Northwestern Mutual Credit Union
- Assets
- $235.5m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Milwaukee, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0509565
Organization Overview
Northwestern Mutual Credit Union is located in Milwaukee, WI. Northwestern Mutual 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, Northwestern Mutual Credit Union generated $7.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $7.1m during the year ending 12/2023. While expenses have increased by 12.7% 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 PROVIDE COMPETITIVE AND CONVENIENT FINANCIAL PRODUCTS ALONG WITH OUTSTANDING SERVICE TO THE NORTHWESTERN MUTUAL COMMUNITY. TO STRIVE TO OFFER A PRODUCT MIX THAT ALLOWS MEMBERS TO VIEW THE CREDIT UNION AS THEIR PRIMARY FINANCIAL INSTITUTION AND A VALUED EMPLOYEE BENEFIT
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUED TO PROVIDE ATTRACTIVE RATES AND LOW FEES ALONG WITH A HIGH LEVEL OF PERSONALIZED SERVICE. CONTINUED TO IMPROVE EASE OF ACCESS, EFFICIENCY, AND CONVENIENCE FOR OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Sternberg Chair | OfficerTrustee | 1 | $0 |
Ryan Fleming Assistant Secretary | OfficerTrustee | 1 | $0 |
Emily Ho Director | Trustee | 1 | $0 |
Jeffery Koeberl Treasurer | OfficerTrustee | 1 | $0 |
Jonathan Sternberg Secretary | OfficerTrustee | 1 | $0 |
Ellen Hopper Director | Trustee | 1 | $0 |
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 | $4,574,814 |
| Investment income | $2,765,188 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,340,002 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $273,076 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $856,510 |
| Pension plan accruals and contributions | $12,028 |
| Other employee benefits | $199,173 |
| Payroll taxes | $84,874 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,809 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,185 |
| Advertising and promotion | $21,173 |
| Office expenses | $87,837 |
| Information technology | $407,395 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,747 |
| Interest | $393,214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,169 |
| Insurance | $31,477 |
| All other expenses | $51,553 |
| Total functional expenses | $7,080,463 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $815,129 |
| Savings and temporary cash investments | $26,850,537 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $710,159 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $114,051,049 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $106,838 |
| Net Land, buildings, and equipment | $46,672 |
| Investments—publicly traded securities | $87,583,585 |
| Investments—other securities | $0 |
| Investments—program-related | $2,387,598 |
| Intangible assets | $0 |
| Other assets | $2,917,386 |
| Total assets | $235,468,953 |
| Accounts payable and accrued expenses | $3,648,178 |
| 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 | $12,056,434 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $195,367,355 |
| Total liabilities | $211,071,967 |
| 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 | $1,221,986 |
| Retained earnings, endowment, accumulated income, or other funds | $23,175,000 |
| Total liabilities and net assets/fund balances | $235,468,953 |