Brokaw Credit Union
- Assets
- $66.7m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 20
- Location
- Weston, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0936429
Organization Overview
Brokaw Credit Union is located in Weston, WI. As of 12/2023, Brokaw Credit Union employed 20 individuals. Brokaw 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, Brokaw Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $2.8m during the year ending 12/2023. While expenses have increased by 4.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
IN A CARING, COOPERATIVE MANNER, PROVIDE MEMBERS WITH AFFORDABLE, INNOVATIVE, QUALITY PRODUCTS AND SERVICES WHILE ESTABLISHING LIFELONG RELATIONSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 692 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 5,659 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 676 NEW LOANS TO OUR MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 2,445 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lori Berry President/ce | OfficerTrustee | 40 | $100,428 |
Roger Krause Accounting M | Officer | 40 | $80,314 |
Sandy Oestreich Chair | OfficerTrustee | 0.75 | $1,545 |
Gwyn Leu Secretary | OfficerTrustee | 0.5 | $1,060 |
Terry Radtke Director | Trustee | 0.5 | $675 |
Richard Burch Treasurer | OfficerTrustee | 0.5 | $630 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Core System | 12/30/19 | $260,131 |
Stratadefense Llc It Services | 12/30/19 | $127,758 |
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 | $2,268,782 |
| Investment income | $1,382,318 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,069 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$16,231 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,641,938 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $185,837 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $630,289 |
| Pension plan accruals and contributions | $41,340 |
| Other employee benefits | $73,385 |
| Payroll taxes | $60,616 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,527 |
| Fees for services: Accounting | $15,919 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $142,329 |
| Office expenses | $433,050 |
| Information technology | $289,483 |
| Royalties | $0 |
| Occupancy | $48,842 |
| Travel | $3,520 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,492 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $113,497 |
| Insurance | $28,804 |
| All other expenses | $0 |
| Total functional expenses | $2,780,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $678,359 |
| Savings and temporary cash investments | $19,748,497 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $34,667,593 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $95,387 |
| Net Land, buildings, and equipment | $490,115 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,963,528 |
| Intangible assets | $0 |
| Other assets | $1,072,306 |
| Total assets | $66,715,785 |
| Accounts payable and accrued expenses | $856,528 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $99,125 |
| 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 | $59,128,926 |
| Total liabilities | $60,084,579 |
| 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 | $6,631,206 |
| Total liabilities and net assets/fund balances | $66,715,785 |