Totals
- Total revenue
- $3,852,056
- Total expenses
- $3,480,894
- Contributions and grants received
- $0
- Grants paid
- $2,350
- Program service revenue
- $3,357,733
- Investment income
- $494,323
- Other revenue
- $0
- Total assets, end of year
- $90,556,222
- Total liabilities, end of year
- $83,152,181
- Net assets or fund balances, end of year
- $7,404,041
- 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 $2,175,654 · related or exempt $2,175,654
-
2b · Program service revenue: FEES & CHARGES
total $617,596 · related or exempt $605,259 · unrelated business $12,337
-
2c · Program service revenue: OTHER OPERATING INCOME
total $564,483 · related or exempt $564,483
-
3 · Investment income
total $498,353 · excluded $498,353
-
7a · Gross sales of assets other than inventory
securities $1,466,445 · other assets $1,370
-
7b · Less cost or other basis and sales expenses
securities $1,470,000 · other assets $1,845
-
7c · Gain or loss
securities -$3,555 · other assets -$475
-
7d · Net gain or loss
total -$4,030 · excluded -$4,030
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $2,350
-
4 · Benefits paid to or for members
total $214,940
-
5 · Compensation of officers, directors and key employees
total $680,537
-
7 · Other salaries and wages
total $510,331
-
8 · Pension plan contributions
total $99,302
-
9 · Other employee benefits
total $87,350
-
10 · Payroll taxes
total $104,972
-
11b · Fees: legal
total $11,486
-
11c · Fees: accounting
total $37,464
-
11g · Fees: other
total $463,125
-
12 · Advertising and promotion
total $94,859
-
13 · Office expenses
total $225,497
-
14 · Information technology
total $343,853
-
16 · Occupancy
total $203,202
-
17 · Travel
total $9,249
-
20 · Interest
total $335
-
22 · Depreciation, depletion and amortization
total $168,298
-
24a · Other expenses: LOAN SERVICING
total $88,352
-
24b · Other expenses: MISC OPERATING EXPENSE
total $76,644
-
24c · Other expenses: PROVISION FOR LOAN LOSS
total $43,473
-
24d · Other expenses: DUES & SUBSCRIPTIONS
total $15,275
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $597,486 · end of year $594,232
-
2 · Savings and temporary cash investments
beginning of year $14,642,237 · end of year $5,599,765
-
7 · Other notes and loans receivable
beginning of year $53,305,471 · end of year $56,824,093
-
9 · Prepaid expenses and deferred charges
beginning of year $179,424 · end of year $181,353
-
10a · Land, buildings and equipment: cost or other basis
$8,047,872
-
10b · Land, buildings and equipment: accumulated depreciation
$4,826,798
-
10c · Land, buildings and equipment, net
beginning of year $3,382,887 · end of year $3,221,074
-
11 · Investments: publicly traded securities
beginning of year $9,889,081 · end of year $17,125,819
-
12 · Investments: other securities
beginning of year $5,106,400 · end of year $3,151,800
-
15 · Other assets
beginning of year $6,509,057 · end of year $3,858,086
-
17 · Accounts payable and accrued expenses
beginning of year $113,237 · end of year $241,006
-
25 · Other liabilities
beginning of year $85,113,663 · end of year $82,911,175
-
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 $8,385,143 · end of year $7,404,041
Mission and programs · 2022
Mission
SMW FINANCIAL CREDIT UNION'S MISSION IS TO BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES FOR OUR MEMBERS. MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS, WORSHIPS, GOES TO SCHOOL OR VOLUNTEERS IN ANOKA, HENNEPIN, RAMSEY OR WASHINGTON COUNTIES OF MINNESOTA.
Activities or mission (Part I)
BUILD TRUSTED RELATIONSHIPS AND STRONG FINANCIAL FUTURES.
-
PROVIDED LOW COST FINANCIAL SERVICES TO 5,438 MEMBERS.
-
SERVED MEMBERS INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
As filed on the 2022 return.
Listed in Part VII
-
Michael T DayMICHAEL T DAY
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Scott W KloetzkeSCOTT W KLOETZKE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jay R StrubJAY R STRUB
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael G TrudeauMICHAEL G TRUDEAU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
James WrightJAMES WRIGHT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Steven HauserSTEVEN HAUSER
PRESIDENT/CEO
- Total calculated
- $152,322
- From this org
- $142,586
- From related orgs
- $0
- Other
- $9,736
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,586
- Bonus
- $0
- Other
- $0
- Deferred
- $7,103
- Nontaxable benefits
- $2,633
- Filer's total
- $152,322
-
Jeff EllingsonJEFF ELLINGSON
CFO
- Total calculated
- $114,841
- From this org
- $107,472
- From related orgs
- $0
- Other
- $7,369
- Hours/week
- 40
-
Dan PiilolaDAN PIILOLA
VP IT
- Total calculated
- $114,037
- From this org
- $107,371
- From related orgs
- $0
- Other
- $6,666
- Hours/week
- 40
-
Victoria Zahler-HansonVICTORIA ZAHLER-HANSON
VP MARKETING
- Total calculated
- $37,123
- From this org
- $33,507
- From related orgs
- $0
- Other
- $3,616
- Hours/week
- 40
-
Erin McNamaraERIN MCNAMARA
PRESIDENT/CEO
- Total calculated
- $127,086
- From this org
- $118,469
- From related orgs
- $0
- Other
- $8,617
- Hours/week
- 40
-
Lindsey PalinLINDSEY PALIN
MORTGAGE ORIGINATOR
- Total calculated
- $135,128
- From this org
- $126,792
- From related orgs
- $0
- Other
- $8,336
- 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
None.
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
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.
-
SMW FINANCIAL LLC
LOAN GENERATION/CUSO · MN · income $163,721 · assets $750,808
Directly controlled by SMW CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 13 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202313179349306491
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