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Educators Credit Union

Mt Pleasant, WIUnknown exempt organizationSince 1937 EIN 39-0555293Revenue $231.7M in FY2024

On file with the IRSecu.com1326 Willow Road · Mt Pleasant, WI

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Passionately help people by educating and advising to earn their loyalty.

Run by 13 volunteers and 729 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 $37.7M a year · 21% 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
$4.0M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
19 mo
of spending, in cash
Plus $624.2M in investments, Pt X · Ln 11–13
Looks good: 18.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.0B
89% of total assets
Concern: liabilities are 89% of assets; over 80%.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$231.7M
+5% vs prior year
Spent
$194.5M
Net assets
$365.0M
By yearFY2020–FY2024
Revenue
$231.7M
FY2024▲ +5%
Tap a bar for its year
Revenue by fiscal year
FY2020$146.7M
FY2021$148.4M
FY2022$166.8M
FY2023$221.5M
FY2024$231.7M
Expenses
$194.5M
FY2024▲ +10%
Tap a bar for its year
Expenses by fiscal year
FY2020$108.1M
FY2021$111.9M
FY2022$134.8M
FY2023$177.5M
FY2024$194.5M
Net assets
$365.0M
FY2024▲ +13%
Tap a bar for its year
Net assets by fiscal year
FY2020$322.5M
FY2021$344.4M
FY2022$264.8M
FY2023$323.5M
FY2024$365.0M

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

31 people listed on the 990; $4.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
Linda Hoover
CEO & President
$767,522Pt VII · Sec A
$320,992Pt VII · Sec A
$299,840Pt VII · Sec A
Glenn Brusky
VP Facilities
$253,490Pt VII · Sec A
Shannon Huot
Chief Experience Officer
$227,740Pt VII · Sec A
Rich Chiapete
Corporate Counsel/Chief Risk Officer
$225,014Pt VII · Sec A
Lori Gorkowski
Chief Payment Officer
$193,055Pt VII · Sec A
Ashley Madala
Chief Lending Officer
$192,777Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Linda Hoover$767,522$725,266$662,722$603,167$611,559
James Justman$320,992$293,189$275,905$177,306—
Kurt Johnson—$300,138$284,584$286,434$289,260
Joseph Brazgel$299,840$262,874$248,551$196,037—
Glenn Brusky$253,490$169,996$165,434——
Michael Mikkelson———$244,795$253,427
Shannon Huot$227,740$217,833$206,857$191,497$180,805
Rich Chiapete$225,014$190,637$172,938——

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

Educates and advises people to earn their loyalty and help them succeed.

Questions for Educators Credit Union

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

Educators credit union provides very competitive rates on saving, checking, CDS, iras, and money market accounts with balances over $2.98 billion. Educators the credit union gave back over $5.2 million dollars back to our loyal members through our member loyalty program.

Pt IX · col B
02

We have over 232,000 members and focus on educating them in our branches as well as through community activities. Educators gave back more than $795,000 back to the communities in which we serve. Educators credit union also awarded a total of $70,000 to 35 school students to help offset the cost of higher education.

