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Nonprofiteer
← MARION AND POLK SCHOOLS CREDIT UNION

Form 990 for tax year 2023

Filed by MARION AND POLK SCHOOLS CREDIT UNION.

Totals

Total revenue
$76,028,615
Total expenses
$62,208,074
Contributions and grants received
$0
Grants paid
$1,017,470
Program service revenue
$70,072,569
Investment income
$5,121,755
Other revenue
$834,291
Total assets, end of year
$1,349,733,425
Total liabilities, end of year
$1,212,897,695
Net assets or fund balances, end of year
$136,835,730
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$62,208,074

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 and Fee Income

    total $70,017,439 · related or exempt $69,969,979 · unrelated business $47,460 · excluded $0

  • 2b · Program service revenue: Membership Dues

    total $55,130 · related or exempt $55,130 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $5,116,647 · related or exempt $5,116,647 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $271,835 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $271,835 · personal property $0

  • 6d · Net rental income or loss

    total $271,835 · related or exempt $271,835 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $6,250

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

    securities $0 · other assets $1,142

  • 7c · Gain or loss

    securities $0 · other assets $5,108

  • 7d · Net gain or loss

    total $5,108 · related or exempt $5,108 · unrelated business $0 · excluded $0

  • 11a · Other revenue: MFS Commissions

    total $553,591 · related or exempt $553,591 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Other Operating Income

    total $8,865 · related or exempt $8,865 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $562,456

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,017,470

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $3,434,654

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $15,247,167

  • 8 · Pension plan contributions

    total $1,038,462

  • 9 · Other employee benefits

    total $2,761,217

  • 10 · Payroll taxes

    total $2,157,375

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $127,301

  • 11c · Fees: accounting

    total $153,000

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $2,640,891

  • 12 · Advertising and promotion

    total $597,759

  • 13 · Office expenses

    total $3,065,992

  • 14 · Information technology

    total $3,313,367

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $2,178,476

  • 17 · Travel

    total $188,631

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $116,855

  • 20 · Interest

    total $9,803,299

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,552,378

  • 23 · Insurance

    total $567,138

  • 24a · Other expenses: ATM Network Expense

    total $2,909,953

  • 24b · Other expenses: Provision for Loan Loss

    total $4,175,881

  • 24c · Other expenses: Loan and Lease Expenses

    total $3,280,927

  • 24d · Other expenses: Bill Payer Services

    total $939,025

  • 24e · All other expenses

    total $940,856

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $103,113,159 · end of year $46,684,483

  • 2 · Savings and temporary cash investments

    beginning of year $0 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $987,034 · end of year $1,157,043

  • 5 · Loans and receivables from officers and key people

    beginning of year $6,944,396 · end of year $7,980,635

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $954,892,817 · end of year $1,060,790,223

  • 8 · Inventories for sale or use

    beginning of year $224,069 · end of year $200,306

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,051,895 · end of year $2,219,500

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

    $56,080,493

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

    $17,001,847

  • 10c · Land, buildings and equipment, net

    beginning of year $34,822,412 · end of year $39,078,646

  • 11 · Investments: publicly traded securities

    beginning of year $115,471,396 · end of year $114,902,210

  • 12 · Investments: other securities

    beginning of year $18,692,566 · end of year $21,555,280

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $30,342,392 · end of year $55,165,099

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,517,135 · end of year $91,787,225

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,128,268,706 · end of year $1,121,110,470

  • 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 $120,756,295 · end of year $136,835,730

Mission and programs · 2023

Mission

Create and maintain long-term, mutually beneficial relationships with our members and our employees

Activities or mission (Part I)

Create and maintain long-term, mutually beneficial relationships with our members and our employees.

  • Cooperative based financial institution, promotes thrift and affordable financial services.

    Expenses $62,208,074 · Revenue $76,028,615

As filed on the 2023 return.

Listed in Part VII

  • Mark Zook

    President/CEO

    Total calculated
    $613,459
    From this org
    $601,909
    From related orgs
    $0
    Other
    $11,550
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $436,160
    Bonus
    $141,825
    Other
    $23,923
    Deferred
    $11,550
    Nontaxable benefits
    $0
    Filer's total
    $613,458

  • Traci Kendall

    SVP Retail Operations

    Total calculated
    $520,101
    From this org
    $514,250
    From related orgs
    $0
    Other
    $5,851
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $128,584
    Bonus
    $40,521
    Other
    $345,144
    Deferred
    $5,850
    Nontaxable benefits
    $0
    Filer's total
    $520,099

  • Rachel Pross

    Chief Operations Officer

    Total calculated
    $295,610
    From this org
    $285,005
    From related orgs
    $0
    Other
    $10,605
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,108
    Bonus
    $55,717
    Other
    $180
    Deferred
    $10,605
    Nontaxable benefits
    $0
    Filer's total
    $295,610

  • Scott Sadler

    Chief People Officer

    Total calculated
    $284,874
    From this org
    $275,475
    From related orgs
    $0
    Other
    $9,399
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $218,858
    Bonus
    $55,842
    Other
    $774
    Deferred
    $9,398
    Nontaxable benefits
    $0
    Filer's total
    $284,872

