Superior Choice Credit Union
- Assets
- $804.1m
- Revenue
- $49.3m
- Investments
- $35.0m
- Employees
- 209
- Location
- Superior, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0906277
Organization Overview
Superior Choice Credit Union is located in Superior, WI. As of 12/2023, Superior Choice Credit Union employed 209 individuals. Superior Choice 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, Superior Choice Credit Union generated $49.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.2% each year . All expenses for the organization totaled $56.4m during the year ending 12/2023. While expenses have increased by 20.2% 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 NOT-FOR-PROFIT MEMBER-OWNED FINANCIAL INSTITUTION ORGANIZED TO PROVIDE FINANCIAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL SERVICE PROVIDER TO INCLUDE LOANS, DEPOSITS, AND TRANSACTIONAL SERVICES TO ALL MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Foster President & | Officer | 40 | $593,409 |
Shane Asbel Coo/evp | Officer | 40 | $349,784 |
Kelli Koehler Cmo/svp | Officer | 40 | $312,693 |
Ben Altonen Cfo/evp | Officer | 40 | $275,232 |
Jennifer Strama Clo | Officer | 40 | $197,115 |
Julie Lupa VP Loan Oper | 40 | $176,576 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hoeft Builders Inc Building Contra | 12/30/23 | $7,572,234 |
Fiserv Inc Processing | 12/30/23 | $3,558,080 |
United Healthcare Healthcare | 12/30/23 | $1,978,010 |
Pscu Debit Cards | 12/30/23 | $752,347 |
Nusource Financial Software | 12/30/23 | $696,443 |
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 | $42,803,829 |
| Investment income | $6,384,384 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $52,334 |
| 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 | $49,260,403 |
| 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. | $1,794,245 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,162,057 |
| Pension plan accruals and contributions | $489,186 |
| Other employee benefits | $2,134,077 |
| Payroll taxes | $824,666 |
| Fees for services: Management | $1,378 |
| Fees for services: Legal | $295,081 |
| Fees for services: Accounting | $148,199 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,595,161 |
| Advertising and promotion | $710,629 |
| Office expenses | $3,385,621 |
| Information technology | $1,512,976 |
| Royalties | $0 |
| Occupancy | $1,758,867 |
| Travel | $396,124 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,012 |
| Interest | $2,589,586 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,786,374 |
| Insurance | $819,555 |
| All other expenses | $1,261,004 |
| Total functional expenses | $56,364,749 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,624,042 |
| Savings and temporary cash investments | $60,098,942 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $727,267 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $634,622,080 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,251,966 |
| Net Land, buildings, and equipment | $26,088,482 |
| Investments—publicly traded securities | $2,892,500 |
| Investments—other securities | $35,044,686 |
| Investments—program-related | $6,260,869 |
| Intangible assets | $9,062,177 |
| Other assets | $13,451,767 |
| Total assets | $804,124,778 |
| Accounts payable and accrued expenses | $6,587,660 |
| 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 | $76,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $660,842,489 |
| Total liabilities | $743,930,149 |
| 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 | $60,194,629 |
| Total liabilities and net assets/fund balances | $804,124,778 |