Kohler Credit Union
- Assets
- $617.1m
- Revenue
- $27.0m
- Investments
- $1.4m
- Employees
- 208
- Location
- Sheboygan, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0402815
Organization Overview
Kohler Credit Union is located in Sheboygan, WI. As of 12/2023, Kohler Credit Union employed 208 individuals. Kohler Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Kohler Credit Union generated $27.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $24.0m during the year ending 12/2023. While expenses have increased by 5.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE THRIFT AMONG MEMBERS; TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST; TO PROVIDE AN OPPORTUNITY FOR EACH MEMBER TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS; AND TO PERFORM THE FUNCTIONS AND EXERCISE THE POWERS DESIGNATED FOR CREDIT UNIONS UNDER APPLICABLE LAW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MORE THAN $143 MILLION IN NEW LOANS WERE ORIGINATED AND OVER $482 MILLION IN LOAN BALANCES WERE SERVICED FOR MEMBER/OWNERS.
MORE THAN $532 MILLION IN DEPOSIT ACCOUNTS WERE MAINTAINED AND OVER $2.7 MILLION IN DIVIDENDS WERE PAID ON DEPOSIT ACCOUNTS TO MORE THAN 43,600 MEMBER/OWNERS IN 2023.
DATA PROCESSING COSTS EXCEEDING $1.8 MILLION WERE INCURRED TO RECORD MEMBER ACCOUNT ACTIVITY AND PROVIDE MEMBERS ACCESS TO THEIR ACCOUNTS VIA HOME BANKING, ATM NETWORKS AND IN PERSON AT THE CREDIT UNION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Lacey Chairman | OfficerTrustee | 2.5 | $0 |
Todd Ullman Vice Chairman | OfficerTrustee | 2.5 | $0 |
Joseph Virant Secretary | OfficerTrustee | 2.5 | $0 |
Dan Gruenloh Treasurer | OfficerTrustee | 2.5 | $0 |
Brian Post Director | Trustee | 2.5 | $0 |
Laurie Lindow Director | Trustee | 2.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Data Processing | 12/30/23 | $1,587,176 |
Pscu Debit Card Processing | 12/30/23 | $643,994 |
Cornerstone Advisors Inc Project Managment/consulting | 12/30/23 | $391,287 |
Q2 Software Inc Software Provider | 12/30/23 | $729,543 |
Fis Debit Card Processing | 12/30/23 | $407,150 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $25,902,104 |
| Investment income | $1,203,366 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$75,368 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,030,102 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $38,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,715,832 |
| Compensation of current officers, directors, key employees. | $1,260,967 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,602,325 |
| Pension plan accruals and contributions | $219,420 |
| Other employee benefits | $1,070,655 |
| Payroll taxes | $685,688 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,611 |
| Fees for services: Accounting | $155,686 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $358,569 |
| Advertising and promotion | $0 |
| Office expenses | $4,579,558 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $942,977 |
| Travel | $494,275 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $992,655 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,431,107 |
| Insurance | $0 |
| All other expenses | -$88,207 |
| Total functional expenses | $24,023,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,687,309 |
| Savings and temporary cash investments | $18,467,960 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,111,374 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $482,092,163 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,328,381 |
| Net Land, buildings, and equipment | $29,397,491 |
| Investments—publicly traded securities | $47,642,211 |
| Investments—other securities | $1,372,500 |
| Investments—program-related | $2,100,190 |
| Intangible assets | $0 |
| Other assets | $25,933,921 |
| Total assets | $617,133,500 |
| Accounts payable and accrued expenses | $10,035,719 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $29,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $532,893,350 |
| Total liabilities | $571,929,069 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $45,204,431 |
| Total liabilities and net assets/fund balances | $617,133,500 |