Civic Intelligence

Simplicity Credit Union

990 • Fiscal year 2021 • EIN 39-0860994

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 10, 2022

Organization ProfileWWW.SIMPLICITY.COOP

View Organization Page

222 E Upham AvenueMarshfield, WI 54449-0790

(715) 387-3702

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

65th percentile

0.91x

Higher debt load relative to assets than 65% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Liabilities / Revenue

60th percentile

21.89x

Higher debt load relative to revenue than 60% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Net Margin

19th percentile

11%

Higher net margin than 19% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Top Officer Pay

23rd percentile

$294,812

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2021

Asset Growth

96th percentile

26%

Faster asset growth than 96% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Revenue Growth

64th percentile

6.7%

Faster revenue growth than 64% of similar nonprofits.

2021 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$424,593,294

Up $87,480,622 (+26%) from 2020

Net Assets

Up

$38,771,725

Up $5,113,732 (+15%) from 2020

Liabilities

Up

$385,821,569

Up $82,366,890 (+27%) from 2020

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin19th percentile

Revenue

Up

$17,622,558

Up $1,109,602 (+6.7%) from 2020

Expenses

Up

$15,714,933

Up $1,222,488 (+8.4%) from 2020

Net Income

Down

$1,907,625

Down $112,886 (-5.6%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$600M$400M$200M$0Assets 2010: $171,210,377Liabilities 2010: $153,052,620Net Assets 2010: $18,157,7572010Assets 2011: $179,777,271Liabilities 2011: $161,260,243Net Assets 2011: $18,517,0282011Assets 2012: $194,276,643Liabilities 2012: $174,872,211Net Assets 2012: $19,404,4322012Assets 2013: $203,935,642Liabilities 2013: $184,721,027Net Assets 2013: $19,214,6152013Assets 2014: $209,653,537Liabilities 2014: $188,948,663Net Assets 2014: $20,704,8742014Assets 2015: $224,201,044Liabilities 2015: $202,087,471Net Assets 2015: $22,113,5732015Assets 2017: $240,421,832Liabilities 2017: $214,001,205Net Assets 2017: $26,420,6272017Assets 2018: $248,218,049Liabilities 2018: $219,349,614Net Assets 2018: $28,868,4352018Assets 2019: $275,577,534Liabilities 2019: $244,082,179Net Assets 2019: $31,495,3552019Assets 2020: $337,112,672Liabilities 2020: $303,454,679Net Assets 2020: $33,657,9932020Assets 2021: $424,593,294Liabilities 2021: $385,821,569Net Assets 2021: $38,771,7252021Assets 2022: $432,153,101Liabilities 2022: $393,526,787Net Assets 2022: $38,626,3142022Assets 2024: $500,121,906Liabilities 2024: $454,269,750Net Assets 2024: $45,852,1562024

Highlighted filing

2021

Assets$424,593,294
Liabilities$385,821,569
Net Assets$38,771,725
Open 2021 Filing

Operations Trend

Revenue Growth64th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0Expenses 2010: $8,625,0022010Expenses 2011: $8,148,8662011Expenses 2012: $8,224,7432012Revenue 2013: $9,257,423Expenses 2013: $8,751,985Net Income 2013: $505,4382013Revenue 2014: $9,736,233Expenses 2014: $8,636,495Net Income 2014: $1,099,7382014Revenue 2015: $10,504,267Expenses 2015: $9,051,186Net Income 2015: $1,453,0812015Revenue 2017: $11,973,929Expenses 2017: $9,798,516Net Income 2017: $2,175,4132017Revenue 2018: $13,914,390Expenses 2018: $11,235,885Net Income 2018: $2,678,5052018Revenue 2019: $15,576,619Expenses 2019: $13,361,379Net Income 2019: $2,215,2402019Revenue 2020: $16,512,956Expenses 2020: $14,492,445Net Income 2020: $2,020,5112020Revenue 2021: $17,622,558Expenses 2021: $15,714,933Net Income 2021: $1,907,6252021Revenue 2022: $19,742,402Expenses 2022: $17,745,967Net Income 2022: $1,996,4352022Revenue 2024: $32,520,313Expenses 2024: $29,733,748Net Income 2024: $2,786,5652024

Highlighted filing

2021

Revenue$17,622,558
Expenses$15,714,933
Net Income$1,907,625
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 10, 2022
Return Version
2021v4.2
Gross Receipts
$17,672,616
Mission and Program Overview

