Indianhead Credit Union
- Assets
- $88.2m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 27
- Location
- Spooner, WI
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 39-6049800
Organization Overview
Indianhead Credit Union is located in Spooner, WI. The organization was established in 0000. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Indianhead Credit Union employed 27 individuals. Indianhead 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, Indianhead Credit Union generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. While expenses have increased by 5.0% per year over the past 7 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
INDIANHEAD CREDIT UNION OFFERS MANY SERVICES INCLUDING SAVINGS AND LOANS DESIGNED TO IMPROVE THE ECONOMIC AND SOCIAL WELL BEING OF ALL MEMBERS FROM ALL SOCIAL ECONOMIC BACKGROUNDS, INCLUDING LOW AND MODERATE INCOME MEMBERS. OUR LOANS INCLUDE REAL ESTATE LOANS AND SMALL BALANCE CONSUMER LOANS, OUR SAVINGS INCLUDE SMALL BALANCE PASSBOOK ACCOUNTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GRANTED 30 REAL ESTATE LOANS. WE PARTICIPATE IN THE FHLBC DOWN PAYMENT ASSISTANCE PROGRAM FOR LOW AND MODERATE INCOME HOME BUYERS. MANY OF OUR REAL ESTATE LOANS ARE FOR MANUFACTURED HOMES THAT PROVIDE AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME MEMBERS. WE BREAK OUR REVENUES BY LOAN TYPE BUT NOT EXPENSES, THIS IS PART OF OUR NORMAL ACTIVITY.
THE CREDIT UNION PROVIDES STAFF, SPACE AND EQUIPMENT FOR A VITA/AARP SITE AT OUR SPOONER OFFICE; WE DID AT LEAST 570 TAX RETURNS FOR LOW AND MODERATE INCOME INDIVIDUALS IN OUR COMMUNITY AT NO CHARGE TO THE TAX PAYER. THIS SERVICE DOES NOT GENERATE INCOME; THE EXPENSES ARE AN ESTIMATE SINCE STAFF IS DOING THIS DURING REGULAR BUSINESS HOURS. I ESTIMATE THE COST TO BE $9000.
WE PROVIDE PAID STAFF TIME FOR AN EMPLOYEE TO RUN THE ANNUAL LIONS CHRISTMAS FUND IN OUR COMMUNITY. THIS PROGRAM PROVIDES GIFTS AND FOOD TO NEEDY FAMILIES AT CHRISTMAS TIME. EXPENSES ARE NOT BROKEN OUT, ESTIMATED COST $1000.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katherine Berndt Ceo/president | Officer | 40 | $116,264 |
Dale Gottschalk Executive VP | Officer | 40 | $82,013 |
Renee Zimmerman Vice-President Operations | Officer | 40 | $55,235 |
Gary Sloniker Board Chair | Trustee | 1 | $0 |
Larry Avery Director | Trustee | 1 | $0 |
Richard Mooney Director | Trustee | 1 | $0 |
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 | $1,770,516 |
| Investment income | $129,415 |
| 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 | $2,522,491 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $292,570 |
| Compensation of current officers, directors, key employees. | $292,570 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $537,364 |
| Pension plan accruals and contributions | $30,749 |
| Other employee benefits | $77,716 |
| Payroll taxes | $61,979 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,094 |
| Fees for services: Accounting | $15,987 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,852 |
| Office expenses | $503,669 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $147,749 |
| Travel | $4,414 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $47,076 |
| Total functional expenses | $2,230,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $747,648 |
| Savings and temporary cash investments | $50,919,230 |
| 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 | $34,633,843 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $272,925 |
| Net Land, buildings, and equipment | $1,382,320 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $208,504 |
| Total assets | $88,164,470 |
| Accounts payable and accrued expenses | $591,375 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $365,647 |
| 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 | $79,796,698 |
| Total liabilities | $80,753,720 |
| 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 | $7,410,750 |
| Total liabilities and net assets/fund balances | $88,164,470 |
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