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Nonprofiteer
← WESTCONSIN CREDIT UNION

Form 990 for tax year 2022

Filed by WESTCONSIN CREDIT UNION.

Totals

Total revenue
$88,742,887
Total expenses
$75,094,217
Contributions and grants received
$0
Grants paid
$168,452
Program service revenue
$74,350,697
Investment income
$10,529,504
Other revenue
$3,862,686
Total assets, end of year
$1,937,869,169
Total liabilities, end of year
$1,774,139,404
Net assets or fund balances, end of year
$163,729,765
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 INCOME

    total $51,724,665 · related or exempt $51,724,665

  • 2b · Program service revenue: FEE INCOME

    total $18,083,764 · related or exempt $18,041,745 · unrelated business $42,019

  • 2c · Program service revenue: MORTGAGE SERVICING INCOME

    total $2,062,700 · related or exempt $2,062,700

  • 2d · Program service revenue: FANNIE MAE LOAN SALES

    total $1,464,766 · related or exempt $1,464,766

  • 2e · Program service revenue: MEMBER FINANCIAL INCOME

    total $1,014,802 · related or exempt $1,014,802

  • 3 · Investment income

    total $10,419,315 · excluded $10,419,315

  • 6a · Gross rents

    real property $93,066

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $93,066

  • 6d · Net rental income or loss

    total $93,066 · excluded $93,066

  • 7a · Gross sales of assets other than inventory

    other assets $522,155

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

    other assets $411,966

  • 7c · Gain or loss

    other assets $110,189

  • 7d · Net gain or loss

    total $110,189 · excluded $110,189

  • 11a · Other revenue: REALTY COMMISSION INCOME

    total $2,719,510 · unrelated business $2,719,510

  • 11b · Other revenue: TITLE SERVICE INCOME

    total $1,050,110 · unrelated business $1,050,110

  • 11e · Other revenue, total

    $3,769,620

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $155,452

  • 2 · Grants to domestic individuals

    total $13,000

  • 5 · Compensation of officers, directors and key employees

    total $3,640,586

  • 7 · Other salaries and wages

    total $26,827,438

  • 8 · Pension plan contributions

    total $2,742,222

  • 9 · Other employee benefits

    total $4,081,653

  • 10 · Payroll taxes

    total $1,914,200

  • 11b · Fees: legal

    total $1,325

  • 11c · Fees: accounting

    total $228,124

  • 11f · Fees: investment management

    total $140,909

  • 11g · Fees: other

    total $722,737

  • 12 · Advertising and promotion

    total $1,840,582

  • 13 · Office expenses

    total $2,088,134

  • 14 · Information technology

    total $4,119,905

  • 16 · Occupancy

    total $1,850,303

  • 17 · Travel

    total $208,747

  • 19 · Conferences, conventions and meetings

    total $345,391

  • 22 · Depreciation, depletion and amortization

    total $2,951,027

  • 23 · Insurance

    total $91,892

  • 24a · Other expenses: DIVIDENDS ON MEMBER ACC

    total $8,020,598

  • 24b · Other expenses: LOAN & CLOSING COSTS

    total $6,728,295

  • 24c · Other expenses: DEBIT CARD EXPENSES

    total $3,218,940

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total $1,674,759

  • 24e · All other expenses

    total $1,487,998

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,618,255 · end of year $7,939,102

  • 2 · Savings and temporary cash investments

    beginning of year $354,939,929 · end of year $113,096,581

  • 4 · Accounts receivable

    beginning of year $3,380,754 · end of year $4,567,103

  • 7 · Other notes and loans receivable

    beginning of year $1,054,761,731 · end of year $1,238,656,841

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,796,579 · end of year $2,392,879

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

    $61,318,800

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

    $26,038,961

  • 10c · Land, buildings and equipment, net

    beginning of year $33,453,938 · end of year $35,279,839

  • 11 · Investments: publicly traded securities

    beginning of year $432,370,522 · end of year $504,067,561

  • 12 · Investments: other securities

    beginning of year $16,356,591 · end of year $6,603,112

  • 13 · Investments: program-related

    beginning of year $4,748,638 · end of year $4,776,205

  • 15 · Other assets

    beginning of year $18,802,777 · end of year $20,489,946

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,373,096 · end of year $32,289,827

  • 21 · Escrow or custodial account liability

    beginning of year $983,489 · end of year $1,081,430

  • 25 · Other liabilities

    beginning of year $1,699,881,077 · end of year $1,740,768,147

  • 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 $199,992,052 · end of year $163,729,765

Mission and programs · 2022

Mission

WESTCONSIN CREDIT UNION IS COMMITTED TO HELPING OUR MEMBERS ACHIEVE FINANCIAL SUCCESS.

  • WESTCONSIN CREDIT UNION, LIKE ALL CREDIT UNIONS, IS EXEMPT FROM FEDERAL AND MOST STATE TAXES BECAUSE WE ARE A MEMBER-OWNED, NOT FOR PROFIT ORGANIZATION. IN TURN, WE REINVEST INTO OUR ORGANIZATION AND COMMUNITIES. WE ENCOURAGE OUR LEADERS AND EMPLOYEES TO GET INVOLVED IN COMMUNITY CHARITABLE ACTIVITIES AND WORTHWHILE CAUSES, VOLUNTEERING OVER 3,900 HOURS IN 2022. THROUGH PROVIDING FREE FINANCIAL PROGRAMS AND SERVICES TO PROMOTE FINANCIAL EDUCATION AND LITERACY, WESTCONSIN EDUCATED NEARLY 54,000 STUDENTS IN OVER 200 AREA SCHOOLS. IN 2022, WESTCONSIN PROVIDED LOW-COST FINANCIAL SERVICES TO 113,981 MEMBERS.

