Cloverbelt Credit Union
- Assets
- $314.9m
- Revenue
- $12.5m
- Investments
- $48.9m
- Employees
- 59
- Location
- Wausau, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0926186
Organization Overview
Cloverbelt Credit Union is located in Wausau, WI. As of 12/2023, Cloverbelt Credit Union employed 59 individuals. Cloverbelt 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, Cloverbelt Credit Union generated $12.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $11.8m during the year ending 12/2023. While expenses have increased by 7.7% per year over the past 9 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
A COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDED THE FOLLOWING FINANCIAL SERVICES TO MEMBERS: - PROVIDED 7,137 LOANS TO MEMBERS FOR $240,021,898. - PAID DIVIDENDS TO MEMBERS TOTALING $4,510,334. - PROVIDED LOW-COST FINANCIAL SERVICES TO 16,651 MEMBERS WITH $271,602,172 IN DEPOSITS.
THE ORGANIZATION PROVIDED THE FOLLOWING TO SERVE THEIR COMMUNITY: - PROVIDED MEMBERS WITH ONGOING FINANCIAL EDUCATION TO HELP PREVENT BECOMING A VICTIM OF FRAUD AND OTHER SCAMS. - ENGAGED YOUTH THROUGH OUR LUCKY THE LION SAVERS CLUB, A-TEAM AND SCHOLARSHIP PROGRAMS. - SUPPORTED OUR COMMUNITIES THROUGH CHARITABLE DONATIONS, SCHOOL SUPPLY AND CLOTHING DRIVES, AND VOLUNTEERING. CCU LIVES THE CREDIT UNION MOTTO OF PEOPLE HELPING PEOPLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eldon Pagel Chairman | OfficerTrustee | 1 | $1,400 |
Scott Hunger Vice Chairman | OfficerTrustee | 1 | $2,600 |
Terrance Pisca Treasurer | OfficerTrustee | 1 | $2,400 |
Beverly Folgert Secretary | OfficerTrustee | 1 | $2,600 |
Joel Breitzman Credit Committee | Trustee | 1 | $2,400 |
Marty Krach Credit Committee | Trustee | 1 | $2,400 |
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 | $11,468,306 |
| Investment income | $1,023,998 |
| 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 | $12,492,304 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,656,779 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,580,243 |
| Pension plan accruals and contributions | $92,127 |
| Other employee benefits | $490,959 |
| Payroll taxes | $226,474 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $130 |
| Fees for services: Accounting | $40,061 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $70,127 |
| Advertising and promotion | $339,962 |
| Office expenses | $317,209 |
| Information technology | $387,356 |
| Royalties | $0 |
| Occupancy | $408,664 |
| Travel | $7,330 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,467 |
| Interest | $141,626 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $453,826 |
| Insurance | $49,164 |
| All other expenses | $224,482 |
| Total functional expenses | $11,817,109 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,099,133 |
| Savings and temporary cash investments | $3,803,743 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $606,389 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $239,891,448 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $320,143 |
| Net Land, buildings, and equipment | $7,278,182 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $48,894,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,987,346 |
| Total assets | $314,880,684 |
| Accounts payable and accrued expenses | $2,084,094 |
| Grants payable | $0 |
| Deferred revenue | $20,467 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $271,609,194 |
| Total liabilities | $276,213,755 |
| 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 | $38,666,929 |
| Total liabilities and net assets/fund balances | $314,880,684 |
Grants Awarded
Over the last fiscal year, Cloverbelt Credit Union has awarded $15,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
THE WOMEN'S COMMUNITY PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |
WAUSAU FIREFIGHTERS COMMUNIITY ASSISTANCE FOUNDATION PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |
PEYTON'S PROMISE PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |