Bay Shore Credit Union
- Assets
- $42.3m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 12
- Location
- Marinette, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-0963263
Organization Overview
Bay Shore Credit Union is located in Marinette, WI. As of 12/2023, Bay Shore Credit Union employed 12 individuals. Bay Shore 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, Bay Shore Credit Union generated $1.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. While expenses have increased by 3.9% 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
TO ENCOURAGE THRIFT AMONG OUR MEMBERS, TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND TO PROVIDE AN OPPORTUNITY FOR EACH OF OUR MEMBERS TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS.
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 228 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 3,368 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 760 NEW LOANS TO MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 1,967 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Vicki Carviou President | Officer | 40 | $84,946 |
Craig Butler Vice Chair | OfficerTrustee | 1 | $350 |
James Engman Secretary | OfficerTrustee | 0.5 | $0 |
Mitch Hubert Chair | OfficerTrustee | 0.5 | $0 |
Steve Hansen Director | Trustee | 0.5 | $0 |
Anita Morois Treasurer | OfficerTrustee | 0.5 | $0 |
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 | $1,334,357 |
| Investment income | $549,578 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,984 |
| 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 | $1,887,919 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $85,296 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $380,813 |
| Pension plan accruals and contributions | $33,257 |
| Other employee benefits | $162,758 |
| Payroll taxes | $32,602 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $995 |
| Fees for services: Accounting | $8,119 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $42,831 |
| Advertising and promotion | $18,687 |
| Office expenses | $293,739 |
| Information technology | $93,757 |
| Royalties | $0 |
| Occupancy | $42,218 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $195 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,099 |
| Insurance | $26,099 |
| All other expenses | $0 |
| Total functional expenses | $1,347,846 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $381,258 |
| Savings and temporary cash investments | $11,969,285 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $20,283,277 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $59,501 |
| Net Land, buildings, and equipment | $83,111 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,083,919 |
| Intangible assets | $0 |
| Other assets | $480,963 |
| Total assets | $42,341,389 |
| Accounts payable and accrued expenses | $298,851 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $34,923,477 |
| Total liabilities | $35,222,328 |
| 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 | $7,119,061 |
| Total liabilities and net assets/fund balances | $42,341,389 |