First Northern Credit Union
- Assets
- $366.9m
- Revenue
- $13.9m
- Investments
- $0.0
- Employees
- 202
- Location
- Chicago, IL
- Founding
- 05/1945
- Data as of
- 12/2022
- EIN
- 36-2009178
Organization Overview
First Northern Credit Union is located in Chicago, 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, First Northern Credit Union employed 202 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. First Northern 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, First Northern Credit Union generated $13.9m 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 $13.6m during the year ending 12/2022. While expenses have increased by 2.0% 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
CREDIT UNION OPERATED WITHOUT PROFIT FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED 37,168 SHARE ACCOUNTS FOR OUR 23,225 MEMBERS TOTALING $340,737,089 IN TOTAL SHARES AS OF DECEMBER 31, 2022.
GRANTED 2,994 LOANS TOTALING $123,139,311 TO OUR MEMBERS DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Partch Chairman | Trustee | 5 | $0 |
Clinton Morris Vice Chairman | Trustee | 3 | $0 |
James Torres Secretary | Trustee | 3 | $0 |
Heather Johnson Treasurer | Trustee | 3 | $0 |
Jie Chu Director | Trustee | 2 | $0 |
Brandy Gobert 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 | $11,890,823 |
| Investment income | $1,962,100 |
| 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 | $13,852,923 |
| 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. | $1,257,568 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,797,416 |
| Pension plan accruals and contributions | $400,921 |
| Other employee benefits | $680,124 |
| Payroll taxes | $434,770 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $82,727 |
| Fees for services: Accounting | $57,477 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $415,433 |
| Office expenses | $2,077,575 |
| Information technology | $305,156 |
| Royalties | $0 |
| Occupancy | $779,281 |
| Travel | $52,970 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $105,552 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $223,453 |
| Insurance | $98,054 |
| All other expenses | $32,843 |
| Total functional expenses | $13,573,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $800,572 |
| Savings and temporary cash investments | $15,796,647 |
| 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 | $209,386,516 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,232,356 |
| Net Land, buildings, and equipment | $1,985,158 |
| Investments—publicly traded securities | $125,845,873 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,891,425 |
| Total assets | $366,938,547 |
| Accounts payable and accrued expenses | $6,418,107 |
| 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 | $340,737,089 |
| Total liabilities | $347,155,196 |
| 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 | $19,783,351 |
| Total liabilities and net assets/fund balances | $366,938,547 |