Westconsin Credit Union
- Assets
- $1.9b
- Revenue
- $88.7m
- Investments
- $6.6m
- Employees
- 522
- Location
- Menomonie, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0823125
Organization Overview
Westconsin Credit Union is located in Menomonie, WI. As of 12/2022, Westconsin Credit Union employed 522 individuals. Westconsin 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 12/2022, Westconsin Credit Union generated $88.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $75.1m during the year ending 12/2022. While expenses have increased by 5.7% per year over the past 8 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.
Since 2014, Westconsin Credit Union has awarded 89 individual grants totaling $889,813. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WESTCONSIN CREDIT UNION IS COMMITTED TO HELPING OUR MEMBERS ACHIEVE FINANCIAL SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTCONSIN CREDIT UNION, LIKE ALL CREDIT UNIONS, IS EXEMPT FROM FEDERAL AND MOST STATE TAXES BECAUSE WE ARE A MEMBER-OWNED, NOT FOR PROFIT ORGANIZATION. IN TURN, WE REINVEST INTO OUR ORGANIZATION AND COMMUNITIES. WE ENCOURAGE OUR LEADERS AND EMPLOYEES TO GET INVOLVED IN COMMUNITY CHARITABLE ACTIVITIES AND WORTHWHILE CAUSES, VOLUNTEERING OVER 3,900 HOURS IN 2022. THROUGH PROVIDING FREE FINANCIAL PROGRAMS AND SERVICES TO PROMOTE FINANCIAL EDUCATION AND LITERACY, WESTCONSIN EDUCATED NEARLY 54,000 STUDENTS IN OVER 200 AREA SCHOOLS. IN 2022, WESTCONSIN PROVIDED LOW-COST FINANCIAL SERVICES TO 113,981 MEMBERS.
SERVED MEMBERS' INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
PROVIDED OVER 20,000 LOANS FOR OVER $618 MILLION TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Wolf Chairperson | OfficerTrustee | 5 | $7,300 |
Toidd Leipnitz Vice Chairperson | OfficerTrustee | 5 | $7,300 |
Karen Flug Treasurer | OfficerTrustee | 5 | $7,300 |
Colleen Mensing Secretary | OfficerTrustee | 5 | $7,300 |
Dale Dahlke Board Member | Trustee | 5 | $7,300 |
Mark Dahms Board Member | Trustee | 5 | $7,300 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hoeft Builders Inc Building Contractor | 12/30/22 | $3,099,872 |
Diamond Marketing Company Marketing Services | 12/30/22 | $825,098 |
Fiserv It Solutions | 12/30/22 | $2,001,743 |
Ncr Corporation Mobile And Online Banking | 12/30/22 | $1,348,692 |
Corelation It Solutions | 12/30/22 | $644,167 |
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 | $74,350,697 |
| Investment income | $10,419,315 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $93,066 |
| Net Gain/Loss on Asset Sales | $110,189 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $88,742,887 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $155,452 |
| Grants and other assistance to domestic individuals. | $13,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,640,586 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,827,438 |
| Pension plan accruals and contributions | $2,742,222 |
| Other employee benefits | $4,081,653 |
| Payroll taxes | $1,914,200 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,325 |
| Fees for services: Accounting | $228,124 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $140,909 |
| Fees for services: Other | $722,737 |
| Advertising and promotion | $1,840,582 |
| Office expenses | $2,088,134 |
| Information technology | $4,119,905 |
| Royalties | $0 |
| Occupancy | $1,850,303 |
| Travel | $208,747 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $345,391 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,951,027 |
| Insurance | $91,892 |
| All other expenses | $1,487,998 |
| Total functional expenses | $75,094,217 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,939,102 |
| Savings and temporary cash investments | $113,096,581 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,567,103 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,238,656,841 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,392,879 |
| Net Land, buildings, and equipment | $35,279,839 |
| Investments—publicly traded securities | $504,067,561 |
| Investments—other securities | $6,603,112 |
| Investments—program-related | $4,776,205 |
| Intangible assets | $0 |
| Other assets | $20,489,946 |
| Total assets | $1,937,869,169 |
| Accounts payable and accrued expenses | $32,289,827 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $1,081,430 |
| 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 | $1,740,768,147 |
| Total liabilities | $1,774,139,404 |
| 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 | $163,729,765 |
| Total liabilities and net assets/fund balances | $1,937,869,169 |
Grants Awarded
Over the last fiscal year, Westconsin Credit Union has awarded $109,100 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
STEPPING STONES OF DUNN COUNTY INC PURPOSE: PARTNERSHIP DONATION | $20,600 |
NORTHERN STATE FAIR ASSOCIATION INC PURPOSE: GENERA | $15,000 |
UW-RIVER FALLS FOUNDATION PURPOSE: GENERAL DONATION/ASSISTANCE | $12,500 |
NEW RICHMOND AREA COMMUNITY FOUNDATION PURPOSE: GENERAL DONATION/ASSISTANCE | $12,500 |
UNITED WAY OF ST CROIX VALLEY PURPOSE: GENERAL DONATION/ASSISTANCE | $12,000 |
RIVERWOOD NATURE CENTER INC PURPOSE: GENERAL DONATION/ASSISTANCE | $10,000 |