Royal Credit Union
- Assets
- $4.6b
- Revenue
- $198.9m
- Investments
- $77.7m
- Employees
- 1,083
- Location
- Eau Claire, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-6072970
Organization Overview
Royal Credit Union is located in Eau Claire, WI. As of 12/2022, Royal Credit Union employed 1,083 individuals. Royal 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, Royal Credit Union generated $198.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $159.3m during the year ending 12/2022. While expenses have increased by 11.9% 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.
Since 2017, Royal Credit Union has awarded 43 individual grants totaling $2,310,668. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE A POSITIVE IMPACT IN THE LIVES WE TOUCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE WERE 73,077 LOANS GRANTED IN 2022 FOR A TOTAL OF $4,163,938,695. AS OF 12/31/22, THE CREDIT UNION HAD 218,652 ACCOUNTS COMPRISED OF MORTGAGE, CONSUMER AND BUSINESS LOANS.
WE HAVE DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS WITH 288,306 MEMBERS AT 12/31/22. NET ACCOUNT GROWTH DURING 2022 WAS 51,749 ACCOUNTS FOR A TOTAL AT 12/31/22 OF 538,819
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Huffcutt Chairman | OfficerTrustee | 10 | $39,000 |
Doug Olson Treasurer | OfficerTrustee | 10 | $30,500 |
John Sackett Assistant Secretary | OfficerTrustee | 10 | $25,500 |
Jennifer Mcdonough Secretary | OfficerTrustee | 10 | $24,000 |
Stuart Schaefer Vice Chairman | OfficerTrustee | 10 | $23,500 |
William Blackburn Assistant Vice Chairman | OfficerTrustee | 10 | $23,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Market & Johnson Inc General Building Contractor | 12/30/22 | $3,408,219 |
Hoeft Builders Inc General Building Contractor | 12/30/22 | $1,840,617 |
Google Llc Advertising | 12/30/22 | $1,340,180 |
Case Financial Financial Equipment Sales And Service Pr | 12/30/22 | $1,087,990 |
Star Tribune Media Company Llc Advertising | 12/30/22 | $692,885 |
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 | $193,016,700 |
| Investment income | $7,395,129 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$696,730 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $198,876,123 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,145,011 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $20,849,551 |
| Compensation of current officers, directors, key employees. | $6,881,668 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,192,280 |
| Pension plan accruals and contributions | $3,126,458 |
| Other employee benefits | $7,163,050 |
| Payroll taxes | $4,328,285 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,398,544 |
| Advertising and promotion | $6,854,762 |
| Office expenses | $17,890,639 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $4,011,029 |
| Travel | $347,036 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,496,516 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,293,185 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $159,344,082 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,875,424 |
| Savings and temporary cash investments | $1,695,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,790,003 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,126,766,759 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,815,761 |
| Net Land, buildings, and equipment | $54,282,187 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $77,696,135 |
| Investments—program-related | $42,627,067 |
| Intangible assets | $56,020,940 |
| Other assets | $83,009,559 |
| Total assets | $4,552,578,835 |
| Accounts payable and accrued expenses | $68,826,227 |
| 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 | $94,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,971,833,108 |
| Total liabilities | $4,134,659,335 |
| 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 | $417,919,500 |
| Total liabilities and net assets/fund balances | $4,552,578,835 |
Grants Awarded
Over the last fiscal year, Royal Credit Union has awarded $101,850 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF THE GREATER CHIPPEWA VALLEY PURPOSE: ANNUAL DONATION | $10,250 |
EAU CLAIRE COMMUNITY FOUNDATION PURPOSE: RCU AND ECCF NONPROFIT PROFESSIONAL DEVELOPMENT FUND AND EVENT DONATION | $5,500 |
NORTH CENTRAL WISCONSIN AHEC INC PURPOSE: COMMUNITY HEALTH INTERNSHIP PROGRAM | $5,600 |
UW-EAU CLAIRE FOUNDATION PURPOSE: CARSON PARK TURF | $15,000 |
NATIONAL CREDIT UNION FOUNDATION PURPOSE: ANNUAL SUPPORT | $10,000 |
POWER OF PERCEPTION PURPOSE: END OF YEAR DONATION - PROGRAM SUPPORT | $10,000 |