Illinois Business Financial Services
- Assets
- $383.0k
- Revenue
- $473.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Peoria, IL
- Founding
- 04/1982
- Data as of
- 09/2022
- EIN
- 37-1100487
Organization Overview
Illinois Business Financial Services is located in Peoria, IL. The organization was established in 1982. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 09/2022, Illinois Business Financial Services employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Business Financial Services is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2022, Illinois Business Financial Services generated $473.8k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $260.4k during the year ending 09/2022. 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
PROMOTE ECONOMIC AND SOCIAL WELFARE THROUGH ADMINISTRATION OF SBA LOAN PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROCESSING AND SERVICING OF SMALL BUSINESS LOANS UNDER VARIOUS SMALL BUSINESS ADMINISTRATION PROGRAMS
ESTABLISHMENT OF SPACE FOR BUSINESS INCUBATION PROGRAM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kyle King Interim CEO | Officer | 40 | $56,350 |
Scott Wiestart Treasurer | OfficerTrustee | 1 | $0 |
Corry Harris Chairperson | OfficerTrustee | 1 | $0 |
Allen Kilgore Vice Chairperson | OfficerTrustee | 0.5 | $0 |
Charles Randle At-Large Executive | OfficerTrustee | 1 | $0 |
James Tillman Secretary | OfficerTrustee | 0.5 | $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 | $240,000 |
| Noncash contributions included in lines 1a–1f | $240,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $240,000 |
| Total Program Service Revenue | $233,819 |
| Investment income | $10 |
| 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 | $473,829 |
| 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. | $108,960 |
| Compensation of current officers, directors, key employees. | $27,240 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,960 |
| Pension plan accruals and contributions | $2,764 |
| Other employee benefits | $0 |
| Payroll taxes | $10,919 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,369 |
| Advertising and promotion | $7,676 |
| Office expenses | $8,463 |
| Information technology | $17,620 |
| Royalties | $0 |
| Occupancy | $32,413 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,798 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,469 |
| Insurance | $6,994 |
| All other expenses | $0 |
| Total functional expenses | $260,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,585 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,902 |
| 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 | $4,783 |
| Net Land, buildings, and equipment | $239,688 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $382,958 |
| Accounts payable and accrued expenses | $47,016 |
| 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 | $47,016 |
| Net assets without donor restrictions | $335,942 |
| 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 | $382,958 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Cardinal Services Inc Of Indiana Warsaw, IN | $28,675,162 | $26,373,889 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Ray And Kay Eckstein Charitable Trust Paducah, KY | $358,796,277 | $128,951,866 |
Professional Convention Management Association Chicago, IL | $13,503,434 | $11,522,188 |
Sigma Chi Foundation Evanston, IL | $40,441,719 | $12,690,646 |