Empower Credit Union
- Assets
- $91.3m
- Revenue
- $4.1m
- Investments
- $12.0m
- Employees
- 24
- Location
- West Allis, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-1909991
Organization Overview
Empower Credit Union is located in West Allis, WI. As of 12/2023, Empower Credit Union employed 24 individuals. Empower 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, Empower Credit Union generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $4.0m during the year ending 12/2023. While expenses have increased by 2.8% 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
PROMOTE THRIFT AND RESPONSIBLE BORROWING AMONG OUR MEMEBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE THRIFT AND RESPONSIBLE BORROWING AMONG OUR MEMEBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Brandt CEO | OfficerTrustee | 50 | $150,123 |
Jared Peccarelli Chair | OfficerTrustee | 1 | $0 |
Brian Heinzelman Vice Chair | OfficerTrustee | 1 | $0 |
Todd Gordon Treasurer | OfficerTrustee | 1 | $0 |
Cydney Key Secretary | OfficerTrustee | 1 | $0 |
Matt Carpenter Board Member | 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 | $3,533,498 |
| Investment income | $482,840 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,600 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,064,738 |
| 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. | $214,756 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $811,294 |
| Pension plan accruals and contributions | $45,386 |
| Other employee benefits | $112,241 |
| Payroll taxes | $80,789 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,839 |
| Fees for services: Accounting | $32,785 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,517 |
| Fees for services: Other | $74,886 |
| Advertising and promotion | $40,766 |
| Office expenses | $168,550 |
| Information technology | $389,541 |
| Royalties | $0 |
| Occupancy | $200,375 |
| Travel | $6,417 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25 |
| Interest | $158,741 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $152,603 |
| Insurance | $27,342 |
| All other expenses | $51,756 |
| Total functional expenses | $3,954,477 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $748,542 |
| Savings and temporary cash investments | $4,131,423 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,014 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $67,781,693 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $168,442 |
| Net Land, buildings, and equipment | $3,585,600 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,990,278 |
| Investments—program-related | $1,342,173 |
| Intangible assets | $0 |
| Other assets | $1,559,129 |
| Total assets | $91,316,294 |
| Accounts payable and accrued expenses | $1,954,395 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $25,700 |
| 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 | $71,173,066 |
| Total liabilities | $73,153,161 |
| 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 | $18,163,133 |
| Total liabilities and net assets/fund balances | $91,316,294 |