Empower Credit Union
- Assets
- $101.3m
- Revenue
- $3.6m
- Investments
- $23.2m
- Employees
- 31
- Location
- West Allis, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-1909991
Organization Overview
Empower Credit Union is located in West Allis, WI. As of 12/2021, Empower Credit Union employed 31 individuals. Empower 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 12/2021, Empower Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. While expenses have increased by 2.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE THRIFT AND RESPONSIBLE BORROWING AMONG OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THRIFT AND RESPONSIBLE BORROWING AMONG OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Brandt CEO | OfficerTrustee | 50 | $150,779 |
Thomas Flintrop CFO | Officer | 50 | $83,801 |
Dennis Lyon Jr Clo | Officer | 45 | $80,576 |
William Fern COO | Officer | 50 | $77,975 |
Cari Bray COO | Officer | 50 | $59,003 |
Steven Teiken CFO | Officer | 50 | $48,803 |
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 | $2,385,573 |
| Investment income | $184,878 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$950 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,603,724 |
| 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 | $0 |
| Benefits paid to or for members | $382,564 |
| Compensation of current officers, directors, key employees. | $558,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $570,588 |
| Pension plan accruals and contributions | $13,672 |
| Other employee benefits | $97,254 |
| Payroll taxes | $73,929 |
| Fees for services: Management | $0 |
| Fees for services: Legal | -$2,167 |
| Fees for services: Accounting | $25,770 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $7,499 |
| Fees for services: Other | $206,178 |
| Advertising and promotion | $269,085 |
| Office expenses | $759,753 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $187,132 |
| Travel | $6,014 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $212,239 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,585,927 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $908,556 |
| Savings and temporary cash investments | $15,002,965 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,120 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $56,715,838 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $208,240 |
| Net Land, buildings, and equipment | $3,816,832 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $23,196,419 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,445,224 |
| Total assets | $101,297,194 |
| Accounts payable and accrued expenses | $1,720,003 |
| 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 | $81,226,584 |
| Total liabilities | $82,946,587 |
| 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 | $18,350,607 |
| Total liabilities and net assets/fund balances | $101,297,194 |
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