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Nonprofiteer
← CO-OP CREDIT UNION

Form 990 for tax year 2022

Filed by CO-OP CREDIT UNION.

Totals

Total revenue
$18,627,722
Total expenses
$14,589,227
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,841,025
Investment income
$1,739,185
Other revenue
$47,512
Total assets, end of year
$497,735,230
Total liabilities, end of year
$444,155,627
Net assets or fund balances, end of year
$53,579,603
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 LOANS

    total $14,104,042 · related or exempt $14,104,042

  • 2b · Program service revenue: MEMBER ACCOUNT FEES

    total $1,973,783 · related or exempt $1,973,783

  • 2c · Program service revenue: OTHER MEMBER INCOME

    total $430,804 · related or exempt $430,804

  • 2d · Program service revenue: INSURANCE SALES

    total $249,183 · related or exempt $249,183

  • 2e · Program service revenue: OFFICER LOAN & AMORT INCOME

    total $74,915 · related or exempt $74,915

  • 2f · All other program service revenue

    total $8,298 · unrelated business $8,298

  • 3 · Investment income

    total $1,650,439 · excluded $1,650,439

  • 5 · Royalties

    total $46,521 · excluded $46,521

  • 7a · Gross sales of assets other than inventory

    other assets $421,094

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

    other assets $332,348

  • 7c · Gain or loss

    other assets $88,746

  • 7d · Net gain or loss

    total $88,746 · excluded $88,746

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $991 · related or exempt $991

  • 11e · Other revenue, total

    $991

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,650,283

  • 7 · Other salaries and wages

    total $3,134,419

  • 8 · Pension plan contributions

    total $157,387

  • 9 · Other employee benefits

    total $1,134,977

  • 10 · Payroll taxes

    total $318,507

  • 11b · Fees: legal

    total $79,000

  • 11c · Fees: accounting

    total $27,288

  • 11g · Fees: other

    total $154,545

  • 12 · Advertising and promotion

    total $411,338

  • 13 · Office expenses

    total $750,287

  • 14 · Information technology

    total $767,540

  • 16 · Occupancy

    total $386,344

  • 17 · Travel

    total $37,963

  • 19 · Conferences, conventions and meetings

    total $128,518

  • 20 · Interest

    total $118,628

  • 21 · Payments to affiliates

    total $56,335

  • 22 · Depreciation, depletion and amortization

    total $500,975

  • 23 · Insurance

    total $88,539

  • 24a · Other expenses: MEMBER DIVIDENDS ON SHA

    total $2,709,228

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $1,785,690

  • 24c · Other expenses: OTHER EXPENSES

    total $210,474

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total -$19,038

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,322,200 · end of year $3,973,582

  • 2 · Savings and temporary cash investments

    beginning of year $17,371,367 · end of year $37,966,810

  • 4 · Accounts receivable

    beginning of year $443,043 · end of year $884,953

  • 5 · Loans and receivables from officers and key people

    beginning of year $1,761,080 · end of year $2,137,331

  • 7 · Other notes and loans receivable

    beginning of year $339,538,101 · end of year $397,295,280

  • 9 · Prepaid expenses and deferred charges

    beginning of year $513,409 · end of year $405,987

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

    $14,148,975

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

    $5,500,664

  • 10c · Land, buildings and equipment, net

    beginning of year $7,911,437 · end of year $8,648,311

  • 11 · Investments: publicly traded securities

    beginning of year $9,358,457 · end of year $15,748,148

  • 13 · Investments: program-related

    beginning of year $70,125,156 · end of year $9,936,101

  • 15 · Other assets

    beginning of year $18,700,449 · end of year $20,738,727

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,879,943 · end of year $3,245,289

  • 19 · Deferred revenue

    beginning of year $129,561 · end of year $113,097

  • 25 · Other liabilities

    beginning of year $417,651,651 · end of year $440,797,241

  • 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 $50,383,544 · end of year $53,579,603

Mission and programs · 2022

Mission

SERVING OUR MEMBERS, WHERE THEY ARE, THROUGH ALL STAGES OF LIFE.

  • CCU HAD DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 21,564 OF OUR MEMBERS AT 12/31. DURING 2022, CCU OPENED 5,478 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS.

  • CCU FUNDED 4,138 LOANS DURING 2022. AS OF 12/31/22, CCU SERVICED 3,439 MORTGAGES/HOME EQUITY LOANS, 7,623 CONSUMER LOANS, 718 MEMBER BUSINESS LOANS, AND 2,741 CREDIT CARD ACCOUNTS WITH OUR MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • David Overlien

    SECRETARY

    Total calculated
    $8,395
    From this org
    $8,395
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sarah Lebakken

    VICE CHAIR

    Total calculated
    $8,450
    From this org
    $8,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Olson

    DIRECTOR

    Total calculated
    $7,771
    From this org
    $7,771
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Byom

    DIRECTOR

    Total calculated
    $7,482
    From this org
    $7,482
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Torkelson

    CHAIR

    Total calculated
    $7,495
    From this org
    $7,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Hogden

    TREASURER

    Total calculated
    $6,390
    From this org
    $6,390
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Carol Martin

    DIRECTOR

    Total calculated
    $7,757
    From this org
    $7,757
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eric Chrisinger

    PRES/CEO

    Total calculated
    $1,063,461
    From this org
    $859,066
    From related orgs
    $0
    Other
    $204,395
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,000
    Bonus
    $50,000
    Other
    $604,066
    Deferred
    $191,359
    Nontaxable benefits
    $13,036
    Filer's total
    $1,063,461

  • Tim Tranberg

    CHIEF LENDING OFFICER

    Total calculated
    $148,742
    From this org
    $124,012
    From related orgs
    $0
    Other
    $24,730
    Hours/week
    40

  • Michele Steien

    CHIEF TALENT OFFICER

    Total calculated
    $131,692
    From this org
    $109,803
    From related orgs
    $0
    Other
    $21,889
    Hours/week
    40

  • Kris Goetzka

    CHIEF OPERATIONS OFFICER

    Total calculated
    $121,142
    From this org
    $100,123
    From related orgs
    $0
    Other
    $21,019
    Hours/week
    40

  • Megan Ellingson

    CHIEF FINANCIAL OFFICER

    Total calculated
    $131,506
    From this org
    $106,221
    From related orgs
    $0
    Other
    $25,285
    Hours/week
    40

  • Jayme Thompson

    MORTGAGE LENDING MANAGER

    Total calculated
    $117,492
    From this org
    $105,258
    From related orgs
    $0
    Other
    $12,234
    Hours/week
    40

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
  • 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
ERIC CHRISINGER-457(F) PLAN-$160,859 DEFERRED

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
2022
Filed
1 May 2023
IRS schema version
2022v5.0
Source object
202321219349302327

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