The Family Credit Union
- Assets
- $221.9m
- Revenue
- $10.2m
- Investments
- $0.0
- Employees
- 89
- Location
- Davenport, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-6061556
Organization Overview
The Family Credit Union is located in Davenport, IA. As of 12/2021, Family Credit Union employed 89 individuals. Family 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, Family Credit Union generated $10.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $8.3m during the year ending 12/2021. While expenses have increased by 4.5% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Hulsbrink President/ce | 40 | $126,251 | |
Jim Bickford Board Member | Trustee | 1 | $0 |
William Buckley Board Member | Trustee | 1 | $0 |
Ron Diekmann Board Member | Trustee | 1 | $0 |
Paul Fredenburg Board Member | Trustee | 1 | $0 |
Steve Horan Board Member | Trustee | 1 | $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 | $9,408,868 |
| Investment income | $811,309 |
| 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 | $10,220,177 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,424,122 |
| Pension plan accruals and contributions | $104,810 |
| Other employee benefits | $337,150 |
| Payroll taxes | $177,526 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,533 |
| Fees for services: Accounting | $19,406 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $279,737 |
| Office expenses | $300,896 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $461,028 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $39,341 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $214,320 |
| Insurance | $57,036 |
| All other expenses | $1,331,249 |
| Total functional expenses | $8,349,458 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,697,986 |
| Savings and temporary cash investments | $58,626,641 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $102,118 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $131,842,405 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $200,470 |
| Net Land, buildings, and equipment | $3,026,460 |
| Investments—publicly traded securities | $22,897,322 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,517,013 |
| Total assets | $221,910,415 |
| Accounts payable and accrued expenses | $1,036,780 |
| 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 | $193,326,803 |
| Total liabilities | $194,363,583 |
| 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 | $5,810,953 |
| Retained earnings, endowment, accumulated income, or other funds | $21,735,879 |
| Total liabilities and net assets/fund balances | $221,910,415 |
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