Skip to content
Nonprofiteer
← CREDIT UNION 1

Form 990 for tax year 2023

Filed by CREDIT UNION 1.

Totals

Total revenue
$98,062,927
Total expenses
$88,205,293
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$58,151,280
Investment income
$19,471,849
Other revenue
$20,439,798
Total assets, end of year
$1,699,028,667
Total liabilities, end of year
$1,566,095,833
Net assets or fund balances, end of year
$132,932,834
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: LOAN INCOME

    total $58,151,280 · related or exempt $58,151,280

  • 3 · Investment income

    total $12,493,612 · excluded $12,493,612

  • 7a · Gross sales of assets other than inventory

    other assets $14,813,944

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

    other assets $7,835,707

  • 7c · Gain or loss

    other assets $6,978,237

  • 7d · Net gain or loss

    total $6,978,237 · related or exempt $6,978,237

  • 11a · Other revenue: OTHER INCOME

    total $20,439,798 · excluded $20,439,798

  • 11e · Other revenue, total

    $20,439,798

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $2,718,074

  • 7 · Other salaries and wages

    total $28,764,171

  • 9 · Other employee benefits

    total $5,122,068

  • 10 · Payroll taxes

    total $2,613,299

  • 11g · Fees: other

    total $3,211,379

  • 12 · Advertising and promotion

    total $2,530,783

  • 13 · Office expenses

    total $16,202,245

  • 20 · Interest

    total $2,183,283

  • 22 · Depreciation, depletion and amortization

    total $2,645,451

  • 24a · Other expenses: DIVIDEND EXPENSE

    total $16,387,048

  • 24b · Other expenses: LOAN PROCESSING

    total $4,434,959

  • 24c · Other expenses: BOARD & STAFF

    total $1,461,687

  • 24d · Other expenses: PROVISION FOR LOAN LOSS

    total -$182,577

  • 24e · All other expenses

    total $113,423

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,339,687 · end of year $22,296,665

  • 2 · Savings and temporary cash investments

    beginning of year $25,929,256 · end of year $326,828,578

  • 7 · Other notes and loans receivable

    beginning of year $1,340,152,720 · end of year $1,185,868,768

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

    $39,768,652

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

    $18,906,547

  • 10c · Land, buildings and equipment, net

    beginning of year $25,253,121 · end of year $20,862,105

  • 11 · Investments: publicly traded securities

    beginning of year $56,491,992 · end of year $30,290,786

  • 12 · Investments: other securities

    beginning of year $28,160,773 · end of year $20,738,181

  • 13 · Investments: program-related

    beginning of year $593,731 · end of year $652,936

  • 15 · Other assets

    beginning of year $81,057,113 · end of year $91,490,648

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,000,000 · end of year $65,379,487

  • 21 · Escrow or custodial account liability

    beginning of year $5,796,299 · end of year $3,022,714

  • 22 · Loans and payables to officers and key people

    beginning of year $3,869,068 · end of year $2,785,481

  • 25 · Other liabilities

    beginning of year $1,375,695,505 · end of year $1,494,908,151

  • 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 $130,617,521 · end of year $132,932,834

Mission and programs · 2023

Mission

CREDIT UNION 1 IS A MEMBER-OWNED AND CONTROLLED FINANCIAL INSTITUTION DEDICATED TO PROVIDING CONVENIENT AND COMPETITIVE SERVICES AS A MEANS OF IMPROVING ONGOING ECONOMIC WELL-BEING OF OUR MEMBERS WHILE PROMOTING GROWTH AND MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.

  • PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Eberhardt

    DIRECTOR - CHAIR

    Total calculated
    $47,658
    From this org
    $21,600
    From related orgs
    $0
    Other
    $26,058
    Hours/week
    2

  • Dan Long

    DIRECTOR

    Total calculated
    $22,554
    From this org
    $14,400
    From related orgs
    $0
    Other
    $8,154
    Hours/week
    2

  • Rex Tolliver

    DIRECTOR

    Total calculated
    $14,490
    From this org
    $14,400
    From related orgs
    $0
    Other
    $90
    Hours/week
    2

  • Thomas Wells Jr

    DIRECTOR - SECRETARY

    Total calculated
    $14,445
    From this org
    $14,400
    From related orgs
    $0
    Other
    $45
    Hours/week
    2

  • Kent Yager

    DIRECTOR

    Total calculated
    $25,306
    From this org
    $14,400
    From related orgs
    $0
    Other
    $10,906
    Hours/week
    2

  • Paul Simons

    DIRECTOR

    Total calculated
    $14,459
    From this org
    $14,400
    From related orgs
    $0
    Other
    $59
    Hours/week
    2

  • Todd Gunderson

    PRESIDENT/CEO

    Total calculated
    $971,215
    From this org
    $917,707
    From related orgs
    $0
    Other
    $53,508
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $592,707
    Bonus
    $325,000
    Other
    $0
    Deferred
    $27,450
    Nontaxable benefits
    $26,058
    Filer's total
    $971,215

  • Hallie Olsen

    DIRECTOR

    Total calculated
    $14,490
    From this org
    $14,400
    From related orgs
    $0
    Other
    $90
    Hours/week
    2

  • David Thurston

    DIRECTOR - VICE CHAIR

    Total calculated
    $14,475
    From this org
    $14,400
    From related orgs
    $0
    Other
    $75
    Hours/week
    2

  • Paul Fichter

    EVP, GENERAL COUNSEL & CHI

    Total calculated
    $416,751
    From this org
    $363,243
    From related orgs
    $0
    Other
    $53,508
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,157
    Bonus
    $58,086
    Other
    $0
    Deferred
    $27,450
    Nontaxable benefits
    $26,058
    Filer's total
    $416,751

  • Michael Hirt

    SVP, CHIEF TECHNOLOGY OFFI

    Total calculated
    $330,765
    From this org
    $278,216
    From related orgs
    $0
    Other
    $52,549
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,930
    Bonus
    $47,286
    Other
    $0
    Deferred
    $26,491
    Nontaxable benefits
    $26,058
    Filer's total
    $330,765

  • Scott McDonald

    EVP, CHIEF FINANCIAL OFFIC

    Total calculated
    $417,255
    From this org
    $363,747
    From related orgs
    $0
    Other
    $53,508
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $305,661
    Bonus
    $58,086
    Other
    $0
    Deferred
    $27,450
    Nontaxable benefits
    $26,058
    Filer's total
    $417,255

  • Jeff Rothmeyer

    EVP, CHIEF LENDING OFFICER

    Total calculated
    $414,211
    From this org
    $360,855
    From related orgs
    $0
    Other
    $53,356
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $303,069
    Bonus
    $57,786
    Other
    $0
    Deferred
    $27,298
    Nontaxable benefits
    $26,058
    Filer's total
    $414,211

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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 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 1A
FOR ONE MEETING PER YEAR, A SPOUSE IS ALLOWED TO TRAVEL WITH THE BOARD MEMBER AND THE EXPENSE IS REIMBURSED TO THE BOARD MEMBER.

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.

Related corporations and trusts

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

  • CUSO LTD

    C · DORMANT TRAVEL AGENCY · IL · 100% owned

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202423129349304402

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.