Mission

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

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$215,340,538$255,340,020▲ $39,999,482
Savings and Temporary Cash Investments$89,240,764$134,143,414▲ $44,902,650
Rtn Earn Endowment Incm Other Fnds$29,188,144$34,301,876▲ $5,113,732
Investments in Publicly Traded Securities$7,752,360$14,789,670▲ $7,037,310
Land, Buildings, and Equipment, Net$7,958,713$8,045,571▲ $86,858
Pd in Cap Srpls Land Bldg Eqp Fund$4,469,849$4,469,849→ $0
Cash and Non-Interest-Bearing Accounts$5,807,290$3,876,052▼ $1,931,238
Investments Program Related$2,727,155$3,296,370▲ $569,215
Receivables From Officers Etc$2,926,796--
Prepaid Expenses and Deferred Charges$729,115$927,337▲ $198,222
Accounts Receivable$18,596$73,626▲ $55,030
Inventories for Sale or Use$7,670$28,874▲ $21,204
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$337,112,672$424,593,294▲ $87,480,622
Other Assets Total$4,603,675$4,072,360▼ $531,315
Liabilities
Other Liabilities$295,383,785$377,250,449▲ $81,866,664
Mortgage Notes Payable Secured by Investment Property$4,000,000$5,000,000▲ $1,000,000
Accounts Payable and Accrued Expenses$4,070,894$3,571,120▼ $499,774
Total Liabilities$303,454,679$385,821,569▲ $82,366,890
Net Assets / Fund Balance
Total Net Assets Fund Balance$33,657,993$38,771,725▲ $5,113,732
Total Liabilities and Net Assets / Fund Balance$337,112,672$424,593,294▲ $87,480,622

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,552,371$2,739,208$9,291,579
Equipment$754,880$4,757,315$5,512,195
Land$702,037-$702,037
Other Land Buildings$36,283$305,973$342,256
Compensation and Service Providers
Top Officer Pay23rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jason BuchingerFinancial AdvisorFT$286,385$294,812$294,812
Nicholas FaberPresident/CEOFT$203,909$49,363$253,272
Kelly KorthChief Experience OfficerFT$135,484$38,131$173,615
Christie KeenSr. Mortgage Loan OfficerFT$121,994$1,200$123,194
Richard SzaboVP of Information TechnologyFT$119,662$1,431$121,093
Jen StantonVP of SalesFT$108,497$3,010$111,507
Amber SperlChief Financial OfficerFT$69,980-$69,980
Mark PageChair-$945-$945
Sue ShulferSecretary/treasurer-$730-$730
Kayla RombalskiVice Chair-$705-$705
Bobbi BradleyDirector-$615-$615
Tom MccartenDirector-$615-$615
Herb StephaniDirector-$565-$565
Iilee PedersonDirector-$565-$565
Vern GreenDirector-$150-$150
Paul HauffeDirector-$50-$50

Highest Paid Contractors

ContractorServicesLocationCompensation
FiservDebit Card Processing, Computer Main Fra75 REMITTANCE DRIVE SUITE 1649, Chicago, IL 60675$1,471,049
Q2Online/home BankingPO BOX 205970, Dallas, TX 75320$493,743
Finastra USA CorporationLoan Origination System/disclosuresPO BOX 535120, Atlanta, GA 30353$147,859
Doxim INCStatment Production And Mailing747 EAST WHITCOMB AVE, Madison Heights, MI 48071$135,255
Spectrum Business-charter CommunicationsPhone/internet ProviderPO BOX 94188, Palatine, IL 60094-4188$127,023
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$17,022,105
Investment Income
$490,116
Other Revenue
$110,337
Change in Net Assets
$1,907,625

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,622,558
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$17,622,558
Total Revenue per Form 990
$17,622,558
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,857,304
Other Expenses$7,853,629
Grants and Similar Amounts Paid$4,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$4,339,443
Other Employee Benefits---$1,648,377
Office Expenses---$1,555,156
Current Officers, Directors, Trustees, and Key Employees---$1,122,859
All Other Expenses---$711,181
Depreciation Depletion---$594,813
Information Technology---$542,141
Other Expenses---$477,103
Advertising---$426,481
Payroll Taxes---$394,263
Occupancy---$356,780
Pension Plan Contributions---$352,362
Fees for Services Management---$162,457
Fees for Services Accounting---$103,346
Travel---$91,534
Insurance---$89,836
Conferences and Meetings---$72,398
Fees for Services Other---$67,494
Interest---$51,301
Grants to Domestic Individuals---$4,000
Fees for Services Legal---$2,193
Total Functional Expenses$0$0$0$15,714,933

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$15,714,933
Total Expenses per Audited Statements$15,714,933
Total Expenses per Form 990$15,714,933
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$2,926,796--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Shares$377,250,449
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 4

“Expanded field of membership for merger”

Form 990, Part VI, Section A, Line 6

“Members are individuals living or working in adams, brown, calumet, clark, fond du lac, marathon, outagamie, portage, shawano, waupaca, waushara, winnebago and wood counties and the township of alma; employees of the cp rail systems, copps company and corporation, delta dental plan of wisconsin, donaldson company, corporate express, herrschners, inc., napa distribution center, skyward, steel king industries, inc., sne corporation, sunrise medical, city of neenah, neenah joint school district, neenah water utility, any municipality who engages in providing services to the city of neenah, contracted to work for the city of neenah or the neenah joint school district, and stockholders or patrons of the tomorrow valley co-op”

Form 990, Part VI, Section A, Line 7A

“Board of directors is elected by members”

Form 990, Part VI, Section B, Line 11B

“BOARD MEETING”

Form 990, Part VI, Section B, Line 12C

“The credit union has both a fraud and anit-bribery act policy in the handbook that employees are required to acknowledge each year that addreses preferential treatment, the acceptance of gifts from a third party to derive special favors, and unauthorized disclosure or manipulation of member account informaiton. All board members must sign a code of conduct agreement and conflict of interest statement and disclosure annually as part of the reorganizational meeting.”

Form 990, Part VI, Section B, Line 15

“Various sources of comparative data are used and ranges are determined for each position. These ranges are reviewed against industry standards each year and ajusted as necessary. The board reviews ceo annually and the ceo reviews performance of key employees annually.”

Form 990, Part VI, Section C, Line 18

“UPON REQUEST”

Form 990, Part VI, Section C, Line 19

“Financial statements are available upon request and an annual report is printed for each year-end. Any other requests for information would be submitted to the president/ceo or board chairman”

Filing and Contact Details

Filer

Filer Name
Simplicity Credit Union
EIN
39-0860994
Phone
7153873702
Address
222 E UPHAM AVENUE, MARSHFIELD, WI 54449-0790

Signing Officer

Name
Nick Faber
Title
President/CEO
Phone
7153873702
Signed
2022-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nicholas Faber
Formed
1949
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
9
Employees
126
Volunteers
9

Preparer

Firm
Hawkins Ash Cpas Llp
Address
520 N BROADWAY SUITE 250, GREEN BAY, WI 54303
Preparer
Jeffrey Danen
Phone
9203369850
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Rounding -2. Equity acquired in merger 3,360,294.”

Financial Statement Notes

PART IV, LINE 2B:

“When necessary, escrow accounts associated with mortgages are held on behalf of members. The balance in these accounts is included on line 25 of part x.”

PART X, LINE 2:

“Gaap requires management to evaluate tax positions taken by the credit union and recognize a tax liability (or asset) if the credit union has taken an uncertain position that more likely than not would be sustained upon examination by a taxing authority. Management has analyzed the tax positions taken by the credit union and has concluded that as of december 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The credit union is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The credit union will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred.”

Raw XML AppendixShowing 400 of 579 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$424,593,294
Liabilities
$385,821,569
Net assets
$38,771,725
Revenue
$17,622,558
Expenses
$15,714,933
Net income
$1,907,625
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$500$454$45.9$32.5$29.7$2.79
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$432$394$38.6$19.7$17.7$2.00
2021Detailed filing. Detailed filing data is available for this year.$425$386$38.8$17.6$15.7$1.91
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$337$303$33.7$16.5$14.5$2.02
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$276$244$31.5$15.6$13.4$2.22
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$248$219$28.9$13.9$11.2$2.68
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$240$214$26.4$12.0$9.80$2.18
2015Detailed filing. Detailed filing data is available for this year.$224$202$22.1$10.5$9.05$1.45
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$210$189$20.7$9.74$8.64$1.10
2013Detailed filing. Detailed filing data is available for this year.$204$185$19.2$9.26$8.75$0.51
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$194$175$19.4$8.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$180$161$18.5$8.15
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$171$153$18.2$8.63
Peer Organizations

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