Funeral Service Credit Union
- Assets
- $11.2m
- Revenue
- $405.8k
- Investments
- $68.4k
- Employees
- 2
- Location
- Springfield, IL
- Founding
- 09/1983
- Data as of
- 12/2022
- EIN
- 37-1139227
Organization Overview
Funeral Service Credit Union is located in Springfield, IL. The organization was established in 1983. 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, Funeral Service Credit Union employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Funeral Service 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 12/2022, Funeral Service Credit Union generated $405.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $354.8k during the year ending 12/2022. While expenses have increased by 2.9% per year over the past 8 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
TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL BEING BY PROVIDING LOANS SHARE SAVINGS ACCTS AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MATTER
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISSUED 89 LOANS TOTALING $5.5 MILLION, 13 CD'S TOTALING $1.5 MILLION, WELCOMED 51 NEW MEMBERS, ADDED A NEW SPONSOR EMPLOYEE GROUP (OKFDA) AND ENDED 2022 WITH ZERO DELINQUENCIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Dobey President, Secretary & Executive Committee | Officer | 40 | $61,393 |
Randall L Earl Chairman & Executive Committee | Trustee | 0 | $0 |
Alan Palmer Credit Committee-Chairperson, Vice Chairman, Executive Committee | Trustee | 0 | $0 |
Shane Hessey Credit Committee | Trustee | 0 | $0 |
Samuel Finch Membership Committee Chairperson | Trustee | 0 | $0 |
Robert Jamison Credit Committee | Trustee | 0 | $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 | $375,491 |
| Investment income | $11,342 |
| 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 | $405,762 |
| 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. | $61,393 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $32,178 |
| Pension plan accruals and contributions | $4,907 |
| Other employee benefits | $39,742 |
| Payroll taxes | $7,827 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,622 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,153 |
| Office expenses | $25,159 |
| Information technology | $24,436 |
| Royalties | $0 |
| Occupancy | $17,320 |
| Travel | $10,526 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,699 |
| Insurance | $0 |
| All other expenses | $31,068 |
| Total functional expenses | $354,795 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $382,856 |
| Savings and temporary cash investments | $842,429 |
| 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 | $9,776,637 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,980 |
| Net Land, buildings, and equipment | $59,199 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $68,422 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,537 |
| Total assets | $11,152,060 |
| Accounts payable and accrued expenses | $76,916 |
| 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 | $9,314,248 |
| Total liabilities | $9,391,164 |
| 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 | $1,760,896 |
| Total liabilities and net assets/fund balances | $11,152,060 |
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|---|---|---|
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