Fox Valley Credit Union
- Assets
- $50.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 13
- Location
- Aurora, IL
- Founding
- 06/1945
- Data as of
- 12/2022
- EIN
- 36-0757152
Organization Overview
Fox Valley Credit Union is located in Aurora, IL. The organization was established in 1945. 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 12/2022, Fox Valley Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fox Valley 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, Fox Valley Credit Union generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.7% each year . All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 8.8% 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
ILLINOIS STATE CHARTERED CREDIT UNION OFFERING FINANCIAL SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION MAKES AND SERVICES CONSUMER AND REAL ESTATE LOANS TO MEMBERS. THE NUMBER OF LOANS OUTSTANDING AT 12/31/22 WAS 1,640 FOR A TOTAL OF $17,414,682.
CREDIT UNION PAYS OUT DIVIDENDS TO ITS MEMBERS SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. THE NUMBER OF SHARE ACCOUNTS AT 12/31/22 WAS 6,531 FOR A TOTAL OF $43,085,285.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clifton O Bartelt Chairman | OfficerTrustee | 2 | $0 |
Durrell Williams Vice Chairman | OfficerTrustee | 5 | $0 |
Robin Lamb Treasurer | OfficerTrustee | 2 | $0 |
Elizabeth Jarvis Secretary | OfficerTrustee | 2 | $0 |
Michelle Meyer Director | Trustee | 1 | $0 |
Bobby Mitchell 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 | $1,241,993 |
| Investment income | $466,231 |
| 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 | $1,865,997 |
| 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. | $143,625 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $439,231 |
| Pension plan accruals and contributions | $2,633 |
| Other employee benefits | $35,065 |
| Payroll taxes | $45,857 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,967 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,887 |
| Advertising and promotion | $8,567 |
| Office expenses | $94,109 |
| Information technology | $141,419 |
| Royalties | $0 |
| Occupancy | $105,019 |
| Travel | $176 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,774 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,191 |
| Insurance | $38,966 |
| All other expenses | $28,492 |
| Total functional expenses | $1,599,454 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,031,201 |
| Savings and temporary cash investments | $1,866,472 |
| 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 | $17,042,599 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $172,513 |
| Net Land, buildings, and equipment | $307,761 |
| Investments—publicly traded securities | $28,850,035 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $813,780 |
| Total assets | $50,084,361 |
| Accounts payable and accrued expenses | $206,408 |
| 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 | $43,200,137 |
| Total liabilities | $43,406,545 |
| 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 | $6,677,816 |
| Total liabilities and net assets/fund balances | $50,084,361 |