Skip to content
Nonprofiteer
← MARINE CREDIT UNION

Form 990 for tax year 2023

Filed by MARINE CREDIT UNION.

Totals

Total revenue
$86,495,032
Total expenses
$78,753,682
Contributions and grants received
$0
Grants paid
$178,686
Program service revenue
$80,478,500
Investment income
$5,885,437
Other revenue
$131,095
Total assets, end of year
$1,045,976,901
Total liabilities, end of year
$937,610,834
Net assets or fund balances, end of year
$108,366,067
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 $62,501,717 · related or exempt $62,501,717

  • 2b · Program service revenue: FEE INCOME

    total $16,577,794 · related or exempt $16,526,427 · unrelated business $51,367

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $1,398,989 · related or exempt $1,395,721 · unrelated business $3,268

  • 3 · Investment income

    total $5,611,691 · excluded $5,611,691

  • 6a · Gross rents

    real property $220,474

  • 6b · Less rental expenses

    real property $89,379

  • 6c · Rental income or loss

    real property $131,095

  • 6d · Net rental income or loss

    total $131,095 · excluded $131,095

  • 7a · Gross sales of assets other than inventory

    securities $16,167,598 · other assets $2,020,651

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

    securities $16,168,286 · other assets $1,746,217

  • 7c · Gain or loss

    securities -$688 · other assets $274,434

  • 7d · Net gain or loss

    total $273,746 · excluded $273,746

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $166,686

  • 2 · Grants to domestic individuals

    total $12,000

  • 5 · Compensation of officers, directors and key employees

    total $3,438,671

  • 7 · Other salaries and wages

    total $28,832,265

  • 8 · Pension plan contributions

    total $942,397

  • 9 · Other employee benefits

    total $6,878,541

  • 10 · Payroll taxes

    total $2,277,330

  • 11b · Fees: legal

    total $137,138

  • 11c · Fees: accounting

    total $154,499

  • 11f · Fees: investment management

    total $9,174

  • 11g · Fees: other

    total $4,288,973

  • 12 · Advertising and promotion

    total $1,108,247

  • 13 · Office expenses

    total $2,275,897

  • 14 · Information technology

    total $2,941,879

  • 16 · Occupancy

    total $1,456,797

  • 17 · Travel

    total $827,756

  • 20 · Interest

    total $11,331,981

  • 22 · Depreciation, depletion and amortization

    total $1,871,832

  • 23 · Insurance

    total $55,589

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $5,674,677

  • 24b · Other expenses: CARD PROCESSING

    total $2,189,561

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $568,509

  • 24d · Other expenses: MEMBER INSURANCE EXPENS

    total $67,973

  • 24e · All other expenses

    total $1,245,310

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $30,763,617 · end of year $42,940,566

  • 2 · Savings and temporary cash investments

    beginning of year $62,315,578 · end of year $23,502,249

  • 4 · Accounts receivable

    beginning of year $825,538 · end of year $650,756

  • 5 · Loans and receivables from officers and key people

    beginning of year $19,044,640 · end of year $19,585,620

  • 7 · Other notes and loans receivable

    beginning of year $778,116,434 · end of year $830,793,119

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,642,693 · end of year $2,885,089

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

    $32,452,022

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

    $13,737,031

  • 10c · Land, buildings and equipment, net

    beginning of year $19,676,685 · end of year $18,714,991

  • 11 · Investments: publicly traded securities

    beginning of year $84,038,878 · end of year $69,967,720

  • 12 · Investments: other securities

    beginning of year $6,378,269 · end of year $6,622,146

  • 14 · Intangible assets

    beginning of year $13,259,210 · end of year $12,607,280

  • 15 · Other assets

    beginning of year $17,016,738 · end of year $17,707,365

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,729,300 · end of year $13,486,462

  • 19 · Deferred revenue

    beginning of year $1,098,392 · end of year $674,092

  • 21 · Escrow or custodial account liability

    beginning of year $2,229,151 · end of year $2,349,461

  • 23 · Secured mortgages and notes payable

    beginning of year $109,500,000 · end of year $119,500,000

  • 25 · Other liabilities

    beginning of year $810,819,671 · end of year $801,600,819

  • 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 $99,701,766 · end of year $108,366,067

Mission and programs · 2023

Mission

WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES.

Activities or mission (Part I)

WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING.

  • DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 77,032 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 48,326 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $761,805,439 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS.

  • MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $151,617,529 DURING 2023. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $579,781,855 AS OF DECEMBER 31, 2023.

  • CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2023 WE GRANTED A TOTAL OF $127,478,425 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $258,373,950.

As filed on the 2023 return.