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

  • PROVIDED OVER 20,000 LOANS FOR OVER $618 MILLION TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Gerald Wolf

    CHAIRPERSON

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Toidd Leipnitz

    VICE CHAIRPERSON

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Karen Flug

    TREASURER

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colleen Mensing

    SECRETARY

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dale Dahlke

    BOARD MEMBER

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Dahms

    BOARD MEMBER

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Sarah Noreen

    BOARD MEMBER

    Total calculated
    $7,300
    From this org
    $7,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lora Benrud

    CEO

    Total calculated
    $681,321
    From this org
    $608,211
    From related orgs
    $0
    Other
    $73,110
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $559,427
    Bonus
    $40,211
    Other
    $8,573
    Deferred
    $46,150
    Nontaxable benefits
    $26,960
    Filer's total
    $681,321

  • Jerilyn Kinderman

    CFO

    Total calculated
    $353,409
    From this org
    $282,210
    From related orgs
    $0
    Other
    $71,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,679
    Bonus
    $18,631
    Other
    $900
    Deferred
    $41,006
    Nontaxable benefits
    $30,193
    Filer's total
    $353,409

  • Michael Tomasek

    CIO

    Total calculated
    $296,268
    From this org
    $256,789
    From related orgs
    $0
    Other
    $39,479
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,170
    Bonus
    $16,319
    Other
    $300
    Deferred
    $35,958
    Nontaxable benefits
    $3,521
    Filer's total
    $296,268

  • Jim Wookey

    COO

    Total calculated
    $318,593
    From this org
    $250,762
    From related orgs
    $0
    Other
    $67,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,903
    Bonus
    $16,969
    Other
    $1,890
    Deferred
    $36,514
    Nontaxable benefits
    $31,317
    Filer's total
    $318,593

  • Nicole Yarrington

    CTO

    Total calculated
    $257,226
    From this org
    $222,324
    From related orgs
    $0
    Other
    $34,902
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $206,666
    Bonus
    $15,208
    Other
    $450
    Deferred
    $30,932
    Nontaxable benefits
    $3,970
    Filer's total
    $257,226

  • Scott Giltner

    CLO

    Total calculated
    $275,987
    From this org
    $224,100
    From related orgs
    $0
    Other
    $51,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $207,532
    Bonus
    $13,988
    Other
    $2,580
    Deferred
    $21,876
    Nontaxable benefits
    $30,011
    Filer's total
    $275,987

  • Stephanie Rasmussen

    CXO

    Total calculated
    $248,954
    From this org
    $191,849
    From related orgs
    $0
    Other
    $57,105
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,202
    Bonus
    $12,597
    Other
    $1,050
    Deferred
    $28,188
    Nontaxable benefits
    $28,917
    Filer's total
    $248,954

  • Timothy Carlson

    VP - WESTCONSIN INVESTMENT

    Total calculated
    $314,441
    From this org
    $269,559
    From related orgs
    $0
    Other
    $44,882
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,809
    Bonus
    $1,770
    Other
    $1,980
    Deferred
    $39,912
    Nontaxable benefits
    $4,970
    Filer's total
    $314,441

  • Melissa Kraemer

    MORTGAGE LOAN ORIGINATOR

    Total calculated
    $174,855
    From this org
    $150,927
    From related orgs
    $0
    Other
    $23,928
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,815
    Bonus
    $9,474
    Other
    $638
    Deferred
    $21,014
    Nontaxable benefits
    $2,914
    Filer's total
    $174,855

  • Russell Blasius

    SENIOR VP - RETAIL OPERATIONS

    Total calculated
    $240,822
    From this org
    $186,147
    From related orgs
    $0
    Other
    $54,675
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,699
    Bonus
    $12,558
    Other
    $1,890
    Deferred
    $27,125
    Nontaxable benefits
    $27,550
    Filer's total
    $240,822

  • James Wynn

    VP - BUSINESS LOANS AND SERVICES

    Total calculated
    $243,964
    From this org
    $188,836
    From related orgs
    $0
    Other
    $55,128
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,499
    Bonus
    $12,437
    Other
    $900
    Deferred
    $27,544
    Nontaxable benefits
    $27,584
    Filer's total
    $243,964

  • Jeffery Jaeger

    VP OFFICE II

    Total calculated
    $183,647
    From this org
    $150,543
    From related orgs
    $0
    Other
    $33,104
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,945
    Bonus
    $11,320
    Other
    $278
    Deferred
    $21,961
    Nontaxable benefits
    $11,143
    Filer's total
    $183,647

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 · Independent compensation consultant
  • 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

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.

  • WESTCONSIN REALTY LLC

    REAL ESTATE BROKERAGE SERVICES · WI · income $2,719,510 · assets $2,731,382

    Directly controlled by WESTCONSIN CREDIT UNION

  • WESTCONSIN TITLE SERVICES LLC

    GENERAL TITLE SERVICES · WI · income $1,050,110 · assets $2,143,845

    Directly controlled by WESTCONSIN CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
1 May 2023
IRS schema version
2022v5.0
Source object
202331239349300518

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