Prime Financial Credit Union
- Assets
- $149.0m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 80
- Location
- Cudahy, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0477300
Organization Overview
Prime Financial Credit Union is located in Cudahy, WI. As of 12/2023, Prime Financial Credit Union employed 80 individuals. Prime Financial 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 12/2023, Prime Financial Credit Union generated $9.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $9.0m during the year ending 12/2023. While expenses have increased by 5.7% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PRIME FINANCIAL CREDIT UNION IS DEDICATED TO PROMOTING COMMUNITY DEVELOPMENT AND IMPROVING THE FINANCIAL WELL-BEING OF OUR MEMBERS AND THE COMMUNITIES WE SERVE BY PROVIDING PERSONALIZED AND INNOVATIVE FINANCIAL SOLUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIME FINANCIAL CREDIT UNION IS THE AUTHENTIC FINANCIAL PARTNER OF CHOICE FOR A GROWING MEMBERSHIP THAT WISHES TO EXPERIENCE PERSONAL FINANCIAL SUCCESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Bolton Chair | OfficerTrustee | 1 | $0 |
Dennis Degrave Treasurer | OfficerTrustee | 1 | $0 |
Kelly Martyka Vice Chair | OfficerTrustee | 1 | $0 |
Eric Moore Secretary | OfficerTrustee | 1 | $0 |
Janet Cleary Director | Trustee | 1 | $0 |
Randy Perry Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $712,780 |
| 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 | $712,780 |
| Total Program Service Revenue | $8,412,265 |
| Investment income | $825,830 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,125 |
| Net Gain/Loss on Asset Sales | -$35,439 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,931,561 |
| 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. | $194,355 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,367,729 |
| Pension plan accruals and contributions | $73,048 |
| Other employee benefits | $409,879 |
| Payroll taxes | $262,967 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $93,016 |
| Fees for services: Accounting | $88,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $69,654 |
| Advertising and promotion | $161,660 |
| Office expenses | $567,766 |
| Information technology | $682,883 |
| Royalties | $0 |
| Occupancy | $409,021 |
| Travel | $5,390 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $187,694 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $330,842 |
| Insurance | $32,265 |
| All other expenses | $37,673 |
| Total functional expenses | $8,967,565 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,939,868 |
| Savings and temporary cash investments | $14,988,097 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,742 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $122,448,750 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $618,577 |
| Net Land, buildings, and equipment | $5,950,990 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $299,734 |
| Intangible assets | $0 |
| Other assets | $2,658,493 |
| Total assets | $149,018,251 |
| Accounts payable and accrued expenses | $1,464,121 |
| Grants payable | $0 |
| Deferred revenue | $2,633,814 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $60,057 |
| 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 | $130,965,815 |
| Total liabilities | $135,123,807 |
| 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 | $13,894,444 |
| Total liabilities and net assets/fund balances | $149,018,251 |