Lakewood Credit Union
- Assets
- $15.4m
- Revenue
- $437.4k
- Investments
- $0.0
- Employees
- 10
- Location
- Rib Lake, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-1016089
Organization Overview
Lakewood Credit Union is located in Rib Lake, WI. As of 12/2022, Lakewood Credit Union employed 10 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 12/2022, Lakewood Credit Union generated $437.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $426.1k during the year ending 12/2022. While expenses have increased by 4.2% 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
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 2022. AS OF 12/31/22 WE HAD 1,342 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 39,076 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 36,334 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Ketterhagen President | OfficerTrustee | 40 | $46,406 |
Jonathan Roepke Vice Preside | Officer | 38 | $24,450 |
Beverly Tesch Director/int | Trustee | 0.5 | $1,150 |
Glen Harder Chair | OfficerTrustee | 0.5 | $590 |
Mary Kauer Secretary | OfficerTrustee | 0.5 | $550 |
Tammy Mann Vice Chair | 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 | $307,728 |
| Investment income | $121,358 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,352 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $437,438 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,489 |
| Grants and other assistance to domestic individuals. | $200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $74,546 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $110,077 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,015 |
| Payroll taxes | $14,496 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,537 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,434 |
| Advertising and promotion | $3,273 |
| Office expenses | $83,206 |
| Information technology | $64,608 |
| Royalties | $0 |
| Occupancy | $10,849 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,489 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,158 |
| Insurance | $8,806 |
| All other expenses | $0 |
| Total functional expenses | $426,082 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $248,354 |
| Savings and temporary cash investments | $3,516,715 |
| 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 | $6,125,460 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $65,445 |
| Net Land, buildings, and equipment | $58,668 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,191,493 |
| Intangible assets | $0 |
| Other assets | $159,958 |
| Total assets | $15,366,093 |
| Accounts payable and accrued expenses | $157,489 |
| 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 | $13,427,028 |
| Total liabilities | $13,584,517 |
| 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 | $1,781,576 |
| Total liabilities and net assets/fund balances | $15,366,093 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakewood Credit Union has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Wisconsin Credit Union Foundationinc Madison, WI PURPOSE: CREATE A WEBSITE AND ADD ONLINE BANKING AND DEBIT CARDS FOR MEMBERS. | $6,000 |
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|---|---|---|
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Avera St Marys Pierre, SD | $117,040,382 | $106,933,224 |
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Procter & Gamble Benefit Plan Trust Cincinnati, OH | $69,184,153 | $97,679,425 |
United Church Homes Inc Marion, OH | $230,951,491 | $117,776,158 |
Providence Health Alliance Inc St Louis, MO | $27,745,143 | $62,779,739 |
University Pediatric Associates Inc Indianapolis, IN | $25,897,136 | $100,827,780 |
Alexian Brothers Ambulatory Group St Louis, MO | $321,335,814 | $68,677,417 |
Samaritas Detroit, MI | $92,322,257 | $101,009,415 |
Columbia College Columbia, MO | $267,475,036 | $84,570,180 |
University Of Dubuque Dubuque, IA | $403,203,443 | $110,402,473 |