Greenstate Credit Union

North Liberty, IALarge institutional nonprofitSince 1938EIN 42-0804594Revenue $628.6M in FY2025

On file with the IRSgreenstate.org2355 Landon Road · North Liberty, IA

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GreenState Credit Union exists to create lasting value by strengthening the financial wellbeing of its members and communities. Founded in 1938, the credit union delivers member focused financial services while returning value through competitive rates, lower fees, and community investment.

$10.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2025 · 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
4 of 6
filings with a surplus
Average surplus $46.5M a year · 9% of revenue · last 6 filings
Fine: a surplus in 4 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
$10.0M
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
21 mo
of spending, in cash
Looks good: 21.0 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
$10.4B
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 9 voting members
Concern: none of 9 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$628.6M
+2% vs prior year
Spent
$636.5M
To programs
0%
Net assets
$803.7M
By yearFY2020–FY2025
Revenue
$628.6M
FY2025▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$362.5M
FY2021$418.8M
FY2022$499.6M
FY2023$577.6M
FY2024$614.7M
FY2025$628.6M
Expenses
$636.5M
FY2025▲ +7%
Tap a bar for its year
Expenses by fiscal year
FY2020$251.7M
FY2021$219.6M
FY2022$457.9M
FY2023$662.2M
FY2024$594.5M
FY2025$636.5M
Net assets
$803.7M
FY2025-0.4%
Tap a bar for its year
Net assets by fiscal year
FY2020$669.9M
FY2021$869.2M
FY2022$909.5M
FY2023$785.6M
FY2024$806.5M
FY2025$803.7M

From the FY2025 Form 990 · see the original

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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

24 people listed on the 990; $10.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Executive Officer
$1,549,515Pt VII · Sec A
Chief Experience and Operating Officer
$1,135,963Pt VII · Sec A
VP/Mortgage Lending
$938,372Pt VII · Sec A
SVP/Mortgage Lending
$810,303Pt VII · Sec A
VP/Mortgage Loan Officer
$699,545Pt VII · Sec A
VP/Mortgage Loan Officer
$660,881Pt VII · Sec A
VP/Mortgage Loan Officer
$651,003Pt VII · Sec A
Chief Operating Officer
$451,167Pt VII · Sec A

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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Jeffrey a Disterhoft———$2,038,821$1,310,141$1,104,337
Vikram Israni$1,549,515$699,315————
Katherine Courtney Left 112025$1,135,963—————
Marsha L Wolff———$1,103,155$609,289$487,841
Felisha a Junge———$653,430$1,042,551$981,892
Daryn Peterson$938,372$827,358$1,007,035———
Marsha Wolff——$982,395———
Todd Fanning Left 05092024—$942,348————

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 II2 listed

Programs and updates

Promotes the financial well-being of community residents by providing accessible banking services, electronic transaction processing, and personalized financial resources.

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Provided by the organization

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3 programs · in their own filed words · FY2025
01

GreenState Credit Union provides lending services with competitive rates. The lending portfolio includes: - Mortgage loans including both first and second mortgages - Consumer loans including primarily auto loans and unsecured personal loans - Commercial Loans including both commercial real-estate and non-real-estate lending In 2025, the…

Pt IX · col B
02

GreenState also provides membership with avenues to transact business via channels such as ACH, wire, electronic funds transfer, etc. In 2025, the credit union processed over 82 million financial transactions on behalf of its members.

Pt IX · col B
03

GreenState also provides opportunities for members to save for future needs in the form of Savings, Money Market, CDs while offering competitive rates on these funds. In 2025, member deposits grew $439 million.

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 · FY2021
Total grants receivedfrom 1 funder$15K
Grants paid · 778 grants · $14.3M · 2020–2025
Greenstate FoundationIA · FY2025$600,000
Summer of the Arts INCIA · FY2025$32,000
Iowa Childrens MuseumIA · FY2025$31,500
West Des Moines Parks & RecreationFY2025$30,000
The Morton ArboretumIL · FY2025$25,000
Wings2waterIA · FY2025$25,000
Iowa Health FoundationIA · FY2025$25,000
Dubuque Community YIA · FY2025$25,000
Paramount Arts Centre INCIL · FY2025$25,000
See all 778 grants →

