Canals & Trails Credit Union
- Assets
- $33.4m
- Revenue
- $1.1m
- Investments
- $60.0k
- Employees
- 12
- Location
- Lockport, IL
- Founding
- Data as of
- 12/2023
- EIN
- 36-2473242
Organization Overview
Canals & Trails Credit Union is located in Lockport, IL. As of 12/2023, Canals & Trails Credit Union employed 12 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 12/2023, Canals & Trails Credit Union generated $1.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.0m during the year ending 12/2023. While expenses have increased by 5.5% per year over the past 9 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
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 OUTSTANDING AT 12/31/23 WAS 26,467 FOR A TOTAL OF $11,459,275. 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 12/31/23 WERE 5,550 FOR A TOTAL OF $30,169,119. 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 |
|---|---|---|---|
Jim Wartenberg Chairman | OfficerTrustee | 2 | $0 |
Brenda Piry Vice Chairman | OfficerTrustee | 2 | $0 |
Gerry Gadson Treasurer | OfficerTrustee | 2 | $0 |
Edward Rossetto Secretary | Trustee | 2 | $0 |
David Oxley Director | Trustee | 2 | $0 |
Max Woods 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 | $723,079 |
| Investment income | $277,362 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,257 |
| 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 | $1,105,547 |
| 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. | $100,157 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $264,051 |
| Pension plan accruals and contributions | $8,310 |
| Other employee benefits | $609 |
| Payroll taxes | $28,825 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,786 |
| Fees for services: Other | $12,393 |
| Advertising and promotion | $10,824 |
| Office expenses | $205,391 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $65,963 |
| Travel | $1,051 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,814 |
| Interest | $75 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,451 |
| Insurance | $0 |
| All other expenses | $35,310 |
| Total functional expenses | $1,018,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $313,397 |
| Savings and temporary cash investments | $940,314 |
| 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 | $11,393,495 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,598 |
| Net Land, buildings, and equipment | $687,569 |
| Investments—publicly traded securities | $19,603,168 |
| Investments—other securities | $60,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $335,670 |
| Total assets | $33,387,211 |
| Accounts payable and accrued expenses | $43,199 |
| 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 | $30,169,119 |
| Total liabilities | $30,212,318 |
| 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 | $3,174,893 |
| Total liabilities and net assets/fund balances | $33,387,211 |