Area Educational Credit Union
- Assets
- $30.3m
- Revenue
- $588.1k
- Investments
- $0.0
- Employees
- 7
- Location
- Mattoon, IL
- Founding
- 12/1960
- Data as of
- 12/2021
- EIN
- 37-0902576
Organization Overview
Area Educational Credit Union is located in Mattoon, IL. The organization was established in 1960. 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, Area Educational Credit Union employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Area Educational 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, Area Educational Credit Union generated $588.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $554.1k during the year ending 12/2021. While expenses have increased by 5.3% 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 ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL-BEING BY PROVIDING LOANS, SAVING ACCOUNTS AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CONSUMER LOANS TO 746 MEMBERS
RECEIVED DEPOSITS FROM 2,374 MEMBERS
PROVIDED IRA SERVICES TO 75 MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kerry Fearn President | OfficerTrustee | 50 | $104,396 |
J Michael Coffman Director | OfficerTrustee | 1 | $0 |
Marilyn Kaye Honn Director | OfficerTrustee | 1 | $0 |
W Max Jaeger Director | OfficerTrustee | 1 | $0 |
Jeremy Doughty Director | Trustee | 1 | $0 |
Brenda Jones 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 | $400,740 |
| Investment income | $187,404 |
| 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 | $588,144 |
| 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. | $131,268 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $133,310 |
| Pension plan accruals and contributions | $9,955 |
| Other employee benefits | $838 |
| Payroll taxes | $21,118 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,953 |
| Fees for services: Accounting | $11,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,389 |
| Office expenses | $24,036 |
| Information technology | $81,162 |
| Royalties | $0 |
| Occupancy | $17,303 |
| Travel | $1,500 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,543 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,487 |
| Insurance | $11,892 |
| All other expenses | $0 |
| Total functional expenses | $554,120 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $168,108 |
| Savings and temporary cash investments | $20,030,117 |
| 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 | $9,698,324 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $91,872 |
| Net Land, buildings, and equipment | $352,647 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,341,068 |
| Accounts payable and accrued expenses | $25,852 |
| 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 | $24,499,829 |
| Total liabilities | $24,525,681 |
| 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 | $5,815,387 |
| Total liabilities and net assets/fund balances | $30,341,068 |
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