Marine Credit Union
- Assets
- $1.0b
- Revenue
- $86.5m
- Investments
- $6.6m
- Employees
- 509
- Location
- La Crosse, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0827305
Organization Overview
Marine Credit Union is located in La Crosse, WI. As of 12/2023, Marine Credit Union employed 509 individuals. Marine 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, Marine Credit Union generated $86.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $78.8m during the year ending 12/2023. While expenses have increased by 7.9% per year over the past 7 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
WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 77,032 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 48,326 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $761,805,439 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS.
MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $151,617,529 DURING 2023. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $579,781,855 AS OF DECEMBER 31, 2023.
CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2023 WE GRANTED A TOTAL OF $127,478,425 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $258,373,950.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Knothe Board Chair | OfficerTrustee | 6.25 | $24,960 |
Jonathon Horne Board Third Vice-Chair | OfficerTrustee | 5 | $18,720 |
William Maas Board Second Vice-Chair | OfficerTrustee | 5 | $18,720 |
Anne Snow Board Fourth Vice-Chair | OfficerTrustee | 5 | $18,720 |
Mic Michels Board Treasurer | OfficerTrustee | 5 | $18,720 |
Mark D Reed Board Secretary | OfficerTrustee | 5 | $18,720 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Member Driven Technologies Software Maintenance | 12/30/23 | $1,135,943 |
Fowler And Hammer Inc Construction | 12/30/23 | $1,072,228 |
Alkami Technology Inc Software | 12/30/23 | $826,883 |
Salesforcecom Inc Software | 12/30/23 | $671,102 |
Transunion Llc Credit Reports | 12/30/23 | $447,885 |
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 | $80,478,500 |
| Investment income | $5,611,691 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $131,095 |
| Net Gain/Loss on Asset Sales | $273,746 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $86,495,032 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $166,686 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,438,671 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,832,265 |
| Pension plan accruals and contributions | $942,397 |
| Other employee benefits | $6,878,541 |
| Payroll taxes | $2,277,330 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,138 |
| Fees for services: Accounting | $154,499 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $9,174 |
| Fees for services: Other | $4,288,973 |
| Advertising and promotion | $1,108,247 |
| Office expenses | $2,275,897 |
| Information technology | $2,941,879 |
| Royalties | $0 |
| Occupancy | $1,456,797 |
| Travel | $827,756 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,331,981 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,871,832 |
| Insurance | $55,589 |
| All other expenses | $1,245,310 |
| Total functional expenses | $78,753,682 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,940,566 |
| Savings and temporary cash investments | $23,502,249 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $650,756 |
| Loans from Officers, Directors, or Controlling Persons | $19,585,620 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $830,793,119 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,885,089 |
| Net Land, buildings, and equipment | $18,714,991 |
| Investments—publicly traded securities | $69,967,720 |
| Investments—other securities | $6,622,146 |
| Investments—program-related | $0 |
| Intangible assets | $12,607,280 |
| Other assets | $17,707,365 |
| Total assets | $1,045,976,901 |
| Accounts payable and accrued expenses | $13,486,462 |
| Grants payable | $0 |
| Deferred revenue | $674,092 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,349,461 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $119,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $801,600,819 |
| Total liabilities | $937,610,834 |
| 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 | $108,366,067 |
| Total liabilities and net assets/fund balances | $1,045,976,901 |