Kone Employees Credit Union
- Assets
- $23.4m
- Revenue
- $788.9k
- Investments
- $11.1m
- Employees
- 5
- Location
- Moline, IL
- Founding
- 04/1953
- Data as of
- 12/2021
- EIN
- 36-2499489
Organization Overview
Kone Employees Credit Union is located in Moline, IL. The organization was established in 1953. 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 12/2021, Kone Employees Credit Union employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kone 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 12/2021, Kone Employees Credit Union generated $788.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $664.9k during the year ending 12/2021. While expenses have increased by 0.4% 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
MEMBER SERVICES TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL BEING BY PROVIDING LOANS, SAVINGS ACCOUNTS AND OTHER FINANCIAL INSTITUTION SERVICES IN A PROFESSIONAL MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED DEPOSITS ON SAVINGS FROM 1822 MEMBERS
PROVIDED 539 MEMBERS CONSUMER LOAN
PROVIDED 722 MEMBERS WITH CHECKING ACCOUNTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Connie Mcginn President/ceo | Officer | 40 | $69,888 |
Dennis Dedecker Vice Chairman | Trustee | 5 | $0 |
William Dobbeleare Secretary | Trustee | 5 | $0 |
John Weber Director | Trustee | 5 | $0 |
Doug Jasper Director | Trustee | 5 | $0 |
Wayne Dowty Director | Trustee | 5 | $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 | $626,995 |
| Investment income | $161,904 |
| 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 | $788,899 |
| 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. | $69,888 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $151,123 |
| Pension plan accruals and contributions | $10,269 |
| Other employee benefits | $31,472 |
| Payroll taxes | $17,047 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,099 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,367 |
| Office expenses | $103,246 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,937 |
| Travel | $299 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $9,842 |
| Depreciation, depletion, and amortization | $13,217 |
| Insurance | $25,252 |
| All other expenses | $68,775 |
| Total functional expenses | $664,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,841 |
| Savings and temporary cash investments | $3,614,472 |
| 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 | $8,009,470 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $39,691 |
| Net Land, buildings, and equipment | $31,559 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,071,526 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $301,873 |
| Total assets | $23,393,432 |
| Accounts payable and accrued expenses | $31,918 |
| 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 | $20,334,280 |
| Total liabilities | $20,366,198 |
| 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 | $1,894,704 |
| Retained earnings, endowment, accumulated income, or other funds | $1,132,530 |
| Total liabilities and net assets/fund balances | $23,393,432 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |
Indiana University Credit Union Bloomington, IN | $1,349,340,515 | $48,794,263 |