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Nonprofiteer
← CONNEXUS CREDIT UNION

Form 990 for tax year 2023

Filed by CONNEXUS CREDIT UNION.

Totals

Total revenue
$392,528,400
Total expenses
$380,799,470
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$364,652,601
Investment income
$26,333,814
Other revenue
$1,541,985
Total assets, end of year
$5,303,334,419
Total liabilities, end of year
$4,857,805,032
Net assets or fund balances, end of year
$445,529,387
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: INTEREST INCOME ON LOANS

    total $339,072,153 · related or exempt $339,072,153

  • 2b · Program service revenue: OTHER INCOME

    total $22,586,723 · related or exempt $18,294,190 · unrelated business $4,292,533

  • 2c · Program service revenue: FEE INCOME

    total $2,993,725 · related or exempt $2,973,331 · unrelated business $20,394

  • 3 · Investment income

    total $22,140,042 · excluded $22,140,042

  • 7a · Gross sales of assets other than inventory

    securities $13,217,873 · other assets $3,004,250

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

    securities $8,582,349 · other assets $3,446,002

  • 7c · Gain or loss

    securities $4,635,524 · other assets -$441,752

  • 7d · Net gain or loss

    total $4,193,772 · excluded $4,193,772

  • 11a · Other revenue: OTHER NON-OPERATING INCOME

    total $1,541,985 · related or exempt $1,541,985

  • 11e · Other revenue, total

    $1,541,985

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $145,125,538

  • 5 · Compensation of officers, directors and key employees

    total $3,172,122

  • 7 · Other salaries and wages

    total $51,656,551

  • 8 · Pension plan contributions

    total $3,730,415

  • 9 · Other employee benefits

    total $13,456,928

  • 10 · Payroll taxes

    total $3,970,920

  • 11b · Fees: legal

    total $507,085

  • 11c · Fees: accounting

    total $185,811

  • 11g · Fees: other

    total $11,097,859

  • 12 · Advertising and promotion

    total $1,489,318

  • 13 · Office expenses

    total $5,287,526

  • 16 · Occupancy

    total $3,897,213

  • 17 · Travel

    total $871,658

  • 20 · Interest

    total $7,837,979

  • 22 · Depreciation, depletion and amortization

    total $2,670,915

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $62,954,393

  • 24b · Other expenses: LOAN SERVICING

    total $51,846,888

  • 24c · Other expenses: OTHER EXPENSES

    total $10,800,301

  • 24d · Other expenses: OPERATING FEES

    total $240,050

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $261,724,723 · end of year $386,249,113

  • 2 · Savings and temporary cash investments

    beginning of year $15,105,477 · end of year $9,511,376

  • 5 · Loans and receivables from officers and key people

    beginning of year $32,571,987 · end of year $32,827,511

  • 7 · Other notes and loans receivable

    beginning of year $4,610,098,324 · end of year $4,574,436,795

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,810,395 · end of year $5,249,255

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

    $56,043,188

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

    $16,091,470

  • 10c · Land, buildings and equipment, net

    beginning of year $35,480,634 · end of year $39,951,718

  • 11 · Investments: publicly traded securities

    beginning of year $37,484,390 · end of year $26,967,875

  • 12 · Investments: other securities

    beginning of year $27,426,565 · end of year $32,706,284

  • 14 · Intangible assets

    beginning of year $25,624,099 · end of year $24,108,740

  • 15 · Other assets

    beginning of year $212,779,628 · end of year $171,325,752

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,060,866 · end of year $50,915,896

  • 23 · Secured mortgages and notes payable

    beginning of year $120,027,947 · end of year $10,000,145

  • 25 · Other liabilities

    beginning of year $4,603,708,720 · end of year $4,796,888,991

  • 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 $502,308,689 · end of year $445,529,387

Mission and programs · 2023

Mission

TO BE A NATIONALLY RELEVANT, TRUSTED CREDIT UNION PROVIDING EXCEPTIONAL EXPERIENCES AND FOSTERING PROSPERITY FOR THOSE WE SERVE.

Activities or mission (Part I)

ENCOURAGE THRIFT AND SELF RELIANCE AMONG MEMBERS BY PROVIDING DEPOSIT AND LENDING PRODUCTS AT COMPETITIVE TERMS IN ORDER TO IMPROVE SOCIAL CONDITIONS OF THE MEMBERSHIP.

  • PROVIDE OUR MEMBERS DEPOSIT SERVICES FOR THEIR FUNDS TO EARN THEM A FAIR RATE OF RETURN.

  • PROVIDE OUR MEMBERS LOAN SERVICES AT A FAIR RATE OF INTEREST.

  • PROVIDE OUR MEMBERS ACCESS TO CHECK SERVICES AND OTHER FINANCIAL PRODUCTS.

As filed on the 2023 return.

