2 Rivers Area Credit Union
- Assets
- $24.3m
- Revenue
- $1.4m
- Investments
- $225.0k
- Employees
- 7
- Location
- Kankakee, IL
- Founding
- 09/1951
- Data as of
- 12/2023
- EIN
- 36-2282246
Organization Overview
2 Rivers Area Credit Union is located in Kankakee, IL. The organization was established in 1951. 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 12/2023, 2 Rivers Area Credit Union employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 2 Rivers Area 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 12/2023, 2 Rivers Area Credit Union generated $1.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 6.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ILLINOIS STATE CHARTERED CREDIT UNION OPERATED FOR THE MUTUAL BENEFIT OF ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION MAKES AND SERVICES CONSUMER LOANS AND REAL ESTATE LOANS TO MEMBERS. THE NUMBER OF LOANS OUTSTANDING AT 12/31/23 IS 1,789 FOR A TOTAL OF $14,157,274.
THE CREDIT UNION PAYS OUT DIVIDENDS ON ITS MEMBERS' SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. THE NUMBER OF SHARE ACCOUNTS AT 12/31/23 IS 7,252 FOR A TOTAL OF $22,037,819.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Westover Chairman | OfficerTrustee | 2 | $0 |
John Absher Vice-Chair | OfficerTrustee | 2 | $0 |
John Hogan Treasurer | OfficerTrustee | 2 | $0 |
Brad Kuntz Secretary | OfficerTrustee | 2 | $0 |
Thomas Maass Director | Trustee | 2 | $0 |
Ronnie Collins Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Illinois Credit Union League Debit Card Costs | 12/30/18 | $161,637 |
Fiserv Inc Accounting Software Fees | 12/30/18 | $155,872 |
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 | $1,181,667 |
| Investment income | $240,329 |
| 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 | $1,421,996 |
| 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. | $110,563 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $245,916 |
| Pension plan accruals and contributions | $10,145 |
| Other employee benefits | $40,132 |
| Payroll taxes | $31,949 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,753 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,667 |
| Advertising and promotion | $40,664 |
| Office expenses | $76,282 |
| Information technology | $175,414 |
| Royalties | $0 |
| Occupancy | $42,960 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,627 |
| Interest | $54,922 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,739 |
| Insurance | $26,991 |
| All other expenses | $60,123 |
| Total functional expenses | $1,389,686 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $931,714 |
| Savings and temporary cash investments | $7,045,032 |
| 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 | $15,296,985 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,818 |
| Net Land, buildings, and equipment | $409,648 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $225,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $341,250 |
| Total assets | $24,299,447 |
| Accounts payable and accrued expenses | $450,026 |
| 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 | $21,105,563 |
| Total liabilities | $21,555,589 |
| 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 | $2,743,858 |
| Total liabilities and net assets/fund balances | $24,299,447 |