Simplicity Credit Union
- Assets
- $461.1m
- Revenue
- $26.3m
- Investments
- $0.0
- Employees
- 150
- Location
- Marshfield, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0860994
Organization Overview
Simplicity Credit Union is located in Marshfield, WI. As of 12/2023, Simplicity Credit Union employed 150 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 12/2023, Simplicity Credit Union generated $26.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $22.9m during the year ending 12/2023. While expenses have increased by 12.3% per year over the past 8 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
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Page Chair | OfficerTrustee | 1 | $1,650 |
Herb Stephani Director | Trustee | 0.5 | $540 |
Tom Mccarten Director | Trustee | 0.5 | $590 |
Sue Shulfer Secretary/treasurer | OfficerTrustee | 0.75 | $690 |
Bobbi Bradley Director | Trustee | 0.5 | $615 |
Iilee Pederson Director | Trustee | 0.5 | $755 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Meridian Link Consumer Applications | 12/30/23 | $170,000 |
Fiserv Debit Card Processing, Computer Main Fra | 12/30/23 | $1,652,728 |
Q2 Online/home Banking | 12/30/23 | $594,889 |
Visa Visa Operation Certificate | 12/30/23 | $147,837 |
Spectrum Business Phone/internet Provider | 12/30/23 | $135,918 |
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 | $21,749,887 |
| Investment income | $4,422,979 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,296 |
| Net Gain/Loss on Asset Sales | $26,335 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,321,652 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $702,515 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,505,465 |
| Pension plan accruals and contributions | $397,135 |
| Other employee benefits | $1,779,255 |
| Payroll taxes | $457,006 |
| Fees for services: Management | $157,352 |
| Fees for services: Legal | $45 |
| Fees for services: Accounting | $109,944 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $176,385 |
| Advertising and promotion | $481,405 |
| Office expenses | $1,874,354 |
| Information technology | $582,703 |
| Royalties | $0 |
| Occupancy | $428,719 |
| Travel | $48,763 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $127,241 |
| Interest | $3,005,402 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $598,531 |
| Insurance | $108,122 |
| All other expenses | $859,308 |
| Total functional expenses | $22,916,235 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,155,314 |
| Savings and temporary cash investments | $13,605,107 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $199,605 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $374,075,910 |
| Inventories for sale or use | $42,167 |
| Prepaid expenses and deferred charges | $2,741,825 |
| Net Land, buildings, and equipment | $10,025,524 |
| Investments—publicly traded securities | $44,965,192 |
| Investments—other securities | $0 |
| Investments—program-related | $5,314,241 |
| Intangible assets | $0 |
| Other assets | $4,992,223 |
| Total assets | $461,117,108 |
| Accounts payable and accrued expenses | $6,543,927 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $451,357 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $20,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $391,764,502 |
| Total liabilities | $418,759,786 |
| 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 | $42,357,322 |
| Total liabilities and net assets/fund balances | $461,117,108 |