Indianhead Credit Union

Spooner, WIMutual-benefit / member-servingEIN 39-6049800Revenue $5.3M in FY2024

On file with the IRSindianheadcu.orgPo Box 100, 54801-0100 · Spooner, WITax-exempt since 0000

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Indianhead Credit Union offers many services including savings and loans designed to improve the economic and social well being of all members from all social economic backgrounds, including low and moderate income members. Our loans include real estate loans and small balance consumer loans, our savings include small balance passbook accounts.

Run by 9 volunteers and 27 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 $1.1M a year · 30% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 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
$252K
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
107 mo
of spending, in cash
Looks good: 106.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$79.0M
87% of total assets
Concern: liabilities are 87% 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
$5.3M
+12% vs prior year
Spent
$3.5M
To programs
0%
Net assets
$11.9M
By yearFY2020–FY2024
Revenue
$5.3M
FY2024▲ +12%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.6M
FY2021$2.5M
FY2022$3.2M
FY2023$4.7M
FY2024$5.3M
Expenses
$3.5M
FY2024▲ +28%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.3M
FY2021$2.2M
FY2022$2.2M
FY2023$2.7M
FY2024$3.5M
Net assets
$11.9M
FY2024▲ +21%
Tap a bar for its year
Net assets by fiscal year
FY2020$7.2M
FY2021$7.4M
FY2022$7.6M
FY2023$9.9M
FY2024$11.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in 0000.

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

Where the money goes

What each dollar paid for.

Management & general 100% · $3.5M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990; $252K paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/President
$164,362Pt VII · Sec A
Vice-President Operations
$87,146Pt VII · Sec A
Board Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Secretary/Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Vice-Chair
$0Pt VII · Sec A

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

NameFY2024FY2023FY2022FY2021FY2020
Dale Gottschalk$164,362$145,213$97,054$82,013$46,794
Katherine Berndt——$60,777$116,264$120,664
Renee Zimmerman$87,146$77,107$57,006$55,235$57,112

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 15aNo

Programs and updates

Provides financial services like savings and loans to improve members' economic and social well-being.

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Provided by the organization

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3 programs · in their own filed words · FY2024
01

The Credit Union provides staff and space for the VITA/AARP site at our Spooner Office; we did at least 493 tax returns for low and moderate income individuals in our community at no charge to the tax payer. This service does not generate income; the expenses are an estimate since staff is doing this during regular business hours.

Pt IX · col B
02

We provide paid staff time for an employee to run the annual Lions Christmas fund in our community. This program provides gifts and food to needy families at Christmas time. Expenses are not broken out, estimated cost $1000.

Pt IX · col B
03

To make available the best possible financial products to our members, by providing competitive rates, member education, and outstanding service, while maintaining the credit union's long-term financial stability.

