Simplicity Credit Union

Marshfield, WIUnknown exempt organizationSince 1949 EIN 39-0860994Revenue $32.5M in FY2024

On file with the IRSsimplicity.coop222 E Upham Avenue · Marshfield, WI

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

Run by 9 volunteers and 126 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 $2.4M a year · 11% 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
$1.6M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
6 mo
of spending, in cash
Plus $47.1M in investments, Pt X · Ln 11–13
Looks good: 5.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$454.3M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$32.5M
+24% vs prior year
Spent
$29.7M
Net assets
$45.9M
By yearFY2020–FY2024
Revenue
$32.5M
FY2024▲ +24%
Tap a bar for its year
Revenue by fiscal year
FY2020$16.5M
FY2021$17.6M
FY2022$19.7M
FY2023$26.3M
FY2024$32.5M
Expenses
$29.7M
FY2024▲ +30%
Tap a bar for its year
Expenses by fiscal year
FY2020$14.5M
FY2021$15.7M
FY2022$17.7M
FY2023$22.9M
FY2024$29.7M
Net assets
$45.9M
FY2024▲ +8%
Tap a bar for its year
Net assets by fiscal year
FY2020$33.7M
FY2021$38.8M
FY2022$38.6M
FY2023$42.4M
FY2024$45.9M

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

14 people listed on the 990; $1.6M paid to officers and key staff.

Part VII, Section A · reportable compensation
Financial Advisor
$497,813Pt VII · Sec A
President/CEO
$285,565Pt VII · Sec A
Cheif Financial Officer
$177,647Pt VII · Sec A
Chief Strategic Officer
$176,049Pt VII · Sec A
VP of Information Technolo
$136,664Pt VII · Sec A
Chief Revenue Officer
$131,345Pt VII · Sec A
Chief Experience Officer
$115,521Pt VII · Sec A
VP of Business Lending
$108,391Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Jason Buchinger$497,813$179,457$303,941$286,385$175,958
Patricia Wesenberg————$349,790
Nicholas Faber$285,565$319,889$304,370$244,740$132,148
James Nowak$177,647$189,320$117,586——
Kelly Korth$176,049$187,877$179,515$166,661$137,989
Alan Bergstrom————$170,797
Richard Szabo$136,664$147,354$136,921$119,662—
Jen Stanton$131,345$112,952$109,950$108,497$100,080

