Forward Financial Credit Union
- Assets
- $90.2m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 50
- Location
- Niagara, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0812058
Organization Overview
Forward Financial Credit Union is located in Niagara, WI. As of 12/2023, Forward Financial Credit Union employed 50 individuals. Forward Financial 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, Forward Financial Credit Union generated $4.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $3.9m during the year ending 12/2023. While expenses have increased by 1.4% 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
FORWARD FINANCIAL CREDIT UNION, AS A MEMBER OWNED DIRECTED COMMUNITY FINANCIAL INSTITUTION, IS DEDICATED TO SERVING THE PRESENT AND FUTURE FINANCIAL NEEDS OF OUR MEMBERS, INCLUDING LOW-INCOME AND UNDERSERVED POPULATION THROUGH COST EFFECTIVE FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS: CONSUMER, BUSINESS, AND REAL ESTATE
SAVING, CERTIFICATE OF DEPOSIT, MONEY MARKETS, CHECKING, AND IRAS
CASH HANDLING/CHECKING CASH FOR MEMBERS ONLY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Pancheri Vice Chair | OfficerTrustee | 2 | $2,400 |
Dan Decker Chair | OfficerTrustee | 2 | $3,000 |
Mary Ellen Welcher Secretary | OfficerTrustee | 2 | $2,400 |
Ralph Dumke Director | Trustee | 2 | $0 |
Angela Moreau Director | Trustee | 2 | $0 |
Audrey Fredrick Director | Trustee | 2 | $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 | $3,575,075 |
| Investment income | $965,296 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $13,122 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,553,493 |
| 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. | $150,595 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,191,615 |
| Pension plan accruals and contributions | $69,799 |
| Other employee benefits | $208,815 |
| Payroll taxes | $101,893 |
| Fees for services: Management | $13,722 |
| Fees for services: Legal | $3,366 |
| Fees for services: Accounting | $20,893 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $44,028 |
| Office expenses | $426,463 |
| Information technology | $675,448 |
| Royalties | $0 |
| Occupancy | $139,604 |
| Travel | $1,406 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,267 |
| Interest | $30 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $145,163 |
| Insurance | $0 |
| All other expenses | $44,747 |
| Total functional expenses | $3,915,324 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,259,779 |
| Savings and temporary cash investments | $20,980,382 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,169,226 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $129,546 |
| Net Land, buildings, and equipment | $2,084,107 |
| Investments—publicly traded securities | $13,765,372 |
| Investments—other securities | $0 |
| Investments—program-related | $550,774 |
| Intangible assets | $0 |
| Other assets | $1,264,243 |
| Total assets | $90,203,429 |
| Accounts payable and accrued expenses | $1,317,998 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $623,903 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $79,280,442 |
| Total liabilities | $81,222,343 |
| 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 | $4,757,721 |
| Retained earnings, endowment, accumulated income, or other funds | $4,223,365 |
| Total liabilities and net assets/fund balances | $90,203,429 |