Salem School System Credit Union
- Assets
- $2.0m
- Revenue
- $108.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Salem, IL
- Founding
- 07/1956
- Data as of
- 12/2023
- EIN
- 37-6026357
Organization Overview
Salem School System Credit Union is located in Salem, IL. The organization was established in 1956. 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 12/2023, Salem School System Credit Union employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Salem School System 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 12/2023, Salem School System Credit Union generated $108.2k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $63.0k during the year ending 12/2023. While expenses have increased by 2.4% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL BEING BY PROVIDING LOAN, SAVINGS ACCOUNTS, AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOAN SERVICES TO MEMBERS AT A COMPETITIVE RATES.
PROVIDE NCUA SHARE INSURANCE
RECEIVE DEPOSITS FOR SAVINGS FROM MEMBERS AT COMPETITIVE RATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Detering Treasurer | OfficerTrustee | 35 | $41,184 |
Milrea Howe Board Secretary | OfficerTrustee | 0.5 | $2,640 |
Sharon Sullens Board Chairman | Trustee | 0.1 | $0 |
Bobby Frederick Jr Board Vice Chairman | Trustee | 0.1 | $0 |
Sherry Hargis Board Member | Trustee | 0.1 | $0 |
Melissa Hogan Board Member | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $40 |
| 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 | $40 |
| Total Program Service Revenue | $95,675 |
| Investment income | $12,445 |
| 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 | $108,160 |
| 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. | $43,824 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,544 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,052 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $918 |
| 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 | $3,584 |
| Interest | $0 |
| Payments to affiliates | $3,044 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,374 |
| All other expenses | $0 |
| Total functional expenses | $63,021 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,594 |
| Savings and temporary cash investments | $406,784 |
| 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 | $1,580,966 |
| 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 | $15,968 |
| Total assets | $2,036,312 |
| Accounts payable and accrued expenses | $4,534 |
| 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 | $1,408,695 |
| Total liabilities | $1,413,229 |
| 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 | $623,083 |
| Total liabilities and net assets/fund balances | $2,036,312 |