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

Offers 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 · this organization's grantmaking
Grants paid · 1 grant · $13K · 2020–2020
Unitemized GrantFY2020$13,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$32.5M
Ln 12
Fees for servicesLn 2g$28.2M
Investment incomeLn 3$4.2M
Other incomeLn 4–11$157K
Money outPt IX
$29.7M
Ln 25
Owns and owesPt X
$45.9M
net assets · Ln 32
Cash and savingsLn 1–2$14.5M
Total assetsLn 16$500.1M
LiabilitiesLn 26$454.3M
PeoplePt VI, VII
14
listed · VII A
PaidVII A14
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$28.2M
Investment incomeLn 3$4.2M
Other incomeLn 4–11$157K
Gains on assetsLn 7−$274K
Total revenueLn 12$32.5M
Assets in detailPt X, end of year
CashLn 1$2.9M
SavingsLn 2$11.5M
Cash and savings togetherLn 1–2$14.5M
InvestmentsLn 11–13$47.1M
Land, buildings, equipmentLn 10c$9.4M
Other assetsLn 15$5.4M
Total assetsLn 16$500.1M
LiabilitiesLn 26$454.3M
Net assetsLn 32$45.9M
OperationsPt I, VI
EmployeesI 5126
VolunteersI 69
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$18.8M$14.5M
InvestmentsLn 11–13$50.3M$47.1M
Land, buildings, equipmentLn 10c$10.0M$9.4M
Total assetsLn 16$461.1M$500.1M
LiabilitiesLn 26$418.8M$454.3M
Net assetsLn 32$42.4M$45.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$7K
Pay of current officers, directors and key staffLn 5$644K
Other salaries and wagesLn 7$6.5M
Pension plan contributionsLn 8$467K
Other employee benefitsLn 9$2.2M
Payroll taxesLn 10$513K
Management feesLn 11a$138K
Legal feesLn 11b$26
Accounting feesLn 11c$117K
Other fees for servicesLn 11g$636K
Advertising and promotionLn 12$483K
Office expensesLn 13$2.5M
Information technologyLn 14$580K
OccupancyLn 16$387K
TravelLn 17$39K
Conferences, conventions and meetingsLn 19$184K
InterestLn 20$3.2M
Depreciation, depletion and amortizationLn 22$680K
InsuranceLn 23$100K
Other expenses (24a–d)Ln 24$9.6M
All other expensesLn 24e$748K
Total functional expensesLn 25$29.7M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $32.5M$29.7M$2.8M$45.9M 990 PDF
FY2023 $26.3M$22.9M$3.4M$42.4M 990 PDF
FY2022 $19.7M$17.7M$2.0M$38.6M 990 PDF
FY2021 $17.6M$15.7M$1.9M$38.8M 990 PDF
FY2020 $16.5M$14.5M$2.0M$33.7M 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 $32,520,313 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $21,749,887$28,151,823
I-10 Investment incomePrior year $4,449,314$4,211,757
I-11 Other revenuePrior year $122,451$156,733
I-12 Total revenuePrior year $26,321,652$32,520,313
I-13 Grants and similar amounts paidPrior year $6,000$7,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $8,841,376$10,344,407
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $14,068,859$19,382,341
I-18 Total expensesPrior year $22,916,235$29,733,748
I-19 Revenue less expensesPrior year $3,405,417$2,786,565
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
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 $32,520,313 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $28,145,310 · Unrelated business $6,513$28,151,823
VIII-3 Investment incomeExcluded from tax $4,485,751$4,485,751
VIII-6 Net rental income or lossRelated to mission $6,517$6,517
VIII-7 Net gain or loss on sales of assetsRelated to mission −$273,994−$273,994
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $3,149 · Unrelated business $147,067$150,216
VIII-12 Total revenueRelated to mission $27,880,982 · Unrelated business $153,580 · Excluded from tax $4,485,751$32,520,313
Part IX · Statement of functional expenses $29,733,748 across 21 lines filed
IX-2 Grants to domestic individuals$7,000
IX-5 Pay of current officers, directors and key staff$644,250
IX-7 Other salaries and wages$6,499,934
IX-8 Pension plan contributions$467,227
IX-9 Other employee benefits$2,220,266
IX-10 Payroll taxes$512,730
IX-11a Management fees$137,595
IX-11b Legal fees$26
IX-11c Accounting fees$116,930
IX-11g Other fees for services$635,877
IX-12 Advertising and promotion$482,523
IX-13 Office expenses$2,523,683
IX-14 Information technology$579,992
IX-16 Occupancy$387,189
IX-17 Travel$38,790
IX-19 Conferences, conventions and meetings$184,014
IX-20 Interest$3,151,243
IX-22 Depreciation, depletion and amortization$679,705
IX-23 Insurance$100,147
IX-24 Other expenses (24a–d)$9,617,054
IX-24e All other expenses$747,573
IX-25 Total functional expenses$29,733,748
Part X · Balance sheet $500,121,906 assets, 15 lines filed
Asset lines not itemized here account for $419,787,600; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $5,155,314$2,931,215
X-2 Savings and temporary cash investmentsStart of year $13,605,107$11,546,427
X-4 Accounts receivableStart of year $199,605$419,433
X-8 Inventories for sale or useStart of year $42,167$40,831
X-9 Prepaid expenses and deferred chargesStart of year $2,741,825$3,467,567
X-10c Land, buildings and equipment, netStart of year $10,025,524$9,432,720
X-11 Publicly traded securitiesStart of year $44,965,192$41,704,876
X-13 Program-related investmentsStart of year $5,314,241$5,414,241
X-15 Other assetsStart of year $4,992,223$5,376,996
X-16 Total assetsStart of year $461,117,108$500,121,906
X-17 Accounts payable and accrued expensesStart of year $6,543,927$7,139,175
X-25 Other liabilitiesStart of year $391,764,502$414,245,661
X-26 Total liabilitiesStart of year $418,759,786$454,269,750
X-32 Total net assets or fund balancesStart of year $42,357,322$45,852,156
X-33 Total liabilities and net assetsStart of year $461,117,108$500,121,906
Part XI · Reconciliation of net assets $45,852,156 net assets at year end
XI-1 Total revenue$32,520,313
XI-2 Total expenses$29,733,748
XI-3 Revenue less expenses$2,786,565
XI-4 Net assets at start of year$42,357,322
XI-5 Net unrealized gains (losses) on investments$708,269
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$45,852,156

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

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