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 · FY2025
Total grants receivedfrom 1 funder$10K
Grants paid · 2 grants · $42K · 2020–2020
Unitemized GrantFY2020$35,000
Grantsburg Area Food ShelfWI · FY2020$7,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$5.3M
Ln 12
Fees for servicesLn 2g$3.4M
Investment incomeLn 3$1.4M
Other incomeLn 4–11$576K
Money outPt IX
$3.5M
Ln 25
Managementcol C$3.5M
Owns and owesPt X
$11.9M
net assets · Ln 32
Cash and savingsLn 1–2$30.8M
Total assetsLn 16$90.9M
LiabilitiesLn 26$79.0M
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$3.4M
Investment incomeLn 3$1.4M
Other incomeLn 4–11$576K
Gains on assetsLn 7$0
Total revenueLn 12$5.3M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$29.5M
Cash and savings togetherLn 1–2$30.8M
Land, buildings, equipmentLn 10c$3.4M
Other assetsLn 15$357K
Total assetsLn 16$90.9M
LiabilitiesLn 26$79.0M
Net assetsLn 32$11.9M
OperationsPt I, VI
EmployeesI 527
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$39.4M$30.8M
Land, buildings, equipmentLn 10c$1.4M$3.4M
Total assetsLn 16$90.2M$90.9M
LiabilitiesLn 26$80.3M$79.0M
Net assetsLn 32$9.9M$11.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$306K$0$306K$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$726K$0$726K$0
Pension plan contributionsLn 8$31K$0$31K$0
Other employee benefitsLn 9$136K$0$136K$0
Payroll taxesLn 10$75K$0$75K$0
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$16K$0$16K$0
Accounting feesLn 11c$159K$0$159K$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$0$0$0$0
Advertising and promotionLn 12$78K$0$78K$0
Office expensesLn 13$553K$0$553K$0
Information technologyLn 14$0$0$0$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$154K$0$154K$0
TravelLn 17$9K$0$9K$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$0$0$0$0
InterestLn 20$0$0$0$0
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$0$0$0$0
InsuranceLn 23$0$0$0$0
Other expenses (24a–d)Ln 24$1.2M$0$1.2M$0
All other expensesLn 24e$51K$0$51K$0
Total functional expensesLn 25$3.5M$0$3.5M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $5.3M$3.5M$1.9M$11.9M 990 PDF
FY2023 $4.7M$2.7M$2.0M$9.9M 990 PDF
FY2022 $3.2M$2.2M$982K$7.6M 990 PDF
FY2021 $2.5M$2.2M$292K$7.4M 990 PDF
FY2020 $2.6M$2.3M$323K$7.2M 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 FY2024 990 (6 parts)
Part I · Summary $5,340,599 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $2,484,393$3,383,306
I-10 Investment incomePrior year $1,679,007$1,380,919
I-11 Other revenuePrior year $585,487$576,374
I-12 Total revenuePrior year $4,748,887$5,340,599
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 $1,141,099$1,273,552
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,564,039$2,179,381
I-18 Total expensesPrior year $2,705,138$3,452,933
I-19 Revenue less expensesPrior year $2,043,749$1,887,666
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-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $5,340,599 across 10 lines filed
Lines not itemized here account for $49,314 of total revenue; see the IRS return.
VIII-1c Fundraising events$0
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,383,306 · Unrelated business $0 · Excluded from tax $0$3,383,306
VIII-3 Investment incomeRelated to mission $1,380,919 · Unrelated business $0 · Excluded from tax $0$1,380,919
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $527,060 · Unrelated business $0 · Excluded from tax $0$527,060
VIII-12 Total revenueRelated to mission $5,340,599 · Unrelated business $0 · Excluded from tax $0$5,340,599
Part IX · Statement of functional expenses $3,452,933 across 31 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $306,225 · Fundraising $0$306,225
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $0 · Management $725,570 · Fundraising $0$725,570
IX-8 Pension plan contributionsPrograms $0 · Management $30,977 · Fundraising $0$30,977
IX-9 Other employee benefitsPrograms $0 · Management $135,823 · Fundraising $0$135,823
IX-10 Payroll taxesPrograms $0 · Management $74,957 · Fundraising $0$74,957
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $15,852 · Fundraising $0$15,852
IX-11c Accounting feesPrograms $0 · Management $158,869 · Fundraising $0$158,869
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-12 Advertising and promotionPrograms $0 · Management $78,261 · Fundraising $0$78,261
IX-13 Office expensesPrograms $0 · Management $552,717 · Fundraising $0$552,717
IX-14 Information technologyPrograms $0 · Management $0 · Fundraising $0$0
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $0 · Management $154,089 · Fundraising $0$154,089
IX-17 TravelPrograms $0 · Management $9,227 · Fundraising $0$9,227
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$0
IX-20 InterestPrograms $0 · Management $0 · Fundraising $0$0
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $0 · Fundraising $0$0
IX-23 InsurancePrograms $0 · Management $0 · Fundraising $0$0
IX-24 Other expenses (24a–d)Programs $0 · Management $1,158,942 · Fundraising $0$1,158,942
IX-24e All other expensesPrograms $0 · Management $51,424 · Fundraising $0$51,424
IX-25 Total functional expensesPrograms $0 · Management $3,452,933 · Fundraising $0$3,452,933
Part X · Balance sheet $90,905,912 assets, 11 lines filed
Asset lines not itemized here account for $55,795,754; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,159,509$1,305,972
X-2 Savings and temporary cash investmentsStart of year $38,235,739$29,463,336
X-9 Prepaid expenses and deferred chargesStart of year $429,073$553,583
X-10c Land, buildings and equipment, netStart of year $1,439,275$3,429,850
X-15 Other assetsStart of year $308,086$357,417
X-16 Total assetsStart of year $90,226,501$90,905,912
X-17 Accounts payable and accrued expensesStart of year $831,820$728,453
X-25 Other liabilitiesStart of year $79,225,242$77,960,734
X-26 Total liabilitiesStart of year $80,349,400$78,963,391
X-32 Total net assets or fund balancesStart of year $9,877,101$11,942,521
X-33 Total liabilities and net assetsStart of year $90,226,501$90,905,912
Part XI · Reconciliation of net assets $11,942,521 net assets at year end
XI-1 Total revenue$5,340,599
XI-2 Total expenses$3,452,933
XI-3 Revenue less expenses$1,887,666
XI-4 Net assets at start of year$9,877,101
XI-5 Net unrealized gains (losses) on investments−$497,823
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$675,577
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$11,942,521

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

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