Prospera Credit Union FY2020 filing

Appleton, WIUnknown exempt organizationSince 1934EIN 39-0744917Revenue $14.7M in FY2020

On file with the IRSmyprospera.com4830 N Ballard Rd · Appleton, WI

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A member-owned, not-for-profit, cooperative financial institution.

$1.5M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · 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 $1.3M a year · 7% 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
$1.5M
to officers and key staff · 12% of spending
Looks good: pay to officers and key staff is 12% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
44 mo
of spending, in cash
Looks good: 44.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $21K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$291.5M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$14.7M
Spent
$12.6M
Net assets
$27.2M
By yearFY2020–FY2024
Revenue
$14.7M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$14.7M
FY2021$15.4M
FY2022$16.9M
FY2023$21.7M
FY2024$23.8M
Expenses
$12.6M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$12.6M
FY2021$12.8M
FY2022$15.6M
FY2023$21.7M
FY2024$23.3M
Net assets
$27.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$27.2M
FY2021$30.0M
FY2022$29.9M
FY2023$30.0M
FY2024$31.0M

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

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

19 people listed on the 990; $1.5M paid to officers and key staff.

Part VII, Section A · reportable compensation
$293,195Pt VII · Sec A
VP Investment Services
$201,138Pt VII · Sec A
$181,109Pt VII · Sec A
$150,479Pt VII · Sec A
$143,142Pt VII · Sec A
$140,094Pt VII · Sec A
VP Business Lending
$131,151Pt VII · Sec A
VP of Marketing
$122,198Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Sheila Schinke$501,977————
Sheila M Schinke—$395,645$363,598$303,040$293,195
Jeff Garrett——$314,268$168,878$201,138
John Schemm—$162,395$276,031$145,129$143,142
Michelle McClelland$257,954$214,831$203,666$179,292$181,109
Todd Thiel$241,532$226,842$106,288——
Kari Christoph$208,605$169,114$163,697$146,926$140,094
Kristina Flores$171,622$169,109$151,061$125,969$122,198

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
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Provides financial services through a member-owned cooperative.

Provided by the organization

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1 program · in their own filed words · FY2020
01

The organization operates as a financial cooperative serving and owned by its 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 · received and paid
Grants received · FY2023
Total grants receivedfrom 1 funder$21K
Grants paid · 2 grants · $50K · 2021–2023

By the numbers

The FY2020 990, line by line.

