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 8 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 11.7% per year over the past 8 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
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Michael Valentine President, CEO And Treasurer | Officer | 40 | $0 |
Carl Presto Evp/cfo | Officer | 40 | $0 |
Tom Moore Evp | Officer | 40 | $0 |
James Block Evp/chief Operating Officer | Officer | 40 | $0 |
David Blum Evp Corporate Relationships And Us Service Centers | Officer | 40 | $0 |
David Brydun Svp/chief Lending Officer | Officer | 40 | $0 |
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 |
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 |
Organization Name | Assets | Revenue |
---|---|---|
Baxter Credit Union Vernon Hills, IL | $5,751,484,149 | $350,442,030 |
Alliant Credit Union Chicago, IL | $15,151,012,308 | $528,339,563 |
Citizens Equity First Credit Union Peoria, IL | $7,718,286,706 | $271,033,514 |
GreenState Credit Union UNION North Liberty, IA | $9,006,590,517 | $418,753,010 |
Veridian Credit Union Waterloo, IA | $5,861,265,762 | $284,905,474 |
Teachers Credit Union South Bend, IN | $4,498,999,331 | $198,079,661 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |