Encurage Financial Network

Organization Overview

Encurage Financial Network is located in Bannockburn, IL. 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. Encurage Financial Network 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 05/2024, Encurage Financial Network generated $5.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $5.9m during the year ending 05/2024. While expenses have increased by 3.8% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2024

Describe the Organization's Mission:

Part 3 - Line 1

ENCOURAGE THRIFT AMONG ITS MEMBERS AND PROVIDE A SOURCE OF CREDIT AT REASONABLE INTEREST RATES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LOANS (MORTGAGE, HOME EQUITY, CREDIT CARD, VEHICLE, AND OTHER) ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION AND WHO QUALIFY FOR SUCH LOANS.


SHARE ACCOUNTS ARE OFFERED AT A NO-MONTHLY FEE BASIS TO THOSE MEMBERS WHO APPLY AND ARE IN GOOD STANDING WITH THE CREDIT UNION.


ATM/DEBIT CARDS AND CHECKCARDS ARE AVAILABLE TO MEMBERS WHO APPLY FOR ELECTRONIC ACCESS TO THEIR ACCOUNTS FOR DEPOSIT AND WITHDRAWAL OF FUNDS AND ACCOUNT INFORMATION.


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Board, Officers & Key Employees

Name (title)Compensation
William Harlan
Chairperson
$0
Tom Monticello
Vice Chairperson
$0
Michael Gebhardt
Secretary
$0
Jamie Berra
Treasurer
$0
Polly Kosyla
Director
$0
Dionne Lewis
Director
$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$4,920,199
Investment income $277,775
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $7,218
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $5,221,898

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