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Nonprofiteer
← ROYAL CREDIT UNION

Form 990 for tax year 2022

Filed by ROYAL CREDIT UNION.

Totals

Total revenue
$198,876,123
Total expenses
$159,344,082
Contributions and grants received
$0
Grants paid
$2,145,011
Program service revenue
$193,016,700
Investment income
$6,698,399
Other revenue
-$838,976
Total assets, end of year
$4,552,578,835
Total liabilities, end of year
$4,134,659,335
Net assets or fund balances, end of year
$417,919,500
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 $138,128,747 · related or exempt $138,128,747

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $33,476,077 · related or exempt $33,476,077

  • 2c · Program service revenue: SERVICE CHARGES & FEE INCOME

    total $21,411,876 · related or exempt $19,010,403 · unrelated business $2,401,473

  • 3 · Investment income

    total $7,395,129 · excluded $7,395,129

  • 7a · Gross sales of assets other than inventory

    other assets $224,237

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

    other assets $920,967

  • 7c · Gain or loss

    other assets -$696,730

  • 7d · Net gain or loss

    total -$696,730 · excluded -$696,730

  • 11a · Other revenue: PREMIUM ON SALE OF LOANS

    total $1,828,055 · related or exempt $1,828,055

  • 11b · Other revenue: GAIN FROM MERGER

    total $180,952 · related or exempt $180,952

  • 11c · Other revenue: CHANGE IN VALUE OF EQUITY AND TRA

    total -$2,847,983 · excluded -$2,847,983

  • 11e · Other revenue, total

    -$838,976

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,145,011

  • 4 · Benefits paid to or for members

    total $20,849,551

  • 5 · Compensation of officers, directors and key employees

    total $6,881,668

  • 7 · Other salaries and wages

    total $47,192,280

  • 8 · Pension plan contributions

    total $3,126,458

  • 9 · Other employee benefits

    total $7,163,050

  • 10 · Payroll taxes

    total $4,328,285

  • 11g · Fees: other

    total $2,398,544

  • 12 · Advertising and promotion

    total $6,854,762

  • 13 · Office expenses

    total $17,890,639

  • 16 · Occupancy

    total $4,011,029

  • 17 · Travel

    total $347,036

  • 20 · Interest

    total $4,496,516

  • 22 · Depreciation, depletion and amortization

    total $4,293,185

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $11,265,863

  • 24b · Other expenses: LOAN SERVICING

    total $10,256,791

  • 24c · Other expenses: MISCELLANEOUS OPERATING

    total $5,620,852

  • 24d · Other expenses: OPERATING FEES

    total $222,562

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $878,500,771 · end of year $74,875,424

  • 2 · Savings and temporary cash investments

    beginning of year $7,969,000 · end of year $1,695,000

  • 4 · Accounts receivable

    beginning of year $22,445,470 · end of year $31,790,003

  • 7 · Other notes and loans receivable

    beginning of year $2,873,089,044 · end of year $4,126,766,759

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,103,607 · end of year $3,815,761

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

    $102,490,097

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

    $48,207,910

  • 10c · Land, buildings and equipment, net

    beginning of year $42,656,483 · end of year $54,282,187

  • 12 · Investments: other securities

    beginning of year $69,308,563 · end of year $77,696,135

  • 13 · Investments: program-related

    beginning of year $60,633,222 · end of year $42,627,067

  • 14 · Intangible assets

    beginning of year $13,007,120 · end of year $56,020,940

  • 15 · Other assets

    beginning of year $75,562,079 · end of year $83,009,559

  • 17 · Accounts payable and accrued expenses

    beginning of year $69,842,008 · end of year $68,826,227

  • 23 · Secured mortgages and notes payable

    end of year $94,000,000

  • 25 · Other liabilities

    beginning of year $3,594,250,590 · end of year $3,971,833,108

  • 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 $382,182,761 · end of year $417,919,500

Mission and programs · 2022

Mission

TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH.

