Skip to content
Nonprofiteer
← COMMUNITY FIRST CREDIT UNION

Form 990 for tax year 2022

Filed by COMMUNITY FIRST CREDIT UNION.

Totals

Total revenue
$189,052,954
Total expenses
$118,578,205
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$154,743,871
Investment income
$32,625,862
Other revenue
$1,683,221
Total assets, end of year
$5,156,851,836
Total liabilities, end of year
$4,569,773,622
Net assets or fund balances, end of year
$587,078,214
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 INTEREST

    total $115,725,724 · related or exempt $115,725,724

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $26,304,549 · related or exempt $26,304,549

  • 2c · Program service revenue: FEES & SERVICE CHGS

    total $12,713,598 · related or exempt $12,617,761 · unrelated business $95,837

  • 3 · Investment income

    total $32,636,446 · excluded $32,636,446

  • 6a · Gross rents

    real property $30,000

  • 6b · Less rental expenses

    real property $79,154

  • 6c · Rental income or loss

    real property -$49,154

  • 6d · Net rental income or loss

    total -$49,154 · unrelated business -$49,154

  • 7a · Gross sales of assets other than inventory

    other assets $67,835

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

    other assets $78,419

  • 7c · Gain or loss

    other assets -$10,584

  • 7d · Net gain or loss

    total -$10,584 · excluded -$10,584

  • 11a · Other revenue: OTHER NON-INTEREST INCOME

    total $1,732,375 · related or exempt $1,732,375

  • 11e · Other revenue, total

    $1,732,375

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $33,998,109

  • 5 · Compensation of officers, directors and key employees

    total $3,382,378

  • 7 · Other salaries and wages

    total $32,393,794

  • 9 · Other employee benefits

    total $3,496,159

  • 10 · Payroll taxes

    total $2,402,282

  • 11b · Fees: legal

    total $120,657

  • 11c · Fees: accounting

    total $454,135

  • 12 · Advertising and promotion

    total $4,625,089

  • 13 · Office expenses

    total $11,790,170

  • 14 · Information technology

    total $2,687,023

  • 16 · Occupancy

    total $2,717,803

  • 17 · Travel

    total $343,362

  • 19 · Conferences, conventions and meetings

    total $467,869

  • 20 · Interest

    total $7,431,430

  • 22 · Depreciation, depletion and amortization

    total $4,162,185

  • 23 · Insurance

    total $423,556

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $4,354,829

  • 24b · Other expenses: MISC OPERATING EXPENSES

    total $1,654,797

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $1,411,502

  • 24d · Other expenses: OPERATING FEES

    total $261,076

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,416,600 · end of year $33,350,918

  • 4 · Accounts receivable

    beginning of year $68,719 · end of year $96,215

  • 7 · Other notes and loans receivable

    beginning of year $3,120,087,692 · end of year $3,543,648,794

  • 9 · Prepaid expenses and deferred charges

    beginning of year $66,279,630 · end of year $54,506,009

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

    $105,303,601

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

    $39,046,525

  • 10c · Land, buildings and equipment, net

    beginning of year $69,272,277 · end of year $66,257,076

  • 13 · Investments: program-related

    beginning of year $1,596,171,947 · end of year $1,400,083,673

  • 15 · Other assets

    beginning of year $54,009,302 · end of year $58,909,151

  • 17 · Accounts payable and accrued expenses

    beginning of year $37,206,468 · end of year $47,432,963

  • 23 · Secured mortgages and notes payable

    beginning of year $5,000,000

  • 25 · Other liabilities

    beginning of year $4,354,339,181 · end of year $4,522,340,659

  • 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 $528,760,518 · end of year $587,078,214

Mission and programs · 2022

Mission

COMMUNITY FIRST CREDIT UNION WILL PROVIDE HIGH QUALITY, COMPETITIVE FINANCIAL PRODUCTS AND SERVICES WHICH ANTICIPATE AND EXCEED OUR MEMBERS' NEEDS. WE INTEND TO BE THE PRIMARY FINANCIAL ORGANIZATION FOR OUR MEMBERS BY EARNING AND MAINTAINING THEIR TRUST, BY MAINTAINING A BALANCE BETWEEN SOUND GROWTH, EARNINGS AND RESERVES, BY PROVIDING A CHALLENGING AND REWARDING ENVIRONMENT FOR OUR EMPLOYEES AND BY CONTRIBUTING TO THE SOCIAL AND ECONOMIC WELL-BEING OF THE COMMUNITIES WE SERVE.

Activities or mission (Part I)

OUR MISSION IS TO BE OUR MEMBERS' PRIMARY FINANCIAL SERVICES PROVIDER

  • PROVIDED FINANCIAL SERVICES TO 152,852 MEMBER OWNERS IN 2022. FUNDED 33,712 LOANS TO THESE MEMBERS IN 2022 FOR $1,455,118,608.

