Partnership Financial Credit Union
- Assets
- $365.1m
- Revenue
- $10.9m
- Investments
- $9.4m
- Employees
- 73
- Location
- Morton Grove, IL
- Founding
- 04/1958
- Data as of
- 12/2022
- EIN
- 36-6070077
Organization Overview
Partnership Financial Credit Union is located in Morton Grove, IL. The organization was established in 1958. 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, Partnership Financial Credit Union employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Partnership Financial 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, Partnership Financial Credit Union generated $10.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $9.0m during the year ending 12/2022. While expenses have increased by 9.5% 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
STATE CHARTERED CREDIT UNION SERVING OVER 15,000 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAINTAINED 28,803 DEPOSIT ACCOUNTS AND LOAN ACCOUNTS FOR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Underwood Chair | OfficerTrustee | 4 | $0 |
Leonard Ackman Vice Chair | OfficerTrustee | 4 | $0 |
Katherine France Director | Trustee | 4 | $0 |
Walter John Director | Trustee | 4 | $0 |
Michael Graham Director | Trustee | 4 | $0 |
Gene Mccormack Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cu Answers Data Processing | 12/30/20 | $151,805 |
Midwest Architectural Millwork Desi Millwork And Office Design | 12/30/20 | $141,725 |
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 | $6,285,292 |
| Investment income | $3,710,338 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $32,436 |
| 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 | $10,921,191 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,400 |
| 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. | $862,161 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,371,895 |
| Pension plan accruals and contributions | $83,736 |
| Other employee benefits | $274,919 |
| Payroll taxes | $234,178 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,788 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $141,893 |
| Office expenses | $573,941 |
| Information technology | $117,886 |
| Royalties | $0 |
| Occupancy | $701,523 |
| Travel | $6,761 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,239 |
| Interest | $1,228,071 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $328,508 |
| Insurance | $101,560 |
| All other expenses | $357,184 |
| Total functional expenses | $9,013,726 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,408,310 |
| Savings and temporary cash investments | $122,783,112 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $2,670,449 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $136,471,936 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $520,553 |
| Net Land, buildings, and equipment | $7,856,056 |
| Investments—publicly traded securities | $76,297,420 |
| Investments—other securities | $9,396,868 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,703,041 |
| Total assets | $365,107,745 |
| Accounts payable and accrued expenses | $3,187,054 |
| 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 | $7,200,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $323,684,711 |
| Total liabilities | $334,071,765 |
| 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 | $31,035,980 |
| Total liabilities and net assets/fund balances | $365,107,745 |