Western Indiana Credit Union
- Assets
- $37.2m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 13
- Location
- Sullivan, IN
- Founding
- 05/1969
- Data as of
- 12/2021
- EIN
- 35-6025623
Organization Overview
Western Indiana Credit Union is located in Sullivan, IN. The organization was established in 1969. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Western Indiana Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Indiana 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 12/2021, Western Indiana Credit Union generated $1.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 7.5% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
"PEOPLE HELPING PEOPLE" MEMBERS SAVE SO OTHERS CAN BORROW TO IMPROVE THEIR LIFESTYLES. CREDIT UNION PRACTICES PRUDENT LENDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IT IS THE MISSION OF THE WESTERN INDIANA CREDIT UNION TO PROVIDE THE HIGHEST LEVEL OF FINANCIAL SERVICES AND TO PROVIDE INVESTMENTS ANDLOANS TO OUR 2,558 MEMBERS. IT IS OUR MISSION TO ENCOURAGE SAVINGS AND THRIFT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitzi Perkinson Manager/ceo | Officer | 40 | $83,374 |
Rusty Sinders Chairman | OfficerTrustee | 1 | $0 |
Randall Pigg Vice Chairman | OfficerTrustee | 1 | $0 |
Joshua Springer Secretary/ Treasurer | OfficerTrustee | 1 | $0 |
William Coulson Director | Trustee | 1 | $0 |
Mark Peterson Director | Trustee | 1 | $0 |
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 | $1,667,765 |
| Investment income | $17,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$21,610 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,663,210 |
| 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. | $119,168 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $325,342 |
| Pension plan accruals and contributions | $3,632 |
| Other employee benefits | $72,640 |
| Payroll taxes | $31,365 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,870 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,096 |
| Advertising and promotion | $20,433 |
| Office expenses | $80,519 |
| Information technology | $124,059 |
| Royalties | $0 |
| Occupancy | $48,799 |
| Travel | $270 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,026 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,149 |
| Insurance | $27,788 |
| All other expenses | $4,061 |
| Total functional expenses | $1,204,997 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $563,707 |
| Savings and temporary cash investments | $10,724,128 |
| 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 | $24,954,374 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $33,144 |
| Net Land, buildings, and equipment | $920,505 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $37,195,858 |
| Accounts payable and accrued expenses | $102,212 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,144,678 |
| Total liabilities | $32,246,890 |
| 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 | $4,948,968 |
| Total liabilities and net assets/fund balances | $37,195,858 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Illinois Community Credit Union Champaign, IL | $475,743,912 | $22,792,231 |
Land Of Lincoln Credit Union Decatur, IL | $357,439,691 | $20,389,555 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
Via Credit Union Marion, IN | $517,398,165 | $18,473,040 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |
Abri Credit Union Romeoville, IL | $405,514,463 | $14,619,681 |