Skip to content
Nonprofiteer
← ROYAL CREDIT UNION

Form 990 for tax year 2024

Filed by ROYAL CREDIT UNION.

Totals

Total revenue
$373,611,288
Total expenses
$323,800,255
Contributions and grants received
$0
Grants paid
$2,180,040
Program service revenue
$332,271,966
Investment income
$41,339,322
Other revenue
$0
Total assets, end of year
$5,329,096,009
Total liabilities, end of year
$4,806,461,248
Net assets or fund balances, end of year
$522,634,761
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 $267,622,201 · related or exempt $267,622,201

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

    total $25,918,148 · related or exempt $23,468,516 · unrelated business $2,449,632

  • 2c · Program service revenue: INTERCHANGE INCOME

    total $21,198,515 · related or exempt $21,198,515

  • 2d · Program service revenue: GAIN ON SALE OF LOANS

    total $9,317,054 · related or exempt $9,317,054

  • 2e · Program service revenue: OTHER OPERATING INCOME

    total $8,216,048 · related or exempt $8,216,048

  • 3 · Investment income

    total $41,370,418 · excluded $41,370,418

  • 6a · Gross rents

    personal property $1,350

  • 6b · Less rental expenses

    personal property $1,350

  • 6c · Rental income or loss

    personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $332,626

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

    other assets $363,722

  • 7c · Gain or loss

    other assets -$31,096

  • 7d · Net gain or loss

    total -$31,096 · excluded -$31,096

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,180,040

  • 5 · Compensation of officers, directors and key employees

    total $5,641,762

  • 7 · Other salaries and wages

    total $68,610,550

  • 8 · Pension plan contributions

    total $3,512,480

  • 9 · Other employee benefits

    total $9,614,391

  • 10 · Payroll taxes

    total $5,881,405

  • 11b · Fees: legal

    total $1,700,199

  • 11c · Fees: accounting

    total $556,301

  • 11g · Fees: other

    total $760,418

  • 12 · Advertising and promotion

    total $6,544,981

  • 13 · Office expenses

    total $4,546,271

  • 14 · Information technology

    total $12,792,843

  • 16 · Occupancy

    total $3,582,453

  • 17 · Travel

    total $316,413

  • 19 · Conferences, conventions and meetings

    total $1,271,427

  • 20 · Interest

    total $138,098,250

  • 22 · Depreciation, depletion and amortization

    total $5,456,010

  • 23 · Insurance

    total $413,419

  • 24a · Other expenses: UBIT TAXES

    total $126,259

  • 24b · Other expenses: PROVISION FOR CREDIT LO

    total $29,538,243

  • 24c · Other expenses: CARD FEES

    total $7,879,379

  • 24d · Other expenses: LOAN SERVICING

    total $6,773,400

  • 24e · All other expenses

    total $8,003,361

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $168,370,918 · end of year $299,741,132

  • 2 · Savings and temporary cash investments

    beginning of year $498,000

  • 4 · Accounts receivable

    beginning of year $34,203,823 · end of year $41,919,073

  • 7 · Other notes and loans receivable

    beginning of year $4,632,754,173 · end of year $4,650,851,375

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,266,016 · end of year $5,564,038

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

    $112,779,162

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

    $57,017,404

  • 10c · Land, buildings and equipment, net

    beginning of year $55,916,411 · end of year $55,761,758

  • 11 · Investments: publicly traded securities

    beginning of year $80,463,985 · end of year $45,678,203

  • 12 · Investments: other securities

    beginning of year $54,889,686 · end of year $58,082,049

  • 14 · Intangible assets

    beginning of year $55,297,366 · end of year $54,611,825

  • 15 · Other assets

    beginning of year $91,441,049 · end of year $116,886,556

  • 17 · Accounts payable and accrued expenses

    beginning of year $83,779,937 · end of year $73,984,402

  • 23 · Secured mortgages and notes payable

    beginning of year $240,741,715 · end of year $5,000,000

  • 25 · Other liabilities

    beginning of year $4,384,810,104 · end of year $4,727,476,846

  • 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 $468,769,671 · end of year $522,634,761

Mission and programs · 2024

Mission

TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH.

  • THERE WERE 50,775 LOANS GRANTED IN 2024 FOR A TOTAL OF $1,826,641,041. AS OF 12/31/24, THE CREDIT UNION HAD 229,963 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER, AND BUSINESS LOANS.

  • THE CREDIT UNION HAD DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 321,219 MEMBERS AT 12/31/24. NET ACCOUNT GROWTH DURING 2024 WAS 34,938 ACCOUNTS FOR TOTAL ACCOUNTS OF 635,239 AT 12/31/24. TOTAL ENDING BALANCE OF ALL DEPOSIT ACCOUNTS WAS $4,726,130,765.

As filed on the 2024 return.

