Advantage One Credit Union
- Assets
- $25.4m
- Revenue
- $816.9k
- Investments
- $0.0
- Employees
- 11
- Location
- Morrison, IL
- Founding
- 10/2002
- Data as of
- 12/2022
- EIN
- 36-2464697
Organization Overview
Advantage One Credit Union is located in Morrison, IL. The organization was established in 2002. 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, Advantage One Credit Union employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Advantage One 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, Advantage One Credit Union generated $816.9k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $870.1k during the year ending 12/2022. While expenses have increased by 2.7% 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
SERVING THE COMMUNITY BY PROVIDING CONVENIENT FINANCIAL SERVICES YOU TRUST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 121 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 2,549 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 240 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 58,626 LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Wisowaty President (t | Officer | 40 | $95,456 |
Michael Hemmer President/ce | Officer | 40 | $42,244 |
Lana Nugent Chair | OfficerTrustee | 1 | $0 |
Michael Buckwalter Vice Chair | OfficerTrustee | 1 | $0 |
Janet Fisher Treasurer | OfficerTrustee | 1 | $0 |
Shelly Tiesman Secretary | OfficerTrustee | 1 | $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 | $667,673 |
| Investment income | $142,981 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,525 |
| Net Rental Income | $2,000 |
| Net Gain/Loss on Asset Sales | $2,734 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $816,913 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,164 |
| 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. | $137,700 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $187,815 |
| Pension plan accruals and contributions | $7,099 |
| Other employee benefits | $73,299 |
| Payroll taxes | $26,910 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $303 |
| Fees for services: Accounting | $30,622 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,791 |
| Office expenses | $180,302 |
| Information technology | $27,008 |
| Royalties | $0 |
| Occupancy | $25,702 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,221 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,136 |
| Insurance | $28,109 |
| All other expenses | $0 |
| Total functional expenses | $870,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $162,792 |
| Savings and temporary cash investments | $6,286,192 |
| 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 | $14,116,307 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $152,768 |
| Net Land, buildings, and equipment | $282,263 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,062,324 |
| Intangible assets | $0 |
| Other assets | $302,527 |
| Total assets | $25,365,173 |
| Accounts payable and accrued expenses | $54,200 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $19,303 |
| 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 | $23,134,338 |
| Total liabilities | $23,207,841 |
| 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 | $2,157,332 |
| Total liabilities and net assets/fund balances | $25,365,173 |