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 12/2022, 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 12/2022, 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 6.8% each year. All expenses for the organization totaled $1.4m during the year ending 12/2022. While expenses have increased by 6.8% 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 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 12/31/22 IS 1,786 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 12/31/22 IS 7,201 FOR A TOTAL OF $22,037,819.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Danita Swanson President/manager | Officer | 40 | $94,615 |
Mary Westover Chairman | OfficerTrustee | 2 | $0 |
Brad Kuntz Secretary | OfficerTrustee | 2 | $0 |
John Hogan Treasurer | OfficerTrustee | 2 | $0 |
John Absher Vice-Chair | OfficerTrustee | 2 | $0 |
Thomas Maass Director | Trustee | 2 | $0 |
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 |
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 | $1,310,043 |
Investment income | $110,006 |
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 | $1,420,049 |
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. | $96,078 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $218,361 |
Pension plan accruals and contributions | $141,403 |
Other employee benefits | $17,660 |
Payroll taxes | $26,666 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $15,593 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $2,682 |
Advertising and promotion | $29,382 |
Office expenses | $69,242 |
Information technology | $180,252 |
Royalties | $0 |
Occupancy | $38,439 |
Travel | $16,982 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,842 |
Interest | $19,967 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $23,405 |
Insurance | $24,802 |
All other expenses | $48,899 |
Total functional expenses | $1,375,395 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,178,866 |
Savings and temporary cash investments | $9,024,557 |
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 | $13,940,283 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $39,977 |
Net Land, buildings, and equipment | $374,829 |
Investments—publicly traded securities | $0 |
Investments—other securities | $225,000 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $333,573 |
Total assets | $25,117,085 |
Accounts payable and accrued expenses | $367,718 |
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 | $22,037,819 |
Total liabilities | $22,405,537 |
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 | $2,711,548 |
Total liabilities and net assets/fund balances | $25,117,085 |
Over the last fiscal year, we have identified 1 grants that 2 Rivers Area Credit Union has recieved totaling $6,000.
Awarding Organization | Amount |
---|---|
Illinois Credit Union Foundation Naperville, IL PURPOSE: COVID 19 Assist and MBD Grant | $6,000 |
Organization Name | Assets | Revenue |
---|---|---|
University Of Illinois Community Credit Union Champaign, IL | $475,743,912 | $22,792,231 |
Land Of Lincoln Credit Union Decatur, IL | $357,439,691 | $20,389,555 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
Via Credit Union Marion, IN | $517,398,165 | $18,473,040 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |
Abri Credit Union Romeoville, IL | $405,514,463 | $14,619,681 |