Wea Credit Union FY2022 filing

Madison, WIUnknown exempt organizationEIN 39-0716620

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Wea Credit Union was created and sponsored by weac for two reasons. 1. To provide a confidential service from which members of weac can borrow money at substantially lower rates of interst than is possible from small loan companies or local lending agencies. 2. To furnish the opportunity for investment by members who desire to put their money in a safe and helpful business program.

$136K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $215K a year · 15% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$136K
to officers and key staff · 14% of spending
Looks good: pay to officers and key staff is 14% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
78 mo
of spending, in cash
Looks good: 78.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $15K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$34.0M
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 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
$1.1M
+12% vs prior year
Spent
$999K
To programs
0%
Net assets
$3.8M
By yearFY2020–FY2025
Revenue
$1.1M
FY2022▲ +12%
Revenue by fiscal year
FY2020$1.1M
FY2021$1.0M
FY2022$1.1M
FY2023$1.5M
FY2024$1.9M
FY2025$2.2M
Expenses
$999K
FY2022-0.1%
Expenses by fiscal year
FY2020$1.0M
FY2021$1.0M
FY2022$999K
FY2023$1.2M
FY2024$1.5M
FY2025$1.7M
Net assets
$3.8M
FY2022▲ +3%
Net assets by fiscal year
FY2020$3.7M
FY2021$3.7M
FY2022$3.8M
FY2023$4.1M
FY2024$4.4M
FY2025$4.9M

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

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

Who runs it and what they're paid

12 people listed on the 990; $136K paid to officers and key staff.

Part VII, Section A · reportable compensation
$88,161Pt VII · Sec A
Operations M
$32,457Pt VII · Sec A
$15,398Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Cassandra Thom$96,151$95,619$83,453$15,398——
Mark a Schrimpf——$27,771$88,161$86,286$87,209
Jodie Nowakowski———$32,457$41,178$43,750

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

Lends money at low rates and offers safe investment opportunities for members.

Provided by the organization

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2 program services, described in the organization's own filed words · FY2022.
01

The credit union has several types of loan programs available for our members. We funded 1,300 new loans during 2022. As of 12/31/22 we had 1,923 outstanding loans receivable.

Pt IX · col B
02

The credit union has various types of deposit accounts available for our members. We opened 180 new deposit accounts in 2022. As of 12/31/22 we had 2,741 members.

Pt IX · col B

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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 · FY2024
Total grants receivedfrom 1 funder$15K

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$1.1M
Ln 12
Fees for servicesLn 2g$890K
Investment incomeLn 3$230K
Other incomeLn 4–11$3K
Money outPt IX
$999K
Ln 25
Owns and owesPt X
$3.8M
net assets · Ln 32
Cash and savingsLn 1–2$6.5M
Total assetsLn 16$37.8M
LiabilitiesLn 26$34.0M
PeoplePt VI, VII
12
listed · VII A
PaidVII A3
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$890K
Investment incomeLn 3$230K
Other incomeLn 4–11$3K
Gains on assetsLn 7$2K
Total revenueLn 12$1.1M
Assets in detailPt X, end of year
CashLn 1$175K
SavingsLn 2$6.4M
Cash and savings togetherLn 1–2$6.5M
InvestmentsLn 11–13$11.3M
Land, buildings, equipmentLn 10c$26K
Other assetsLn 15$387K
Total assetsLn 16$37.8M
LiabilitiesLn 26$34.0M
Net assetsLn 32$3.8M
OperationsPt I, VI
EmployeesI 57
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$8.2M$6.5M
InvestmentsLn 11–13$9.5M$11.3M
Land, buildings, equipmentLn 10c$38K$26K
Total assetsLn 16$36.5M$37.8M
LiabilitiesLn 26$32.8M$34.0M
Net assetsLn 32$3.7M$3.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$1K
Pay of current officers, directors and key staffLn 5$136K
Other salaries and wagesLn 7$119K
Pension plan contributionsLn 8$25K
Other employee benefitsLn 9$80K
Payroll taxesLn 10$19K
Accounting feesLn 11c$9K
Other fees for servicesLn 11g$2K
Advertising and promotionLn 12$67K
Office expensesLn 13$300K
Information technologyLn 14$84K
OccupancyLn 16$33K
TravelLn 17$291
Conferences, conventions and meetingsLn 19$5K
Depreciation, depletion and amortizationLn 22$12K
InsuranceLn 23$26K
Other expenses (24a–d)Ln 24$80K
Total functional expensesLn 25$999K$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.2M$1.7M$438K$4.9M 990 PDF
FY2024 $1.9M$1.5M$347K$4.4M 990 PDF
FY2023 $1.5M$1.2M$295K$4.1M 990 PDF
FY2022 Viewing $1.1M$999K$124K$3.8M 990 PDF
FY2021 $1.0M$1.0M$2K$3.7M 990 PDF
FY2020 $1.1M$1.0M$82K$3.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (4 parts)
Part VIII · Statement of revenue $1,122,821 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $889,410 · Unrelated business $386$889,796
VIII-3 Investment incomeExcluded from tax $227,939$227,939
VIII-5 RoyaltiesExcluded from tax $2,586$2,586
VIII-7 Net gain or loss on sales of assetsRelated to mission $2,500$2,500
VIII-12 Total revenueRelated to mission $891,910 · Unrelated business $386 · Excluded from tax $230,525$1,122,821
Part IX · Statement of functional expenses $998,924 across 17 lines filed
IX-1 Grants to domestic organizations$1,000
IX-5 Pay of current officers, directors and key staff$136,016
IX-7 Other salaries and wages$118,768
IX-8 Pension plan contributions$25,370
IX-9 Other employee benefits$80,310
IX-10 Payroll taxes$19,373
IX-11c Accounting fees$9,120
IX-11g Other fees for services$2,126
IX-12 Advertising and promotion$67,205
IX-13 Office expenses$300,074
IX-14 Information technology$83,782
IX-16 Occupancy$32,784
IX-17 Travel$291
IX-19 Conferences, conventions and meetings$4,922
IX-22 Depreciation, depletion and amortization$11,874
IX-23 Insurance$25,894
IX-24 Other expenses (24a–d)$80,015
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$998,924
Part X · Balance sheet $37,823,482 assets, 12 lines filed
Asset lines not itemized here account for $19,533,920; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $107,655$175,185
X-2 Savings and temporary cash investmentsStart of year $8,106,903$6,354,885
X-9 Prepaid expenses and deferred chargesStart of year $67,510$89,964
X-10c Land, buildings and equipment, netStart of year $38,026$26,152
X-13 Program-related investmentsStart of year $9,509,217$11,256,108
X-15 Other assetsStart of year $327,048$387,268
X-16 Total assetsStart of year $36,531,138$37,823,482
X-17 Accounts payable and accrued expensesStart of year $120,015$444,153
X-25 Other liabilitiesStart of year $32,648,636$33,476,103
X-26 Total liabilitiesStart of year $32,811,203$33,979,650
X-32 Total net assets or fund balancesStart of year $3,719,935$3,843,832
X-33 Total liabilities and net assetsStart of year $36,531,138$37,823,482
Part XI · Reconciliation of net assets $3,843,832 net assets at year end
XI-1 Total revenue$1,122,821
XI-2 Total expenses$998,924
XI-3 Revenue less expenses$123,897
XI-4 Net assets at start of year$3,719,935
XI-10 Net assets at end of year$3,843,832

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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