AT BLACKHAWK WE’RE FAMILY.
Because
2016 ANNUAL REPORT
Family of edit Unions
Sherri Stumpf,
Blackhawk Community
Credit Union CEO
People always ask me how credit unions are dierent from banks,
since we oer the same products and services. Credit unions were first
formed around the cooperative model that has seven guiding principles.
The dierence is in these principles, which continue to steer us today.
They include:
• Membership is voluntary and open to the groups we serve.
• Members have a voice with their vote.
• When you become a member, you also become an owner.
• The organization is independent and self-reliant.
• We provide information and education with no strings attached.
• There is cooperation between other credit unions.
• We give back to the community.
At Blackhawk, we strive to accomplish all of these principles.
However, we live for the principle of giving back to the community
with the responsibility of doing it on your behalf and making you
proud to be a member.
Profits made by the credit union are given back to you, and the entire
membership, through lower fees, lower interest rates on loans, higher
dividends on savings and support of non-profit agencies within the
communities we serve. On the following page, it’s our honor to
apprise you of all the ways your membership contributes to
making a dierence.
We do this because we consider you our family. Family looks out for
one another and is there when others may not be. We see it as our
social responsibility to always ask ourselves if we can help when a need
arises. This is how our new Next Step lending products were founded.
When loan requests don’t fit our traditional underwriting, we are
dedicated to taking another look. Next Step isn’t just a loan. It’s a plan
to help members achieve their financial goals. Recently, we had the
privilege of helping a family who dedicated themselves to caring for
their aging parents. In addition to losing their parents, they also lost a
job. As they were grieving and recovering, their finances and credit took
a toll. With a new job and an inherited home, no bank would invest in
them. We helped them make a plan and gave them a home loan.
This is the credit union dierence.
Thank you for being a part of our family.
Sincerely,
Sherri Stumpf
President/CEO
Sherri Stumpf
FROM OUR CEOLeer
Family of edit Unions
MARGARET FENRICK
SECRETARY
Member since 1976
Board Member since 2006
TOM OSMOND
TREASURER
Member since 1969
Board Member since 1983
EDMUND HALABI
DIRECTOR
Member since 1988
Board Member since 2014
20162017 BOARD OF DIRECTORSYour
MARY FREDERICK
CHAIRPERSON
Member since 1976
Board Member since 2006
GLEN LEA
EMERITUS DIRECTOR
Member since 1965
Board Member since 1965
SHANNON RILEY
VICE CHAIRPERSON
Member since 2008
Board Member since 2014
TIM SILHA
DIRECTOR
Member since 1976
Board Member since 2014
JOHN JENKS
DIRECTOR
Member since 1996
Board Member since 2016
Family of edit Unions
2016 Donations
In addition to granting over $15,000 in scholarships to college-bound students, we
were honored to give time, talents and treasures to these organizations in 2016.
FINANCIAL LITERACY
Faith Works
Beloit School District
Beloit Stateline Literacy Council
Edgerton/Milton Reality Fair
Janesville School District
Money Matters
HEALTH CARE & DISABILITIES
Agrace Hospice & Palliative Care
American Cancer Society
American Heart Association
American Red Cross
Camden Foundation
Edgerton Hospital Foundation
Epilepsy Foundation
Healthnet of Rock County, Inc.
Independent Disability Services
Kandu Industries, Inc.
Mercy Health System,
Hospice Care
Mercy Health System,
House of Mercy
Muscular Dystrophy Association
National Multiple
Sclerosis Society
Riverfront
Rock County Cancer Coalition
Skaalen Benevolent Care
Endowment
Smiles
Special Olympics
St Mary’s Hospital Foundation
Three Gaits, Inc.
YOUTH SERVICES
Big Brothers/Big Sisters of
Rock, Walworth &
Jeerson Counties
Blackhawk Scholarships
Boy Scouts of America
Boys & Girls Club of Janesville
and Walworth County
Casa of Rock County
Children’s Miracle Network
Delavan Youth Football
Edgerton High School
Green Beret Marching Band
Janesville Figure Skating Club
Janesville Hockey Club
Janesville School District,
Bags of Hope
Janesville School District,
Parker & Craig Closets
Janesville Youth Baseball/Softball
Junior Achievement
Milton Choir
Milton Basketball Booster Club
Milton Girls Soccer Booster Club
Milton Hockey Booster Club
Milton Track & Field
Parker High School Programs
Project 16:49
St. William Parish Boy Scout
Troop 539
Tider Football Booster Club
UW Rock County Foundation
ADVANCEMENT OF
COMMUNITIES
American Legion
Arts Council of Edgerton
Greater Beloit Chamber
of Commerce
Cedar Crest
Cornerstone of Hope
Dane County Humane Society
Delavan Cinco de Mayo
Delavan-Darien Rotary Club
Delavan Historical Foundation
Delavan-Delavan Lake Area
Chamber of Commerce
ECHO
Edgerton Chamber of Commerce
Edgerton Community Fund
Edgerton Fire Department
Edgerton Community Outreach
Edgerton Heritage Days
Edgerton Rotary Club
Forward Janesville
Freedom Fest
Friends of Phoenix
Park Bandshell
Gifts Men’s Foundation
Geneva National Foundation, Inc.
Hedberg Public Library
Janesville Elks Lodge
Janesville Jets
Janesville Noon Lions Club
Janesville Performing Arts Center
Janesville Police Department
Janesville Rotary Foundation
Milton Chamber of Commerce
Milton Food Pantry
Milton Historical Society
Milton Public Library
Rock Aqua Jays
Rock County 4H Fair
Rock County Historical Society
Rock County Humane Society
Rock Valley Community Programs
Rotary Botanical Gardens
SCWBA
Salvation Army
Stateline Foundation
Stoughton Food Pantry
Stoughton Kiwanis
Stoughton Area Resource Team
Stoughton Area Veterans
Memorial Park
Stoughton Chamber
of Commerce
Stoughton Fire Department
Stoughton Food Pantry
Stoughton Police Department
Stoughton VFW
Tri Community Center for
Sterling North
Twin Oaks Shelter
UAW Local 95
United Way Blackhawk Region
VetsRoll
Vietnam Veterans of America
Westgate Corridor
YMCA of Northern Rock County
YWCA of Rock County
Zonta Club of Janesville
DONATIONS2016
Family of edit Unions
2016 was a wonderful year! Here are just a few of the highlights:
SPRING • There are over 45,000 Blackhawk family members as of Spring 2016
• We participated in the Annual Children’s Miracle Network Bowl-A-Thon
and helped them in raising more than $8,800.
• We were voted Best Financial in The Gazette’s Readers Choice Awards
for the sixth year running.
SUMMER • Janesville Police Department awards Outstanding Service plaque for Paws
for a Cause program supporting the Janesville K9 unit.
• Our very own Lisa Wittig was an Honorary Survivor speaker and headed
up our team at the American Cancer Society’s Relay for Life this year. We
raised over $6,600 for this wonderful cause.
• We had 25 employees and their families participate in the Bert Blain
Memorial Heart Walk this year raising $3,800.
FALL • Over 500 members joined us for our annual Membership
Appreciation Picnic.
• We had 18 employees participate in United Way’s Day of Caring where
teams worked on various projects within the community.
• We partnered with ECHO providing turkeys and helping deliver
Thanksgiving baskets to people in our community.
WINTER • We were honored for the second year in a row to receive the First
Place, Judges Choice at the Forward Janesville Jolly Jingle Parade.
• We partnered with Janesville School District and other local businesses to
help provide Bags of Hope to area families.
• We made sure no names were left on the Salvation Army’s Angel Tree to
ensure that all the children would receive a Christmas Gift.
IN REVIEWYear
2017 is a year full of change!
Blackhawk Community Credit Union
is expanding. We just broke ground on
our new branch on the Southside of
Janesville which should be opening
later this summer.
In January we merged with Kenosha
City Employees Credit Union. We
continue to grow with plans to open
our very own Blackhawk branch in
Kenosha later this year.
NEW IN 2017What’s
Family of edit Unions
Bobbie Wilson, Kim Granger, Sherri Stumpf and
Donna Peterson at the Kenosha Municipal Building.
Our new Southside branch will be located at
1545 Center Ave., Janesville.
AS OF DECEMBER 31, 2016
AS OF DECEMBER 31, 2016
Balance Sheet
Operating Statement
2016 2015
ASSETS
Cash & Cash Equivalents $ 30,178,843 18,120,032
Loans (net) 327,780,261 308,880,563
Investments 74,121,464 69,603,997
Fixed Assets (net) 13,859,418 13,590,671
Other Real Estate Owned 207,652 219,860
NCUA Insurance Capitalization 3,940,076 3,721,161
Mortgage Servicing Rights 2,301,837 2,078,879
Accounts Receivable 1,555,667 1,396,153
Other Assets 2,014,558 1,583,897
Total Assets $ 455,959,775 419,195,213
LIABILITIES AND MEMBER EQUITY
SHARES & DEPOSITS
Shares $ 127,831,699 116,942,000
Share Drafts 83,650,899 75,072,669
Money Market Accounts 11,664,339 12,108,214
High Yield Savings 113,322,874 103,142,386
Certificates 53,130,919 50,479,681
IRA Accounts 24,032,796 23,834,559
Total Shares $ 413,633,527 381,579,509
Other Interest Liabilities – –
Non Interest Liabilities 6,348,852 4,368,231
Total Liabilities $ 419,982,379 385,947,740
Total Member Equity 35,977,397 33,247,473
Total Liabilities and Member Equity $ 455,959,775 419,195,213
UNAUDITED NUMBERS
UNAUDITED NUMBERS
INTEREST INCOME
Loan Interest Income $ 13,237,276
Investment Income $ 882,274
Total Interest Income $ 14,119,550
DIVIDEND AND INTEREST EXPENSE
Dividend Expense $ 1,467,134
Interest Expense $ 737
Total Dividend and Interest Expense $ 1,467,872
Net Interest Margin before Provision $ 12,651,678
Provision for Loan Loss $ 237,186
Net Interest Margin after Provision $ 12,414,492
Total Non-Interest Income $ 7,078,567
Income before Non-Interest Expense $ 19,493,059
Total Non-Interest Expense $ 16,513,040
Net Income $ 2,980,018
Number of Members 45,912
INDEPENDENT AUDITOR’S REPORT
Blackhawk Community Credit Union engaged Wipfli LLC to perform a financial
statement audit as of our fiscal year-end of March 31, 2016. This is their opinion of our
financial statements as of that date.
Audit, Risk and Compliance Committee and Board of Directors
Blackhawk Community Credit Union
Janesville, Wisconsin
We have audited the accompanying financial statements of Blackhawk Community
Credit Union, which comprise the balance sheet as of March 31, 2016, and the related
statements of income, comprehensive income, members’ equity, and cash flows for
the year then ended, and the related notes to the financial statements.
Our responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the eectiveness of the entity’s internal control. Accordingly, we express
no such opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sucient and appropriate to
provide a basis for our audit opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Blackhawk Community Credit Union as of March
31, 2016, and the results of its operations and its cash flows for the year then ended in
accordance with accounting principles generally accepted in the United States.
Wipfli LLP
Wipfli LLP
June 15, 2016
Madison, Wisconsin
Family of edit Unions
608-755-6065 800-779-5555
www.bhccu.org
Federally Insured by NCUA
