Wisconsin Latvian Credit Union
- Assets
- $3.2m
- Revenue
- $90.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Milwaukee, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-1018560
Organization Overview
Wisconsin Latvian Credit Union is located in Milwaukee, WI. As of 12/2022, Wisconsin Latvian Credit Union employed 2 individuals. Wisconsin Latvian 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 12/2022, Wisconsin Latvian Credit Union generated $90.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $88.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
A CO-OPERATIVE, NON PROFIT CORPORATION, INCORPORATED 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
WE HAVE DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 379 MEMBERS AT 12/31/22. DURING 2022, WE OPENED 3 NEW DEPOSIT, TRANSACTION AND INVESTMENT ACCOUNTS.
WE HAVE FUNDED 22 LOANS DURING 2022. AS OF 12/31/22, WE HAD 23 MORTGAGES/HOME EQUITY LINES, AND 26 CONSUMER LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandra Mednis Secretary/treasurer | OfficerTrustee | 20 | $19,140 |
John Staks Chair | OfficerTrustee | 1 | $0 |
Eduards Petrovskis Vice-Chair | OfficerTrustee | 1 | $0 |
Andrei Junge Director | Trustee | 1 | $0 |
Guntis Lauzums Director | Trustee | 1 | $0 |
Evija Haydin Director | Trustee | 1 | $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 | $86,057 |
| Investment income | $4,675 |
| 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 | $90,732 |
| 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. | $19,140 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,619 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,798 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,696 |
| Advertising and promotion | $3,260 |
| Office expenses | $10,301 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,600 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,770 |
| Interest | $0 |
| Payments to affiliates | $2,503 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $25 |
| Total functional expenses | $88,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $144,556 |
| Savings and temporary cash investments | $1,294,103 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,749,353 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,061 |
| Total assets | $3,189,073 |
| Accounts payable and accrued expenses | $12,420 |
| 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 | $2,872,786 |
| Total liabilities | $2,885,206 |
| 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 | $303,867 |
| Total liabilities and net assets/fund balances | $3,189,073 |