Scott Credit Union
- Assets
- $1.6b
- Revenue
- $74.7m
- Investments
- $0.0
- Employees
- 436
- Location
- Edwardsville, IL
- Founding
- 06/1947
- Data as of
- 12/2021
- EIN
- 37-0732817
Organization Overview
Scott Credit Union is located in Edwardsville, IL. The organization was established in 1947. 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, Scott Credit Union employed 436 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Scott 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, Scott Credit Union generated $74.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $67.0m during the year ending 12/2021. While expenses have increased by 7.1% 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 SERVE MEMBERS NEEDS BY ACCEPTING DEPOSITS, GRANTING LOANS AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVED MEMBERS INTERESTS BY ACCEPTING DEPOSITS, GRANTING LOANS AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank M Padak President & CEO | Officer | 40 | $607,466 |
Eric Waltenberger Mtg Loan Officer | 40 | $443,883 | |
Scott Seidl Exec VP | Officer | 40 | $334,734 |
Tricia Newton Home Loan Advisor | 40 | $301,814 | |
Wendy Erhart Chief Experience Officer | Officer | 40 | $212,555 |
Tony Bakalar Mtg Loan Officer | 40 | $194,735 |
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 | $70,620,092 |
| Investment income | $2,680,155 |
| 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 | $74,654,217 |
| 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. | $2,433,724 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,852,151 |
| Pension plan accruals and contributions | $885,050 |
| Other employee benefits | $3,602,879 |
| Payroll taxes | $1,438,881 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $549,836 |
| Fees for services: Accounting | $306,730 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,608,639 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $195,913 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $476,503 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,174,912 |
| Insurance | $350,219 |
| All other expenses | $33,095,278 |
| Total functional expenses | $66,970,715 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,549,289 |
| Savings and temporary cash investments | $2,924,803 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,767,814 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,105,057,866 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,443,458 |
| Net Land, buildings, and equipment | $36,005,991 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $416,114,059 |
| Intangible assets | $0 |
| Other assets | $59,483,823 |
| Total assets | $1,647,347,103 |
| Accounts payable and accrued expenses | $17,150,679 |
| 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 | $1,489,175,678 |
| Total liabilities | $1,506,326,357 |
| 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 | $141,020,746 |
| Total liabilities and net assets/fund balances | $1,647,347,103 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Interra Credit Union Goshen, IN | $1,620,181,637 | $68,430,398 |
Park Community Credit Union Inc Louisville, KY | $1,121,794,262 | $53,014,034 |
Beacon Credit Union Wabash, IN | $1,514,735,601 | $47,143,377 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |