Canals & Trails Credit Union
- Assets
- $36.7m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Lockport, IL
- Founding
- Data as of
- 12/2021
- EIN
- 36-2473242
Organization Overview
Canals & Trails Credit Union is located in Lockport, IL. As of 12/2021, Canals & Trails Credit Union employed 9 individuals. Canals & Trails 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 12/2021, Canals & Trails Credit Union generated $1.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $844.4k during the year ending 12/2021. While expenses have increased by 4.3% 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
2021
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
CREDIT UNION MAKES AND SERVICES CONSUMER AND REAL ESTATE LOANS TO MEMBERS. TOTAL NUMBER OF LOANS OUSTANDING AT 12/31/21 WAS 32,353 FOR A TOTAL OF $12,704,730. THE CREDIT UNION ALSO OFFERS AN ATM/DEBIT CARD PROGRAM, MONEY ORDERS, OVERDRAFT LINES OF CREDIT, AND SHARE SECURED CREDIT CARDS.
CREDIT UNION PAYS OUT DIVIDENDS TO ITS MEMBERS ON SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. TOTAL NUMBER OF SHARE ACCOUNTS AT 12/31/20 WERE 5,694 FOR A TOTAL OF $33,485,791. THE CREDIT UNION ALSO OFFERS CERTIFICATES OF DEPOSITS, IRA ACCOUNTS, CLUB ACCOUNTS, AND MONEY MARKET ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janet Schuler President | Officer | 40 | $83,610 |
Max Woods Director | Trustee | 2 | $0 |
Kent Irvin Chairman | Trustee | 2 | $0 |
Brenda Piry Vice Chairman | Trustee | 2 | $0 |
Jim Wartenberg Secretary | Trustee | 2 | $0 |
Rob Cronholm Director | Trustee | 2 | $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 | $649,344 |
| Investment income | $170,968 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$9,796 |
| 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 | $1,002,433 |
| 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. | $86,542 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $222,987 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $9,765 |
| Other employee benefits | $1,773 |
| Payroll taxes | $24,492 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,575 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,120 |
| Fees for services: Other | $13,854 |
| Advertising and promotion | $7,036 |
| Office expenses | $179,563 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,058 |
| Travel | $667 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $630 |
| Interest | $28,574 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $36,326 |
| Insurance | $20,799 |
| All other expenses | $119,509 |
| Total functional expenses | $844,430 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $321,466 |
| Savings and temporary cash investments | $3,085,789 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $60,033 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,478,467 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $129,848 |
| Net Land, buildings, and equipment | $737,748 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $19,505,002 |
| Intangible assets | $0 |
| Other assets | $351,807 |
| Total assets | $36,670,160 |
| Accounts payable and accrued expenses | $49,538 |
| 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 | $33,615,851 |
| Total liabilities | $33,665,389 |
| 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 | $3,004,771 |
| Total liabilities and net assets/fund balances | $36,670,160 |
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