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Nonprofiteer
← LANDMARK CREDIT UNION

Form 990 for tax year 2023

Filed by LANDMARK CREDIT UNION.

Totals

Total revenue
$356,439,760
Total expenses
$329,151,426
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$292,612,067
Investment income
$63,813,293
Other revenue
$14,400
Total assets, end of year
$6,362,138,027
Total liabilities, end of year
$5,740,434,492
Net assets or fund balances, end of year
$621,703,535
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 INTEREST INCOME

    total $236,462,542 · related or exempt $236,462,542

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $32,333,235 · related or exempt $32,333,235

  • 2c · Program service revenue: FEE REVENUE

    total $23,816,290 · related or exempt $23,577,912 · unrelated business $238,378

  • 3 · Investment income

    total $60,953,222 · excluded $60,953,222

  • 6a · Gross rents

    real property $14,400

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $14,400

  • 6d · Net rental income or loss

    total $14,400 · related or exempt $14,400

  • 7a · Gross sales of assets other than inventory

    securities $890,236 · other assets $4,710,962

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

    securities $390,715 · other assets $2,350,412

  • 7c · Gain or loss

    securities $499,521 · other assets $2,360,550

  • 7d · Net gain or loss

    total $2,860,071 · excluded $2,860,071

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $88,104,396

  • 5 · Compensation of officers, directors and key employees

    total $4,667,028

  • 7 · Other salaries and wages

    total $70,213,412

  • 8 · Pension plan contributions

    total $6,573,379

  • 9 · Other employee benefits

    total $10,185,313

  • 10 · Payroll taxes

    total $5,170,353

  • 11b · Fees: legal

    total $1,212,527

  • 11c · Fees: accounting

    total $316,523

  • 11g · Fees: other

    total $19,116,132

  • 12 · Advertising and promotion

    total $7,069,472

  • 13 · Office expenses

    total $15,411,000

  • 16 · Occupancy

    total $6,433,875

  • 17 · Travel

    total $586,764

  • 20 · Interest

    total $48,356,807

  • 22 · Depreciation, depletion and amortization

    total $9,048,620

  • 24a · Other expenses: MISC. OPERATING EXPENSE

    total $14,410,595

  • 24b · Other expenses: PROVISION FOR CREDIT LO

    total $12,836,328

  • 24c · Other expenses: LOAN SERVICING EXPENSES

    total $9,131,680

  • 24d · Other expenses: OPERATING FEES

    total $307,222

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $49,580,247 · end of year $76,127,291

  • 2 · Savings and temporary cash investments

    beginning of year $219,758,780 · end of year $119,099,743

  • 4 · Accounts receivable

    beginning of year $2,246,817 · end of year $4,620,263

  • 7 · Other notes and loans receivable

    beginning of year $4,961,120,242 · end of year $5,328,724,552

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,252,008 · end of year $7,960,766

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

    $200,048,688

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

    $57,917,770

  • 10c · Land, buildings and equipment, net

    beginning of year $138,662,477 · end of year $142,130,918

  • 11 · Investments: publicly traded securities

    beginning of year $627,585,363 · end of year $561,952,025

  • 12 · Investments: other securities

    beginning of year $19,658,028 · end of year $18,285,874

  • 15 · Other assets

    beginning of year $128,644,965 · end of year $103,236,595

  • 17 · Accounts payable and accrued expenses

    beginning of year $108,182,672 · end of year $99,563,686

  • 21 · Escrow or custodial account liability

    end of year $5,774,014

  • 23 · Secured mortgages and notes payable

    beginning of year $180,105,000 · end of year $490,000,000

  • 25 · Other liabilities

    beginning of year $5,290,193,502 · end of year $5,145,096,792

  • 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 $575,027,753 · end of year $621,703,535

Mission and programs · 2023

Mission

LANDMARK CREDIT UNION IS A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.

Activities or mission (Part I)

LANDMARK CREDIT UNION IS A MEMBER-OWNED NOT-FOR-PROFIT, COOPERATIVE FINANCIAL INSTITUTION.

  • PROVIDE LOW-COST FINANCIAL SERVICES TO OVER 389,778 MEMBERS, WHO RESIDE PRIMARILY IN SOUTHEASTERN WISCONSIN.

  • PROVIDED OVER 721,929 SAVINGS-TYPE ACCOUNTS TO THE CREDIT UNION'S MEMBERS. THE ACCOUNTS ARE STRUCTURED TO ENCOURAGE MEMBER THRIFT AND PROVIDE A COMPETITIVE RETURN ON THEIR SAVINGS.

  • GRANTED 47,558 LOANS TO CREDIT UNION MEMBERS, REPRESENTING APPROXIMATELY $2,029,517,352 AIMED AT MEETING THEIR RESPECTIVE FINANCING NEEDS.

