Teachers Credit Union
- Assets
- $33.3m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Beloit, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0736227
Organization Overview
Teachers Credit Union is located in Beloit, WI. As of 12/2023, Teachers Credit Union employed 9 individuals. Teachers 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, Teachers Credit Union generated $1.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $1.0m during the year ending 12/2023. While expenses have increased by 5.8% 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
TEACHERS CREDIT UNION IS A NOT-FOR-PROFIT MEMBER OWNED ORGANIZATION. OUR GOAL IS TO PROVIDE THE BEST POSSIBLE FINANCIAL SERVICES TO OUR MEMBERS AT COMPETITIVE RATES AND TO MAINTAIN THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 129 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 2,131 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 308 NEW LOANS TO OUR MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 982 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Jacobson President | Officer | 40 | $88,486 |
Lisa Wertz Vice Preside | Officer | 40 | $67,441 |
Terrance Mccann Chair | OfficerTrustee | 0.5 | $588 |
Susan Brunson Secretary (p | OfficerTrustee | 0.5 | $360 |
Henry Clement Director | Trustee | 0.5 | $40 |
Robert Llorca Secretary (p | OfficerTrustee | 0.5 | $40 |
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 | $848,325 |
| Investment income | $492,595 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,539 |
| 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 | $1,349,459 |
| 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. | $156,995 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $138,626 |
| Pension plan accruals and contributions | $15,976 |
| Other employee benefits | $5,083 |
| Payroll taxes | $22,851 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,025 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,300 |
| Advertising and promotion | $27,658 |
| Office expenses | $175,069 |
| Information technology | $194,442 |
| Royalties | $0 |
| Occupancy | $49,529 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,107 |
| Interest | $1,169 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,636 |
| Insurance | $21,853 |
| All other expenses | $0 |
| Total functional expenses | $1,017,966 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $520,224 |
| Savings and temporary cash investments | $5,109,009 |
| 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 | $16,284,948 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $42,303 |
| Net Land, buildings, and equipment | $173,768 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,796,200 |
| Intangible assets | $0 |
| Other assets | $372,866 |
| Total assets | $33,299,318 |
| Accounts payable and accrued expenses | $101,508 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,987 |
| 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 | $29,279,426 |
| Total liabilities | $29,384,921 |
| 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 | $3,914,397 |
| Total liabilities and net assets/fund balances | $33,299,318 |