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Verve Credit Union

Oshkosh, WIUnknown exempt organizationSince 1937EIN 39-0711674Revenue $81.4M in FY2024

On file with the IRSverveacu.com2900 Universal Street · Oshkosh, WI

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A nonprofit member-owned thrift institution organized to provide financial services to individuals. Operations are primarily related to holding deposit for and making loans to members.

Run by 13 volunteers and 397 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
4 of 5
filings with a surplus
Average surplus $4.7M a year · 7% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.1M
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
13 mo
of spending, in cash
Plus $207.4M in investments, Pt X · Ln 11–13
Looks good: 12.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $20K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.4B
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$81.4M
+16% vs prior year
Spent
$80.6M
Net assets
$104.2M
By yearFY2020–FY2024
Revenue
$81.4M
FY2024▲ +16%
Tap a bar for its year
Revenue by fiscal year
FY2020$64.0M
FY2021$59.9M
FY2022$63.5M
FY2023$70.1M
FY2024$81.4M
Expenses
$80.6M
FY2024▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$55.1M
FY2021$51.2M
FY2022$57.2M
FY2023$71.5M
FY2024$80.6M
Net assets
$104.2M
FY2024▲ +1%
Tap a bar for its year
Net assets by fiscal year
FY2020$136.2M
FY2021$136.7M
FY2022$101.0M
FY2023$102.8M
FY2024$104.2M

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

21 people listed on the 990; $3.1M paid to officers and key staff.

Part VII, Section A · reportable compensation
Kevin Ralofsky
President/CEO
$678,466Pt VII · Sec A
Chris Butler
Regional President - Part Year
$343,593Pt VII · Sec A
$322,255Pt VII · Sec A
John Hill
VP of Business Lending
$266,616Pt VII · Sec A
Kenneth Buksnes
Chief Credit Officer
$249,608Pt VII · Sec A
Mitch Kime
Chieif Growth Officer
$219,947Pt VII · Sec A
Rema Momberg
VP of Human Resources
$196,536Pt VII · Sec A
Robert Ketter
VP of Technology
$185,962Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Kevin Ralofsky$678,466$582,871$847,443$783,548$692,074
Todd Grayson————$534,597
Scott Willmott——$378,165$367,361$317,323
Karrie Drobnick—$348,763$370,394$342,646$298,508
Chris Butler$343,593$254,104$270,037$276,691$252,028
Glen Stiteley$322,255$262,102———
John Hill$266,616$268,567$320,965$310,278$259,089
Lawrence Mrockowski———$309,629$248,500

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.

See Verve Credit Union executive salaries →

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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
  • Loans to or from officersSch L · Pt II6 listed

Programs and updates

Provides financial services, holding deposits and making loans for its members.

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Provided by the organization

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1 program · in their own filed words · FY2024
01

Holding deposits for and making loans to members.

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 · funders on record
Grants received · FY2023
Wisconsin Credit Union Foundation INCFY2023$20K
Total grants receivedfrom 1 funder$20K