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

Listed in Part VII

  • Jay Magulski

    TREASURER/CEO/PRESIDENT

    Total calculated
    $1,734,710
    From this org
    $1,649,227
    From related orgs
    $0
    Other
    $85,483
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $640,993
    Bonus
    $272,654
    Other
    $735,580
    Deferred
    $54,332
    Nontaxable benefits
    $31,151
    Filer's total
    $1,734,710

  • Brian Dorow

    CHAIRPERSON

    Total calculated
    $25,725
    From this org
    $25,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Grace Kostroski

    VICE CHAIRPERSON

    Total calculated
    $19,775
    From this org
    $19,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nancy Dickman

    SECRETARY

    Total calculated
    $22,694
    From this org
    $22,694
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Jennifer Bognar

    DIRECTOR

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Ailec Gonzalez

    DIRECTOR

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Mike Erwin

    DIRECTOR

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • John Schulze Jr

    DIRECTOR

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Nelson Phillips

    DIRECTOR

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dane Sandersen

    ASSOCIATE DIRECTOR

    Total calculated
    $10,028
    From this org
    $10,028
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Brian Melter

    CXO

    Total calculated
    $595,440
    From this org
    $531,738
    From related orgs
    $0
    Other
    $63,702
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $361,207
    Bonus
    $162,518
    Other
    $8,013
    Deferred
    $35,051
    Nontaxable benefits
    $28,651
    Filer's total
    $595,440

  • Stephen Hannan Jr

    CIO

    Total calculated
    $503,112
    From this org
    $443,350
    From related orgs
    $0
    Other
    $59,762
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $325,044
    Bonus
    $110,945
    Other
    $7,361
    Deferred
    $31,147
    Nontaxable benefits
    $28,615
    Filer's total
    $503,112

  • Mark Kennedy

    CLO

    Total calculated
    $500,953
    From this org
    $440,268
    From related orgs
    $0
    Other
    $60,685
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $320,535
    Bonus
    $111,289
    Other
    $8,444
    Deferred
    $29,570
    Nontaxable benefits
    $31,115
    Filer's total
    $500,953

  • David Powers

    CFO

    Total calculated
    $465,620
    From this org
    $408,281
    From related orgs
    $0
    Other
    $57,339
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $302,757
    Bonus
    $97,515
    Other
    $8,009
    Deferred
    $28,758
    Nontaxable benefits
    $28,581
    Filer's total
    $465,620

  • Jodi Greenmeier

    CPO

    Total calculated
    $415,572
    From this org
    $367,932
    From related orgs
    $0
    Other
    $47,640
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $271,871
    Bonus
    $90,381
    Other
    $5,680
    Deferred
    $28,440
    Nontaxable benefits
    $19,200
    Filer's total
    $415,572

  • Robert Bruemmer

    EVP

    Total calculated
    $291,524
    From this org
    $281,530
    From related orgs
    $0
    Other
    $9,994
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $80,373
    Bonus
    $36,003
    Other
    $165,154
    Deferred
    $3,678
    Nontaxable benefits
    $6,316
    Filer's total
    $291,524

  • Luke Hesprich

    SENIOR INVESTMENT REP

    Total calculated
    $519,677
    From this org
    $451,406
    From related orgs
    $0
    Other
    $68,271
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $9,184
    Bonus
    $439,533
    Other
    $2,689
    Deferred
    $37,120
    Nontaxable benefits
    $31,151
    Filer's total
    $519,677

  • Thomas Maas

    SVP COMMERCIAL LENDING

    Total calculated
    $365,267
    From this org
    $306,565
    From related orgs
    $0
    Other
    $58,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,193
    Bonus
    $129,975
    Other
    $3,397
    Deferred
    $30,420
    Nontaxable benefits
    $28,282
    Filer's total
    $365,267

  • Adam Newman

    EVP

    Total calculated
    $365,076
    From this org
    $310,329
    From related orgs
    $0
    Other
    $54,747
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,567
    Bonus
    $68,096
    Other
    $5,666
    Deferred
    $26,162
    Nontaxable benefits
    $28,585
    Filer's total
    $365,076

  • Ryan Jandris

    SVP DIGITAL STRATGEY

    Total calculated
    $330,131
    From this org
    $284,900
    From related orgs
    $0
    Other
    $45,231
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,133
    Bonus
    $53,034
    Other
    $1,733
    Deferred
    $16,831
    Nontaxable benefits
    $28,400
    Filer's total
    $330,131

  • Karen Cullen

    SVP LEGAL, RISK AND COMPLIANCE

    Total calculated
    $325,644
    From this org
    $285,027
    From related orgs
    $0
    Other
    $40,617
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $230,519
    Bonus
    $49,795
    Other
    $4,713
    Deferred
    $12,208
    Nontaxable benefits
    $28,409
    Filer's total
    $325,644

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
  • 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)

PART I, LINE 4B
NAME: JAY MAGULSKI, CURRENT YEAR AMOUNT: $338,484. PLAN DESCRIPTION: 457(F)

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.

  • LANDMARK FINANCIAL SERVICES INC

    DORMANT CORPORATION · WI

    Directly controlled by LANDMARK CREDIT UNION

Provenance

Return type
form_990
Tax year
2023
Filed
13 November 2024
IRS schema version
2023v5.1
Source object
202433209349322473

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