Western Cooperative Credit Union
- Assets
- $421.2m
- Revenue
- $14.1m
- Investments
- $988.6k
- Employees
- 126
- Location
- Williston, ND
- Founding
- 04/1942
- Data as of
- 12/2021
- EIN
- 45-0216652
Organization Overview
Western Cooperative Credit Union is located in Williston, ND. The organization was established in 1942. 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, Western Cooperative Credit Union employed 126 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Cooperative 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, Western Cooperative Credit Union generated $14.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $12.7m during the year ending 12/2021. While expenses have increased by 1.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WESTERN COOPERATIVE CREDIT UNION EXISTS FOR THE FINANCIAL BENEFIT OF ITS MEMBERS. THE PURPOSE SHALL BE TO MAXIMIZE MEMBER BENEFITS THROUGH COST EFFECTIVE FINANCIAL SERVICES, EDUCATION CONSISTENT WITH COOPERATIVE PRINCIPLES, PRUDENT MANAGEMENT, AND TO MAINTAIN A STRONG PRESENCE IN OUR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTERN COOPERATIVE CREDIT UNION IS A COMMUNITY-CHARTERED CREDIT UNION. IN ORDER TO QUALIFY FOR MEMBERSHIP, THE INDIVIDUAL OR BUSINESS MUST BE LOCATED WITHIN OUR FIELD OF MEMBERSHIP, WHICH IS:A 75-MILE RADIUS AROUND WILLISTON, ND; ORA 50-MILE RADIUS AROUND DICKINSON, ND; ORA 50-MILE RADIUS AROUND HEBRON, ND; ORA 75-MILE RADIUS AROUND BEACH, ND; ORA 50-MILE RADIUS AROUND GLEN ULLIN, ND; ORA 75-MILE RADIUS AROUND RAY, ND.THOSE BELONGING TO A MEMBER'S FAMILY, INCLUDING: SPOUSES, CHILDREN, STEPCHILDREN, PARENTS, SIBLINGS, GRANDPARENTS, GRANDCHILDREN, STEPPARENTS, STEPSIBLINGS AND ADOPTIVE RELATIONSHIPS.ONCE A PERSON BECOMES A MEMBER, THEIR MEMBERSHIP CONTINUES UNTIL THEY CLOSE THEIR ACCOUNT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Melanie Stillwell Ceo/president | Officer | 40 | $385,635 |
Justin Maddison Chief Financial Officer | Officer | 40 | $250,688 |
Scott Schwindt Cheif Operations Officer | 40 | $131,367 | |
Nickolas Dressler Ag/business Loan Manager | 40 | $120,301 | |
Barbara Daniels Webster Consumer/mortgage Loan Man | 40 | $112,685 | |
Larry Novak Chairman | OfficerTrustee | 1 | $5,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry & Associates Core Processor | 12/30/21 | $481,449 |
Kranzler Kingsley Communications Ltd Advertising/marketing | 12/30/21 | $279,316 |
Kasasa Ltd Marketing | 12/30/21 | $140,563 |
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 | $12,597,956 |
| Investment income | $1,398,869 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,000 |
| 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 | $14,078,425 |
| 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. | $636,323 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,930,286 |
| Pension plan accruals and contributions | -$57,930 |
| Other employee benefits | $1,049,318 |
| Payroll taxes | $390,754 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,400 |
| Fees for services: Accounting | $60,325 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,867 |
| Advertising and promotion | $485,726 |
| Office expenses | $427,610 |
| Information technology | $469,832 |
| Royalties | $0 |
| Occupancy | $460,838 |
| Travel | $13,811 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,559 |
| Interest | $206,038 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $915,869 |
| Insurance | $123,528 |
| All other expenses | $103,801 |
| Total functional expenses | $12,678,794 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,998,791 |
| Savings and temporary cash investments | $96,865,305 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $1,198,361 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $181,182,856 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $837,713 |
| Net Land, buildings, and equipment | $9,118,978 |
| Investments—publicly traded securities | $109,045,291 |
| Investments—other securities | $988,641 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,993,257 |
| Total assets | $421,229,193 |
| Accounts payable and accrued expenses | $2,029,155 |
| 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 | $377,180,590 |
| Total liabilities | $379,209,745 |
| 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 | $42,019,448 |
| Total liabilities and net assets/fund balances | $421,229,193 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
First Community Credit Union Jamestown, ND | $1,060,866,226 | $50,434,728 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |
Capital Credit Union Bismarck, ND | $692,597,459 | $34,065,557 |
Town & Country Credit Union Minot, ND | $639,797,460 | $30,613,353 |
Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
Valley Financial Credit Union Billings, MT | $409,425,878 | $18,570,812 |
North Star Community Credit Union Maddock, ND | $392,799,949 | $17,250,607 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
My Credit Union Bloomington, MN | $393,544,128 | $17,620,611 |
Western Cooperative Credit Union Williston, ND | $421,229,193 | $14,078,425 |