Select Employees Credit Union
- Assets
- $68.1m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 12
- Location
- Sterling, IL
- Founding
- 11/1957
- Data as of
- 12/2022
- 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 12/2022, Select Employees Credit Union employed 12 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 12/2022, Select Employees Credit Union generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.9m during the year ending 12/2022. While expenses have increased by 3.6% per year over the past 7 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
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 2022 WERE $28,918,423 THIS NUMBER CONSISTED OF CONSUMER LOANS OF $11,977,506, REAL ESTATE LOANS OF $13,025,974, AND VISA LOANS OF $1,113,029. 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 2022 THE LOANS TO ASSETS RATIO WAS 48.72% AND LOANS TO SHARE WAS 46.47%
ACCEPTED DEPOSITS AND ISSUED SHARE CERTIFICATES TO MEMBERS. TOTAL SHARE BALANCES AT THE END OF 2022 WERE $62,225,680. THIS NUMBER CONSISTED OF SHARE BALANCES OF $46,117,648, SHARE BALANCE DRAFT OF $14,186,902, AND INDIVIDUAL RETIREMENT ACCOUNT (IRA)/CERTIFICATE OF DEPOSIT BALANCES OF $1,921,130.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ms Susan Branch CEO | Officer | 40 | $101,458 |
Mr Richard Douglas Chairman | OfficerTrustee | 1 | $0 |
Mr Kevin O'keefe Secretary | OfficerTrustee | 1 | $0 |
Ms Kathryn Boyle Treasurer | OfficerTrustee | 1 | $0 |
Mr Timothy Morgan Vice Chairman | OfficerTrustee | 1 | $0 |
Mr Andrew Beveroth 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 | $2,407,136 |
| 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 | $2,407,136 |
| 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. | $114,612 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $512,954 |
| Pension plan accruals and contributions | $29,140 |
| Other employee benefits | $76,148 |
| Payroll taxes | $44,942 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,602 |
| Fees for services: Accounting | $19,470 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,589 |
| Advertising and promotion | $49,741 |
| Office expenses | $71,449 |
| Information technology | $224,036 |
| Royalties | $0 |
| Occupancy | $53,719 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,314 |
| Interest | $63,635 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,731 |
| Insurance | $27,969 |
| All other expenses | $19,821 |
| Total functional expenses | $1,864,459 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,568,330 |
| Savings and temporary cash investments | $12,390,103 |
| 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 | $28,440,363 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $161,348 |
| Net Land, buildings, and equipment | $701,112 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $836,438 |
| Total assets | $68,097,694 |
| Accounts payable and accrued expenses | $459,845 |
| 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 | $62,225,680 |
| Total liabilities | $62,685,525 |
| 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 | $5,412,169 |
| Total liabilities and net assets/fund balances | $68,097,694 |
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| Organization Name | Assets | Revenue |
|---|---|---|
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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 |
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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 |