Southern Lakes Credit Union

Organization Overview

Southern Lakes Credit Union is located in Kenosha, WI. As of 12/2022, Southern Lakes Credit Union employed 48 individuals. Southern Lakes 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, Southern Lakes Credit Union generated $4.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $3.6m during the year ending 12/2022. While expenses have increased by 1.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

WE WILL STRIVE TO DEVELOP LIFELONG RELATIONSHIPS THAT ENHANCE THE PERSONAL AND FINANCIAL SUCCESS OF OUR MEMBERSHIP AND IMPROVE THE COMMUNITIES IN WHICH WE SERVE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

AS THE ONLY LOCALLY-BASED, OPEN-TO-THE-COMMUNITY FINANCIAL INSTITUTION HEADQUARTERED IN KENOSHA, WI, WE WORK TO SERVE OUR 9,907 MEMBER-OWNERS AS A SAFE, SECURE, AND FINANCIALLY-STABLE PLACE TO CONDUCT BUSINESS. OUR FOCUS IS TO SERVE OUR MEMBERS AND SUPPORT THE COMMUNITIES WE SERVE BY PROVIDING ACCESS TO AFFORDABLE CREDIT AND FINANCIAL SERVICES AT FAVORABLE RATES.


WE DRIVE VALUE BACK TO OUR MEMBERS AND HELP THEM SAVE MONEY ON INTEREST BY OFFERING LOANS AT VERY COMPETITIVE RATES. AS OF DECEMBER 31, 2022, WE HAVE 4,313 LOANS OUTSTANDING TO OUR MEMBERS TOTALING $62,496,492. WE WORK WITH BORROWERS TO IMPROVE THEIR CREDIT SO THEY PAY LESS IN INTEREST OVER THEIR LIVES AND WORK WITH FIRST-TIME BORROWERS TO UNDERSTAND LOANS AND CREDIT. IN 2022, OUR MEMBERS OBTAINED 1,229 IN LOANS FROM THEIR CREDIT UNION TOTALING $29,461,668.


MEMBERS HAVE ENTRUSTED US WITH THEIR DEPOSITS IN SHARE, SHARE DRAFT, MONEY MARKET, IRA, HSA, AND TERM SHARE CERTIFICATE ACCOUNTS. AS OF DECEMBER 31, 2022, WE HAVE $107,426,328 IN DEPOSITS FROM OUR MEMBERS.


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Board, Officers & Key Employees

Name (title)Compensation
John Morrissey
Chair
$0
Thomas Genthner
Vice Chair
$0
Monica Yuhas
Treasurer
$0
James Beller
Secretary
$0
Richard Darula
Director
$0
Al Gosselin
Director (thru 05/2022)
$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$3,153,728
Investment income $815,926
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 $3,969,654

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