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

Listed in Part VII

  • Catherine J Tierney

    CEO/PRESIDENT/BOD TREASURER

    Total calculated
    $1,052,993
    From this org
    $1,021,104
    From related orgs
    $0
    Other
    $31,889
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $727,963
    Bonus
    $265,126
    Other
    $28,015
    Deferred
    $20,500
    Nontaxable benefits
    $11,389
    Filer's total
    $1,052,993
  • Kathryn Sieman

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1
  • Sara Micheletti

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1
  • Monica Hilt

    SECRETARY

    Total calculated
    $0
    Hours/week
    1
  • Jay Fulkerson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Daniel Ferris

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Michael Moore

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Peter Mariahazy

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Paul Schwartz

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Amy Fricke-Weigel

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Dr Susan May

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1
  • Scott Steinfort

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $493,712
    From this org
    $397,031
    From related orgs
    $0
    Other
    $96,681
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $292,673
    Bonus
    $94,291
    Other
    $10,067
    Deferred
    $70,773
    Nontaxable benefits
    $25,908
    Filer's total
    $493,712
  • Amanda Secor

    CHIEF OF STAFF

    Total calculated
    $483,181
    From this org
    $317,389
    From related orgs
    $0
    Other
    $165,792
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $239,959
    Bonus
    $71,762
    Other
    $5,668
    Deferred
    $143,957
    Nontaxable benefits
    $21,835
    Filer's total
    $483,181
  • Timothy Hoff

    CHIEF LENDING OFFICER

    Total calculated
    $471,027
    From this org
    $367,229
    From related orgs
    $0
    Other
    $103,798
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,544
    Bonus
    $72,431
    Other
    $7,254
    Deferred
    $86,120
    Nontaxable benefits
    $17,678
    Filer's total
    $471,027
  • Kristy Hesse

    CHIEF HUMAN RESOURCES OFFI

    Total calculated
    $362,209
    From this org
    $318,347
    From related orgs
    $0
    Other
    $43,862
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,135
    Bonus
    $59,230
    Other
    $4,982
    Deferred
    $43,862
    Nontaxable benefits
    $0
    Filer's total
    $362,209
  • Jessica Brown

    CHIEF FINANCIAL OFFICER

    Total calculated
    $273,619
    From this org
    $217,339
    From related orgs
    $0
    Other
    $56,280
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $94,016
    Bonus
    $101,818
    Other
    $21,505
    Deferred
    $51,163
    Nontaxable benefits
    $5,117
    Filer's total
    $273,619
  • Heather Voigt

    CHIEF OPERATIONS OFFICER

    Total calculated
    $169,276
    From this org
    $105,614
    From related orgs
    $0
    Other
    $63,662
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $68,443
    Bonus
    $9,308
    Other
    $27,863
    Deferred
    $58,537
    Nontaxable benefits
    $5,125
    Filer's total
    $169,276
  • Charles Bostick

    CHIEF FINANCIAL OFFICER

    Total calculated
    $76,361
    From this org
    $73,356
    From related orgs
    $0
    Other
    $3,005
    Hours/week
    40
  • Mary J Sullivan

    SVP SPECIAL PROJECTS

    Total calculated
    $499,285
    From this org
    $407,681
    From related orgs
    $0
    Other
    $91,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $252,112
    Bonus
    $67,290
    Other
    $88,279
    Deferred
    $80,381
    Nontaxable benefits
    $11,223
    Filer's total
    $499,285
  • Jake Buman

    FINANCIAL ADVISOR

    Total calculated
    $463,098
    From this org
    $436,047
    From related orgs
    $0
    Other
    $27,051
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $432,091
    Bonus
    $60
    Other
    $3,896
    Deferred
    $20,038
    Nontaxable benefits
    $7,013
    Filer's total
    $463,098
  • Mary Lornson

    SVP LENDING

    Total calculated
    $329,909
    From this org
    $237,678
    From related orgs
    $0
    Other
    $92,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $198,901
    Bonus
    $32,012
    Other
    $6,765
    Deferred
    $77,484
    Nontaxable benefits
    $14,747
    Filer's total
    $329,909
  • Andrew Hull

    SVP OF IT

    Total calculated
    $318,804
    From this org
    $244,443
    From related orgs
    $0
    Other
    $74,361
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,776
    Bonus
    $39,241
    Other
    $5,426
    Deferred
    $48,737
    Nontaxable benefits
    $25,624
    Filer's total
    $318,804
  • Sherri Jablonicky

    SVP OF BRANCH OPERATIONS

    Total calculated
    $310,548
    From this org
    $230,070
    From related orgs
    $0
    Other
    $80,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,637
    Bonus
    $36,240
    Other
    $7,193
    Deferred
    $71,187
    Nontaxable benefits
    $9,291
    Filer's total
    $310,548

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
CATHERINE J. TIERNEY - PARTICIPATED IN 457(F) DEFERRED COMP PLAN - NO DISTRIBUTIONS IN 2022.

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.

  • COMMUNITY FIRST SERVICES INC

    C · INSURANCE · WI · 100% owned · share of income $126,487 · share of assets $1,242,484 · controlled entity

    Directly controlled by COMMUNITY FIRST CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349330483

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.