Simplicity Credit Union
- Assets
- $424.6m
- Revenue
- $17.6m
- Investments
- $0.0
- Employees
- 126
- Location
- Marshfield, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0860994
Organization Overview
Simplicity Credit Union is located in Marshfield, WI. As of 12/2021, Simplicity Credit Union employed 126 individuals. Simplicity 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, Simplicity Credit Union generated $17.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $15.7m during the year ending 12/2021. While expenses have increased by 9.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A NONPROFIT MEMBER-OWNED THRIFT INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO INDIVIDUALS. OPERATIONS ARE PRIMARILY RELATED TO HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLDING DEPOSITS FOR AND MAKING LOANS TO MEMBERS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jason Buchinger Financial Advisor | 40 | $286,385 | |
Nicholas Faber President/ceo | Officer | 40 | $244,740 |
Kelly Korth Chief Experience Officer | Officer | 40 | $166,661 |
Christie Keen Sr. Mortgage Loan Officer | 40 | $121,994 | |
Richard Szabo VP Of Information Technology | 40 | $119,662 | |
Jen Stanton VP Of Sales | 40 | $108,497 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Debit Card Processing, Computer Main Fra | 12/30/21 | $1,471,049 |
Q2 Online/home Banking | 12/30/21 | $493,743 |
Finastra Usa Corporation Loan Origination System/disclosures | 12/30/21 | $147,859 |
Doxim Inc Statment Production And Mailing | 12/30/21 | $135,255 |
Spectrum Business-charter Communications Phone/internet Provider | 12/30/21 | $127,023 |
View All Vendors
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 | $17,022,105 |
| Investment income | $467,374 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,680 |
| Net Gain/Loss on Asset Sales | $22,742 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,622,558 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,122,859 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,339,443 |
| Pension plan accruals and contributions | $352,362 |
| Other employee benefits | $1,648,377 |
| Payroll taxes | $394,263 |
| Fees for services: Management | $162,457 |
| Fees for services: Legal | $2,193 |
| Fees for services: Accounting | $103,346 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,494 |
| Advertising and promotion | $426,481 |
| Office expenses | $1,555,156 |
| Information technology | $542,141 |
| Royalties | $0 |
| Occupancy | $356,780 |
| Travel | $91,534 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $72,398 |
| Interest | $51,301 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $594,813 |
| Insurance | $89,836 |
| All other expenses | $711,181 |
| Total functional expenses | $15,714,933 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,876,052 |
| Savings and temporary cash investments | $134,143,414 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,626 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $255,340,020 |
| Inventories for sale or use | $28,874 |
| Prepaid expenses and deferred charges | $927,337 |
| Net Land, buildings, and equipment | $8,045,571 |
| Investments—publicly traded securities | $14,789,670 |
| Investments—other securities | $0 |
| Investments—program-related | $3,296,370 |
| Intangible assets | $0 |
| Other assets | $4,072,360 |
| Total assets | $424,593,294 |
| Accounts payable and accrued expenses | $3,571,120 |
| 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 | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $377,250,449 |
| Total liabilities | $385,821,569 |
| 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 | $4,469,849 |
| Retained earnings, endowment, accumulated income, or other funds | $34,301,876 |
| Total liabilities and net assets/fund balances | $424,593,294 |
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