Baxter Credit Union
- Assets
- $5.8b
- Revenue
- $350.4m
- Investments
- $97.3m
- Employees
- 0
- Location
- Vernon Hills, IL
- Founding
- 02/2003
- Data as of
- 12/2022
- EIN
- 23-7250155
Organization Overview
Baxter Credit Union is located in Vernon Hills, IL. The organization was established in 2003. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Baxter Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Baxter Credit Union generated $350.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $293.1m during the year ending 12/2022. While expenses have increased by 11.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A FULL SERVICE, STATE-CHARTERED CREDIT UNION PROVIDING A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS LOCATED THROUGHOUT THE US AND PUERTO RICO USING VARIOUS CHANNELS INCLUDING BRANCHES, A CALL CENTER, AND THE INTERNET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 6,432 FIRST MORTGAGES FOR $2,165,388,284
PROVIDED 236,145 MEMBER LOANS FOR $4,824,057,051
OFFERED LOANS, DEPOSITS, AND OTHER FINANCIAL SERVICES TO 341,314 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Valentine President, CEO And Treasurer | Officer | 40 | $0 |
Tom Moore Evp | Officer | 40 | $0 |
Carl Presto Evp/cfo | Officer | 40 | $0 |
James Block Evp/chief Operating Officer | Officer | 40 | $0 |
Lisa Baron Evp/chro | Officer | 40 | $0 |
David Blum Evp Corporate Relationships And Us Service Centers | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Farid Fatehally Information Services Consulting | 12/30/16 | $142,412 |
Chris Cronlund Information Services | 12/30/16 | $233,738 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $316,656,002 |
| Investment income | $33,786,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $350,442,030 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $77,926,461 |
| Pension plan accruals and contributions | $3,569,183 |
| Other employee benefits | $10,945,091 |
| Payroll taxes | $5,616,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $339,839 |
| Fees for services: Accounting | $69,504 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,722,494 |
| Advertising and promotion | $6,883,173 |
| Office expenses | $8,195,019 |
| Information technology | $18,192,689 |
| Royalties | $0 |
| Occupancy | $2,632,990 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,666,502 |
| Interest | $29,455,620 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,300,057 |
| Insurance | $478,671 |
| All other expenses | $27,798,427 |
| Total functional expenses | $293,104,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,262,823 |
| Savings and temporary cash investments | $304,338,101 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,794,875,539 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,126,281 |
| Net Land, buildings, and equipment | $110,625,458 |
| Investments—publicly traded securities | $277,505,509 |
| Investments—other securities | $97,315,968 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $114,434,470 |
| Total assets | $5,751,484,149 |
| Accounts payable and accrued expenses | $72,318,365 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $665,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,509,414,281 |
| Total liabilities | $5,246,732,646 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $504,751,503 |
| Total liabilities and net assets/fund balances | $5,751,484,149 |