Salem School System Credit Union

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 12/2022, 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.

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.


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Board, Officers & Key Employees

Name (title)Compensation
Amy Detering
Treasurer
$39,600
Milrea Howe
Board Secretary
$2,580
Sharon Sullens
Board Chairman
$0
Bobby Frederick Jr
Board Vice Chairman
$0
Sherry Hargis
Board Member
$0
Chad Bryan
Board Member
$0

Financial Statements

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

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