World Council Of Credit Unions Inc
- Assets
- $6.1m
- Revenue
- $16.1m
- Investments
- $324.9k
- Employees
- 44
- Location
- Madison, WI
- Founding
- 11/1971
- Data as of
- 12/2022
- EIN
- 39-1143339
Organization Overview
World Council Of Credit Unions Inc is located in Madison, WI. The organization was established in 1971. According to its NTEE Classification (W03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, World Council Of Credit Unions Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. World Council Of Credit Unions Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, World Council Of Credit Unions Inc generated $16.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $14.7m during the year ending 12/2022. 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 EXPAND FINANCIAL INCLUSION WORLDWIDE THROUGH A VIBRANT AND GROWING GLOBAL CREDIT UNION MOVEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT WORLD COUNCIL OF CREDIT UNIONS (WOCCU) WORKS TO ADVANCE FINANCIAL INCLUSION THROUGH THE CREDIT UNION AND COOPERATIVE MODEL BY ENGAGING IN INTERNATIONAL ADVOCACY, DEVELOPMENT, EDUCATION AND NETWORKING THAT EMPOWERS UNDERSERVED POPULATIONS, AND PROMOTES MORE EQUITABLE AND RESILIENT COMMUNITIES.SINCE 1971, THE WORLD COUNCIL OF CREDIT UNIONS (WOCCU) HAS BEEN A LEADER OF THE GLOBAL CREDIT UNION MOVEMENT BRINGING ACCESS TO AFFORDABLE FINANCIAL SERVICES TO INDIVIDUALS IN DEVELOPING COUNTRIES. WOCCU IS THE GLOBAL LEADING VOICE FOR CREDIT UNIONS AND COOPERATIVE FINANCIAL INSTITUTIONS WORLDWIDE TO ENCOURAGE AFFORDABLE, AVAILABLE AND ACCESSIBLE FINANCIAL SERVICES. WOCCU'S CORE CAPABILITIES ARE GROUNDED IN ITS DRIVE TO PROVIDE MILLIONS OF POOR AND LOW-INCOME PEOPLE ACCESS TO THE ARRAY OF FINANCIAL SERVICES THEY NEED THROUGH CREDIT UNIONS, REGARDLESS OF CHALLENGES POSED BY THE SURROUNDING ENVIRONMENT. MORE RECENTLY, WOCCU HAS PROVEN CAPABILITIES IN FINANCIAL INCLUSION, SERVING REMOTE AND RURAL AREAS, SUPPORTING COMMUNITIES AT RISK, ADVANCING WOMEN'S ENTREPRENEURSHIP AND ECONOMIC EMPOWERMENT, PROMOTING INCLUSIVE MARKET SYSTEMS, AND ENCOURAGING ENABLING REGULATORY SYSTEMS. RESTRUCTURING AFTER DISASTERS, ESTABLISHING NEW CREDIT UNION SYSTEMS, AND ENCOURAGING LEGISLATIVE REFORM/REGULATORY SYSTEM DEVELOPMENT.IN ADDITION TO OFFERING INNOVATIVE TECHNOLOGY SOLUTIONS, WOCCU'S TECHNICAL ASSISTANCE PROGRAMS EQUIP CREDIT UNIONS AND OTHER TYPES OF FINANCIAL COOPERATIVES WITH THE TOOLS AND TECHNIQUES NECESSARY TO STRENGTHEN THEIR FINANCIAL MANAGEMENT AND DELIVER FAIRLY PRICED FINANCIAL SERVICES TO LARGE NUMBER OF POOR AND LOW-INCOME PEOPLE.
WOCCU PROVIDES THE FOLLOWING TYPES OF ACTIVITIES:- ADVOCACY FOR CREDIT UNIONS AND OTHER FINANCIAL COOPERATIVES IN FRONT OF INTERNATIONAL STANDARD SETTING BODIES- CONNECTS ALL CREDIT UNIONS TO THE GLOBAL MOVEMENT THROUGH BOTH FACE-TO-FACE AND VIRTUAL ENGAGEMENT AND NETWORKING. - INVESTS IN LEARNING OPPORTUNITIES FOR CREDIT UNION PROFESSIONALS, WITH AN EMPHASIS ON EMPOWERING YOUTH AND WOMEN- IMPLEMENT PROJECTS THAT REACH UNDERSERVED POPULATIONS, WITH A FOCUS ON WOMEN, YOUTH, MIGRANTS AND RURAL PROJECTIONS. - PROMOTES SHARED DIGITAL PLATFORMS AND SOLUTIONS THAT ADDRESS COMMON CREDIT UNION CHALLENGES
WOCCU'S ANNUAL WORLD CREDIT UNION CONFERENCE ACTIVITIES SUPPORT:- RAISING AWARENESS OF CREDIT UNIONS AND FINANCIAL COOPERATIVES- FACILITATING THE GLOBAL EXCHANGE OF INFORMATION AND IDEAS- ADVOCATING TO IMPROVE LEGISLATIVE AND REGULATION INTERNATIONALLY- BRING TOGETHER CREDIT UNION LEADERS FOR NETWORKING - PROVIDING EDUCATION ON INDUSTRY-RELATED ISSUES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diana Dykstra Chair | OfficerTrustee | 1 | $0 |
Michael Lawrence Vice Chair/secretary | OfficerTrustee | 1 | $0 |
George Ototo Treasurer | OfficerTrustee | 1 | $0 |
Younsik Kim Chair Of Covid-19 Committee | Trustee | 1 | $0 |
Joseph Thomas Us Advocacy Ad Hoc Committee Chair | Trustee | 1 | $0 |
Jaime Chavez Suarez Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,276,219 |
| All other contributions, gifts, grants, and similar amounts not included above | $450,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,726,219 |
| Total Program Service Revenue | $5,355,757 |
| Investment income | $0 |
| 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 | $16,081,976 |
| 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 | $1,976,950 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,266,834 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,028,430 |
| Pension plan accruals and contributions | $302,436 |
| Other employee benefits | $1,138,917 |
| Payroll taxes | $632,905 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $58,695 |
| Fees for services: Accounting | $111,428 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,530,507 |
| Advertising and promotion | $809 |
| Office expenses | $363,814 |
| Information technology | $3,477 |
| Royalties | $0 |
| Occupancy | $302,564 |
| Travel | $924,804 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $240,243 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,710 |
| Insurance | $94,265 |
| All other expenses | $44,807 |
| Total functional expenses | $14,669,103 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,256,325 |
| Savings and temporary cash investments | $114,032 |
| Pledges and grants receivable | $261,557 |
| Accounts receivable, net | $1,801,659 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $243,532 |
| Net Land, buildings, and equipment | $41,607 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $324,888 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $86,235 |
| Total assets | $6,129,835 |
| Accounts payable and accrued expenses | $854,011 |
| Grants payable | $0 |
| Deferred revenue | $251,380 |
| 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 | $70,856 |
| Total liabilities | $1,176,247 |
| Net assets without donor restrictions | $4,953,588 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $6,129,835 |