Sherwin-Williams Credit Union
- Assets
- $34.5m
- Revenue
- $1.3m
- Investments
- $1.9m
- Employees
- 20
- Location
- South Holland, IL
- Founding
- 07/2001
- Data as of
- 12/2022
- EIN
- 36-1768818
Organization Overview
Sherwin-Williams Credit Union is located in South Holland, IL. The organization was established in 2001. 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, Sherwin-Williams Credit Union employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sherwin-Williams 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, Sherwin-Williams Credit Union generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $1.3m during the year ending 12/2022. While expenses have increased by 0.3% 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 OPERATED FOR THE THE MUTUAL BENEFIT OF ITS MEMBERS. THE CREDIT UNION MAKES LOANS TO MEMBERS AND PAYS DIVIDENDS TO MEMBERS WITH SHARE DEPOSITS AT A COMPETITIVE RATE OF INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 485 LOANS TO MEMBERS.
PROVIDED SHARE/DEPOSITORY ACCOUNTS TO 6,233 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Brooms Chair | OfficerTrustee | 2 | $0 |
Viola Casarotto Treasurer | OfficerTrustee | 2 | $0 |
Bernice Dotson Vice-Chair | OfficerTrustee | 2 | $0 |
Angie Harris Director | Trustee | 2 | $0 |
Charlene Lewis Director | Trustee | 2 | $0 |
Michael Deema Director | Trustee | 2 | $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 | $907,634 |
| Investment income | $408,959 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,965 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,310,628 |
| 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. | $124,524 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $278,759 |
| Pension plan accruals and contributions | $11,032 |
| Other employee benefits | $30,930 |
| Payroll taxes | $31,853 |
| Fees for services: Management | $1,840 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | -$6,360 |
| Office expenses | $110,138 |
| Information technology | $185,954 |
| Royalties | $0 |
| Occupancy | $69,446 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,948 |
| Interest | $32,192 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,223 |
| Insurance | $38,834 |
| All other expenses | $26,026 |
| Total functional expenses | $1,296,588 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $485,995 |
| Savings and temporary cash investments | $1,006,954 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $201,905 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,864,304 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $51,612 |
| Net Land, buildings, and equipment | $382,453 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,864,258 |
| Investments—program-related | $21,597,316 |
| Intangible assets | $0 |
| Other assets | $61,866 |
| Total assets | $34,516,663 |
| Accounts payable and accrued expenses | $131,005 |
| 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 | $1,250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,043,615 |
| Total liabilities | $31,424,620 |
| 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 | $3,092,043 |
| Total liabilities and net assets/fund balances | $34,516,663 |