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Nonprofiteer
← GREENWOOD CREDIT UNION INC

Form 990 for tax year 2022

Filed by GREENWOOD CREDIT UNION INC.

Totals

Total revenue
$35,042,007
Total expenses
$26,356,076
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,398,438
Investment income
$1,643,569
Other revenue
$0
Total assets, end of year
$792,476,276
Total liabilities, end of year
$721,297,579
Net assets or fund balances, end of year
$71,178,697
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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 $29,022,130 · related or exempt $29,022,130

  • 2b · Program service revenue: MEMBER SERVICE FEES

    total $3,834,577 · related or exempt $3,834,577

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

    total $534,075 · related or exempt $534,075

  • 2d · Program service revenue: NONMEMBER ATM FEES

    total $7,656 · unrelated business $7,656

  • 3 · Investment income

    total $1,643,569 · excluded $1,643,569

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $7,906,522

  • 12 · Advertising and promotion

    total $193,246

  • 16 · Occupancy

    total $1,144,157

  • 20 · Interest

    total $7,850,297

  • 22 · Depreciation, depletion and amortization

    total $669,816

  • 24a · Other expenses: OPERATIONS EXPENSE

    total $4,114,091

  • 24b · Other expenses: DATA PROCESSING EXPENSE

    total $3,067,197

  • 24c · Other expenses: PROVISION FOR LOAN LOSSES

    total $1,410,750

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,404,603 · end of year $6,176,841

  • 2 · Savings and temporary cash investments

    beginning of year $14,530,000 · end of year $10,500,000

  • 4 · Accounts receivable

    beginning of year $574,001,508 · end of year $684,924,292

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,031,940 · end of year $2,627,419

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

    $22,336,196

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

    $8,626,682

  • 10c · Land, buildings and equipment, net

    beginning of year $14,180,855 · end of year $13,709,514

  • 11 · Investments: publicly traded securities

    beginning of year $12,501,008 · end of year $8,999,477

  • 12 · Investments: other securities

    beginning of year $16,275,056 · end of year $16,595,913

  • 15 · Other assets

    beginning of year $43,667,413 · end of year $48,942,820

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,087,741 · end of year $3,795,886

  • 21 · Escrow or custodial account liability

    beginning of year $1,196,892 · end of year $1,473,701

  • 25 · Other liabilities

    beginning of year $613,814,984 · end of year $716,027,992

  • 31 · Retained earnings, endowment or other funds

    beginning of year $62,492,766 · end of year $71,178,697

Mission and programs · 2022

Mission

THE CREDIT UNION IS AN ASSOCIATION OWNED BY ITS MEMBER DEPOSITORS. INTEREST INCOME FROM LOANS AND INVESTMENTS ALLOW THE CREDIT UNION TO PROVIDE LOW COST FINANCIAL SERVICES TO ITS MEMBERS.

  • INVESTMENT INCOME FROM LOANS AND INVESTMENTS PROVIDE FUNDS NECESSARY TO PROVIDE LOW COST FINANCIAL PRODUCTS TO MEMBER OWNERS. AT DECEMBER 31, 2022, THE CREDIT UNION HAD 108,606 SHARE/DEPOSIT ACCOUNTS AND 41,860 LOAN ACCOUNTS.

As filed on the 2022 return.

Listed in Part VII

  • Frederick Reinhardt

    CEO

    Total calculated
    $429,782
    From this org
    $397,463
    From related orgs
    $0
    Other
    $32,319
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $331,663
    Bonus
    $55,000
    Other
    $10,800
    Deferred
    not reported
    Nontaxable benefits
    $32,319
    Filer's total
    $429,782

  • Holly Ferrara

    VP RETAIL LE

    Total calculated
    $255,522
    From this org
    $226,383
    From related orgs
    $0
    Other
    $29,139
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,183
    Bonus
    $35,000
    Other
    $1,200
    Deferred
    not reported
    Nontaxable benefits
    $29,139
    Filer's total
    $255,522

  • Jennifer Lafrance

    COO

    Total calculated
    $231,170
    From this org
    $203,190
    From related orgs
    $0
    Other
    $27,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,190
    Bonus
    $20,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $27,980
    Filer's total
    $231,170

  • Andy Brown

    CFO

    Total calculated
    $200,185
    From this org
    $190,652
    From related orgs
    $0
    Other
    $9,533
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,652
    Bonus
    $15,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $9,533
    Filer's total
    $200,185

  • Marianne Varatta

    SENIOR VP/DI

    Total calculated
    $192,309
    From this org
    $174,093
    From related orgs
    $0
    Other
    $18,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,393
    Bonus
    $30,000
    Other
    $13,700
    Deferred
    not reported
    Nontaxable benefits
    $18,216
    Filer's total
    $192,309

  • Theresa Brophy

    SVP, HUMAN R

    Total calculated
    $166,269
    From this org
    $142,049
    From related orgs
    $0
    Other
    $24,220
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,049
    Bonus
    $15,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $24,220
    Filer's total
    $166,269

  • Thomas Ahern

    CHAIRMAN/DIR

    Total calculated
    $37,800
    From this org
    $37,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Karen Sd Grande Esq

    V CHAIRMAN/D

    Total calculated
    $24,300
    From this org
    $24,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Sandra Powell

    DIRECTOR

    Total calculated
    $23,400
    From this org
    $23,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Philip Slocum

    DIRECTOR

    Total calculated
    $22,800
    From this org
    $22,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brian Mc Gurik

    DIRECTOR

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Tikoian

    DIRECTOR

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • R Nelson

    DIRECTOR

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Carrie Bridges Feliz

    DIRECTOR

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART III
A BUDGET FOR COMPANION TRAVEL TO CONFERENCES AND SEMINARS IS APPROVED BY THE MEMBERS EACH YEAR AT THE ANNUAL MEETING.

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
28 August 2023
IRS schema version
2022v5.0
Source object
202313189349305051

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