Westby Co-Op Credit Union
- Assets
- $834.2m
- Revenue
- $40.3m
- Investments
- $103.4m
- Employees
- 272
- Location
- Westby, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0966273
Organization Overview
Westby Co-Op Credit Union is located in Westby, WI. As of 12/2022, Westby Co-Op Credit Union employed 272 individuals. Westby Co-Op 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, Westby Co-Op Credit Union generated $40.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $30.3m during the year ending 12/2022. While expenses have increased by 7.6% 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
WESTBY CO-OP CREDIT UNION WILL PROVIDE SERVICES THAT ARE EFFICIENT, CONFIDENTIAL, AND ACCURATE IN A CONVENIENT AND FRIENDLY ENVIRONMENT. WE WILL BE COMPETITIVELY PRICED, TECHNOLOGICALLY ADVANCED AND ECONOMICALLY SOUND, AND SUPPORT OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 797 NEW LOANS TO MEMBERS THAT WERE FOR $2,000 OR LESS IN 2022.
WE FUNDED 11,487 LOANS DURING 2022. AS OF 12/31/22, WE HAD 3,458 MORTGAGES/HOME EQUITY, 13,266 CONSUMER LOANS, 3,587 BUSINESS LOANS, AND 5,845 CREDIT CARD ACCOUNTS.
PROVIDE LOW COST FINANCIAL SERVICES TO 40,396 MEMBERS. DURING 2022, WE OPENED 15,872 NEW DEPOSITS, TRANSACTION AND INVESTMENT ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monte Torgerson Chairperson Credit Com | Trustee | 3 | $10,125 |
Kevin Larson 2nd Vice Chair | Trustee | 1 | $7,350 |
Christine Sloat Vice Chairman It Com | Trustee | 1 | $7,275 |
Alan Berg 2nd Vice Chair Audit Com | Trustee | 1 | $6,000 |
William Marohl Secretary Audit Com | Trustee | 2 | $9,750 |
Joanne Hurnfeld 2nd Vice Chair Alco Com | Trustee | 1 | $6,900 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
La Macchia Group Llc Construction | 12/30/22 | $1,689,018 |
Alkami Technology Software | 12/30/22 | $517,782 |
Pscu Software | 12/30/22 | $496,345 |
Case Financial Hardware | 12/30/22 | $468,848 |
Jack Henry & Associates Software/hardware | 12/30/22 | $444,189 |
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 | $37,711,505 |
| Investment income | $2,579,694 |
| 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 | $40,291,199 |
| 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. | $1,375,559 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,255,936 |
| Pension plan accruals and contributions | $667,720 |
| Other employee benefits | $1,559,383 |
| Payroll taxes | $847,340 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $330,366 |
| Fees for services: Accounting | $133,212 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,045 |
| Fees for services: Other | $0 |
| Advertising and promotion | $613,355 |
| Office expenses | $1,482,000 |
| Information technology | $2,555,847 |
| Royalties | $0 |
| Occupancy | $754,824 |
| Travel | $203,552 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $174,335 |
| Interest | $4,700,854 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,307,309 |
| Insurance | $111,662 |
| All other expenses | $0 |
| Total functional expenses | $30,262,420 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,953,920 |
| Savings and temporary cash investments | $38,400,925 |
| 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 | $640,980,055 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,541,800 |
| Net Land, buildings, and equipment | $12,212,618 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $103,423,491 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,640,180 |
| Total assets | $834,152,989 |
| Accounts payable and accrued expenses | $31,647,297 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $685,361,415 |
| Total liabilities | $717,008,712 |
| 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 | $117,144,277 |
| Total liabilities and net assets/fund balances | $834,152,989 |