Abbott Laboratories Employer Credit Union
- Assets
- $1.0b
- Revenue
- $27.6m
- Investments
- $17.5m
- Employees
- 131
- Location
- Gurnee, IL
- Founding
- 07/2001
- Data as of
- 12/2021
- EIN
- 36-3679911
Organization Overview
Abbott Laboratories Employer Credit Union is located in Gurnee, IL. The organization was established in 2001. 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, Abbott Laboratories Employer Credit Union employed 131 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abbott Laboratories Employer 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, Abbott Laboratories Employer Credit Union generated $27.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $21.7m during the year ending 12/2021. While expenses have increased by 5.0% 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
TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE COMPETITIVE LOANS, MARKET DEPOSIT RATES, AND EFFICIENT CHECKING SERVICES TO OUR MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Trosclair President | OfficerTrustee | 40 | $472,228 |
Jon Berndt Svp, CFO | Officer | 40 | $271,638 |
Kenneth Keifer Senior Vice President | Officer | 40 | $222,476 |
Brady Van Heirseele Senior Vice President | Officer | 40 | $209,630 |
Jennifer Pestikas Senior Vice President | Officer | 40 | $207,030 |
Jennifer Dzbinski Vice President | 40 | $149,880 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Banking Services | 12/30/21 | $1,727,695 |
Cardtronics Atm Services | 12/30/21 | $203,400 |
At & T Telecommunication Services | 12/30/21 | $130,825 |
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 | $21,717,581 |
| Investment income | $3,716,891 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $708,494 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,617,158 |
| 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 | $3,411,096 |
| Compensation of current officers, directors, key employees. | $1,579,317 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,528,601 |
| Pension plan accruals and contributions | $194,845 |
| Other employee benefits | $1,338,919 |
| Payroll taxes | $563,058 |
| Fees for services: Management | $110,689 |
| Fees for services: Legal | $33,544 |
| Fees for services: Accounting | $108,754 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $433,709 |
| Advertising and promotion | $523,295 |
| Office expenses | $894,068 |
| Information technology | $902,517 |
| Royalties | $0 |
| Occupancy | $477,966 |
| Travel | $20,416 |
| 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 | $0 |
| Depreciation, depletion, and amortization | $850,301 |
| Insurance | $114,389 |
| All other expenses | $411,910 |
| Total functional expenses | $21,732,525 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,298,443 |
| Savings and temporary cash investments | $83,099,515 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,143,895 |
| Loans from Officers, Directors, or Controlling Persons | $1,364,636 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $482,004,439 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $562,227 |
| Net Land, buildings, and equipment | $13,116,609 |
| Investments—publicly traded securities | $391,480,101 |
| Investments—other securities | $17,458,800 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,524,640 |
| Total assets | $1,021,053,305 |
| Accounts payable and accrued expenses | $5,533,653 |
| 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 | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $893,304,233 |
| Total liabilities | $903,837,886 |
| 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 | $117,215,419 |
| Total liabilities and net assets/fund balances | $1,021,053,305 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Andigo Credit Union Schaumburg, IL | $850,101,906 | $43,497,190 |
1st Midamerica Credit Union Bethalto, IL | $860,013,719 | $45,661,014 |
Great Lakes Credit Union Bannockburn, IL | $1,045,676,236 | $50,981,092 |
Financial Center First Credit Union Indianapolis, IN | $817,315,000 | $38,154,429 |
Hoosier Hills Credit Union Bedford, IN | $808,986,869 | $33,438,671 |
Dutrac Community Credit Union Dubuque, IA | $980,523,751 | $36,287,980 |
Numark Credit Union Joliet, IL | $604,429,082 | $32,569,723 |
Dupage Credit Union Naperville, IL | $557,263,458 | $27,754,068 |
Abbott Laboratories Employer Credit Union Gurnee, IL | $1,021,053,305 | $27,617,158 |