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 12/2022, 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 12/2022, Salem School System Credit Union generated $82.0k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $62.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 8 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
2022
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.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Amy Detering Treasurer | OfficerTrustee | 35 | $39,600 |
Milrea Howe Board Secretary | Trustee | 0.5 | $2,580 |
Sharon Sullens Board Chairman | Trustee | 0 | $0 |
Bobby Frederick Jr Board Vice Chairman | Trustee | 0 | $0 |
Sherry Hargis Board Member | Trustee | 0 | $0 |
Chad Bryan Board Member | Trustee | 0 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $50 |
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 | $50 |
Total Program Service Revenue | $75,494 |
Investment income | $6,452 |
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 | $81,996 |
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. | $42,180 |
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 | $3,396 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $3,254 |
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 | $1,787 |
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 | $2,719 |
Interest | $0 |
Payments to affiliates | $3,219 |
Depreciation, depletion, and amortization | $1,539 |
Insurance | $1,340 |
All other expenses | $0 |
Total functional expenses | $62,133 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $22,095 |
Savings and temporary cash investments | $746,004 |
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 | $1,416,595 |
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 | $16,899 |
Total assets | $2,201,593 |
Accounts payable and accrued expenses | $4,691 |
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 | $1,596,777 |
Total liabilities | $1,601,468 |
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 | $600,125 |
Total liabilities and net assets/fund balances | $2,201,593 |
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I S U Credit Union Normal, IL | $197,404,498 | $11,378,567 |
Natco Credit Union Richmond, IN | $134,204,698 | $10,613,875 |
Staley Credit Union Decatur, IL | $195,709,459 | $9,502,383 |
Iaa Credit Union Bloomington, IL | $345,554,883 | $10,972,923 |
Rock Valley Federal Credit Union Loves Park, IL | $147,532,659 | $9,262,082 |
Community Trust Credit Union Gurnee, IL | $300,266,331 | $7,919,294 |
United Credit Union Chicago, IL | $261,855,618 | $8,121,425 |
Partnership Financial Credit Union Morton Grove, IL | $361,844,381 | $9,633,298 |
Iowa Corporate Central Credit Union Dubuque, IA | $165,623,209 | $6,087,437 |
Department Of Financial Institution Division Of Credit Unions In Ind Indianapolis, IN | $100,553,243 | $5,146,617 |