Form 990 for tax year 2023
Filed by Corporate Central Credit Union.
Totals
- Total revenue
- $244,005,068
- Total expenses
- $224,119,324
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $8,455,509
- Investment income
- $228,201,422
- Other revenue
- $7,348,137
- Total assets, end of year
- $3,048,838,499
- Total liabilities, end of year
- $2,922,588,634
- Net assets or fund balances, end of year
- $126,249,865
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $0
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
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.
-
1a · Federated campaigns
$0
-
1b · Membership dues
$0
-
1c · Fundraising events
$0
-
1d · Related organizations
$0
-
1e · Government grants (contributions)
$0
-
1f · All other contributions, gifts and grants
$0
-
1g · Noncash contributions included above
$0
-
2a · Program service revenue: Interest on Loans
total $1,907,959 · related or exempt $1,907,959 · unrelated business $0 · excluded $0
-
2b · Program service revenue: Correspondent Services Income
total $6,547,550 · related or exempt $6,547,550 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $228,201,422 · related or exempt $228,201,422 · unrelated business $0 · excluded $0
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7c · Gain or loss
securities $0 · other assets $0
-
8a · Fundraising events: contributions included on line 1c
$0
-
11a · Other revenue: Miscellaneous Income
total $7,098,351 · related or exempt $7,098,351 · unrelated business $0 · excluded $0
-
11b · Other revenue: Gain/Loss on Investments
total $249,786 · related or exempt $249,786 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$7,348,137
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $3,249,861
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $3,891,004
-
8 · Pension plan contributions
total $511,955
-
9 · Other employee benefits
total $1,022,763
-
10 · Payroll taxes
total $496,844
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $34,700
-
11c · Fees: accounting
total $125,764
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $379,933
-
13 · Office expenses
total $250,780
-
14 · Information technology
total $1,262,261
-
15 · Royalties
total $0
-
16 · Occupancy
total $233,760
-
17 · Travel
total $103,344
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $87,289
-
20 · Interest
total $10,928,251
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $631,647
-
23 · Insurance
total $0
-
24a · Other expenses: Miscellaneous Expenses
total $365,598
-
24b · Other expenses: Dividends
total $196,988,304
-
24c · Other expenses: Service Fees
total $3,555,266
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $297,414,992 · end of year $310,375,189
-
2 · Savings and temporary cash investments
beginning of year $410,765,501 · end of year $632,628,092
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $234,056,430 · end of year $10,523,067
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $10,768,467 · end of year $10,974,277
-
10a · Land, buildings and equipment: cost or other basis
$6,757,469
-
10b · Land, buildings and equipment: accumulated depreciation
$2,525,099
-
10c · Land, buildings and equipment, net
beginning of year $3,888,370 · end of year $4,232,370
-
11 · Investments: publicly traded securities
beginning of year $2,106,452,159 · end of year $2,064,457,133
-
12 · Investments: other securities
beginning of year $20,087,356 · end of year $7,898,870
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $6,747,195 · end of year $7,749,501
-
17 · Accounts payable and accrued expenses
beginning of year $2,193,897 · end of year $2,781,328
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $0
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $3,010,413,858 · end of year $2,919,807,306
-
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 $77,572,715 · end of year $126,249,865
Mission and programs · 2023
Mission
To meet the changing financial needs of our members by promoting outstanding service and value; by treating others in a manner that develops and maintains trust, by following through and pursuing excellence, and by growing.
Activities or mission (Part I)
To meet the changing financial needs of our members by promoting outstanding service and value; by treating others in a manner that develops and maintains trust by following through and pursuing excellence and by growing.
-
A cooperative nonprofit corporation, incorporated under Wisconsin State Law to encourage thrift among its members, create a source of credit at a fair and reasonable cost and provide an opportunity for its members to improve their economic and social conditions. Corporate Central Credit Union is providing correspondent services and investments to member credit unions.
As filed on the 2023 return.