1The main four
Money inPt VIII
$14.7M
Ln 12
Fees for servicesLn 2g$14.1M
Investment incomeLn 3$610K
Other incomeLn 4–11$2K
Money outPt IX
$12.6M
Ln 25
Owns and owesPt X
$27.2M
net assets · Ln 32
Cash and savingsLn 1–2$46.3M
Total assetsLn 16$318.8M
LiabilitiesLn 26$291.5M
PeoplePt VI, VII
19
listed · VII A
PaidVII A9
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$14.1M
Investment incomeLn 3$610K
Other incomeLn 4–11$2K
Gains on assetsLn 7$8K
Total revenueLn 12$14.7M
Assets in detailPt X, end of year
CashLn 1$2.3M
SavingsLn 2$44.0M
Cash and savings togetherLn 1–2$46.3M
InvestmentsLn 11–13$15.2M
Land, buildings, equipmentLn 10c$7.2M
Other assetsLn 15$4.5M
Total assetsLn 16$318.8M
LiabilitiesLn 26$291.5M
Net assetsLn 32$27.2M
OperationsPt I, VI
EmployeesI 5109
VolunteersI 60
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 FY20End FY20
Cash and savingsLn 1–2$40.3M$46.3M
InvestmentsLn 11–13$7.1M$15.2M
Land, buildings, equipmentLn 10c$5.9M$7.2M
Total assetsLn 16$289.9M$318.8M
LiabilitiesLn 26$265.1M$291.5M
Net assetsLn 32$24.9M$27.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$15K
Pay of current officers, directors and key staffLn 5$1.5M
Other salaries and wagesLn 7$3.0M
Pension plan contributionsLn 8$283K
Other employee benefitsLn 9$708K
Payroll taxesLn 10$321K
Management feesLn 11a$73K
Legal feesLn 11b$60K
Accounting feesLn 11c$76K
Advertising and promotionLn 12$603K
Office expensesLn 13$566K
Information technologyLn 14$294K
OccupancyLn 16$342K
TravelLn 17$11K
Conferences, conventions and meetingsLn 19$2K
Payments to affiliatesLn 21$46K
Depreciation, depletion and amortizationLn 22$365K
InsuranceLn 23$44K
Other expenses (24a–d)Ln 24$4.2M
All other expensesLn 24e$169K
Total functional expensesLn 25$12.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $23.8M$23.3M$552K$31.0M 990 PDF
FY2023 $21.7M$21.7M$56K$30.0M 990 PDF
FY2022 $16.9M$15.6M$1.3M$29.9M 990 PDF
FY2021 $15.4M$12.8M$2.6M$30.0M 990 PDF
FY2020 Viewing $14.7M$12.6M$2.1M$27.2M 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 FY2020 990 (6 parts)
Part I · Summary $14,692,525 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $13,969,128$14,079,627
I-10 Investment incomePrior year $732,284$610,398
I-11 Other revenuePrior year $77,271$2,500
I-12 Total revenuePrior year $14,778,683$14,692,525
I-13 Grants and similar amounts paidPrior year $18,350$14,600
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,367,759$5,731,564
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $6,906,529$6,830,118
I-18 Total expensesPrior year $12,292,638$12,576,282
I-19 Revenue less expensesPrior year $2,486,045$2,116,243
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $14,692,525 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,054,085 · Unrelated business $25,542$14,079,627
VIII-3 Investment incomeRelated to mission $57,012 · Excluded from tax $544,908$601,920
VIII-6 Net rental income or lossRelated to mission $570 · Unrelated business $1,930$2,500
VIII-7 Net gain or loss on sales of assetsRelated to mission $8,478$8,478
VIII-12 Total revenueRelated to mission $14,120,145 · Unrelated business $27,472 · Excluded from tax $544,908$14,692,525
Part IX · Statement of functional expenses $12,576,282 across 20 lines filed
IX-1 Grants to domestic organizations$14,600
IX-5 Pay of current officers, directors and key staff$1,466,094
IX-7 Other salaries and wages$2,952,904
IX-8 Pension plan contributions$283,152
IX-9 Other employee benefits$708,019
IX-10 Payroll taxes$321,395
IX-11a Management fees$72,508
IX-11b Legal fees$60,258
IX-11c Accounting fees$76,429
IX-12 Advertising and promotion$603,464
IX-13 Office expenses$565,512
IX-14 Information technology$293,863
IX-16 Occupancy$342,313
IX-17 Travel$11,042
IX-19 Conferences, conventions and meetings$2,004
IX-21 Payments to affiliates$46,427
IX-22 Depreciation, depletion and amortization$364,668
IX-23 Insurance$43,558
IX-24 Other expenses (24a–d)$4,179,453
IX-24e All other expenses$168,619
IX-25 Total functional expenses$12,576,282
Part X · Balance sheet $318,761,533 assets, 16 lines filed
Asset lines not itemized here account for $244,252,138; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,741,341$2,291,165
X-2 Savings and temporary cash investmentsStart of year $33,574,006$44,048,624
X-4 Accounts receivableStart of year $306,200$774,581
X-9 Prepaid expenses and deferred chargesStart of year $258,994$382,902
X-10c Land, buildings and equipment, netStart of year $5,896,209$7,224,432
X-11 Publicly traded securities$7,114,204
X-12 Other securitiesStart of year $6,457,938$7,000,155
X-13 Program-related investmentsStart of year $653,811$1,101,513
X-14 Intangible assetsStart of year $105,881$76,605
X-15 Other assetsStart of year $3,877,870$4,495,214
X-16 Total assetsStart of year $289,938,479$318,761,533
X-17 Accounts payable and accrued expensesStart of year $1,658,612$2,125,872
X-25 Other liabilitiesStart of year $263,413,529$289,420,849
X-26 Total liabilitiesStart of year $265,072,141$291,546,721
X-32 Total net assets or fund balancesStart of year $24,866,338$27,214,812
X-33 Total liabilities and net assetsStart of year $289,938,479$318,761,533
Part XI · Reconciliation of net assets $27,214,812 net assets at year end
XI-1 Total revenue$14,692,525
XI-2 Total expenses$12,576,282
XI-3 Revenue less expenses$2,116,243
XI-4 Net assets at start of year$24,866,338
XI-5 Net unrealized gains (losses) on investments$232,231
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$27,214,812

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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