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Appletree Credit Union

West Allis, WIUnknown exempt organization EIN 39-0388215Revenue $5.2M in FY2024

On file with the IRSappletree.org11333 West Greenfield Avenue · West Allis, WI

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A cooperative, nonprofit 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.

Run by 7 volunteers and 21 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $908K a year · 23% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$403K
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
143 mo
of spending, in cash
Looks good: 142.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$91.7M
72% of total assets
Worth a look: liabilities are 72% of assets; over 65%.
Pt X · Ln 26
Independent board members
6
of 7 voting members
Looks good: 6 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$5.2M
+24% vs prior year
Spent
$4.2M
Net assets
$35.2M
By yearFY2020–FY2024
Revenue
$5.2M
FY2024▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.8M
FY2021$3.5M
FY2022$3.3M
FY2023$4.2M
FY2024$5.2M
Expenses
$4.2M
FY2024▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.0M
FY2021$2.5M
FY2022$2.5M
FY2023$3.4M
FY2024$4.2M
Net assets
$35.2M
FY2024▲ +3%
Tap a bar for its year
Net assets by fiscal year
FY2020$32.0M
FY2021$33.0M
FY2022$33.8M
FY2023$34.2M
FY2024$35.2M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

9 people listed on the 990; $403K paid to officers and key staff.

Part VII, Section A · reportable compensation
Lisa M Greco
CEO/President & Secretary
$171,757Pt VII · Sec A
Linda Luedtke
Controller
$116,904Pt VII · Sec A
Alison Watson
Executive Vice President
$114,338Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Laura Owens
Vice-Chair
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Lisa M Greco$171,757$181,227$156,666$181,828$186,595
Linda Luedtke$116,904$111,339$104,035$101,622$112,515
Alison Watson$114,338$108,197——$105,174

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Encourages thrift, provides fair credit, and improves members' economic and social conditions.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Provided low cost financial services to 5,625 members.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$5.2M
Ln 12
Fees for servicesLn 2g$3.0M
Investment incomeLn 3$2.2M
Money outPt IX
$4.2M
Ln 25
Owns and owesPt X
$35.2M
net assets · Ln 32
Cash and savingsLn 1–2$49.5M
Total assetsLn 16$127.0M
LiabilitiesLn 26$91.7M
PeoplePt VI, VII
9
listed · VII A
PaidVII A3
Voting boardVI 1a7
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3.0M
Investment incomeLn 3$2.2M
Total revenueLn 12$5.2M
Assets in detailPt X, end of year
CashLn 1$385K
SavingsLn 2$49.1M
Cash and savings togetherLn 1–2$49.5M
Land, buildings, equipmentLn 10c$846K
Other assetsLn 15$1.2M
Total assetsLn 16$127.0M
LiabilitiesLn 26$91.7M
Net assetsLn 32$35.2M
OperationsPt I, VI
EmployeesI 521
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$36.2M$49.5M
Land, buildings, equipmentLn 10c$897K$846K
Total assetsLn 16$125.3M$127.0M
LiabilitiesLn 26$91.1M$91.7M
Net assetsLn 32$34.2M$35.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$403K
Other salaries and wagesLn 7$659K
Pension plan contributionsLn 8$60K
Other employee benefitsLn 9$167K
Payroll taxesLn 10$80K
Accounting feesLn 11c$13K
Other fees for servicesLn 11g$113K
Advertising and promotionLn 12$24K
Office expensesLn 13$60K
Information technologyLn 14$215K
OccupancyLn 16$72K
TravelLn 17$402
Conferences, conventions and meetingsLn 19$8K
Payments to affiliatesLn 21$32K
Depreciation, depletion and amortizationLn 22$40K
InsuranceLn 23$27K
Other expenses (24a–d)Ln 24$2.2M
All other expensesLn 24e$5K
Total functional expensesLn 25$4.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $5.2M$4.2M$1.1M$35.2M 990 PDF
FY2023 $4.2M$3.4M$771K$34.2M 990 PDF
FY2022 $3.3M$2.5M$797K$33.8M 990 PDF
FY2021 $3.5M$2.5M$995K$33.0M 990 PDF
FY2020 $3.8M$3.0M$883K$32.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $5,246,713 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $3,122,876$3,010,941
I-10 Investment incomePrior year $1,092,314$2,235,772
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $4,215,190$5,246,713
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,377,479$1,368,559
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,067,139$2,786,588
I-18 Total expensesPrior year $3,444,618$4,155,147
I-19 Revenue less expensesPrior year $770,572$1,091,566
Part VI · Governance 6 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $5,246,713 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,010,941$3,010,941
VIII-3 Investment incomeExcluded from tax $2,235,772$2,235,772
VIII-12 Total revenueRelated to mission $3,010,941 · Unrelated business $0 · Excluded from tax $2,235,772$5,246,713
Part IX · Statement of functional expenses $4,155,147 across 18 lines filed
IX-5 Pay of current officers, directors and key staff$402,999
IX-7 Other salaries and wages$658,608
IX-8 Pension plan contributions$59,833
IX-9 Other employee benefits$166,664
IX-10 Payroll taxes$80,455
IX-11c Accounting fees$13,066
IX-11g Other fees for services$112,768
IX-12 Advertising and promotion$23,736
IX-13 Office expenses$60,441
IX-14 Information technology$215,234
IX-16 Occupancy$71,634
IX-17 Travel$402
IX-19 Conferences, conventions and meetings$7,876
IX-21 Payments to affiliates$31,634
IX-22 Depreciation, depletion and amortization$39,585
IX-23 Insurance$27,098
IX-24 Other expenses (24a–d)$2,177,879
IX-24e All other expenses$5,235
IX-25 Total functional expenses$4,155,147
Part X · Balance sheet $126,965,590 assets, 10 lines filed
Asset lines not itemized here account for $75,413,800; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $478,235$384,723
X-2 Savings and temporary cash investmentsStart of year $35,746,873$49,113,309
X-10c Land, buildings and equipment, netStart of year $896,806$845,887
X-15 Other assetsStart of year $1,635,829$1,207,871
X-16 Total assetsStart of year $125,297,203$126,965,590
X-17 Accounts payable and accrued expensesStart of year $748,278$736,375
X-25 Other liabilitiesStart of year $90,397,309$90,986,033
X-26 Total liabilitiesStart of year $91,145,587$91,722,408
X-32 Total net assets or fund balancesStart of year $34,151,616$35,243,182
X-33 Total liabilities and net assetsStart of year $125,297,203$126,965,590
Part XI · Reconciliation of net assets $35,243,182 net assets at year end
XI-1 Total revenue$5,246,713
XI-2 Total expenses$4,155,147
XI-3 Revenue less expenses$1,091,566
XI-4 Net assets at start of year$34,151,616
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$35,243,182

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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