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Nonprofiteer
← SCOTT CREDIT UNION

Form 990 for tax year 2023

Filed by SCOTT CREDIT UNION.

Totals

Total revenue
$105,927,391
Total expenses
$96,614,257
Contributions and grants received
$0
Grants paid
$174,344
Program service revenue
$90,955,708
Investment income
$14,971,683
Other revenue
$0
Total assets, end of year
$1,741,583,732
Total liabilities, end of year
$1,597,906,829
Net assets or fund balances, end of year
$143,676,903
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 $67,546,935 · related or exempt $67,546,935

  • 2b · Program service revenue: FEES, CHARGES, OTHER

    total $23,054,614 · related or exempt $23,054,614

  • 2c · Program service revenue: FINANCE AND INSURANCE

    total $354,159 · unrelated business $354,159

  • 3 · Investment income

    total $14,971,683 · related or exempt $14,971,683

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $174,344

  • 5 · Compensation of officers, directors and key employees

    total $3,265,054

  • 7 · Other salaries and wages

    total $19,153,308

  • 8 · Pension plan contributions

    total $986,482

  • 9 · Other employee benefits

    total $4,560,566

  • 10 · Payroll taxes

    total $1,723,510

  • 11b · Fees: legal

    total $137,860

  • 11c · Fees: accounting

    total $303,383

  • 11g · Fees: other

    total $3,369,597

  • 12 · Advertising and promotion

    total $2,355,880

  • 13 · Office expenses

    total $4,890,440

  • 14 · Information technology

    total $1,784,511

  • 16 · Occupancy

    total $2,530,500

  • 17 · Travel

    total $96,571

  • 19 · Conferences, conventions and meetings

    total $368,029

  • 20 · Interest

    total $22,408,208

  • 22 · Depreciation, depletion and amortization

    total $2,825,978

  • 23 · Insurance

    total $458,147

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $14,029,702

  • 24b · Other expenses: LOAN SERVICING

    total $4,332,503

  • 24c · Other expenses: DEBIT CARD EXPENSE

    total $3,594,475

  • 24d · Other expenses: ATM EXPENSES

    total $1,529,499

  • 24e · All other expenses

    total $1,735,710

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,002,277 · end of year $17,028,620

  • 2 · Savings and temporary cash investments

    beginning of year $68,256,946 · end of year $157,010,652

  • 4 · Accounts receivable

    beginning of year $22,118,129 · end of year $19,071,966

  • 5 · Loans and receivables from officers and key people

    beginning of year $18,842,405 · end of year $28,214,521

  • 7 · Other notes and loans receivable

    beginning of year $1,346,463,177 · end of year $1,252,729,482

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,772,756 · end of year $3,305,556

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

    $72,676,249

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

    $38,734,877

  • 10c · Land, buildings and equipment, net

    beginning of year $34,725,893 · end of year $33,941,372

  • 11 · Investments: publicly traded securities

    beginning of year $186,764,201 · end of year $171,517,898

  • 12 · Investments: other securities

    beginning of year $2,751,200 · end of year $10,276,619

  • 14 · Intangible assets

    beginning of year $10,768,336 · end of year $10,474,514

  • 15 · Other assets

    beginning of year $39,360,995 · end of year $38,012,532

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,325,283 · end of year $28,411,897

  • 23 · Secured mortgages and notes payable

    beginning of year $35,000,000 · end of year $25,000,000

  • 25 · Other liabilities

    beginning of year $1,557,613,786 · end of year $1,544,494,932

  • 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 $131,887,246 · end of year $143,676,903

Mission and programs · 2023

Mission

TO SERVE MEMBERS' NEEDS BY ACCEPTING DEPOSITS, GRANTING LOANS AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.

  • SERVED MEMBERS' INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.

As filed on the 2023 return.

Listed in Part VII

  • FRANK PADAK

    PRESIDENT AND CEO/BOARD TREASURER

    Total calculated
    $989,355
    From this org
    $899,188
    From related orgs
    $0
    Other
    $90,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $530,103
    Bonus
    $190,270
    Other
    $178,815
    Deferred
    $45,792
    Nontaxable benefits
    $44,375
    Filer's total
    $989,355

  • MICHELE GEHLBACH

    BOARD SECRETARY, BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • CHRISTOPHER SOBRINO

    BOARD MEMBER, SUPERVISORY COMMITTEE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    3

  • DEBBIE LANE

    BOARD MEMBER, SUPERVISORY COMMITTEE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    3

  • JACOB CURTIS

    BOARD VICE CHAIRPERSON, BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • JESSICA HAUGEN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • JOY HAYWARD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • LAJUAN MILLER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • LAWRENCE HAFFNER

    BOARD CHAIRPERSON, BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • SCOTT SEIDL

