Corporate America Family Credit
- Assets
- $809.2m
- Revenue
- $33.1m
- Investments
- $176.9m
- Employees
- 271
- Location
- Elgin, IL
- Founding
- 08/1944
- Data as of
- 12/2021
- EIN
- 36-0760135
Organization Overview
Corporate America Family Credit is located in Elgin, IL. The organization was established in 1944. According to its NTEE Classification (P99) the organization is classified as: Human Services N.E.C., under the broad grouping of Human Services and related organizations. As of 12/2021, Corporate America Family Credit employed 271 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Corporate America Family Credit 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, Corporate America Family Credit generated $33.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $32.1m during the year ending 12/2021. While expenses have increased by 2.0% 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
CORPORATE AMERICA FAMILY CREDIT UNION (CAFCU) IS A NOT FOR PROFIT, MEMBER OWNED AND DIRECTED FINANCIAL COOPERATIVE DEDICATED TO BEING THE PRIMARY FINANCIAL INSTITUTION FOR ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RECEIVED DEPOSITS FROM 67,238 MEMBERS. THE CREDIT UNION PROVIDES SAVINGS PRODUCTS TO MEMBERS AT VERY COMPETITIVE RATES INCLUDING REGULAR SHARES, MONEY MARKETS, CERTIFICATES OF DEPOSIT AND IRA PRODUCTS. THE CREDIT UNION ALSO PROVIDES A VARIETY OF CHECKING ACCOUNTS INCLUDING A TRADITIONAL CHECKING ACCOUNT THAT IS FREE TO OUR MEMBERS.
PROVIDED CONSUMER LOANS TO 4,128 MEMBERS. THE TYPES OF CONSUMER LOANS PROVIDED TO THE MEMBERSHIP INCLUDE AUTO LOANS, PERSONAL LOANS AND CREDIT CARDS. CONSUMER LOANS ARE OFFERED AT COMPETITIVE RATES.
PROVIDED FIRST MORTGAGE AND HOME EQUITY LOANS TO 303 MEMBERS. THE TYPES OF FIRST MORTGAGE LOANS OFFERED ARE FIXED RATE AND VARIABLE RATE LOANS. THE HOME EQUITY LOANS ARE ALSO EITHER FIXED RATE OR VARIABLE LINES OF CREDIT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Paulson President | OfficerTrustee | 40 | $454,629 |
Ellen Meehan Senior Vice President | Officer | 40 | $201,755 |
Carol Hoem Senior Vice President | Officer | 40 | $168,135 |
Matthew Helms Senior Vice President | Officer | 40 | $157,925 |
Steve Olson Vice President | 40 | $146,369 | |
Andrew Bowen Vice President | 40 | $143,254 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Core System Provider | 12/30/21 | $1,639,910 |
The Designer's Desk Inc Marketing/supplies | 12/30/21 | $232,692 |
Microdynamics Corp Statement Provider | 12/30/21 | $324,100 |
8x8 Inc Communications | 12/30/21 | $258,833 |
At&t Communications/data | 12/30/21 | $329,792 |
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 | $30,108,739 |
| Investment income | $2,552,789 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $132,214 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,061,096 |
| 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 | $2,101,995 |
| Compensation of current officers, directors, key employees. | $1,339,651 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,243,700 |
| Pension plan accruals and contributions | $1,217,227 |
| Other employee benefits | $2,685,413 |
| Payroll taxes | $939,281 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $8,000 |
| Fees for services: Accounting | $74,407 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $284,853 |
| Fees for services: Other | $0 |
| Advertising and promotion | $401,910 |
| Office expenses | $1,995,590 |
| Information technology | $2,578,676 |
| Royalties | $0 |
| Occupancy | $1,649,380 |
| Travel | $59,034 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,371 |
| Interest | $111,188 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $592,508 |
| Insurance | $437,966 |
| All other expenses | $1,279,215 |
| Total functional expenses | $32,071,163 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,306,392 |
| Savings and temporary cash investments | $61,483,968 |
| 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 | $522,544,080 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,361,987 |
| Net Land, buildings, and equipment | $5,424,405 |
| Investments—publicly traded securities | $22,765,645 |
| Investments—other securities | $176,889,477 |
| Investments—program-related | $0 |
| Intangible assets | $6,866,771 |
| Other assets | $8,537,963 |
| Total assets | $809,180,688 |
| Accounts payable and accrued expenses | $6,182,600 |
| 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 | $5,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $692,136,869 |
| Total liabilities | $703,319,469 |
| 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 | $105,861,219 |
| Total liabilities and net assets/fund balances | $809,180,688 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Presbyterian Homes Skokie, IL | $460,360,428 | $88,918,255 |
Corporate America Family Credit Elgin, IL | $809,180,688 | $33,061,096 |
Renaissance Social Services Inc Chicago, IL | $2,138,317 | $6,632,596 |
National Council Of The United States Society Of St Vincent De Pa Maryland Heights, MO | $13,687,159 | $9,469,574 |
Hamdard Center For Health And Human Services Nfp Addison, IL | $4,418,541 | $7,412,868 |
Community Memorial Foundation Hinsdale, IL | $100,177,205 | $2,649,104 |
Korean-American Senior Center Inc Chicago, IL | $3,306,753 | $5,703,474 |
Make-A-Wish Foundation Of Missouri And Kansas Ballwin, MO | $7,006,477 | $5,966,300 |
Nurses For Newborns Maplewood, MO | $4,515,132 | $4,457,590 |
On My Own Inc Nevada, MO | $3,816,358 | $3,622,772 |
Coordinated Advice And Referral Program For Legal Services Chicago, IL | $2,874,944 | $4,385,388 |
Illinois Child Care Bureau Chicago, IL | $364,682 | $4,111,886 |