Northstar Credit Union
- Assets
- $211.8m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 51
- Location
- Warrenville, IL
- Founding
- 03/2001
- Data as of
- 12/2020
- EIN
- 23-7113418
Organization Overview
Northstar Credit Union is located in Warrenville, IL. The organization was established in 2001. 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 12/2020, Northstar Credit Union employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northstar 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 12/2020, Northstar Credit Union generated $12.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $10.3m during the year ending 12/2020. While expenses have increased by 13.5% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
NORTHSTAR CREDIT UNION IS A MEMBER-OWNED & OPERATED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE. NORTHSTAR OPERATES AS A FULL SERVICE FINANCIAL INSTITUTION FOR THE BENEFIT OF OUR MEMBERSHIP. OUR PROFITS ARE RETURNED TO THE MEMBERSHIP, OUR OWNERS, THROUGH LOWER INTEREST RATE LOANS, COMPETITIVE MONTHLY DIVIDENDS, LOWER FEES, AND CAPITAL ACCUMULATION TO ENSURE LONG TERM STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED 8,157 CONSUMER LOANS TO MEMBERS
PROVIDED 516 MORTGAGE AND HOME EQUITY LOANS TO MEMBERS
PROVIDED CHECKING SERVICES TO 7,575 MEMBER ACCOUNTS;PROVIDED SAVINGS SERVICES TO 23,289 MEMBER ACCOUNTS
PROVIDED 8,157 CONSUMER LOANS TO MEMBERS
PROVIDED 516 MORTGAGE AND HOME EQUITY LOANS TO MEMBERS
PROVIDED CHECKING SERVICES TO 7,575 MEMBER ACCOUNTS;PROVIDED SAVINGS SERVICES TO 23,289 MEMBER ACCOUNTS
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lloyd Fredendall CEO | OfficerTrustee | 40 | $795,680 |
Bikramjit Dhillon Loan Officer | 40 | $210,670 | |
Bernard Niewoehner IV Vice President | Officer | 40 | $156,821 |
Valerie Nicholson Controller | 40 | $138,933 | |
Lisa Kleven Vice President | Officer | 40 | $131,879 |
Luz Castello Vice President | Officer | 40 | $128,767 |
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 | $11,393,509 |
| Investment income | $617,672 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,123 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,026,304 |
| 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. | $1,355,176 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $990,094 |
| Pension plan accruals and contributions | $209,311 |
| Other employee benefits | $825,566 |
| Payroll taxes | $223,728 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,176 |
| Fees for services: Accounting | $36,217 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,059 |
| Advertising and promotion | $244,741 |
| Office expenses | $2,267,422 |
| Information technology | $457,908 |
| Royalties | $0 |
| Occupancy | $324,223 |
| Travel | $26,828 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $318,919 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,284,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,129,956 |
| Savings and temporary cash investments | $26,943,353 |
| 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 | $161,819,799 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,650,210 |
| Net Land, buildings, and equipment | $6,689,024 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,729,312 |
| Intangible assets | $0 |
| Other assets | $2,793,246 |
| Total assets | $211,754,900 |
| Accounts payable and accrued expenses | $2,738,042 |
| 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 | $185,661,732 |
| Total liabilities | $188,399,774 |
| 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 | $23,355,126 |
| Total liabilities and net assets/fund balances | $211,754,900 |
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