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $460,771
    From this org
    $396,587
    From related orgs
    $0
    Other
    $64,184
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $344,461
    Bonus
    $50,133
    Other
    $1,993
    Deferred
    $23,053
    Nontaxable benefits
    $41,131
    Filer's total
    $460,771

  • SCOTT PETERS

    CHIEF FINANCIAL OFFICER

    Total calculated
    $349,063
    From this org
    $272,734
    From related orgs
    $0
    Other
    $76,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,044
    Bonus
    $22,556
    Other
    $2,134
    Deferred
    $34,256
    Nontaxable benefits
    $42,073
    Filer's total
    $349,063

  • DAVID BRESSLER

    CHIEF LENDING OFFICER

    Total calculated
    $325,457
    From this org
    $266,543
    From related orgs
    $0
    Other
    $58,914
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,596
    Bonus
    $24,090
    Other
    $857
    Deferred
    $17,779
    Nontaxable benefits
    $41,135
    Filer's total
    $325,457

  • CARLA LAMBRECHT

    CHIEF INFORMATION OFFICER

    Total calculated
    $291,901
    From this org
    $263,980
    From related orgs
    $0
    Other
    $27,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $238,645
    Bonus
    $24,024
    Other
    $1,311
    Deferred
    $16,903
    Nontaxable benefits
    $11,018
    Filer's total
    $291,901

  • VAL RHODEN-KIMBROUGH

    CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $310,371
    From this org
    $252,574
    From related orgs
    $0
    Other
    $57,797
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,294
    Bonus
    $23,452
    Other
    $828
    Deferred
    $16,679
    Nontaxable benefits
    $41,118
    Filer's total
    $310,371

  • JOANNA HERNANDEZ

    CHIEF OPERATING OFFICER

    Total calculated
    $297,687
    From this org
    $242,206
    From related orgs
    $0
    Other
    $55,481
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,105
    Bonus
    $17,680
    Other
    $421
    Deferred
    $14,532
    Nontaxable benefits
    $40,949
    Filer's total
    $297,687

  • MICHELLE WAZLAWEK

    CHIEF MARKETING OFFICER

    Total calculated
    $240,449
    From this org
    $225,929
    From related orgs
    $0
    Other
    $14,520
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,367
    Bonus
    $19,188
    Other
    $374
    Deferred
    $13,892
    Nontaxable benefits
    $628
    Filer's total
    $240,449

  • TRICIA NEWTON

    MORTGAGE LOAN ORIGINATOR

    Total calculated
    $189,292
    From this org
    $179,384
    From related orgs
    $0
    Other
    $9,908
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $39,000
    Bonus
    $140,384
    Other
    $0
    Deferred
    $9,731
    Nontaxable benefits
    $177
    Filer's total
    $189,292

  • JEFFREY RODERICK

    VICE PRESIDENT OF INFORMATION TECHNOLOGY

    Total calculated
    $227,997
    From this org
    $177,166
    From related orgs
    $0
    Other
    $50,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,279
    Bonus
    $1,550
    Other
    $337
    Deferred
    $9,855
    Nontaxable benefits
    $40,976
    Filer's total
    $227,997

  • DEANNA O'NEILL

    VP OF HUMAN RESOURCES

    Total calculated
    $219,623
    From this org
    $169,778
    From related orgs
    $0
    Other
    $49,845
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,384
    Bonus
    $15,537
    Other
    $857
    Deferred
    $9,079
    Nontaxable benefits
    $40,766
    Filer's total
    $219,623

  • MARK DIETRICH

    VICE PRESIDENT OF RETAIL OPERATIONS

    Total calculated
    $207,069
    From this org
    $158,068
    From related orgs
    $0
    Other
    $49,001
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,538
    Bonus
    $3,361
    Other
    $169
    Deferred
    $6,958
    Nontaxable benefits
    $42,043
    Filer's total
    $207,069

  • MANDY MAYER

    VICE PRESIDENT OF MORTGAGE LENDING

    Total calculated
    $195,194
    From this org
    $148,285
    From related orgs
    $0
    Other
    $46,909
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,469
    Bonus
    $13,728
    Other
    $88
    Deferred
    $6,191
    Nontaxable benefits
    $40,718
    Filer's total
    $195,194

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 · 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
THE CREDIT UNION'S PRESIDENT AND CEO, FRAN PADAK PARTICIPATES IN A 457(F) PLAN. HE RECEIVED A BEENFIT PAYOUT IN THE AMOUNT OF $86,663 DURING 2023. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO FRANK PADAK, SCOTT SEIDL, AND SCOTT PETERS AND OTHER FORMER OFFICERS OF THE CREDIT UNION THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. SEE SCHEDULE L FOR THE COMPLETE LIST OF PARTICIPANTS.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413189349310846

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