Processors Industrial Credit Union
- Assets
- $0.0
- Revenue
- $574.6k
- Investments
- $0.0
- Employees
- 8
- Location
- Granite City, IL
- Founding
- 02/1962
- Data as of
- 10/2021
- EIN
- 37-0811309
Organization Overview
Processors Industrial Credit Union is located in Granite City, IL. The organization was established in 1962. 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 10/2021, Processors Industrial Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Processors Industrial 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 10/2021, Processors Industrial Credit Union generated $574.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $696.5k during the year ending 10/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE COOPERATIVE FINANCIAL SERVICES TO THE FOLLOWING GROUPS, THOSE WHO LIVE OR WORK IN GRANITE CITY, PONTOON BEACH, MITCHELL, MADISON AND VENICE AS WELL AS THE REST OF ST. CLAIR COUNTY, MADISON COUNTY, AND JERSEY COUNTY. PROCESSORS-INDUSTRIAL COMMUNITY CREDIT UNION ALSO OFFERS MEMBERSHIP TO EMPLOYEES OF AMERICAN STEEL, BULK SERVICE, GATEWAY CITY TOWNSHIP, GATEWAY REGIONAL MEDICAL CENTER, GRANITE CITY LIBRARY, KRAFT GENERAL FOODS, MAYCO, METALICO, MIDCOAST TERMINAL, REILLY INDUSTRIES, INC. AND VILLAGE OF GLEN CARBON. MEMBERSHIP IS ALSO OFFERED TO IMMEDIATE FAMILY, HOUSEHOLD AND RELATIVES OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COOPERATIVE FINANCIAL SERVICES TO 1,996 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Selby President/ceo/treasurer | OfficerTrustee | 10 | $34,642 |
Frank Komoromi Director | OfficerTrustee | 2 | $0 |
Jim Snelson Vice Chair | OfficerTrustee | 2 | $0 |
Harvey Mcdonald Jr Secretary | OfficerTrustee | 1 | $0 |
William Dusenbery Board Chair | OfficerTrustee | 1 | $0 |
Emmitt Glasper Supervisory Chair / Director | Trustee | 2 | $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 | $457,071 |
| Investment income | $26,463 |
| 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 | $574,607 |
| 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. | $34,642 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $136,591 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,092 |
| Payroll taxes | $0 |
| 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 | $243,694 |
| Advertising and promotion | $0 |
| Office expenses | $77,323 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,791 |
| Travel | $1,099 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,474 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $696,476 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
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Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
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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 |
Indiana University Credit Union Bloomington, IN | $1,349,340,515 | $48,794,263 |