Southern Lakes Credit Union
- Assets
- $117.5m
- Revenue
- $3.8m
- Investments
- $881.1k
- Employees
- 46
- Location
- Kenosha, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0900961
Organization Overview
Southern Lakes Credit Union is located in Kenosha, WI. As of 12/2021, Southern Lakes Credit Union employed 46 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 12/2021, Southern Lakes Credit Union generated $3.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $3.8m during the year ending 12/2021. While expenses have increased by 2.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Lyon President/ceo | Officer | 40 | $116,432 |
Timothy Barthel CEO (thru May) | Officer | 40 | $49,587 |
John Morrissey Chair | OfficerTrustee | 1 | $0 |
Thomas Genthner Vice Chair | OfficerTrustee | 1 | $0 |
Monica Yuhas Secretary | OfficerTrustee | 1 | $0 |
Richard Darula Treasurer | OfficerTrustee | 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 | $3,492,421 |
| Investment income | $288,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $900 |
| 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 | $3,781,697 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,500 |
| 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. | $191,170 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,327,396 |
| Pension plan accruals and contributions | $42,276 |
| Other employee benefits | $229,283 |
| Payroll taxes | $109,476 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,769 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $162,679 |
| Advertising and promotion | $57,317 |
| Office expenses | $202,288 |
| Information technology | $540 |
| Royalties | $0 |
| Occupancy | $112,666 |
| Travel | $17,217 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,914 |
| Insurance | $38,443 |
| All other expenses | $331,900 |
| Total functional expenses | $3,751,810 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,170,831 |
| Savings and temporary cash investments | $36,332,329 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $191,438 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $62,822,359 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $285,085 |
| Net Land, buildings, and equipment | $836,948 |
| Investments—publicly traded securities | $13,678,923 |
| Investments—other securities | $881,145 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,264,157 |
| Total assets | $117,463,215 |
| Accounts payable and accrued expenses | $906,229 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $55,076 |
| 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 | $108,241,980 |
| Total liabilities | $109,203,285 |
| 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 | $8,259,930 |
| Total liabilities and net assets/fund balances | $117,463,215 |
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