Meadows Credit Union
- Assets
- $118.4m
- Revenue
- $4.9m
- Investments
- $2.3m
- Employees
- 34
- Location
- Palatine, IL
- Founding
- Data as of
- 12/2016
- EIN
- 36-6081100
Organization Overview
Meadows Credit Union is located in Palatine, IL. As of 12/2016, Meadows Credit Union employed 34 individuals. Meadows 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 12/2016, Meadows Credit Union generated $4.9m in total revenue. The organization has seen a slow decline revenue. Over the past 2 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $4.4m during the year ending 12/2016. 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
2016
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION IS TO ENCOURAGE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF REASONABLE CREDIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS ARE GRANTED TO INDIVIDUALS WHO ARE MEMBERS IN GOOD STANDING WITH THE CREDIT UNION. LOANS CONSIST OF CONSUMER, BUSINESS, AND REAL ESTATE LOANS. GRANTED 3,487 LOANS TOTALING $35,865,723 TO OUR MEMBERS IN 2016.
THE ORGANIZATION ISSUES SHARE DRAFTS, SHARE CERTIFICATES OF DEPOSIT AND PROVIDES SAVINGS ACCOUNTS TO MEMBERS TO ENCOURAGE THRIFT. MAINTAINED 20,252 SHARE ACCOUNTS FOR OUR 10,048 MEMBERS TOTALING $108,241,473 IN TOTAL SHARES AS OF DECEMBER 31, 2016.
THE ORGANIZATION ALSO OFFERS FINANCIAL SERVICES TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Buettner CEO | OfficerTrustee | 40 | $160,906 |
Gary Leland Chief Operating Officer | OfficerTrustee | 40 | $130,185 |
Rose Herzog Vice Chairman And Secretar | OfficerTrustee | 1 | $0 |
John Foley Director | Trustee | 1 | $0 |
Carl La Mell Director | Trustee | 1 | $0 |
Richard Batliner Director | Trustee | 1 | $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 | $4,409,800 |
| Investment income | $557,199 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$68,656 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,898,343 |
| 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. | $318,806 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,511,476 |
| Pension plan accruals and contributions | $22,140 |
| Other employee benefits | $196,099 |
| Payroll taxes | $123,100 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,338 |
| Fees for services: Accounting | $43,456 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $128,394 |
| Office expenses | $234,961 |
| Information technology | $457,546 |
| Royalties | $0 |
| Occupancy | $409,245 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $60,997 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $71,125 |
| Insurance | $62,221 |
| All other expenses | $149,480 |
| Total functional expenses | $4,356,398 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,537,317 |
| Savings and temporary cash investments | $33,102,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $769,639 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $74,118,396 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $466,581 |
| Net Land, buildings, and equipment | $3,275,977 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,321,739 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,802,221 |
| Total assets | $118,393,870 |
| Accounts payable and accrued expenses | $624,313 |
| 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 | $110,226,940 |
| Total liabilities | $110,851,253 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $7,542,617 |