Select Employees Credit Union
- Assets
- $68.6m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 13
- Location
- Sterling, IL
- Founding
- 11/1957
- Data as of
- 12/2023
- EIN
- 36-2440414
Organization Overview
Select Employees Credit Union is located in Sterling, IL. The organization was established in 1957. 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, Select Employees Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Select Employees 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, Select Employees Credit Union generated $3.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 5.1% 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
THE SELECT EMPLOYEES CREDIT UNION WILL MEET THE NEEDS OF MEMBERS BY PROVIDING FINANIAL PRODUCTS AND SERVICES DELIVERED WITH INTEGRITY, PERSONAL CARE AND INDIVIDUALIZED ATTENTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MADE SHARE OVERDRAFT PROTECTION LOANS, HOME EQUITY LOANS, SHARE SECURED LOANS, AND VISA LOANS TO MEMBERS. TOTAL LOANS AT THE END OF 2023 WERE $36,706,829 THIS NUMBER CONSISTED OF CONSUMER LOANS OF $18,197,100, REAL ESTATE LOANS OF $13,165,495, AND VISA LOANS OF $1,050,282. THE CREDIT UNION'S GOAL IS TO HAVE AN 80% LOANS TO ASSET RATIO AND AN 85% LOANS TO SHARES RATIO. AT THE END OF 2023 THE LOANS TO ASSETS RATIO WAS 53.48% AND LOANS TO SHARE WAS 59.81%
ACCEPTED DEPOSITS AND ISSUED SHARE CERTIFICATES TO MEMBERS. TOTAL SHARE BALANCES AT THE END OF 2023 WERE $61,363,928. THIS NUMBER CONSISTED OF SHARE BALANCES OF $43,390,422, SHARE BALANCE DRAFT OF $16,240,878, AND INDIVIDUAL RETIREMENT ACCOUNT (IRA)/CERTIFICATE OF DEPOSIT BALANCES OF $1,732,628.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Richard Douglas Chairman | OfficerTrustee | 1 | $0 |
Mr Kevin O'keefe Secretary | OfficerTrustee | 1 | $0 |
Ms Kathryn Boyle Treasurer | OfficerTrustee | 1 | $0 |
Mr Andrew Beveroth Member | Trustee | 1 | $0 |
Mr Jefferey Hippen Member | Trustee | 1 | $0 |
Ms Cindy Vonholten Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bradford Scott Data Corporation | 12/30/19 | $151,118 |
Blue Cross Blue Shield | 12/30/19 | $103,020 |
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 | $3,557,535 |
| Investment income | $0 |
| 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 | $3,557,535 |
| 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. | $118,028 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $571,680 |
| Pension plan accruals and contributions | $34,790 |
| Other employee benefits | $77,427 |
| Payroll taxes | $49,652 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,312 |
| Fees for services: Accounting | $24,285 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $71,687 |
| Advertising and promotion | $50,953 |
| Office expenses | $76,304 |
| Information technology | $257,706 |
| Royalties | $0 |
| Occupancy | $56,232 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,376 |
| Interest | $145,113 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $46,207 |
| Insurance | $29,519 |
| All other expenses | $27,348 |
| Total functional expenses | $2,170,400 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,535,473 |
| Savings and temporary cash investments | $14,057,045 |
| 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 | $36,199,754 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $200,165 |
| Net Land, buildings, and equipment | $707,098 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $939,974 |
| Total assets | $68,639,509 |
| Accounts payable and accrued expenses | $546,277 |
| 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 | $61,363,928 |
| Total liabilities | $61,910,205 |
| 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 | $6,729,304 |
| Total liabilities and net assets/fund balances | $68,639,509 |