Listed in Part VII

  • Thomas Huffcutt

    CHAIRPERSON

    Total calculated
    $43,575
    From this org
    $43,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Douglas Olson

    DIRECTOR

    Total calculated
    $34,650
    From this org
    $34,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Sackett

    DIRECTOR

    Total calculated
    $29,400
    From this org
    $29,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Stuart Schaefer

    VICE CHAIRPERSON

    Total calculated
    $28,350
    From this org
    $28,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Jennifer McDonough

    SECRETARY

    Total calculated
    $28,350
    From this org
    $28,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • William Blackburn

    TREASURER

    Total calculated
    $26,250
    From this org
    $26,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nancy Beltz

    DIRECTOR

    Total calculated
    $22,575
    From this org
    $22,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Brandon Riechers

    CEO/PRESIDENT

    Total calculated
    $2,275,299
    From this org
    $1,159,293
    From related orgs
    $0
    Other
    $1,116,006
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $851,529
    Bonus
    $258,160
    Other
    $49,604
    Deferred
    $1,089,415
    Nontaxable benefits
    $26,591
    Filer's total
    $2,275,299

  • Michael Dill

    EVP-CHIEF LENDING OFFICER

    Total calculated
    $727,485
    From this org
    $494,808
    From related orgs
    $0
    Other
    $232,677
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $368,646
    Bonus
    $124,182
    Other
    $1,980
    Deferred
    $213,526
    Nontaxable benefits
    $19,151
    Filer's total
    $727,485

  • Grant Beardsley

    EVP-CHIEF LEGAL OFFICER

    Total calculated
    $567,964
    From this org
    $451,228
    From related orgs
    $0
    Other
    $116,736
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,572
    Bonus
    $110,201
    Other
    $11,455
    Deferred
    $89,563
    Nontaxable benefits
    $27,173
    Filer's total
    $567,964

  • Pamela Haller

    EVP-CHIEF EXPERIENCE AND MARKETING OFFICER

    Total calculated
    $529,176
    From this org
    $472,881
    From related orgs
    $0
    Other
    $56,295
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $341,396
    Bonus
    $117,343
    Other
    $14,142
    Deferred
    $55,404
    Nontaxable benefits
    $891
    Filer's total
    $529,176

  • Joseph Hasto Jr

    EVP-CHIEF FINANCIAL OFFICER

    Total calculated
    $502,929
    From this org
    $465,673
    From related orgs
    $0
    Other
    $37,256
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $369,438
    Bonus
    $94,945
    Other
    $1,290
    Deferred
    $11,738
    Nontaxable benefits
    $25,518
    Filer's total
    $502,929

  • Adam Kinnard

    EVP-CHIEF TECHNOLOGY OFFICER

    Total calculated
    $505,603
    From this org
    $434,250
    From related orgs
    $0
    Other
    $71,353
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $314,884
    Bonus
    $106,958
    Other
    $12,408
    Deferred
    $53,811
    Nontaxable benefits
    $17,542
    Filer's total
    $505,603

  • Laura Campbell

    EVP-CHIEF PEOPLE OFFICER

    Total calculated
    $406,782
    From this org
    $351,784
    From related orgs
    $0
    Other
    $54,998
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,660
    Bonus
    $34,824
    Other
    $300
    Deferred
    $37,172
    Nontaxable benefits
    $17,826
    Filer's total
    $406,782

  • Michelle Robinson

    MORTGAGE SALES MANAGER - LAM

    Total calculated
    $802,256
    From this org
    $776,945
    From related orgs
    $0
    Other
    $25,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $681,834
    Bonus
    $0
    Other
    $95,111
    Deferred
    $6,305
    Nontaxable benefits
    $19,006
    Filer's total
    $802,256

  • Derek Lodermeier

    MORTGAGE LOAN OFFICER - LAM

    Total calculated
    $703,359
    From this org
    $666,911
    From related orgs
    $0
    Other
    $36,448
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $666,641
    Bonus
    $0
    Other
    $270
    Deferred
    $10,575
    Nontaxable benefits
    $25,873
    Filer's total
    $703,359

  • Jared Johnson

    MORTGAGE LOAN OFFICER

    Total calculated
    $503,779
    From this org
    $467,101
    From related orgs
    $0
    Other
    $36,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $386,425
    Bonus
    $80,376
    Other
    $300
    Deferred
    $10,087
    Nontaxable benefits
    $26,591
    Filer's total
    $503,779

  • Chao Vang

    MORTGAGE LOAN OFFICER - LAM

    Total calculated
    $474,139
    From this org
    $430,415
    From related orgs
    $0
    Other
    $43,724
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $429,835
    Bonus
    $0
    Other
    $580
    Deferred
    $17,250
    Nontaxable benefits
    $26,474
    Filer's total
    $474,139

  • Marco Rodiles

    MORTGAGE LOAN OFFICER - LAM

    Total calculated
    $493,350
    From this org
    $475,326
    From related orgs
    $0
    Other
    $18,024
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $475,074
    Bonus
    $0
    Other
    $252
    Deferred
    $17,250
    Nontaxable benefits
    $774
    Filer's total
    $493,350

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 · 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
LAURA CAMPBELL, EVP-CHIEF PEOPLE OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $20,709 DEFERRED ADAM KINNARD, EVP-CHIEF TECHNOLOGY OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $39,595 DEFERRED PAMELA HALLER, EVP-CHIEF EXPERIENCE AND MARKETING OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $43,722 DEFERRED GRANT BEARDSLEY, EVP-CHIEF LEGAL OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $72,313 DEFERRED MICHAEL DILL, EVP-CHIEF LENDING OFFICER - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $202,986 DEFERRED BRANDON RIECHERS, CEO/PRESIDENT - PARTICIPATED IN 457-F PLAN - NO DISTRIBUTIONS, $1,072,165 DEFERRED

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.

  • 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

  • LEGENDS TITLE SERVICES LLC

    TITLE SERVICE · WI · income $2,401,376 · assets $10,988,895

    Directly controlled by ROYAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
3 November 2025
IRS schema version
2024v5.2
Source object
202533109349303723

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.