Listed in Part VII

  • Alita Lobner

    CHAIRMAN

    Total calculated
    $39,630
    From this org
    $39,630
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Shanna Yonke

    SECRETARY/TREASURER

    Total calculated
    $32,623
    From this org
    $32,623
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kelsi Seubert

    VICE CHAIR

    Total calculated
    $32,158
    From this org
    $32,158
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Timothy Mulloy

    DIRECTOR

    Total calculated
    $25,984
    From this org
    $25,984
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Derebey

    DIRECTOR

    Total calculated
    $25,911
    From this org
    $25,911
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Greg Cullen

    DIRECTOR

    Total calculated
    $25,776
    From this org
    $25,776
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Prestileo

    DIRECTOR

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

  • William Hoffman

    DIRECTOR

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Parker

    DIRECTOR

    Total calculated
    $14,200
    From this org
    $14,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steven Zeineman

    DIRECTOR

    Total calculated
    $6,940
    From this org
    $6,940
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Boyd J Gustke

    CEO/PRESIDENT

    Total calculated
    $1,332,045
    From this org
    $1,254,767
    From related orgs
    $0
    Other
    $77,278
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $877,970
    Bonus
    $368,713
    Other
    $8,084
    Deferred
    $32,000
    Nontaxable benefits
    $45,278
    Filer's total
    $1,332,045

  • Chad E Rogers

    EVP/COO

    Total calculated
    $571,425
    From this org
    $495,949
    From related orgs
    $0
    Other
    $75,476
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $402,800
    Bonus
    $90,176
    Other
    $2,973
    Deferred
    $32,000
    Nontaxable benefits
    $43,476
    Filer's total
    $571,425

  • Ryan Gage

    CHIEF RISK OFFICER

    Total calculated
    $466,743
    From this org
    $404,330
    From related orgs
    $0
    Other
    $62,413
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $318,410
    Bonus
    $83,626
    Other
    $2,294
    Deferred
    $20,804
    Nontaxable benefits
    $41,609
    Filer's total
    $466,743

  • Cheryl Halverson

    CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $356,152
    From this org
    $306,801
    From related orgs
    $0
    Other
    $49,351
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $294,165
    Bonus
    $10,663
    Other
    $1,973
    Deferred
    $18,900
    Nontaxable benefits
    $30,451
    Filer's total
    $356,152

  • Akin Agar

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $204,335
    From this org
    $170,013
    From related orgs
    $0
    Other
    $34,322
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $169,181
    Bonus
    $0
    Other
    $832
    Deferred
    $11,631
    Nontaxable benefits
    $22,691
    Filer's total
    $204,335

  • Eric Huseby

    CLO

    Total calculated
    $431,083
    From this org
    $365,598
    From related orgs
    $0
    Other
    $65,485
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $296,925
    Bonus
    $66,008
    Other
    $2,665
    Deferred
    $24,355
    Nontaxable benefits
    $41,130
    Filer's total
    $431,083

  • Claire Meney

    SVP MEMBER EXPERIENCE

    Total calculated
    $317,979
    From this org
    $257,908
    From related orgs
    $0
    Other
    $60,071
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $216,850
    Bonus
    $39,813
    Other
    $1,245
    Deferred
    $22,395
    Nontaxable benefits
    $37,676
    Filer's total
    $317,979

  • Lamont Bonham

    SVP ENTERPRISE RISK MANAGE

    Total calculated
    $257,918
    From this org
    $244,988
    From related orgs
    $0
    Other
    $12,930
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $16,827
    Bonus
    $0
    Other
    $228,161
    Deferred
    $10,623
    Nontaxable benefits
    $2,307
    Filer's total
    $257,918

  • Sheila Polak

    SVP FINANCE

    Total calculated
    $218,857
    From this org
    $177,517
    From related orgs
    $0
    Other
    $41,340
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $108,762
    Bonus
    $41,438
    Other
    $27,317
    Deferred
    $20,676
    Nontaxable benefits
    $20,664
    Filer's total
    $218,857

  • Reginald Swanigan

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $107,299
    From this org
    $101,880
    From related orgs
    $0
    Other
    $5,419
    Hours/week
    50

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
DURING 2023, SOME OF THE BOARD OF DIRECTORS HAD COMPANION TRAVEL EXPENSES THAT WERE PAID BY CONNEXUS AND ADDED TO THEIR W2. GROSS UP PAYMMENTS ARE TIED TO THE RECOGNITION PROGRAM.
PART I, LINE 3
CONNEXUS OBTAINS A SALARY SURVEY BASED ON JOB DUTIES AND GEOGRAPHIC LOCATION, BROKEN DOWN BY ASSET SIZE AND EMPLOYEE COUNTS, ALONG WITH INDUSTRY SPECIFIC SALARY STUDIES. CONNEXUS EVALUATES THE SALARY SURVEY INFORMATION WITH JOB PERFORMANCE AND GOAL ACHIEVEMENT TO OBTAIN A POTENTIAL SALARY INCREASE RANGE FOR THAT POSITION GRADE LEVEL. THIS INFORMATION IS REVIEWED BY THE BOARD'S EXECUTIVE COMMITTEE AND THE TOTAL REWARDS LEADER FOR APPROVAL. ANY SALARY CHANGES THAT EXCEED ESTABLISHED RANGES FOR A PARTICULAR GRADE LEVEL NEED FURTHER APPROVAL. EXEC COMPENSATION RANGES REVIEWED IN 2022 BY D.HILTON. COMPENSATION RANGE AND EMPLOYEE SPECFIC CHANGES MADE WITH DIRECTION FROM CU PRES.
PART I, LINES 4A-B
REGINALD SWANIGAN - SEVERANCE PAYMENT - $75,000 LAMONT BONHAM - SEVERANCE PAYMENT - $209,341 CLAIRE MENEY - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS SHEILA POLAK - NONQUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS CHAD ROGERS - NON-QUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS BOYD GUSTKE - NON-QUALIFIED PLAN - PARTICIPATED, NO DISTRIBUTIONS DARYL GESSLER - NON-QUALIFIED PLAN - PARTICIPATED, NO 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.

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.

  • FINANCIAL INSTITUTION LENDING OPTIONS LLC

    LOAN ORIGINATOR · WI · income $5,951,412 · assets $11,980,420

    Directly controlled by CONNEXUS CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202433129349303013

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