  • Christopher Giles

    Chief Experience Officer

    Total calculated
    $279,381
    From this org
    $268,776
    From related orgs
    $0
    Other
    $10,605
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $212,644
    Bonus
    $55,717
    Other
    $414
    Deferred
    $10,605
    Nontaxable benefits
    $0
    Filer's total
    $279,380

  • Toni Silbernagel

    Chief Revenue Officer

    Total calculated
    $278,676
    From this org
    $269,066
    From related orgs
    $0
    Other
    $9,610
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,560
    Bonus
    $55,717
    Other
    $4,788
    Deferred
    $9,609
    Nontaxable benefits
    $0
    Filer's total
    $278,674

  • Charles Daiker

    SVP Information Technology

    Total calculated
    $225,841
    From this org
    $217,582
    From related orgs
    $0
    Other
    $8,259
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $173,190
    Bonus
    $40,521
    Other
    $3,870
    Deferred
    $8,259
    Nontaxable benefits
    $0
    Filer's total
    $225,840

  • Christopher Federici

    SVP Portfolio Banking

    Total calculated
    $217,837
    From this org
    $209,646
    From related orgs
    $0
    Other
    $8,191
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,571
    Bonus
    $52,004
    Other
    $5,070
    Deferred
    $8,191
    Nontaxable benefits
    $0
    Filer's total
    $217,836

  • Melvin Monroe

    SVP Finance and Accounting

    Total calculated
    $215,670
    From this org
    $207,528
    From related orgs
    $0
    Other
    $8,142
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,711
    Bonus
    $40,546
    Other
    $270
    Deferred
    $8,141
    Nontaxable benefits
    $0
    Filer's total
    $215,668

  • Jennifer Winegar

    VP of Commercial Services

    Total calculated
    $191,620
    From this org
    $186,159
    From related orgs
    $0
    Other
    $5,461
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,486
    Bonus
    $27,534
    Other
    $138
    Deferred
    $5,460
    Nontaxable benefits
    $0
    Filer's total
    $191,618

  • Ryan Stuart

    Outbound Sales Supervisor

    Total calculated
    $186,009
    From this org
    $180,268
    From related orgs
    $0
    Other
    $5,741
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $37,345
    Bonus
    $142,914
    Other
    $7
    Deferred
    $5,740
    Nontaxable benefits
    $0
    Filer's total
    $186,006

  • Jake Stai

    VP of Risk

    Total calculated
    $182,590
    From this org
    $175,540
    From related orgs
    $0
    Other
    $7,050
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,088
    Bonus
    $30,391
    Other
    $60
    Deferred
    $7,050
    Nontaxable benefits
    $0
    Filer's total
    $182,589

  • Cathy Ann Grimes

    VP of Marketing

    Total calculated
    $179,618
    From this org
    $172,693
    From related orgs
    $0
    Other
    $6,925
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,605
    Bonus
    $27,858
    Other
    $228
    Deferred
    $6,924
    Nontaxable benefits
    $0
    Filer's total
    $179,615

  • Jeremy Deglow

    SVP of Remote Delivery

    Total calculated
    $178,941
    From this org
    $172,482
    From related orgs
    $0
    Other
    $6,459
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,820
    Bonus
    $30,391
    Other
    $270
    Deferred
    $6,458
    Nontaxable benefits
    $0
    Filer's total
    $178,939

  • Tamara Mack

    VP of Human Resources

    Total calculated
    $167,892
    From this org
    $161,335
    From related orgs
    $0
    Other
    $6,557
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,806
    Bonus
    $20,270
    Other
    $258
    Deferred
    $6,556
    Nontaxable benefits
    $0
    Filer's total
    $167,890

  • Brenton Paulsen

    VP of Data Strategy

    Total calculated
    $159,011
    From this org
    $152,543
    From related orgs
    $0
    Other
    $6,468
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,245
    Bonus
    $20,260
    Other
    $36
    Deferred
    $6,468
    Nontaxable benefits
    $0
    Filer's total
    $159,009

  • Maciej Majewski

    Senior Software Developer

    Total calculated
    $157,424
    From this org
    $151,979
    From related orgs
    $0
    Other
    $5,445
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,421
    Bonus
    $4,502
    Other
    $54
    Deferred
    $5,444
    Nontaxable benefits
    $0
    Filer's total
    $157,421

  • Joe Phillippay

    Board Chair

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kathy Moore

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Judy Beebe

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brant Wolf

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jeff Antrican

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Tom Marks

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Travis Young

    Board Member

    Total calculated
    $24,814
    From this org
    $24,814
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · 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

The filer's explanations (Part III)

Schedule J, Part I, Line 4
Schedule J, Part I, line 4b - Certain key executives participate in 457f or Split Dollar Life Insurance plans.

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

  • Maps Community Foundation

    $1,017,670

    Schedule I, Part I, line 2: Each time Credit Union members use the Free Community Checking debit card, Maps donates a penny to Maps Community Foundation for college scholarships, teacher grants, and other community causes. Maps also makes regular, unrestricted contributions to Maps Community Foundation.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Maps Service Agency

    C · Insurance, mobile banking, background screening · OR · 100% owned · controlled entity

    Directly controlled by Marion and Polk Schools Credit Union

Provenance

Return type
form_990
Tax year
2023
Filed
9 May 2024
IRS schema version
2023v5.0
Source object
202401369349311555

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