Wea Credit Union FY2023 filing

Madison, WIUnknown exempt organizationEIN 39-0716620Revenue $1.5M in FY2023

On file with the IRSweacu.comPo Box 8003 · Madison, WI

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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.

$111K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2023 · 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
$111K
to officers and key staff · 9% of spending
Looks good: pay to officers and key staff is 9% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
101 mo
of spending, in cash
Looks good: 100.6 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
$33.9M
89% of total assets
Concern: liabilities are 89% 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
$1.5M
+34% vs prior year
Spent
$1.2M
To programs
0%
Net assets
$4.1M
By yearFY2020–FY2025
Revenue
$1.5M
FY2023▲ +34%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.1M
FY2021$1.0M
FY2022$1.1M
FY2023$1.5M
FY2024$1.9M
FY2025$2.2M
Expenses
$1.2M
FY2023▲ +21%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.0M
FY2021$1.0M
FY2022$999K
FY2023$1.2M
FY2024$1.5M
FY2025$1.7M
Net assets
$4.1M
FY2023▲ +7%
Tap a bar for its year
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 FY2023 Form 990 · see the original

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You’re viewing the FY2023 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

10 people listed on the 990; $111K paid to officers and key staff.

Part VII, Section A · reportable compensation
$83,453Pt VII · Sec A
CEO (partial
$27,771Pt 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
$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.

See Wea 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

Programs and updates

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

Provided by the organization

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2 programs · in their own filed words · FY2023
01

The credit union has several types of loan programs available for our members. We funded 1,333 new loans during 2023. As of 12/31/23 we had 1,975 outstanding loans receivable.

Pt IX · col B
02

The credit union has various types of deposit accounts available for our members. We opened 185 new deposit accounts in 2023. As of 12/31/23 we had 2,713 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 · FY2024
Total grants receivedfrom 1 funder$15K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$1.5M
Ln 12
Fees for servicesLn 2g$1.0M
Investment incomeLn 3$460K
Other incomeLn 4–11$3K
Money outPt IX
$1.2M
Ln 25
Owns and owesPt X
$4.1M
net assets · Ln 32
Cash and savingsLn 1–2$10.1M
Total assetsLn 16$38.0M
LiabilitiesLn 26$33.9M
PeoplePt VI, VII
10
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.0M
Investment incomeLn 3$460K
Other incomeLn 4–11$3K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$227K
SavingsLn 2$9.9M
Cash and savings togetherLn 1–2$10.1M
InvestmentsLn 11–13$7.6M
Land, buildings, equipmentLn 10c$22K
Other assetsLn 15$286K
Total assetsLn 16$38.0M
LiabilitiesLn 26$33.9M
Net assetsLn 32$4.1M
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 FY23End FY23
Cash and savingsLn 1–2$6.5M$10.1M
InvestmentsLn 11–13$11.3M$7.6M
Land, buildings, equipmentLn 10c$26K$22K
Total assetsLn 16$37.8M$38.0M
LiabilitiesLn 26$34.0M$33.9M
Net assetsLn 32$3.8M$4.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$250
Pay of current officers, directors and key staffLn 5$111K
Other salaries and wagesLn 7$169K
Pension plan contributionsLn 8$24K
Other employee benefitsLn 9$90K
Payroll taxesLn 10$22K
Accounting feesLn 11c$6K
Other fees for servicesLn 11g$2K
Advertising and promotionLn 12$77K
Office expensesLn 13$291K
Information technologyLn 14$110K
OccupancyLn 16$32K
TravelLn 17$1K
Conferences, conventions and meetingsLn 19$6K
InterestLn 20$16
Depreciation, depletion and amortizationLn 22$13K
InsuranceLn 23$26K
Other expenses (24a–d)Ln 24$226K
Total functional expensesLn 25$1.2M$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 Viewing $1.5M$1.2M$295K$4.1M 990 PDF
FY2022 $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 FY2023 990 (6 parts)
Part I · Summary $1,501,987 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $889,796$1,039,325
I-10 Investment incomePrior year $230,439$460,115
I-11 Other revenuePrior year $2,586$2,547
I-12 Total revenuePrior year $1,122,821$1,501,987
I-13 Grants and similar amounts paidPrior year $1,000$250
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $379,837$416,307
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $618,087$790,422
I-18 Total expensesPrior year $998,924$1,206,979
I-19 Revenue less expensesPrior year $123,897$295,008
Part VI · Governance 7 of 7 board members independent, 1 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,501,987 across 4 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,038,627 · Unrelated business $698$1,039,325
VIII-3 Investment incomeExcluded from tax $460,115$460,115
VIII-5 RoyaltiesExcluded from tax $2,547$2,547
VIII-12 Total revenueRelated to mission $1,038,627 · Unrelated business $698 · Excluded from tax $462,662$1,501,987
Part IX · Statement of functional expenses $1,206,979 across 18 lines filed
IX-1 Grants to domestic organizations$250
IX-5 Pay of current officers, directors and key staff$111,224
IX-7 Other salaries and wages$169,331
IX-8 Pension plan contributions$23,584
IX-9 Other employee benefits$90,453
IX-10 Payroll taxes$21,715
IX-11c Accounting fees$6,068
IX-11g Other fees for services$2,126
IX-12 Advertising and promotion$77,013
IX-13 Office expenses$291,069
IX-14 Information technology$110,229
IX-16 Occupancy$31,868
IX-17 Travel$1,437
IX-19 Conferences, conventions and meetings$5,950
IX-20 Interest$16
IX-22 Depreciation, depletion and amortization$12,517
IX-23 Insurance$25,758
IX-24 Other expenses (24a–d)$226,371
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,206,979
Part X · Balance sheet $37,997,463 assets, 12 lines filed
Asset lines not itemized here account for $19,884,129; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $175,185$227,486
X-2 Savings and temporary cash investmentsStart of year $6,354,885$9,889,302
X-9 Prepaid expenses and deferred chargesStart of year $89,964$52,242
X-10c Land, buildings and equipment, netStart of year $26,152$21,504
X-13 Program-related investmentsStart of year $11,256,108$7,636,666
X-15 Other assetsStart of year $387,268$286,134
X-16 Total assetsStart of year $37,823,482$37,997,463
X-17 Accounts payable and accrued expensesStart of year $444,153$221,766
X-25 Other liabilitiesStart of year $33,476,103$33,652,657
X-26 Total liabilitiesStart of year $33,979,650$33,903,412
X-32 Total net assets or fund balancesStart of year $3,843,832$4,094,051
X-33 Total liabilities and net assetsStart of year $37,823,482$37,997,463
Part XI · Reconciliation of net assets $4,094,051 net assets at year end
XI-1 Total revenue$1,501,987
XI-2 Total expenses$1,206,979
XI-3 Revenue less expenses$295,008
XI-4 Net assets at start of year$3,843,832
XI-9 Other changes in net assets−$44,789
XI-10 Net assets at end of year$4,094,051

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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