United Credit Union
- Assets
- $286.6m
- Revenue
- $13.8m
- Investments
- $18.1m
- Employees
- 53
- Location
- Chicago, IL
- Founding
- 02/2001
- Data as of
- 12/2023
- EIN
- 36-1894017
Organization Overview
United Credit Union is located in Chicago, 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 12/2023, United Credit Union employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United 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 12/2023, United Credit Union generated $13.8m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $14.1m during the year ending 12/2023. While expenses have increased by 9.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE SAVINGS AND PROVIDE CREDIT AT A REASONABLE INTEREST RATE, FOR THE BENEFIT OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OFFERED FINANCIAL SERVICES (LOANS AND DEPOSIT PRODUCTS) TO OVER 19,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mario Aguirre President/ceo | Officer | 40 | $283,383 |
Maria Travis Chief Retail Operations Officer | Officer | 40 | $131,483 |
John Lenz Chief Financial Officer | Officer | 40 | $117,730 |
Tisa Charles Board Treasurer | Trustee | 1 | $0 |
Carolyn Johson Board Member | Trustee | 1 | $0 |
Phillip Moore Board Chair | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Computer System And Other Processing | 12/30/23 | $884,008 |
Health Care Service Corporation Employee Health Insurance | 12/30/23 | $298,915 |
At&t Phone And Internet Service | 12/30/23 | $136,301 |
Microdynamics Corp Statement Processing | 12/30/23 | $164,649 |
Cuna Mutual Group Consulting/building Renovation General Contractor | 12/30/23 | $357,129 |
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 | $10,415,547 |
| Investment income | $3,406,834 |
| 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 | $13,822,381 |
| 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. | $532,596 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,378,900 |
| Pension plan accruals and contributions | $38,541 |
| Other employee benefits | $178,229 |
| Payroll taxes | $244,639 |
| Fees for services: Management | $229,524 |
| Fees for services: Legal | $25,009 |
| Fees for services: Accounting | $134,047 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $137,420 |
| Office expenses | $970,775 |
| Information technology | $202,000 |
| Royalties | $0 |
| Occupancy | $924,665 |
| Travel | $33,173 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,173 |
| Interest | $3,090,640 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $408,513 |
| Insurance | $69,444 |
| All other expenses | $631,299 |
| Total functional expenses | $14,104,087 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $26,270,288 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $907,284 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $132,148,092 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $588,827 |
| Net Land, buildings, and equipment | $2,735,212 |
| Investments—publicly traded securities | $93,236,838 |
| Investments—other securities | $18,094,709 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,575,172 |
| Total assets | $286,556,422 |
| Accounts payable and accrued expenses | $3,424,264 |
| 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 | $63,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $211,943,776 |
| Total liabilities | $278,368,040 |
| 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 | $8,188,382 |
| Total liabilities and net assets/fund balances | $286,556,422 |