  • THERE WERE 73,077 LOANS GRANTED IN 2022 FOR A TOTAL OF $4,163,938,695. AS OF 12/31/22, THE CREDIT UNION HAD 218,652 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER AND BUSINESS LOANS.

  • WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 288,306 MEMBERS AT 12/31/22. NET ACCOUNT GROWTH DURING 2022 WAS 51,749 ACCOUNTS FOR A TOTAL AT 12/31/22 OF 538,819

As filed on the 2022 return.

Listed in Part VII

  • THOMAS HUFFCUTT

    CHAIRMAN

    Total calculated
    $39,000
    From this org
    $39,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • DOUG OLSON

    TREASURER

    Total calculated
    $30,500
    From this org
    $30,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • JOHN SACKETT

    ASSISTANT SECRETARY

    Total calculated
    $25,500
    From this org
    $25,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • JENNIFER MCDONOUGH

    SECRETARY

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • STUART SCHAEFER

    VICE CHAIRMAN

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • WILLIAM BLACKBURN

    ASSISTANT VICE CHAIRMAN

    Total calculated
    $23,000
    From this org
    $23,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • NANCY BELTZ

    ASSISTANT TREASURER

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • BRANDON RIECHERS

    CEO/PRESIDENT

    Total calculated
    $2,035,431
    From this org
    $1,312,772
    From related orgs
    $0
    Other
    $722,659
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $718,201
    Bonus
    $239,571
    Other
    $355,000
    Deferred
    $665,091
    Nontaxable benefits
    $57,568
    Filer's total
    $2,035,431

  • JON HEHLI

    EVP-CHIEF FINANCIAL OFFICER

    Total calculated
    $812,058
    From this org
    $758,118
    From related orgs
    $0
    Other
    $53,940
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,268
    Bonus
    $222,715
    Other
    $286,135
    Deferred
    $15,250
    Nontaxable benefits
    $38,690
    Filer's total
    $812,058

  • JAN JOHNSON

    EVP-ORGANIZATIONAL AGILITY

    Total calculated
    $1,077,880
    From this org
    $1,026,155
    From related orgs
    $0
    Other
    $51,725
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $336,820
    Bonus
    $195,439
    Other
    $493,896
    Deferred
    $12,877
    Nontaxable benefits
    $38,848
    Filer's total
    $1,077,880

  • MICHAEL DILL

    EVP-CHIEF LENDING OFFICER

    Total calculated
    $643,534
    From this org
    $452,786
    From related orgs
    $0
    Other
    $190,748
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $286,870
    Bonus
    $165,916
    Other
    $0
    Deferred
    $131,960
    Nontaxable benefits
    $58,788
    Filer's total
    $643,534

  • PAMELA HALLER

    EVP-CHIEF DIGITAL EXPERIEN

    Total calculated
    $617,131
    From this org
    $397,085
    From related orgs
    $0
    Other
    $220,046
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,041
    Bonus
    $144,044
    Other
    $0
    Deferred
    $187,776
    Nontaxable benefits
    $32,270
    Filer's total
    $617,131

  • ADAM KINNARD

    EVP-CHIEF TECHNOLOGY OFFIC

    Total calculated
    $572,231
    From this org
    $385,068
    From related orgs
    $0
    Other
    $187,163
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $243,548
    Bonus
    $141,520
    Other
    $0
    Deferred
    $145,788
    Nontaxable benefits
    $41,375
    Filer's total
    $572,231

  • GEOFFREY BULLOCK

    EVP - MEMBER EXPERIENCE

    Total calculated
    $423,695
    From this org
    $368,623
    From related orgs
    $0
    Other
    $55,072
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,660
    Bonus
    $140,963
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $39,822
    Filer's total
    $423,695

