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Nonprofiteer
← VERVE CREDIT UNION

Form 990 for tax year 2022

Filed by VERVE CREDIT UNION.

Totals

Total revenue
$63,522,788
Total expenses
$57,220,605
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$56,684,941
Investment income
$6,776,347
Other revenue
$61,500
Total assets, end of year
$1,533,220,965
Total liabilities, end of year
$1,432,257,841
Net assets or fund balances, end of year
$100,963,124
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 $43,066,004 · related or exempt $43,066,004

  • 2b · Program service revenue: INTERCHANGE

    total $5,906,049 · related or exempt $5,906,049

  • 2c · Program service revenue: FEE INCOME

    total $5,123,463 · related or exempt $5,072,151 · unrelated business $51,312

  • 2d · Program service revenue: INSURANCE INCOME

    total $1,782,237 · related or exempt $1,573,637 · unrelated business $208,600

  • 2e · Program service revenue: WEALTH MANAGEMENT INCOME

    total $302,905 · related or exempt $302,905

  • 2f · All other program service revenue

    total $504,283 · related or exempt $504,283

  • 3 · Investment income

    total $5,718,442 · excluded $5,718,442

  • 6a · Gross rents

    real property $61,500

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $61,500

  • 6d · Net rental income or loss

    total $61,500 · related or exempt $31,894 · unrelated business $29,606

  • 7a · Gross sales of assets other than inventory

    securities $32,315,000 · other assets $1,053,203

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

    securities $32,310,298 · other assets $0

  • 7c · Gain or loss

    securities $4,702 · other assets $1,053,203

  • 7d · Net gain or loss

    total $1,057,905 · excluded $1,057,905

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,487,854

  • 7 · Other salaries and wages

    total $15,064,777

  • 8 · Pension plan contributions

    total $566,774

  • 9 · Other employee benefits

    total $2,492,321

  • 10 · Payroll taxes

    total $1,163,534

  • 11a · Fees: management

    total $49,600

  • 11b · Fees: legal

    total $1,202,700

  • 11c · Fees: accounting

    total $258,186

  • 12 · Advertising and promotion

    total $2,394,013

  • 13 · Office expenses

    total $6,582,894

  • 14 · Information technology

    total $2,087,709

  • 16 · Occupancy

    total $2,976,350

  • 17 · Travel

    total $376,058

  • 20 · Interest

    total $3,236,348

  • 22 · Depreciation, depletion and amortization

    total $3,358,786

  • 24a · Other expenses: DIVIDENDS ON SHARES

    total $4,608,946

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $3,392,622

  • 24c · Other expenses: OUTSIDE SERVICES

    total $2,721,733

  • 24d · Other expenses: LOAN SERVICING

    total $2,199,400

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,287,222 · end of year $13,673,378

  • 2 · Savings and temporary cash investments

    beginning of year $55,811,657 · end of year $48,200,847

  • 4 · Accounts receivable

    beginning of year $6,219,304 · end of year $3,899,924

  • 5 · Loans and receivables from officers and key people

    beginning of year $10,204,860 · end of year $9,797,760

  • 7 · Other notes and loans receivable

    beginning of year $976,545,858 · end of year $1,122,409,366

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,092,481 · end of year $1,564,067

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

    $50,970,631

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

    $14,033,128

  • 10c · Land, buildings and equipment, net

    beginning of year $38,053,934 · end of year $36,937,503

  • 11 · Investments: publicly traded securities

    beginning of year $325,580,949 · end of year $234,972,843

  • 12 · Investments: other securities

    beginning of year $569,450 · end of year $390,178

  • 13 · Investments: program-related

    beginning of year $14,717,369 · end of year $15,561,776

  • 14 · Intangible assets

    beginning of year $23,133,803 · end of year $22,023,387

  • 15 · Other assets

    beginning of year $21,196,446 · end of year $23,789,936

  • 17 · Accounts payable and accrued expenses

    beginning of year $10,600,521 · end of year $16,255,790

  • 23 · Secured mortgages and notes payable

    beginning of year $117,099,323 · end of year $201,153,795

  • 25 · Other liabilities

    beginning of year $1,212,027,760 · end of year $1,214,848,256

  • 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 $10,000,000 · end of year $10,000,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $126,685,729 · end of year $90,963,124

Mission and programs · 2022

Mission

A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSIT FOR AND MAKING LOANS TO MEMBERS.

Activities or mission (Part I)

A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.

  • HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Victoria Beltran

    CHAIR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Colclough

    TREASURER

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Pollack

    VICE CHAIR

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brian Borchardt

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kevin Bornemann

    DIRECTOR

    Total calculated
    $21,250
    From this org
    $21,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Hernke

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Adrienne Hartman

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Amy Dahlke

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sam McClone

    DIRECTOR

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jacob Gosz

    DIRECTOR

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tony Mayhugh

    DIRECTOR

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kevin Ralofsky

    PRESIDENT/CEO

    Total calculated
    $891,437
    From this org
    $847,443
    From related orgs
    $0
    Other
    $43,994
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $579,803
    Bonus
    $267,640
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $28,744
    Filer's total
    $891,437

  • Scott Willmott

    CFO

    Total calculated
    $415,176
    From this org
    $378,165
    From related orgs
    $0
    Other
    $37,011
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $272,913
    Bonus
    $105,252
    Other
    $0
    Deferred
    $14,227
    Nontaxable benefits
    $22,784
    Filer's total
    $415,176

  • Karrie Drobnick

    CMO/COO

    Total calculated
    $396,305
    From this org
    $370,394
    From related orgs
    $0
    Other
    $25,911
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $272,968
    Bonus
    $97,426
    Other
    $0
    Deferred
    $14,110
    Nontaxable benefits
    $11,801
    Filer's total
    $396,305

  • Kenneth Buksnes

    CHIEF CREDIT OFFICER

    Total calculated
    $295,849
    From this org
    $263,016
    From related orgs
    $0
    Other
    $32,833
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $198,982
    Bonus
    $64,034
    Other
    $0
    Deferred
    $10,063
    Nontaxable benefits
    $22,770
    Filer's total
    $295,849

  • Chris Butler

    REGIONAL PRESIDENT

    Total calculated
    $302,837
    From this org
    $270,037
    From related orgs
    $0
    Other
    $32,800
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $199,780
    Bonus
    $70,257
    Other
    $0
    Deferred
    $10,030
    Nontaxable benefits
    $22,770
    Filer's total
    $302,837

  • John Hill

    VP OF BUSINESS LENDING

    Total calculated
    $335,187
    From this org
    $320,965
    From related orgs
    $0
    Other
    $14,222
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $202,348
    Bonus
    $12,230
    Other
    $106,387
    Deferred
    $0
    Nontaxable benefits
    $14,222
    Filer's total
    $335,187

  • Robert Ketter

    VP OF IT

    Total calculated
    $181,068
    From this org
    $171,617
    From related orgs
    $0
    Other
    $9,451
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $150,784
    Bonus
    $20,833
    Other
    $0
    Deferred
    $7,523
    Nontaxable benefits
    $1,928
    Filer's total
    $181,068

  • Renee Maeder

    VP OF RETAIL

    Total calculated
    $164,017
    From this org
    $157,250
    From related orgs
    $0
    Other
    $6,767
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $119,487
    Bonus
    $37,763
    Other
    $0
    Deferred
    $5,741
    Nontaxable benefits
    $1,026
    Filer's total
    $164,017

  • Todd Slagter

    VP OF LEGAL & RISK MANAGEMENT

    Total calculated
    $211,306
    From this org
    $201,663
    From related orgs
    $0
    Other
    $9,643
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $167,662
    Bonus
    $34,001
    Other
    $0
    Deferred
    $8,201
    Nontaxable benefits
    $1,442
    Filer's total
    $211,306

  • Ryan Didreckson

    COO/VP OF OPERATIONS

    Total calculated
    $162,485
    From this org
    $158,096
    From related orgs
    $0
    Other
    $4,389
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $82,412
    Bonus
    $75,684
    Other
    $0
    Deferred
    $3,782
    Nontaxable benefits
    $607
    Filer's total
    $162,485

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
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 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 1A
1A. GROSS-UP PAYMENTS: MADE ON PAYROLL CHECKS FOR PAYMENT OF EXECUTIVE LTD BENEFIT AND LIFE INSURANCE.
PART I, LINE 4B
CHRISTOPHER BUTLER - NO CONTRIBUTIONS OR DISTRIBUTIONS KARRIE DROBNICK - $20,500 OF CONTRIBUTIONS SCOTT WILLMOTT - $20,500 OF CONTRIBUTIONS WILLIAM WUSKE - $82,000 OF DISTRIBUTIONS

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
13 November 2023
IRS schema version
2022v5.0
Source object
202323179349311457

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