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Nonprofiteer
← SKYWARD CREDIT UNION

Form 990 for tax year 2022

Filed by SKYWARD CREDIT UNION.

Totals

Total revenue
$15,562,751
Total expenses
$14,397,656
Contributions and grants received
$6,000
Grants paid
$55,250
Program service revenue
$10,858,789
Investment income
$4,650,700
Other revenue
$47,262
Total assets, end of year
$389,740,137
Total liabilities, end of year
$371,708,551
Net assets or fund balances, end of year
$18,031,586
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.

  • 1f · All other contributions, gifts and grants

    $6,000

  • 2a · Program service revenue: INTEREST ON LOANS

    total $7,565,963 · related or exempt $7,565,963

  • 2b · Program service revenue: FEES & OTHER INCOME

    total $3,248,537 · related or exempt $3,204,917 · unrelated business $43,620

  • 2c · Program service revenue: WARRANTY SALES

    total $44,289 · unrelated business $44,289

  • 3 · Investment income

    total $4,585,713 · related or exempt $4,585,713

  • 5 · Royalties

    total $47,262 · related or exempt $47,262

  • 7a · Gross sales of assets other than inventory

    securities $447,238 · other assets $7,596,533

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

    securities $448,000 · other assets $7,530,784

  • 7c · Gain or loss

    securities -$762 · other assets $65,749

  • 7d · Net gain or loss

    total $64,987 · related or exempt $64,987

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $43,250

  • 2 · Grants to domestic individuals

    total $12,000

  • 5 · Compensation of officers, directors and key employees

    total $640,937

  • 7 · Other salaries and wages

    total $3,002,521

  • 8 · Pension plan contributions

    total $128,780

  • 9 · Other employee benefits

    total $580,956

  • 10 · Payroll taxes

    total $350,082

  • 11b · Fees: legal

    total $109,734

  • 11c · Fees: accounting

    total $245,131

  • 11g · Fees: other

    total $105,466

  • 12 · Advertising and promotion

    total $477,602

  • 13 · Office expenses

    total $578,554

  • 14 · Information technology

    total $1,502,304

  • 16 · Occupancy

    total $289,111

  • 17 · Travel

    total $26,165

  • 19 · Conferences, conventions and meetings

    total $124,695

  • 20 · Interest

    total $532,696

  • 22 · Depreciation, depletion and amortization

    total $507,428

  • 23 · Insurance

    total $66,929

  • 24a · Other expenses: MEMBER DIVIDENDS

    total $2,707,842

  • 24b · Other expenses: DEBIT/ATM/OTHER CARD EX

    total $1,233,899

  • 24c · Other expenses: LOAN SERVICING

    total $719,259

  • 24d · Other expenses: SHARED BRANCH EXPENSES

    total $227,081

  • 24e · All other expenses

    total $185,234

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,926,584 · end of year $3,901,341

  • 2 · Savings and temporary cash investments

    beginning of year $30,037,774 · end of year $14,865,433

  • 7 · Other notes and loans receivable

    beginning of year $160,475,189 · end of year $189,826,752

  • 9 · Prepaid expenses and deferred charges

    beginning of year $601,429 · end of year $544,520

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

    $11,011,646

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

    $4,278,606

  • 10c · Land, buildings and equipment, net

    beginning of year $5,822,207 · end of year $6,733,040

  • 12 · Investments: other securities

    beginning of year $210,449,211 · end of year $167,917,199

  • 15 · Other assets

    beginning of year $6,250,553 · end of year $5,951,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,111,292 · end of year $2,803,117

  • 23 · Secured mortgages and notes payable

    beginning of year $41,551,261 · end of year $31,608,600

  • 25 · Other liabilities

    beginning of year $317,808,449 · end of year $337,296,834

  • 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 $55,091,945 · end of year $18,031,586

Mission and programs · 2022

Mission

PROVIDE COOPERATIVE FINANCIAL SERVICES TO MEMBERS

  • PROVIDE SAVINGS, CHECKING, AND OTHER DEPOSITORY SERVICES TO 19,256 MEMBERS, AND PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $2,707,842 FOR THE YEAR.

  • PROVIDE A SOURCE OF CONSUMER AND MORTGAGE CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2022, THERE WERE 13,606 LOANS OUTSTANDING TOTALING $189,738,873.

  • PROVIDE FINANCIAL INFORMATION AND EDUCATION TO MEMBERS IN THE AREAS OF SAVINGS, CREDIT, AND RELATED PERSONAL WEALTH PROTECTION AND PRESERVATION.

As filed on the 2022 return.

Listed in Part VII

  • Holly Dixon

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Roy Aycock

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Kimberly Anderson

    SECRETARY / TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Darrell Elkinton

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Philip Chronister

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Chad Rockey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Tyler Vredevoogd

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Kevin Wilmoth

    PRESIDENT / CEO

    Total calculated
    $298,446
    From this org
    $248,993
    From related orgs
    $0
    Other
    $49,453
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $206,232
    Bonus
    $39,431
    Other
    $3,330
    Deferred
    $27,030
    Nontaxable benefits
    $22,423
    Filer's total
    $298,446

  • Dean Greg Peter

    CFO

    Total calculated
    $184,370
    From this org
    $148,382
    From related orgs
    $0
    Other
    $35,988
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,472
    Bonus
    $23,405
    Other
    $1,505
    Deferred
    $14,046
    Nontaxable benefits
    $21,942
    Filer's total
    $184,370

  • Daniel Hayden

    VICE PRESIDENT OF OPERATIONS

    Total calculated
    $158,121
    From this org
    $127,304
    From related orgs
    $0
    Other
    $30,817
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $117,704
    Bonus
    $9,600
    Other
    $0
    Deferred
    $9,494
    Nontaxable benefits
    $21,323
    Filer's total
    $158,121

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 · Approval by the board or compensation committee

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)

PART I, LINE 3
THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE CEO'S COMPENSATION.

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

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202323139349301837

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