Marshfield Medical Center Credit Union
- Assets
- $86.2m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 16
- Location
- Marshfield, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-1081671
Organization Overview
Marshfield Medical Center Credit Union is located in Marshfield, WI. As of 12/2023, Marshfield Medical Center Credit Union employed 16 individuals. Marshfield Medical Center 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, Marshfield Medical Center Credit Union generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $2.4m during the year ending 12/2023. While expenses have increased by 5.4% 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
TO OFFER OUR MEMBERS QUALITY FINANCIAL SERVICES, COMPETITIVE RATES, AND ENCOURAGE RESPONSIBLE MONEY MANAGEMENT PRACTICES.
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 1,010 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 3,763 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 916 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 3,736 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Murphy President | Officer | 40 | $103,467 |
Jerome Litwaitis VP Lending | Officer | 40 | $86,902 |
Brooks Burt Chair | OfficerTrustee | 0.25 | $0 |
Stephanie Helgeson Vice Chair | OfficerTrustee | 0.25 | $0 |
Debra Oleson-Brock Treasurer | OfficerTrustee | 0.25 | $0 |
Steve Kaiser Secretary | OfficerTrustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Enhanced Software Products Inc Core Processor | 12/30/23 | $111,132 |
Fidelity National Info Services Inc Card Processor | 12/30/23 | $109,331 |
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 | $2,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,500 |
| Total Program Service Revenue | $2,022,589 |
| Investment income | $584,747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $8,530 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$187,388 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,430,978 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,888 |
| Grants and other assistance to domestic individuals. | $2,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $190,369 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $462,478 |
| Pension plan accruals and contributions | $30,803 |
| Other employee benefits | $114,534 |
| Payroll taxes | $47,560 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $630 |
| Fees for services: Accounting | $69,633 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,557 |
| Advertising and promotion | $75,260 |
| Office expenses | $169,958 |
| Information technology | $247,206 |
| Royalties | $0 |
| Occupancy | $44,864 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,883 |
| Interest | $214,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $158,021 |
| Insurance | $46,624 |
| All other expenses | $0 |
| Total functional expenses | $2,426,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $900,058 |
| Savings and temporary cash investments | $6,882,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $85,679 |
| Loans from Officers, Directors, or Controlling Persons | $5,687,371 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $45,173,439 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $150,691 |
| Net Land, buildings, and equipment | $2,059,315 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $24,316,836 |
| Intangible assets | $0 |
| Other assets | $920,007 |
| Total assets | $86,176,319 |
| Accounts payable and accrued expenses | $390,516 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $11,666 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $72,426,291 |
| Total liabilities | $81,828,473 |
| 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 | $4,347,846 |
| Total liabilities and net assets/fund balances | $86,176,319 |
Grants Awarded
Over the last fiscal year, Marshfield Medical Center Credit Union has awarded $16,642 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
RONALD MCDONALD HOUSE-MARSHFIELD PURPOSE: GENERAL SUPPORT | $6,000 |
MARSHFIELD CLINIC HEATH SYS FNDTN PURPOSE: GENERAL SUPPORT | $10,642 |