Credit Union 1
- Assets
- $1.6b
- Revenue
- $74.2m
- Investments
- $28.2m
- Employees
- 485
- Location
- Rantoul, IL
- Founding
- 02/1958
- Data as of
- 12/2022
- EIN
- 37-0767435
Organization Overview
Credit Union 1 is located in Rantoul, 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, Credit Union 1 employed 485 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Credit Union 1 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, Credit Union 1 generated $74.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.5% each year. All expenses for the organization totaled $64.4m during the year ending 12/2022. While expenses have increased by 8.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT UNION 1 IS A MEMBER-OWNED AND CONTROLLED FINANCIAL INSTITUTION DEDICATED TO PROVIDING CONVENIENT AND COMPETITIVE SERVICES AS A MEANS OF IMPROVING ONGOING ECONOMIC WELL-BEING OF OUR MEMBERS WHILE PROMOTING GROWTH AND MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Eberhardt Director - Chair | Trustee | 2 | $21,600 |
Dan Long Director | Trustee | 2 | $14,400 |
Rex Tolliver Director | Trustee | 2 | $14,400 |
Daniel Ricci Director - Vice Chair | Trustee | 2 | $14,400 |
Thomas Wells Jr Director - Secretary | Trustee | 2 | $14,400 |
Kent Yager Director | Trustee | 2 | $14,400 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allied Benefit Systems Inc Medical And Health Care Payments | 12/30/22 | $1,052,800 |
Civitas Paseo Verde Owner Llc Rent | 12/30/22 | $696,537 |
Comar Properties Inc Rent | 12/30/22 | $198,252 |
Mellody Farm Rent | 12/30/22 | $128,397 |
Matteson Ii Llc Rent | 12/30/22 | $111,024 |
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 | $47,263,470 |
| Investment income | $2,583,102 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $870,449 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,221,901 |
| 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. | $2,904,967 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $22,929,528 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,410,501 |
| Payroll taxes | $2,071,860 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,908,375 |
| Advertising and promotion | $1,130,957 |
| Office expenses | $11,887,802 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,310,903 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,485,320 |
| Insurance | $0 |
| All other expenses | $129,622 |
| Total functional expenses | $64,352,203 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,339,687 |
| Savings and temporary cash investments | $25,929,256 |
| 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 | $1,340,152,720 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $25,253,121 |
| Investments—publicly traded securities | $56,491,992 |
| Investments—other securities | $28,160,773 |
| Investments—program-related | $593,731 |
| Intangible assets | $0 |
| Other assets | $81,057,113 |
| Total assets | $1,585,978,393 |
| Accounts payable and accrued expenses | $70,000,000 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $5,796,299 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $3,869,068 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,375,695,505 |
| Total liabilities | $1,455,360,872 |
| 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 | $130,617,521 |
| Total liabilities and net assets/fund balances | $1,585,978,393 |