Southern Lakes Credit Union
- Assets
- $118.1m
- Revenue
- $4.0m
- Investments
- $6.5m
- Employees
- 48
- Location
- Kenosha, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0900961
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
John Morrissey Chair | OfficerTrustee | 1 | $0 |
Thomas Genthner Vice Chair | OfficerTrustee | 1 | $0 |
Monica Yuhas Treasurer | OfficerTrustee | 1 | $0 |
James Beller Secretary | OfficerTrustee | 1 | $0 |
Richard Darula Director | Trustee | 1 | $0 |
Al Gosselin Director (thru 05/2022) | Trustee | 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 | $3,153,728 |
| 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 |
| 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. | $145,715 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,134,969 |
| Pension plan accruals and contributions | $19,955 |
| Other employee benefits | $192,729 |
| Payroll taxes | $92,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,675 |
| Fees for services: Accounting | $25,099 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $244,930 |
| Advertising and promotion | $48,726 |
| Office expenses | $220,624 |
| Information technology | $2,889 |
| Royalties | $0 |
| Occupancy | $100,019 |
| Travel | $18,183 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,150 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $114,425 |
| Insurance | $38,776 |
| All other expenses | $351,542 |
| Total functional expenses | $3,620,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,040,342 |
| Savings and temporary cash investments | $21,531,254 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $238,069 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $64,539,186 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $322,715 |
| Net Land, buildings, and equipment | $755,014 |
| Investments—publicly traded securities | $21,585,442 |
| Investments—other securities | $6,467,815 |
| Investments—program-related | $0 |
| Intangible assets | $55,369 |
| Other assets | $1,556,597 |
| Total assets | $118,091,803 |
| Accounts payable and accrued expenses | $2,086,844 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $71,141 |
| 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 | $107,436,070 |
| Total liabilities | $109,594,055 |
| 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 | $8,497,748 |
| Total liabilities and net assets/fund balances | $118,091,803 |