422 · end of year $565,591

  • 4 · Accounts receivable

    beginning of year $1,070,601 · end of year $1,165,175

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,925 · end of year $3,385

  • 7 · Other notes and loans receivable

    beginning of year $125,792,637 · end of year $135,198,421

  • 9 · Prepaid expenses and deferred charges

    beginning of year $156,715 · end of year $485,201

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

    $10,743,687

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

    $3,391,540

  • 10c · Land, buildings and equipment, net

    beginning of year $7,302,095 · end of year $7,352,147

  • 11 · Investments: publicly traded securities

    beginning of year $3,085,229 · end of year $8,471,382

  • 12 · Investments: other securities

    beginning of year $1,517,000 · end of year $1,539,600

  • 15 · Other assets

    beginning of year $4,434,213 · end of year $4,327,062

  • 17 · Accounts payable and accrued expenses

    beginning of year $239,793 · end of year $276,716

  • 25 · Other liabilities

    beginning of year $146,474,923 · end of year $148,791,378

  • 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 $12,085,605 · end of year $13,331,213

Mission and programs · 2022

Mission

TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS.

Activities or mission (Part I)

PROVIDE CREDIT UNION SERVICES TO MEMBERS.

  • SERVED 11,408 MEMBERS - PAID OVER $366,100 IN DIVIDENDS

  • 8,443 OUTSTANDING MEMBER LOANS TOTALING $112,837,876 ON DECEMBER 31, 2022 - GRANTED 3,640 LOANS TO MEMBERS TOTALING $60,966,581 IN 2022 - MEMBERS PAID OVER $6,382,480 IN LOAN INTEREST THROUGHOUT 2022

As filed on the 2022 return.

Listed in Part VII

  • Jeffrey Kletscher

    CHAIRPERSON

    Total calculated
    $2,074
    From this org
    $2,074
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.9

  • Larry Champeaux

    VICE CHAIRPERSON

    Total calculated
    $1,435
    From this org
    $1,435
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.31

  • Christine Nielson-Ringat

    SECRETARY

    Total calculated
    $1,318
    From this org
    $1,318
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.21

  • Nathan Manner

    DIRECTOR

    Total calculated
    $1,245
    From this org
    $1,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.14

  • Lisa Follett-Pollak

    DIRECTOR

    Total calculated
    $967
    From this org
    $967
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.89

  • Debra J Larson

    DIRECTOR

    Total calculated
    $804
    From this org
    $804
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.74

  • Kasey Olson

    DIRECTOR

    Total calculated
    $636
    From this org
    $636
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.58

  • Terry Burn

    SVP/CHIEF LENDING OFFICER

    Total calculated
    $180,251
    From this org
    $134,445
    From related orgs
    $0
    Other
    $45,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,494
    Bonus
    $17,951
    Other
    $0
    Deferred
    $7,600
    Nontaxable benefits
    $38,206
    Filer's total
    $180,251

  • Doug Wolf

    PRESIDENT/CEO

    Total calculated
    $211,312
    From this org
    $171,546
    From related orgs
    $0
    Other
    $39,766
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,372
    Bonus
    $22,174
    Other
    $0
    Deferred
    $9,416
    Nontaxable benefits
    $30,350
    Filer's total
    $211,312

  • Matthew Ferrin

    SVP/CHIEF FINANCIAL OFFICE

    Total calculated
    $172,141
    From this org
    $137,618
    From related orgs
    $0
    Other
    $34,523
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,667
    Bonus
    $17,951
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $34,523
    Filer's total
    $172,141

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 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

  • FLOODWOOD SCHOOL DISTRICT ISD 698

    $5,175

    GENERAL SUPPORT

Provenance

Return type
form_990
Tax year
2022
Filed
17 July 2023
IRS schema version
2022v5.0
Source object
202322089349300917

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