1st Gateway Credit Union Drennen
- Assets
- $167.3m
- Revenue
- $8.6m
- Investments
- $0.0
- Employees
- 60
- Location
- Camanche, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0802440
Organization Overview
1st Gateway Credit Union Drennen is located in Camanche, IA. As of 12/2022, 1st Gateway Credit Union Drennen employed 60 individuals. 1st Gateway Credit Union Drennen 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, 1st Gateway Credit Union Drennen generated $8.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $7.5m during the year ending 12/2022. While expenses have increased by 4.0% 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
NON-PROFIT FINANCIAL WORKING TO HELP CONSUMERS INVEST AND BORROW AT THE BEST RATES AND TERMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1ST GATEWAY CREDIT UNION ATTEMPTS TO DIFFERENTIATE ITSELF FROM OTHER FINANCIAL ORGANIZATIONS BY EXCELLING AS A "RELATIONSHIP/LOYALTY BUILDER." THE ORGANIZATION'S GOAL IS TO BUILD MUTUALLY BENEFICIAL MEMBER RELATIONSHIPS THAT PROVIDE SUPERIOR OVERAL SOLUTION TO EACH INDIVIDUAL FINANCIAL SERVICES NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick J Drennen CEO | Officer | 40 | $269,050 |
Angela Drury COO | Officer | 40 | $143,318 |
Jenna Paysen CFO | Officer | 40 | $88,290 |
Ann Eisenman Board | Trustee | 0.7 | $0 |
Brian Johnson Board | Trustee | 0.7 | $0 |
Kerry Kennedy Board | Trustee | 0.7 | $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 | $6,028,713 |
| Investment income | $648,982 |
| 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 | $8,606,923 |
| 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. | $500,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,944,168 |
| Pension plan accruals and contributions | $152,292 |
| Other employee benefits | $270,401 |
| Payroll taxes | $178,600 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,072 |
| Fees for services: Accounting | $31,431 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,000 |
| Advertising and promotion | $213,240 |
| Office expenses | $247,058 |
| Information technology | $6,815 |
| Royalties | $0 |
| Occupancy | $877,236 |
| Travel | $61,678 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,000 |
| Interest | $1,042,105 |
| Payments to affiliates | $29,711 |
| Depreciation, depletion, and amortization | $286,584 |
| Insurance | $75,444 |
| All other expenses | $168,997 |
| Total functional expenses | $7,516,923 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,930,082 |
| Savings and temporary cash investments | $22,266,318 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $179,899 |
| Loans from Officers, Directors, or Controlling Persons | $251,615 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $131,625,380 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $374,836 |
| Net Land, buildings, and equipment | $3,230,186 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,483,620 |
| Total assets | $167,341,936 |
| Accounts payable and accrued expenses | $1,937,834 |
| 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 | $4,300,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $140,371,693 |
| Total liabilities | $146,609,527 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,105,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $8,939,315 |
| Retained earnings, endowment, accumulated income, or other funds | $10,688,094 |
| Total liabilities and net assets/fund balances | $167,341,936 |