Cloverbelt Credit Union
- Assets
- $300.3m
- Revenue
- $10.0m
- Investments
- $53.8m
- Employees
- 63
- Location
- Wausau, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-0926186
Organization Overview
Cloverbelt Credit Union is located in Wausau, WI. As of 12/2021, Cloverbelt Credit Union employed 63 individuals. Cloverbelt 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, Cloverbelt Credit Union generated $10.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $8.3m during the year ending 12/2021. While expenses have increased by 4.7% per year over the past 7 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 COOPERATIVE, NONPROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 7,123 LOANS TO MEMBERS FOR $211,577,411.
PROVIDED LOW-COST FINANCIAL SERVICES TO 16,842 MEMBERS WITH $258,828,910 IN DEPOSITS.
PAID DIVIDENDS TO MEMBERS TOTALING $1,321,637.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul J Chittum President/ceo | Officer | 40 | $346,501 |
Lisa Hieronimus Exec Vice President/cfo | Officer | 40 | $162,241 |
Darak Hutchinson Vice President | Officer | 40 | $90,144 |
Jackie Sturzenegger Vice President | Officer | 40 | $85,732 |
Kathleen Volkmann Vice President | Officer | 40 | $79,166 |
Eldon Pagel Chairman | OfficerTrustee | 1 | $2,400 |
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 | $9,309,019 |
| Investment income | $658,810 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $9,967,829 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,825 |
| Grants and other assistance to domestic individuals. | $6,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,082,963 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,182,297 |
| Pension plan accruals and contributions | $87,962 |
| Other employee benefits | $516,546 |
| Payroll taxes | $218,871 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $930 |
| Fees for services: Accounting | $36,188 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $68,255 |
| Advertising and promotion | $292,230 |
| Office expenses | $317,786 |
| Information technology | $329,986 |
| Royalties | $0 |
| Occupancy | $363,648 |
| Travel | $3,649 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,772 |
| Interest | $145,166 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $442,972 |
| Insurance | $42,414 |
| All other expenses | $219,071 |
| Total functional expenses | $8,342,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,858,433 |
| Savings and temporary cash investments | $14,237,476 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $377,059 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $211,349,284 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $603,448 |
| Net Land, buildings, and equipment | $7,602,277 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $53,836,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,438,455 |
| Total assets | $300,302,432 |
| Accounts payable and accrued expenses | $2,139,409 |
| 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 | $3,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $258,833,838 |
| Total liabilities | $263,973,247 |
| 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 | $36,329,185 |
| Total liabilities and net assets/fund balances | $300,302,432 |
Grants Awarded
Over the last fiscal year, Cloverbelt Credit Union has awarded $15,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Schofield, WI PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |
Wausau, WI PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |
Wausau, WI PURPOSE: FHBLC COVID-19 TARGETED IMPACT FUND GRANT | $5,000 |
Peer Organizations
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|---|---|---|
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Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Dow Rummel Village Sioux Falls, SD | $76,421,386 | $18,523,416 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Community Support Services Inc Akron, OH | $23,036,222 | $26,517,082 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |
Region 3b Area Agency On Aging Battle Creek, MI | $12,282,051 | $21,229,876 |
Southwest Counseling Solutions Inc Detroit, MI | $10,435,524 | $23,926,279 |
Adec Inc Bristol, IN | $35,707,130 | $22,045,756 |