Listed in Part VII

  • Tom Knothe

    BOARD CHAIR

    Total calculated
    $24,960
    From this org
    $24,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.25

  • Jonathon Horne

    BOARD THIRD VICE-CHAIR

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Maas

    BOARD SECOND VICE-CHAIR

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Anne Snow

    BOARD FOURTH VICE-CHAIR

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mic Michels

    BOARD TREASURER

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark D Reed

    BOARD SECRETARY

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian Rude

    BOARD FIRST VICE-CHAIR

    Total calculated
    $18,720
    From this org
    $18,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Sacia

    BOARD MEMBER (THRU 05/23)

    Total calculated
    $0
    Hours/week
    5

  • Darrick Weeks

    PRESIDENT & CEO

    Total calculated
    $612,493
    From this org
    $566,384
    From related orgs
    $0
    Other
    $46,109
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $430,119
    Bonus
    $123,000
    Other
    $13,265
    Deferred
    $15,000
    Nontaxable benefits
    $31,109
    Filer's total
    $612,493

  • Joseph Liethen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $398,794
    From this org
    $356,397
    From related orgs
    $0
    Other
    $42,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,274
    Bonus
    $84,750
    Other
    $4,373
    Deferred
    $11,250
    Nontaxable benefits
    $31,147
    Filer's total
    $398,794

  • William James

    CHIEF RISK OFFICER

    Total calculated
    $448,683
    From this org
    $403,470
    From related orgs
    $0
    Other
    $45,213
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,245
    Bonus
    $98,781
    Other
    $4,444
    Deferred
    $14,066
    Nontaxable benefits
    $31,147
    Filer's total
    $448,683

  • Adam Keer - Chief Experience

    OFFICER (THRU 01/23)

    Total calculated
    $533,343
    From this org
    $530,947
    From related orgs
    $0
    Other
    $2,396
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $20,587
    Bonus
    $272,941
    Other
    $237,419
    Deferred
    $0
    Nontaxable benefits
    $2,396
    Filer's total
    $533,343

  • Kenneth Brossman

    CHIEF LENDING OFFICER

    Total calculated
    $357,452
    From this org
    $315,055
    From related orgs
    $0
    Other
    $42,397
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,691
    Bonus
    $70,265
    Other
    $3,099
    Deferred
    $11,250
    Nontaxable benefits
    $31,147
    Filer's total
    $357,452

  • Blake Herring

    CHIEF HR OFFICER

    Total calculated
    $367,196
    From this org
    $325,274
    From related orgs
    $0
    Other
    $41,922
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,868
    Bonus
    $80,840
    Other
    $2,566
    Deferred
    $12,075
    Nontaxable benefits
    $29,847
    Filer's total
    $367,196

  • Jack Kalander

    CHIEF INFORMATION OFFICER

    Total calculated
    $351,177
    From this org
    $308,331
    From related orgs
    $0
    Other
    $42,846
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,628
    Bonus
    $69,701
    Other
    $3,002
    Deferred
    $12,999
    Nontaxable benefits
    $29,847
    Filer's total
    $351,177

  • Joumana McDad - Chief Service

    DELIVERY & EXPERIENCE OFFICER

    Total calculated
    $232,252
    From this org
    $199,921
    From related orgs
    $0
    Other
    $32,331
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,348
    Bonus
    $5,000
    Other
    $573
    Deferred
    $6,822
    Nontaxable benefits
    $25,509
    Filer's total
    $232,252

  • Michael Spillane

    SVP OF CUSTOMER ANALYTICS

    Total calculated
    $298,072
    From this org
    $254,383
    From related orgs
    $0
    Other
    $43,689
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,093
    Bonus
    $61,143
    Other
    $1,147
    Deferred
    $12,542
    Nontaxable benefits
    $31,147
    Filer's total
    $298,072

  • Stephen Neumann

    VP OF COLLECTIONS

    Total calculated
    $308,391
    From this org
    $264,150
    From related orgs
    $0
    Other
    $44,241
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,854
    Bonus
    $70,138
    Other
    $2,158
    Deferred
    $13,094
    Nontaxable benefits
    $31,147
    Filer's total
    $308,391

  • Eduardo Zamarron

    SR. MORTGAGE LOAN REP

    Total calculated
    $266,652
    From this org
    $232,598
    From related orgs
    $0
    Other
    $34,054
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $49,441
    Bonus
    $176,564
    Other
    $6,593
    Deferred
    $2,907
    Nontaxable benefits
    $31,147
    Filer's total
    $266,652

  • Joshua Moore

    SVP OF MORTGAGE LENDING

    Total calculated
    $286,376
    From this org
    $245,279
    From related orgs
    $0
    Other
    $41,097
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,308
    Bonus
    $48,392
    Other
    $2,579
    Deferred
    $11,250
    Nontaxable benefits
    $29,847
    Filer's total
    $286,376

  • Katie Tolokken

    SVP PAYMENTS & DEPOSITS (THRU 10/23)

    Total calculated
    $253,338
    From this org
    $235,040
    From related orgs
    $0
    Other
    $18,298
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,212
    Bonus
    $47,262
    Other
    $29,566
    Deferred
    $8,662
    Nontaxable benefits
    $9,636
    Filer's total
    $253,338

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 committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
ADAM KEER RECEIVED A SEVERANCE PAYMENT OF $180,000. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.

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

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.

  • ADVANTAGE FINANCIAL SERVICES LLC

    HOLDING COMPANY · WI · income $50 · assets $50,361

    Directly controlled by MARINE CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
23 September 2024
IRS schema version
2023v5.1
Source object
202432699349301668

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.