Tomah Area Credit Union
- Assets
- $99.0m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 26
- Location
- Tomah, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0966830
Organization Overview
Tomah Area Credit Union is located in Tomah, WI. As of 12/2023, Tomah Area Credit Union employed 26 individuals. Tomah Area 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, Tomah Area Credit Union generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $3.1m during the year ending 12/2023. While expenses have increased by 3.5% 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
THE MISSION OF THIS CREDIT UNION TO PROVIDE THE BEST FINANCIAL SERVICE TO OUR MEMBERS.
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 394 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 6,873 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 488 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 2,723 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Scholz President/ce | Officer | 45 | $158,837 |
Jayme Altman VP Accountin | Officer | 45 | $74,748 |
John Froelich Vice Chair | OfficerTrustee | 1 | $2,850 |
Paul Wiese Chair | OfficerTrustee | 1 | $2,850 |
Linda Johnson Treasurer | OfficerTrustee | 1 | $2,700 |
Jeffery Cram Director | Trustee | 1 | $2,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Shazam Card Processor | 12/30/23 | $327,061 |
Enhanced Software Products Inc Core Processor | 12/30/23 | $150,250 |
Pscu Card Processor | 12/30/23 | $109,662 |
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 | $2,961,781 |
| Investment income | $1,866,011 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $9,572 |
| 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 | $4,837,364 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,000 |
| 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. | $251,735 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $579,644 |
| Pension plan accruals and contributions | $107,019 |
| Other employee benefits | $131,890 |
| Payroll taxes | $62,309 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,726 |
| Fees for services: Accounting | $11,790 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $725 |
| Advertising and promotion | $60,816 |
| Office expenses | $269,027 |
| Information technology | $158,406 |
| Royalties | $0 |
| Occupancy | $79,255 |
| Travel | $12,632 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,660 |
| Interest | $2 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $82,395 |
| Insurance | $27,587 |
| All other expenses | $0 |
| Total functional expenses | $3,099,468 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $830,188 |
| Savings and temporary cash investments | $35,884,320 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,838 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $54,381,028 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $210,530 |
| Net Land, buildings, and equipment | $993,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,596,513 |
| Intangible assets | $0 |
| Other assets | $1,067,764 |
| Total assets | $98,978,712 |
| Accounts payable and accrued expenses | $1,218,784 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $51,912 |
| 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 | $86,802,519 |
| Total liabilities | $88,073,215 |
| 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 | $10,905,497 |
| Total liabilities and net assets/fund balances | $98,978,712 |