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Nonprofiteer
← CO-OP CREDIT UNION

Form 990 for tax year 2023

Filed by CO-OP CREDIT UNION.

Totals

Total revenue
$22,146,492
Total expenses
$18,566,876
Contributions and grants received
$106,099
Grants paid
$0
Program service revenue
$19,782,014
Investment income
$2,204,556
Other revenue
$53,823
Total assets, end of year
$533,756,251
Total liabilities, end of year
$475,703,152
Net assets or fund balances, end of year
$58,053,099
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.

  • 1e · Government grants (contributions)

    $106,099

  • 2a · Program service revenue: INTEREST ON LOANS

    total $18,429,234 · related or exempt $18,429,234

  • 2b · Program service revenue: OTHER MEMBER INCOME

    total $425,453 · related or exempt $425,453

  • 2c · Program service revenue: MEMBER ACCOUNT FEES

    total $362,850 · related or exempt $362,850

  • 2d · Program service revenue: INSURANCE SALES

    total $297,050 · related or exempt $297,050

  • 2e · Program service revenue: OFFICER LOAN & AMORT INCOME

    total $258,083 · related or exempt $258,083

  • 2f · All other program service revenue

    total $9,344 · unrelated business $9,344

  • 3 · Investment income

    total $2,192,356 · excluded $2,192,356

  • 5 · Royalties

    total $46,595 · excluded $46,595

  • 6a · Gross rents

    real property $4,387

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $4,387

  • 6d · Net rental income or loss

    total $4,387 · related or exempt $4,387

  • 7a · Gross sales of assets other than inventory

    other assets $13,370

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

    other assets $1,170

  • 7c · Gain or loss

    other assets $12,200

  • 7d · Net gain or loss

    total $12,200 · excluded $12,200

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $2,841 · related or exempt $2,841

  • 11e · Other revenue, total

    $2,841

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,044,706

  • 7 · Other salaries and wages

    total $3,658,124

  • 8 · Pension plan contributions

    total $341,528

  • 9 · Other employee benefits

    total $1,125,108

  • 10 · Payroll taxes

    total $322,877

  • 11b · Fees: legal

    total $82,500

  • 11c · Fees: accounting

    total $31,393

  • 11g · Fees: other

    total $138,840

  • 12 · Advertising and promotion

    total $502,511

  • 13 · Office expenses

    total $822,403

  • 14 · Information technology

    total $828,761

  • 16 · Occupancy

    total $418,524

  • 17 · Travel

    total $46,162

  • 19 · Conferences, conventions and meetings

    total $125,780

  • 20 · Interest

    total $59,273

  • 21 · Payments to affiliates

    total $57,332

  • 22 · Depreciation, depletion and amortization

    total $600,156

  • 23 · Insurance

    total $93,677

  • 24a · Other expenses: MEMBER DIVIDENDS ON SHA

    total $7,403,506

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $502,534

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $184,081

  • 24d · Other expenses: OTHER EXPENSES

    total $177,100

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,973,582 · end of year $8,056,662

  • 2 · Savings and temporary cash investments

    beginning of year $37,966,810 · end of year $45,915,083

  • 4 · Accounts receivable

    beginning of year $884,953 · end of year $64,925

  • 5 · Loans and receivables from officers and key people

    beginning of year $2,137,331 · end of year $3,652,495

  • 7 · Other notes and loans receivable

    beginning of year $397,295,280 · end of year $434,401,945

  • 9 · Prepaid expenses and deferred charges

    beginning of year $405,987 · end of year $463,925

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

    $15,397,981

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

    $6,009,699

  • 10c · Land, buildings and equipment, net

    beginning of year $8,648,311 · end of year $9,388,282

  • 11 · Investments: publicly traded securities

    beginning of year $15,748,148 · end of year $2,104,571

  • 13 · Investments: program-related

    beginning of year $9,936,101 · end of year $9,074,801

  • 15 · Other assets

    beginning of year $20,738,727 · end of year $20,633,562

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,245,289 · end of year $4,472,448

  • 19 · Deferred revenue

    beginning of year $113,097 · end of year $188,079

  • 25 · Other liabilities

    beginning of year $440,797,241 · end of year $471,042,625

  • 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 $53,579,603 · end of year $58,053,099

Mission and programs · 2023

Mission

SERVING OUR MEMBERS, WHERE THEY ARE, THROUGH ALL STAGES OF LIFE.

  • CCU HAD DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 22,121 OF OUR MEMBERS AT 12/31. DURING 2023, CCU OPENED 8,450 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS.

  • CCU FUNDED 3,871 LOANS DURING 2023. AS OF 12/31/23, CCU SERVICED 3,786 MORTGAGES/HOME EQUITY LOANS, 7,894 CONSUMER LOANS, 815 MEMBER BUSINESS LOANS, AND 2,829 CREDIT CARD ACCOUNTS WITH OUR MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • David Overlien

    SECRETARY

    Total calculated
    $9,296
    From this org
    $9,296
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sarah Lebakken

    VICE CHAIR

    Total calculated
    $10,275
    From this org
    $10,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Olson

    DIRECTOR

    Total calculated
    $8,750
    From this org
    $8,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Byom

    DIRECTOR

    Total calculated
    $8,425
    From this org
    $8,425
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Torkelson

    CHAIR

    Total calculated
    $9,298
    From this org
    $9,298
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Hogden

    TREASURER

    Total calculated
    $7,150
    From this org
    $7,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Carol Martin

    DIRECTOR

    Total calculated
    $9,996
    From this org
    $9,996
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eric Chrisinger

    PRES/CEO

    Total calculated
    $322,333
    From this org
    $279,512
    From related orgs
    $0
    Other
    $42,821
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,000
    Bonus
    $50,000
    Other
    $4,512
    Deferred
    $27,951
    Nontaxable benefits
    $14,870
    Filer's total
    $322,333

  • Tim Tranberg

    CHIEF LENDING OFFICER

    Total calculated
    $149,048
    From this org
    $124,094
    From related orgs
    $0
    Other
    $24,954
    Hours/week
    40

  • Michele Steien

    CHIEF TALENT OFFICER

    Total calculated
    $136,547
    From this org
    $113,804
    From related orgs
    $0
    Other
    $22,743
    Hours/week
    40

  • Kris Goetzka

    CHIEF OPERATIONS OFFICER

    Total calculated
    $125,176
    From this org
    $102,623
    From related orgs
    $0
    Other
    $22,553
    Hours/week
    40

  • Megan Ellingson

    CHIEF FINANCIAL OFFICER

    Total calculated
    $133,291
    From this org
    $107,106
    From related orgs
    $0
    Other
    $26,185
    Hours/week
    40

  • Marianne Torkelson

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $115,122
    From this org
    $100,973
    From related orgs
    $0
    Other
    $14,149
    Hours/week
    40

  • Jayme Thompson

    MORTGAGE LENDING MANAGER

    Total calculated
    $122,816
    From this org
    $110,166
    From related orgs
    $0
    Other
    $12,650
    Hours/week
    40

  • Eric Skogstad

    VP-AUDIT&COMP

    Total calculated
    $112,568
    From this org
    $100,630
    From related orgs
    $0
    Other
    $11,938
    Hours/week
    40

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 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

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
2023
Filed
18 April 2024
IRS schema version
2023v5.0
Source object
202441249349302164

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