Galesburg Burlington Credit Union
- Assets
- $48.4m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 8
- Location
- Galesburg, IL
- Founding
- 09/1941
- Data as of
- 12/2022
- EIN
- 37-0286192
Organization Overview
Galesburg Burlington Credit Union is located in Galesburg, IL. The organization was established in 1941. 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, Galesburg Burlington Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Galesburg Burlington 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, Galesburg Burlington Credit Union generated $1.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. While expenses have increased by 3.5% 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
TO PROVIDE MEMBERS WITH A FULL RANGE OF FINANCIAL SERVICES AT COMPETITIVE RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE MEMBERSHIP. THE CREDIT UNION SERVICES IN EXCESS OF 3,720 MEMBER SHARE ACCOUNTS AND 1,555 LOAN ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Specht Chairperson | Trustee | 1 | $0 |
Seth Clark Vice Chair/secretary | Trustee | 1 | $0 |
Michael Alderson Director | Trustee | 1 | $0 |
Arthur Boone Director | Trustee | 1 | $0 |
Gale Trulson Director | Trustee | 1 | $0 |
Luke Crouse 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 | $1,436,414 |
| Investment income | $190,903 |
| 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 | $1,627,317 |
| 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. | $90,800 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $152,072 |
| Pension plan accruals and contributions | $61,374 |
| Other employee benefits | $45,052 |
| Payroll taxes | $18,392 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,051 |
| Fees for services: Accounting | $31,367 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,116 |
| Office expenses | $155,573 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,117 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,217 |
| Interest | $196 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $52,111 |
| Insurance | $34,298 |
| All other expenses | $197 |
| Total functional expenses | $1,245,877 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $430,946 |
| Savings and temporary cash investments | $5,889,628 |
| 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 | $28,866,087 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $115,242 |
| Net Land, buildings, and equipment | $251,099 |
| Investments—publicly traded securities | $12,400,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $435,638 |
| Total assets | $48,388,640 |
| Accounts payable and accrued expenses | $475,984 |
| 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 | $34,056,767 |
| Total liabilities | $34,532,751 |
| 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 | $13,855,889 |
| Total liabilities and net assets/fund balances | $48,388,640 |