Pt IX · col B
03

Educators credit union provides business and consumer loans and leases. Current loan portfolio is over $2.35 billion. Educators offers educational seminars to help inform its membership and tools to help make large purchases, such as home and autos.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 72 grants · $1.8M · 2020–2024
Junior Achievement of WisconsinCO · FY2024$65,000
United Way of Racine County INCWI · FY2024$60,690
Racine Zoological SocietyWI · FY2024$50,000
Bobby Portis CharityAR · FY2024$50,000
Milwaukee Public Schools Foundation IncorporatedWI · FY2024$30,000
Housing Resources INCWI · FY2024$15,000
Roc Foundation INCFY2024$14,500
Prohealth Care INCWI · FY2024$13,000
Racine Kenosha Community Action Agency INCWI · FY2024$10,000
Kenosha Human Development Services INCWI · FY2024$10,000
Black Arts Council of Racine INCWI · FY2024$10,000
Racinekenosha Community Action AgencyFY2024$10,000
Franklin Public SchoolsFY2024$7,500
Franklin Public SchoolsFY2024$7,500
Boys and Girls Club of Kenosha INCWI · FY2024$5,050
Junior AchievementCO · FY2023$65,000
United Way of Racine County INCWI · FY2023$63,259
Milwaukee Public Schools Foundation IncorporatedWI · FY2023$30,000
See all 72 grants →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$231.7M
Ln 12
Fees for servicesLn 2g$173.3M
Investment incomeLn 3$56.1M
Other incomeLn 4–11$2.3M
Money outPt IX
$194.5M
Ln 25
Owns and owesPt X
$365.0M
net assets · Ln 32
Cash and savingsLn 1–2$300.9M
Total assetsLn 16$3.4B
LiabilitiesLn 26$3.0B
PeoplePt VI, VII
31
listed · VII A
PaidVII A29
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$173.3M
Investment incomeLn 3$56.1M
Other incomeLn 4–11$2.3M
Gains on assetsLn 7$475K
Total revenueLn 12$231.7M
Assets in detailPt X, end of year
CashLn 1$87.4M
SavingsLn 2$213.4M
Cash and savings togetherLn 1–2$300.9M
InvestmentsLn 11–13$624.2M
Land, buildings, equipmentLn 10c$58.2M
Other assetsLn 15$47.9M
Total assetsLn 16$3.4B
LiabilitiesLn 26$3.0B
Net assetsLn 32$365.0M
OperationsPt I, VI
EmployeesI 5729
VolunteersI 613
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$143.9M$300.9M
InvestmentsLn 11–13$683.9M$624.2M
Land, buildings, equipmentLn 10c$51.3M$58.2M
Total assetsLn 16$3.19B$3.38B
LiabilitiesLn 26$2.87B$3.01B
Net assetsLn 32$323.5M$365.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$795K
Pay of current officers, directors and key staffLn 5$2.8M
Other salaries and wagesLn 7$32.8M
Pension plan contributionsLn 8$3.9M
Other employee benefitsLn 9$4.3M
Payroll taxesLn 10$2.6M
Legal feesLn 11b$68K
Accounting feesLn 11c$271K
Other fees for servicesLn 11g$1.2M
Advertising and promotionLn 12$2.5M
Office expensesLn 13$3.4M
Information technologyLn 14$14.3M
OccupancyLn 16$4.9M
TravelLn 17$117K
Conferences, conventions and meetingsLn 19$1.3M
InterestLn 20$24.8M
Depreciation, depletion and amortizationLn 22$4.8M
InsuranceLn 23$350K
Other expenses (24a–d)Ln 24$84.0M
All other expensesLn 24e$5.2M
Total functional expensesLn 25$194.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $231.7M$194.5M$37.2M$365.0M 990 PDF
FY2023 $221.5M$177.5M$44.0M$323.5M 990 PDF
FY2022 $166.8M$134.8M$32.0M$264.8M 990 PDF
FY2021 $148.4M$111.9M$36.5M$344.4M 990 PDF
FY2020 $146.7M$108.1M$38.6M$322.5M 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 $231,653,165 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $156,559,607$173,300,946
I-10 Investment incomePrior year $61,871,505$56,082,762
I-11 Other revenuePrior year $3,074,715$2,269,457
I-12 Total revenuePrior year $221,505,827$231,653,165
I-13 Grants and similar amounts paidPrior year $744,615$795,015
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $46,164,370$46,418,512
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $130,559,908$147,287,116
I-18 Total expensesPrior year $177,468,893$194,500,643
I-19 Revenue less expensesPrior year $44,036,934$37,152,522
Part VI · Governance 13 of 13 board members independent, no flags
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $231,653,165 across 5 lines filed
Lines not itemized here account for $5,675,305 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $170,053,118$170,053,118
VIII-3 Investment incomeExcluded from tax $55,607,980$55,607,980
VIII-6 Net rental income or lossExcluded from tax −$158,020−$158,020
VIII-7 Net gain or loss on sales of assetsExcluded from tax $474,782$474,782
VIII-12 Total revenueRelated to mission $172,586,584 · Unrelated business $767,435 · Excluded from tax $58,299,146$231,653,165
Part IX · Statement of functional expenses $194,500,643 across 20 lines filed
IX-1 Grants to domestic organizations$795,015
IX-5 Pay of current officers, directors and key staff$2,803,908
IX-7 Other salaries and wages$32,833,685
IX-8 Pension plan contributions$3,872,401
IX-9 Other employee benefits$4,337,829
IX-10 Payroll taxes$2,570,689
IX-11b Legal fees$67,631
IX-11c Accounting fees$270,860
IX-11g Other fees for services$1,207,568
IX-12 Advertising and promotion$2,549,424
IX-13 Office expenses$3,360,850
IX-14 Information technology$14,329,894
IX-16 Occupancy$4,874,595
IX-17 Travel$117,155
IX-19 Conferences, conventions and meetings$1,344,962
IX-20 Interest$24,822,500
IX-22 Depreciation, depletion and amortization$4,816,371
IX-23 Insurance$349,817
IX-24 Other expenses (24a–d)$83,973,372
IX-24e All other expenses$5,202,117
IX-25 Total functional expenses$194,500,643
Part X · Balance sheet $3,376,919,381 assets, 14 lines filed
Asset lines not itemized here account for $2,328,785,988; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $42,247,113$87,435,616
X-2 Savings and temporary cash investmentsStart of year $101,646,585$213,418,770
X-4 Accounts receivableStart of year $10,131,627$10,429,406
X-9 Prepaid expenses and deferred chargesStart of year $6,296,764$6,497,946
X-10c Land, buildings and equipment, netStart of year $51,320,180$58,204,179
X-11 Publicly traded securitiesStart of year $668,747,480$586,112,838
X-12 Other securitiesStart of year $15,145,539$38,120,168
X-15 Other assetsStart of year $73,660,292$47,914,470
X-16 Total assetsStart of year $3,193,764,972$3,376,919,381
X-17 Accounts payable and accrued expensesStart of year $49,019,801$35,074,776
X-25 Other liabilitiesStart of year $2,816,104,417$2,972,970,817
X-26 Total liabilitiesStart of year $2,870,306,411$3,011,945,838
X-32 Total net assets or fund balancesStart of year $323,458,561$364,973,543
X-33 Total liabilities and net assetsStart of year $3,193,764,972$3,376,919,381
Part XI · Reconciliation of net assets $364,973,543 net assets at year end
XI-1 Total revenue$231,653,165
XI-2 Total expenses$194,500,643
XI-3 Revenue less expenses$37,152,522
XI-4 Net assets at start of year$323,458,561
XI-5 Net unrealized gains (losses) on investments$4,362,460
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$364,973,543

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

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