Listed in Part VII
-
Chris Felton
President and CEO
- Total calculated
- $526,833
- From this org
- $464,023
- From related orgs
- $0
- Other
- $62,810
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $385,265
- Bonus
- $56,889
- Other
- $21,869
- Deferred
- $62,810
- Nontaxable benefits
- $0
- Filer's total
- $526,833
-
Gregg Tushaus
SVP Chief Technology & Strategy Officer
- Total calculated
- $409,330
- From this org
- $293,864
- From related orgs
- $0
- Other
- $115,466
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $244,980
- Bonus
- $40,208
- Other
- $8,677
- Deferred
- $115,466
- Nontaxable benefits
- $0
- Filer's total
- $409,331
-
Nick Fanning
SVP/Chief Financial Officer
- Total calculated
- $371,226
- From this org
- $296,688
- From related orgs
- $0
- Other
- $74,538
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $258,947
- Bonus
- $31,221
- Other
- $6,521
- Deferred
- $74,538
- Nontaxable benefits
- $0
- Filer's total
- $371,227
-
Kevin Chiappetta
SVP/Investment Services
- Total calculated
- $334,551
- From this org
- $226,795
- From related orgs
- $0
- Other
- $107,756
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $198,793
- Bonus
- $18,520
- Other
- $9,482
- Deferred
- $107,756
- Nontaxable benefits
- $0
- Filer's total
- $334,551
-
Adam Stone
Executive Vice President Investment Services
- Total calculated
- $295,088
- From this org
- $240,643
- From related orgs
- $0
- Other
- $54,445
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $185,661
- Bonus
- $53,067
- Other
- $1,915
- Deferred
- $54,445
- Nontaxable benefits
- $0
- Filer's total
- $295,088
-
Nancy Morgan
SVP/Chief Operating Officer
- Total calculated
- $281,498
- From this org
- $281,498
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $240,463
- Bonus
- $29,574
- Other
- $11,461
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $281,498
-
Jesse Kohl
SVP/Corporate Development
- Total calculated
- $262,775
- From this org
- $223,026
- From related orgs
- $0
- Other
- $39,749
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $193,746
- Bonus
- $17,067
- Other
- $12,213
- Deferred
- $39,749
- Nontaxable benefits
- $0
- Filer's total
- $262,775
-
Brian Nowak
Information Technology Director
- Total calculated
- $234,622
- From this org
- $190,150
- From related orgs
- $0
- Other
- $44,472
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $172,761
- Bonus
- $15,330
- Other
- $2,059
- Deferred
- $44,472
- Nontaxable benefits
- $0
- Filer's total
- $234,622
-
John Hickey
VP Investments
- Total calculated
- $218,506
- From this org
- $159,872
- From related orgs
- $0
- Other
- $58,634
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $141,468
- Bonus
- $13,803
- Other
- $4,601
- Deferred
- $58,634
- Nontaxable benefits
- $0
- Filer's total
- $218,506
-
Cherie Spargur
VP Accounting
- Total calculated
- $201,555
- From this org
- $169,677
- From related orgs
- $0
- Other
- $31,878
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $152,079
- Bonus
- $13,598
- Other
- $4,000
- Deferred
- $31,878
- Nontaxable benefits
- $0
- Filer's total
- $201,555
-
Fred Blask
VP Governance Risk & Compliance
- Total calculated
- $195,789
- From this org
- $142,386
- From related orgs
- $0
- Other
- $53,403
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $126,544
- Bonus
- $12,073
- Other
- $3,769
- Deferred
- $53,403
- Nontaxable benefits
- $0
- Filer's total
- $195,789
-
Karen Christie
VP Member Services
- Total calculated
- $182,978
- From this org
- $182,978
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $163,792
- Bonus
- $12,572
- Other
- $6,614
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $182,978
-
Kent Tushaus
Senior Software Engineer
- Total calculated
- $180,191
- From this org
- $127,679
- From related orgs
- $0
- Other
- $52,512
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $114,515
- Bonus
- $10,667
- Other
- $2,497
- Deferred
- $52,512
- Nontaxable benefits
- $0
- Filer's total
- $180,191
-
Daniel McIntyre
VP Investment Services
- Total calculated
- $173,695
- From this org
- $134,737
- From related orgs
- $0
- Other
- $38,958
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $120,853
- Bonus
- $9,336
- Other
- $4,548
- Deferred
- $38,958
- Nontaxable benefits
- $0
- Filer's total
- $173,695
-
Jevon Cliffgard
Lead Software Architect
- Total calculated
- $159,837
- From this org
- $135,361
- From related orgs
- $0
- Other
- $24,476
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $122,463
- Bonus
- $11,026
- Other
- $1,871
- Deferred
- $24,476
- Nontaxable benefits
- $0
- Filer's total
- $159,836
-
Chris Geisler
Director - Business Development
- Total calculated
- $153,576
- From this org
- $123,885
- From related orgs
- $0
- Other
- $29,691
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $96,839
- Bonus
- $23,457
- Other
- $3,589
- Deferred
- $29,691
- Nontaxable benefits
- $0
- Filer's total
- $153,576
-
Chuck Doherty
Executive Account Manager
- Total calculated
- $130,411
- From this org
- $130,411
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Peter Paulson
Chair
- Total calculated
- $0
- Hours/week
- 1
-
Val Mindak
Vice Chair
- Total calculated
- $0
- Hours/week
- 1
-
Sue Johnson
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
Steve Koenen
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Jay Magulski
Director
- Total calculated
- $0
- Hours/week
- 1
-
Chris Allen
Director
- Total calculated
- $0
- Hours/week
- 1
-
Eric Chrisinger
Director
- Total calculated
- $0
- Hours/week
- 1
-
Angela Hanson
Director
- Total calculated
- $0
- Hours/week
- 1
-
Daniel Ige
Director
- Total calculated
- $0
- Hours/week
- 1
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
- 1a · Travel for companions
- 1b · Written policy on the line-1a expenses
- 2 · Substantiation required before reimbursing expenses
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 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
The filer's explanations (Part III)
- Schedule J, Part I, Line 1a
- When Board or management have business travel spouses periodically travel as a companion.
- Schedule J, Part I, Line 3
- Independent consultant, compensation surveys, other form 990s are all sources of reference when determining CEO compensation. Approval by Board is required for CEO Compensation.
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.
-
InterLutions LLC
Referral Services for Credit Unions · WI · income $430,826 · assets $1,159,889
Directly controlled by Corporate Central Credit Union
-
QuantyPhi LLC
Investment Services for Credit Unions · WI · income $470,179 · assets $1,445,332
Directly controlled by Corporate Central Credit Union
-
Emergifi LLC
Information Technology for Credit Unions · WI · income $5,475 · assets $575,744
Directly controlled by Corporate Central Credit Union
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 13 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202411349349307936
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