Northwoods Community Credit Union
- Assets
- $89.1m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 38
- Location
- Park Falls, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-1020766
Organization Overview
Northwoods Community Credit Union is located in Park Falls, WI. As of 12/2023, Northwoods Community Credit Union employed 38 individuals. Northwoods Community 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, Northwoods Community Credit Union generated $4.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $3.7m during the year ending 12/2023. While expenses have increased by 2.0% 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
PROVIDING FINANCIAL SECURITY AND OUTSTANDING SERVICE FOR 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 1,543 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 8,537 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 966 LOANS DURING 2023. AS OF 12/31/23 WE HAD 4,779 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sally Zoesch President/ce | Officer | 40 | $103,971 |
Teresa Gehrman Exec Vice Pr | Officer | 40 | $89,772 |
Mirand Wachowski VP Lending | Officer | 40 | $60,624 |
Chris Simon Chair | OfficerTrustee | 1 | $0 |
Roger Strand Vice Chair | OfficerTrustee | 1 | $0 |
Joan Cooley Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
First Datafiserv Processing Inc Debit Card Proc | 12/30/23 | $267,946 |
Pitlick & Wick Construction | 12/30/23 | $173,774 |
New Era Technologyrmm It Services | 12/30/23 | $170,332 |
Share One Core System | 12/30/23 | $118,952 |
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 | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,000 |
| Total Program Service Revenue | $3,784,758 |
| Investment income | $270,186 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $9,513 |
| Net Rental Income | $12,365 |
| Net Gain/Loss on Asset Sales | $1,561 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,093,383 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,089 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $254,367 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,023,383 |
| Pension plan accruals and contributions | $45,779 |
| Other employee benefits | $278,593 |
| Payroll taxes | $92,329 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,850 |
| Fees for services: Accounting | $30,345 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $25,232 |
| Advertising and promotion | $47,127 |
| Office expenses | $710,611 |
| Information technology | $238,458 |
| Royalties | $0 |
| Occupancy | $136,584 |
| Travel | $4,183 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,240 |
| Interest | $4,789 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $82,424 |
| Insurance | $40,219 |
| All other expenses | $0 |
| Total functional expenses | $3,667,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,467,475 |
| Savings and temporary cash investments | $8,169,657 |
| 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 | $65,111,976 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $322,216 |
| Net Land, buildings, and equipment | $2,368,223 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,639,916 |
| Intangible assets | $0 |
| Other assets | $1,021,012 |
| Total assets | $89,100,475 |
| Accounts payable and accrued expenses | $570,809 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $227,363 |
| 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 | $79,793,439 |
| Total liabilities | $80,591,611 |
| 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 | $8,508,864 |
| Total liabilities and net assets/fund balances | $89,100,475 |