GreenState Credit Union UNION
- Assets
- $9.0b
- Revenue
- $418.8m
- Investments
- $0.0
- Employees
- 817
- Location
- North Liberty, IA
- Founding
- 07/2019
- Data as of
- 12/2021
- EIN
- 42-0804594
Organization Overview
GreenState Credit Union UNION is located in North Liberty, IA. The organization was established in 2019. 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, GreenState Credit Union UNION employed 817 individuals. GreenState Credit Union 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, GreenState Credit Union UNION generated $418.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 18.7% each year . All expenses for the organization totaled $219.6m during the year ending 12/2021. While expenses have increased by 13.6% 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.
Since 2015, GreenState Credit Union UNION has awarded 423 individual grants totaling $6,372,732. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
IMPROVE THE QUALITY OF LIFE IN OUR COMMUNITIES BY PROMOTING THE FINANCIAL WELL-BEING OF OUR RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LENDING SERVICES TO THE MEMBERSHIP OF THE CREDIT UNION. IN 2021, THE CREDIT UNION ORIGINATED $895,160,068 OF IN-HOUSE CONSUMER, REAL ESTATE, AND COMMERCIAL LOANS, AND ALSO ORIGINATED $1,670,477,577 IN FIRST MORTGAGE LOANS WHICH WERE SOLD ON THE SECONDARY MARKET.
PROVIDE SAVINGS AND DEPOSIT SERVICES TO THE MEMBERSHIP OF THE CREDIT UNION: IN 2021, TOTAL DEPOSITS IN THE CREDIT UNION GREW FROM $5,729,017,278 TO $7,474,622,696.
PROVIDE TRANSACTION SERVICES TO THE MEMBERSHIP OF THE CREDIT UNION: IN 2021, THE CREDIT UNION PROCESSED 54,132,646 FINANCIAL TRANSACTIONS FOR ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey A Disterhoft President & CEO | Officer | 50 | $1,310,141 |
Felisha A Junge Mortgage Loan Officer | 55 | $1,042,551 | |
Peter D Johnson Mortgage Loan Officer | 50 | $833,256 | |
Michael R Ward Mortgage Loan Officer | 50 | $746,121 | |
Scott R Langenberg Mortgage Loan Officer | 50 | $700,845 | |
Matthew E Frascht Mortgage Loan Officer | 50 | $619,757 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rsm Us Llp Professional Service | 12/30/21 | $3,780,431 |
Lanvera Ltd Professional Service | 12/30/21 | $1,648,719 |
Mccomas-lacina Const Construction | 12/30/21 | $2,729,265 |
Red Bell Real Estate Llc Consulting | 12/30/21 | $399,208 |
Sonnick Partners Consulting | 12/30/21 | $533,793 |
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 | $336,910,307 |
| Investment income | $5,126,891 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $267,075 |
| Net Gain/Loss on Asset Sales | -$984,599 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $418,753,010 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,450,344 |
| 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. | $4,829,007 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $36,837,361 |
| Pension plan accruals and contributions | $4,066,686 |
| Other employee benefits | $25,534,514 |
| Payroll taxes | $3,955,020 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $420,665 |
| Fees for services: Accounting | $771,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $251,714 |
| Advertising and promotion | $3,912,331 |
| Office expenses | $6,689,113 |
| Information technology | $8,525,748 |
| Royalties | $0 |
| Occupancy | $5,296,019 |
| Travel | $191,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,428 |
| Interest | $12,592,140 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,498,962 |
| Insurance | $496,479 |
| All other expenses | $0 |
| Total functional expenses | $219,645,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $555,621,296 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $16,779,797 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,950,733,659 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,072,051 |
| Net Land, buildings, and equipment | $127,729,832 |
| Investments—publicly traded securities | $34,232,700 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $106,288,893 |
| Other assets | $197,132,289 |
| Total assets | $9,006,590,517 |
| Accounts payable and accrued expenses | $38,023,986 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $17,401,922 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $604,815,156 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,477,153,832 |
| Total liabilities | $8,137,394,896 |
| 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 | $869,195,621 |
| Total liabilities and net assets/fund balances | $9,006,590,517 |
Grants Awarded
Over the last fiscal year, GreenState Credit Union UNION has awarded $1,590,539 in support to 99 organizations.
| Grant Recipient | Amount |
|---|---|
Iowa City, IA PURPOSE: School of the Wild | $83,333 |
DES MOINES AREA COMMUNITY COLLEGE - EVELYN K DAVI PURPOSE: Multilingual Educ. | $41,500 |
Marion, IA PURPOSE: Grow Green | $33,333 |
Cedar Rapids, IA PURPOSE: SAFE Program Fund | $30,000 |
Iowa City, IA PURPOSE: Jazz On The Move | $30,000 |
Iowa City, IA PURPOSE: Afford House PGRM | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baxter Credit Union Vernon Hills, IL | $5,751,484,149 | $350,442,030 |
Alliant Credit Union Chicago, IL | $15,151,012,308 | $528,339,563 |
Citizens Equity First Credit Union Peoria, IL | $7,718,286,706 | $271,033,514 |
GreenState Credit Union UNION North Liberty, IA | $9,006,590,517 | $418,753,010 |
Veridian Credit Union Waterloo, IA | $5,861,265,762 | $284,905,474 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |