Lakewood Credit Union
- Assets
- $13.6m
- Revenue
- $621.3k
- Investments
- $0.0
- Employees
- 9
- Location
- Rib Lake, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-1016089
Organization Overview
Lakewood Credit Union is located in Rib Lake, WI. As of 12/2023, Lakewood Credit Union employed 9 individuals. Lakewood 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, Lakewood Credit Union generated $621.3k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.6% each year. All expenses for the organization totaled $581.2k during the year ending 12/2023. While expenses have increased by 7.4% 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
TO PROVIDE QUALITY SERVICES TO FULFILL OUR MEMBER'S FINANCIAL NEEDS IN A COMMUNITY ENVIRONMENT WHILE MAINTAINING FINANCIAL STABILITY.
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 71 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 1,163 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 18,352 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 46,226 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonathan Roepke CEO | Officer | 38 | $55,503 |
Amy Ketterhagen COO | OfficerTrustee | 38 | $49,132 |
Beverly Tesch Director/int | Trustee | 0.5 | $950 |
Mary Kauer Director | Trustee | 0.5 | $590 |
Glen Harder Chair | OfficerTrustee | 0.5 | $580 |
Dawn Thums Secretary | OfficerTrustee | 0.5 | $550 |
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 | $395,017 |
| Investment income | $226,291 |
| 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 | $621,308 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,391 |
| 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. | $108,345 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $119,201 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,215 |
| Payroll taxes | $16,430 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,192 |
| Fees for services: Accounting | $6,988 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,020 |
| Advertising and promotion | $5,004 |
| Office expenses | $98,565 |
| Information technology | $75,370 |
| Royalties | $0 |
| Occupancy | $14,118 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,270 |
| Interest | $10 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,256 |
| Insurance | $9,415 |
| All other expenses | $0 |
| Total functional expenses | $581,172 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $247,013 |
| Savings and temporary cash investments | $3,605,701 |
| 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 | $7,279,478 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $26,202 |
| Net Land, buildings, and equipment | $228,465 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,045,493 |
| Intangible assets | $0 |
| Other assets | $163,340 |
| Total assets | $13,595,692 |
| Accounts payable and accrued expenses | $77,891 |
| 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 | $11,696,088 |
| Total liabilities | $11,773,979 |
| 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 | $1,821,713 |
| Total liabilities and net assets/fund balances | $13,595,692 |