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$81.4M
Ln 12
Fees for servicesLn 2g$72.6M
Investment incomeLn 3$8.8M
Other incomeLn 4–11$60K
Money outPt IX
$80.6M
Ln 25
Owns and owesPt X
$104.2M
net assets · Ln 32
Cash and savingsLn 1–2$86.7M
Total assetsLn 16$1.5B
LiabilitiesLn 26$1.4B
PeoplePt VI, VII
21
listed · VII A
PaidVII A12
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$72.6M
Investment incomeLn 3$8.8M
Other incomeLn 4–11$60K
Gains on assetsLn 7$312K
Total revenueLn 12$81.4M
Assets in detailPt X, end of year
CashLn 1$10.8M
SavingsLn 2$75.9M
Cash and savings togetherLn 1–2$86.7M
InvestmentsLn 11–13$207.4M
Land, buildings, equipmentLn 10c$32.1M
Other assetsLn 15$19.9M
Total assetsLn 16$1.5B
LiabilitiesLn 26$1.4B
Net assetsLn 32$104.2M
OperationsPt I, VI
EmployeesI 5397
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$105.0M$86.7M
InvestmentsLn 11–13$228.3M$207.4M
Land, buildings, equipmentLn 10c$34.8M$32.1M
Total assetsLn 16$1.48B$1.54B
LiabilitiesLn 26$1.38B$1.43B
Net assetsLn 32$102.8M$104.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$3.6M
Other salaries and wagesLn 7$15.1M
Pension plan contributionsLn 8$531K
Other employee benefitsLn 9$2.4M
Payroll taxesLn 10$1.3M
Management feesLn 11a$24K
Legal feesLn 11b$2.4M
Accounting feesLn 11c$333K
Advertising and promotionLn 12$1.7M
Office expensesLn 13$5.5M
Information technologyLn 14$2.4M
OccupancyLn 16$3.1M
TravelLn 17$224K
InterestLn 20$5.4M
Depreciation, depletion and amortizationLn 22$3.0M
Other expenses (24a–d)Ln 24$33.6M
Total functional expensesLn 25$80.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $81.4M$80.6M$810K$104.2M 990 PDF
FY2023 $70.1M$71.5M−$1.4M$102.8M 990 PDF
FY2022 $63.5M$57.2M$6.3M$101.0M 990 PDF
FY2021 $59.9M$51.2M$8.7M$136.7M 990 PDF
FY2020 $64.0M$55.1M$8.9M$136.2M 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 $81,444,360 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $61,727,742$72,573,364
I-10 Investment incomePrior year $8,357,378$8,810,685
I-11 Other revenuePrior year $51,043$60,311
I-12 Total revenuePrior year $70,136,163$81,444,360
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 $21,932,287$22,953,549
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $49,571,255$57,680,721
I-18 Total expensesPrior year $71,503,542$80,634,270
I-19 Revenue less expensesPrior year −$1,367,379$810,090
Part VI · Governance 8 of 8 board members independent, no flags
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
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 $81,444,360 across 5 lines filed
Lines not itemized here account for $662,343 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $71,619,261 · Unrelated business $291,760$71,911,021
VIII-3 Investment incomeExcluded from tax $8,498,943$8,498,943
VIII-6 Net rental income or lossRelated to mission $60,311$60,311
VIII-7 Net gain or loss on sales of assetsExcluded from tax $311,742$311,742
VIII-12 Total revenueRelated to mission $72,341,915 · Unrelated business $291,760 · Excluded from tax $8,810,685$81,444,360
Part IX · Statement of functional expenses $80,634,270 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$3,561,683
IX-7 Other salaries and wages$15,111,633
IX-8 Pension plan contributions$531,429
IX-9 Other employee benefits$2,442,132
IX-10 Payroll taxes$1,306,672
IX-11a Management fees$24,000
IX-11b Legal fees$2,389,973
IX-11c Accounting fees$332,890
IX-12 Advertising and promotion$1,745,247
IX-13 Office expenses$5,501,436
IX-14 Information technology$2,422,359
IX-16 Occupancy$3,084,501
IX-17 Travel$224,180
IX-20 Interest$5,391,098
IX-22 Depreciation, depletion and amortization$2,977,837
IX-24 Other expenses (24a–d)$33,587,200
IX-25 Total functional expenses$80,634,270
Part X · Balance sheet $1,536,325,468 assets, 16 lines filed
Asset lines not itemized here account for $1,161,923,763; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $9,619,446$10,779,467
X-2 Savings and temporary cash investmentsStart of year $95,415,381$75,944,103
X-4 Accounts receivableStart of year $3,333,064$5,272,439
X-9 Prepaid expenses and deferred chargesStart of year $1,447,620$2,902,902
X-10c Land, buildings and equipment, netStart of year $34,849,884$32,064,689
X-11 Publicly traded securitiesStart of year $216,593,746$195,311,155
X-12 Other securitiesStart of year $290,510$369,197
X-13 Program-related investmentsStart of year $11,448,284$11,725,185
X-14 Intangible assetsStart of year $20,912,970$20,131,396
X-15 Other assetsStart of year $25,165,039$19,901,172
X-16 Total assetsStart of year $1,478,626,183$1,536,325,468
X-17 Accounts payable and accrued expensesStart of year $17,563,799$12,265,701
X-25 Other liabilitiesStart of year $1,269,391,022$1,299,282,864
X-26 Total liabilitiesStart of year $1,375,847,199$1,432,095,322
X-32 Total net assets or fund balancesStart of year $102,778,984$104,230,146
X-33 Total liabilities and net assetsStart of year $1,478,626,183$1,536,325,468
Part XI · Reconciliation of net assets $104,230,146 net assets at year end
XI-1 Total revenue$81,444,360
XI-2 Total expenses$80,634,270
XI-3 Revenue less expenses$810,090
XI-4 Net assets at start of year$102,778,984
XI-5 Net unrealized gains (losses) on investments$641,072
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$104,230,146

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

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