Gas & Electric Employees Credit Union
- Assets
- $5.3m
- Revenue
- $150.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Mason City, IA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 42-0269010
Organization Overview
Gas & Electric Employees Credit Union is located in Mason City, IA. The organization was established in 0000. 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 12/2021, Gas & Electric Employees Credit Union employed 3 individuals. Gas & Electric Employees 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 12/2021, Gas & Electric Employees Credit Union generated $150.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $111.7k during the year ending 12/2021. While expenses have increased by 0.0% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE FINANCIAL SERVICES TO QUALIFIED MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Sorenson Manager | Officer | 15 | $35,131 |
Jean Ditter Msr | Officer | 6 | $10,800 |
Jeanette Cink Msr | Officer | 3 | $3,310 |
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 | $123,028 |
| Investment income | $27,220 |
| 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 | $150,873 |
| 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 | $16,508 |
| Compensation of current officers, directors, key employees. | $49,241 |
| 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 | $7,360 |
| Payroll taxes | $4,196 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,513 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,386 |
| Office expenses | $12,327 |
| Information technology | $7,152 |
| Royalties | $0 |
| Occupancy | $711 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,933 |
| Interest | $0 |
| Payments to affiliates | $733 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,110 |
| All other expenses | $484 |
| Total functional expenses | $111,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,589,841 |
| 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 | $2,696,684 |
| Inventories for sale or use | $0 |
| 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 | -$1,527 |
| Total assets | $5,284,998 |
| Accounts payable and accrued expenses | $300 |
| 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 | $3,385,366 |
| Total liabilities | $3,385,666 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $194,260 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $1,705,072 |
| Total liabilities and net assets/fund balances | $5,284,998 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |
Deere Employees Credit Union Moline, IL | $1,799,657,083 | $82,112,773 |
Magnifi Financial Credit Union Melrose, MN | $1,639,292,297 | $78,975,601 |
Credit Union 1 Rantoul, IL | $1,226,789,437 | $72,991,911 |
Vibrant Credit Union Moline, IL | $1,061,532,656 | $50,336,419 |
Members Cooperative Credit Union Duluth, MN | $1,064,400,556 | $45,708,037 |
Andigo Credit Union Schaumburg, IL | $850,101,906 | $43,497,190 |
Ideal Credit Union Woodbury, MN | $932,167,158 | $42,764,424 |
1st Midamerica Credit Union Bethalto, IL | $860,013,719 | $45,661,014 |
Great Lakes Credit Union Bannockburn, IL | $1,045,676,236 | $50,981,092 |
City & County Credit Union Saint Paul, MN | $1,170,197,946 | $41,175,696 |