Financial Partners Credit Union
- Assets
- $11.2m
- Revenue
- $464.5k
- Investments
- $0.0
- Employees
- 5
- Location
- Springfield, IL
- Founding
- 01/1936
- Data as of
- 12/2022
- EIN
- 37-0527910
Organization Overview
Financial Partners Credit Union is located in Springfield, IL. The organization was established in 1936. 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, Financial Partners Credit Union employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Partners 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, Financial Partners Credit Union generated $464.5k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $438.9k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 8 years. 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 ASSIST OUR MEMBERS IN MANAGEMENT OF THEIR FINANCIAL WELL-BEING BY PROVIDING LOANS, SAVINGS ACCOUNTS AND OTHER FINANCIAL SERVICES IN A FRIENDLY AND PROFESSIONAL MANNERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE CONSUMER AND RECEIVE DEPOSITS FROM THE CREDIT UNION MEMBERSHIP. THE CREDIT UNION SERVICES 1,929 MEMBER SHARE ACCOUNTS AND 634 LOAN ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diana Bowden Board Member | OfficerTrustee | 40 | $77,409 |
Eric Paine CEO | Officer | 40 | $48,887 |
Virginia Fugate VP Of Operations | Officer | 40 | $35,385 |
Kathleen Schou Chairperson | OfficerTrustee | 1 | $0 |
Susan Litterly Secretary | OfficerTrustee | 1 | $0 |
Don Vanetten Board Member | 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 | $371,479 |
| Investment income | $92,986 |
| 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 | $464,465 |
| 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. | $161,681 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,376 |
| Pension plan accruals and contributions | $5,916 |
| Other employee benefits | $1,752 |
| Payroll taxes | $15,696 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $900 |
| Fees for services: Accounting | $7,538 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,684 |
| Advertising and promotion | $195 |
| Office expenses | $134,091 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,660 |
| Travel | $399 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $6 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,579 |
| Insurance | $4,164 |
| All other expenses | $7,053 |
| Total functional expenses | $438,908 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $631,337 |
| Savings and temporary cash investments | $6,035,420 |
| 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 | $4,257,191 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,259 |
| Net Land, buildings, and equipment | $73,592 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,465 |
| Total assets | $11,188,264 |
| Accounts payable and accrued expenses | $69,535 |
| 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 | $10,163,749 |
| Total liabilities | $10,233,284 |
| 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 | $954,980 |
| Total liabilities and net assets/fund balances | $11,188,264 |
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|---|---|---|
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