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$628.6M
Ln 12
Fees for servicesLn 2g$514.2M
Other incomeLn 4–11$71.6M
Investment incomeLn 3$42.8M
Money outPt IX
$636.5M
Ln 25
Owns and owesPt X
$803.7M
net assets · Ln 32
Cash and savingsLn 1–2$1.1B
Total assetsLn 16$11.2B
LiabilitiesLn 26$10.4B
PeoplePt VI, VII
24
listed · VII A
PaidVII A24
Voting boardVI 1a9
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$514.2M
Investment incomeLn 3$42.8M
Other incomeLn 4–11$71.6M
Gains on assetsLn 7−$9.2M
Total revenueLn 12$628.6M
Assets in detailPt X, end of year
CashLn 1$1.12B
Cash and savings togetherLn 1–2$1.1B
InvestmentsLn 11–13$120.4M
Land, buildings, equipmentLn 10c$150.4M
Other assetsLn 15$430.6M
Total assetsLn 16$11.2B
LiabilitiesLn 26$10.4B
Net assetsLn 32$803.7M
OperationsPt I, VI
EmployeesI 51,118
VolunteersI 60
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 FY25End FY25
Cash and savingsLn 1–2$1.02B$1.12B
InvestmentsLn 11–13$114.0M$120.4M
Land, buildings, equipmentLn 10c$143.2M$150.4M
Total assetsLn 16$10.63B$11.16B
LiabilitiesLn 26$9.82B$10.36B
Net assetsLn 32$806.5M$803.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$4.2M
Pay of current officers, directors and key staffLn 5$6.4M
Other salaries and wagesLn 7$79.4M
Pension plan contributionsLn 8$8.2M
Other employee benefitsLn 9$33.9M
Payroll taxesLn 10$7.5M
Legal feesLn 11b$712K
Accounting feesLn 11c$1.4M
Other fees for servicesLn 11g$1.8M
Advertising and promotionLn 12$5.4M
Office expensesLn 13$10.1M
Information technologyLn 14$16.7M
OccupancyLn 16$11.1M
TravelLn 17$443K
Conferences, conventions and meetingsLn 19$18K
InterestLn 20$55.6M
Depreciation, depletion and amortizationLn 22$6.8M
InsuranceLn 23$1.9M
Other expenses (24a–d)Ln 24$384.9M
All other expensesLn 24e$0
Total functional expensesLn 25$636.5M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $628.6M$636.5M−$7.9M$803.7M 990 PDF
FY2024 $614.7M$594.5M$20.2M$806.5M 990 PDF
FY2023 $577.6M$662.2M−$84.7M$785.6M 990 PDF
FY2022 $499.6M$457.9M$41.7M$909.5M 990 PDF
FY2021 $418.8M$219.6M$199.1M$869.2M 990 PDF
FY2020 $362.5M$251.7M$110.8M$669.9M 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 FY2025 990 (6 parts)
Part I · Summary $628,604,682 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $473,945,764$514,202,697
I-10 Investment incomePrior year $69,401,174$42,758,122
I-11 Other revenuePrior year $71,380,270$71,643,863
I-12 Total revenuePrior year $614,727,208$628,604,682
I-13 Grants and similar amounts paidPrior year $4,915,799$4,200,526
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $115,899,560$135,406,296
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $473,686,422$496,882,545
I-18 Total expensesPrior year $594,501,781$636,489,367
I-19 Revenue less expensesPrior year $20,225,427−$7,884,685
Part VI · Governance 0 of 9 board members independent, no flags
VI-1a Voting members of the governing body9
VI-1b Independent voting members0
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 $628,604,682 across 8 lines filed
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 $513,991,822 · Unrelated business $210,875$514,202,697
VIII-3 Investment incomeExcluded from tax $51,919,244$51,919,244
VIII-6 Net rental income or lossExcluded from tax $110,016$110,016
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$9,161,122−$9,161,122
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $71,533,847$71,533,847
VIII-12 Total revenueRelated to mission $585,525,669 · Unrelated business $210,875 · Excluded from tax $42,868,138$628,604,682
Part IX · Statement of functional expenses $636,489,367 across 20 lines filed
IX-1 Grants to domestic organizations$4,200,526
IX-5 Pay of current officers, directors and key staff$6,399,196
IX-7 Other salaries and wages$79,388,429
IX-8 Pension plan contributions$8,165,173
IX-9 Other employee benefits$33,925,281
IX-10 Payroll taxes$7,528,217
IX-11b Legal fees$712,450
IX-11c Accounting fees$1,406,159
IX-11g Other fees for services$1,812,702
IX-12 Advertising and promotion$5,440,623
IX-13 Office expenses$10,054,949
IX-14 Information technology$16,729,269
IX-16 Occupancy$11,067,247
IX-17 Travel$443,026
IX-19 Conferences, conventions and meetings$17,780
IX-20 Interest$55,613,649
IX-22 Depreciation, depletion and amortization$6,763,475
IX-23 Insurance$1,888,039
IX-24 Other expenses (24a–d)$384,933,177
IX-24e All other expenses$0
IX-25 Total functional expenses$636,489,367
Part X · Balance sheet $11,160,440,113 assets, 12 lines filed
Asset lines not itemized here account for $9,198,393,526; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,020,345,348$1,115,910,002
X-9 Prepaid expenses and deferred chargesStart of year $13,914,844$13,625,426
X-10c Land, buildings and equipment, netStart of year $143,229,765$150,449,475
X-11 Publicly traded securitiesStart of year $114,036,375$120,420,629
X-14 Intangible assetsStart of year $133,026,365$131,061,965
X-15 Other assetsStart of year $266,184,247$430,579,090
X-16 Total assetsStart of year $10,631,477,748$11,160,440,113
X-17 Accounts payable and accrued expensesStart of year $55,688,355$144,780,265
X-25 Other liabilitiesStart of year $8,578,268,847$8,776,092,751
X-26 Total liabilitiesStart of year $9,824,957,202$10,356,773,016
X-32 Total net assets or fund balancesStart of year $806,520,546$803,667,097
X-33 Total liabilities and net assetsStart of year $10,631,477,748$11,160,440,113
Part XI · Reconciliation of net assets $803,667,097 net assets at year end
XI-1 Total revenue$628,604,682
XI-2 Total expenses$636,489,367
XI-3 Revenue less expenses−$7,884,685
XI-4 Net assets at start of year$806,520,546
XI-5 Net unrealized gains (losses) on investments$1,543,819
XI-9 Other changes in net assets$3,487,417
XI-10 Net assets at end of year$803,667,097

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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