  • JOSEPH HASTO JR

    EVP-CHIEF FINANCIAL OFFICER

    Total calculated
    $182,364
    From this org
    $171,092
    From related orgs
    $0
    Other
    $11,272
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,092
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $11,272
    Filer's total
    $182,364

  • GRANT BEARDSLEY

    EVP-CHIEF LEGAL OFFICER

    Total calculated
    $332,344
    From this org
    $275,687
    From related orgs
    $0
    Other
    $56,657
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,403
    Bonus
    $67,284
    Other
    $0
    Deferred
    $34,225
    Nontaxable benefits
    $22,432
    Filer's total
    $332,344

  • JARED JOHNSON

    MORTGAGE LOAN OFFICER

    Total calculated
    $577,781
    From this org
    $535,565
    From related orgs
    $0
    Other
    $42,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $432,353
    Bonus
    $103,212
    Other
    $0
    Deferred
    $10,755
    Nontaxable benefits
    $31,461
    Filer's total
    $577,781

  • JEFFREY SPROUL

    MORTGAGE LOAN OFFICER

    Total calculated
    $344,647
    From this org
    $322,978
    From related orgs
    $0
    Other
    $21,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,698
    Bonus
    $61,280
    Other
    $0
    Deferred
    $7,139
    Nontaxable benefits
    $14,530
    Filer's total
    $344,647

  • GLEN KENNISON

    VP-CREDIT RISK MANAGEMENT

    Total calculated
    $397,011
    From this org
    $346,113
    From related orgs
    $0
    Other
    $50,898
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $246,158
    Bonus
    $99,955
    Other
    $0
    Deferred
    $15,250
    Nontaxable benefits
    $35,648
    Filer's total
    $397,011

  • MATTHEW GERBER

    VP-MORTGAGE LENDING

    Total calculated
    $373,986
    From this org
    $320,656
    From related orgs
    $0
    Other
    $53,330
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,297
    Bonus
    $91,359
    Other
    $0
    Deferred
    $11,575
    Nontaxable benefits
    $41,755
    Filer's total
    $373,986

  • RYAN BALTS

    VP-FINANCE

    Total calculated
    $346,028
    From this org
    $291,834
    From related orgs
    $0
    Other
    $54,194
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,313
    Bonus
    $92,521
    Other
    $0
    Deferred
    $15,221
    Nontaxable benefits
    $38,973
    Filer's total
    $346,028

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 · 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 3
ROYAL CREDIT UNION'S BOARD UTILIZES VARIOUS SALARY SURVEYS AND AN OUTSIDE CONSULTANT TO DETERMINE COMPENSATION FOR THE CEO.
PART I, LINE 4B
BRANDON REICHERS - PARTICIPATED IN 457-F PLAN, $355,000 DISTRIBUTED IN 2022, $649,841 DEFERRED MICHAEL DILL - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $121,039 DEFERRED PAMELA HALLER - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $174,642 DEFERRED ADAM KINNARD - PARTICIPATED IN 457-F PLAN, NO DISTRIBUTIONS, $132,906 DEFERRED JAN JOHNSON - PARTICIPATED IN 457-F PLAN, $493,896 DISTRIBUTED IN 2022, NO DEFERRAL JON HEHLI - PARTICIPATED IN 457-F PLAN, $286,135 DISTRIBUTED IN 2022, NO DEFERRAL

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • RCU FOUNDATION INC

    501(C)(3) · CHARITABLE FOUNDATION TO BENEFIT THE COMMUNITIES ROYAL CREDIT UNION SERVES · WI · controlled entity

    Directly controlled by ROYAL CREDIT UNION

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.

  • 317 LLC

    REAL ESTATE HOLDING COMPANY · WI · income $0 · assets $1,458

    Directly controlled by ROYAL CREDIT UNION

  • LEDGENDS TITLE SERVICES

    TITLE SERVICE · WI · income $2,154,038 · assets $3,502,719

    Directly controlled by ROYAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349325575

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