Generations Credit Union
- Assets
- $21.4m
- Revenue
- $938.1k
- Investments
- $8.2m
- Employees
- 12
- Location
- Rockford, IL
- Founding
- 03/1944
- Data as of
- 12/2022
- EIN
- 36-2334218
Organization Overview
Generations Credit Union is located in Rockford, IL. The organization was established in 1944. 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 12/2022, Generations Credit Union employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Generations 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 12/2022, Generations Credit Union generated $938.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $836.3k during the year ending 12/2022. 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
TO PROVIDE TO OUR MEMBERS HIGH QUALITY FULL LINE OF FINANCIAL SERVICES, SUCH AS LOANS AND SAVINGS ACCOUNTS AT THE LOWEST COST AND HIGHEST RATE OF RETURN, DELIVERED IN A PERSONAL, FRIENDLY ATMOSPHERE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED A CHRISTMAS SAVINGS PLAN, FORTUNE FUND ACCOUNTS AND VACATION CLUB ACCOUNTS TO 505 MEMBERS. PROVIDED CHECKING ACCOUNTS TO 766 MEMBERS AND IRAS AND CERTIFICATE OF DEPOSIT ACCOUNTS TO 193 MEMBERS. RECEIVED DEPOSITS ON SHARE ACCOUNTS FROM 1,870 MEMBERS RESULTING IN A TOTAL BALANCE ON DEPOSIT OF $17,968,825.
RETURNED 3.6% OF GROSS INCOME TO MEMBERS AS DIVIDENDS TO THEIR SAVINGS ACCOUNTS.
PROVIDED CREDIT TO MEMBERS USING VARIOUS LOAN PROGRAMS: REAL ESTATE (FIRST MORTGAGE AND HOME EQUITY) LOANS, PERSONAL (UNSECURED) LOANS, AND NEW AND USED VEHICLE LOANS. THERE WAS A TOTAL NUMBER OF 768 LOANS GRANTED TO MEMBERS THROUGHOUT THE YEAR THAT AMOUNTED TO $3,356,860. FURTHER, 223 MEMBERS HAVE A VISA CREDIT CARD AT THEIR DISPOSAL WITH A TOTAL CREDIT LINE OF $2,199,050.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Jurasek President - Treasurer | OfficerTrustee | 45 | $88,354 |
Dale Hillers Chairman Of The Board | Trustee | 2 | $0 |
Robert Boyd Board Member | Trustee | 2 | $0 |
Joanna Peterson Secretary | Trustee | 2 | $0 |
Randall Freding Board Member | Trustee | 2 | $0 |
Gary Askegaard Board Member | Trustee | 2 | $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 | $756,506 |
| Investment income | $111,657 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,069 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $938,123 |
| 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. | $96,471 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $189,576 |
| Pension plan accruals and contributions | $1,690 |
| Other employee benefits | $50,766 |
| Payroll taxes | $23,457 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,859 |
| Fees for services: Accounting | $20,141 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $93,296 |
| Advertising and promotion | $20,553 |
| Office expenses | $54,740 |
| Information technology | $41,821 |
| Royalties | $0 |
| Occupancy | $73,224 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,289 |
| Interest | $118 |
| Payments to affiliates | $9,592 |
| Depreciation, depletion, and amortization | $53,495 |
| Insurance | $12,992 |
| All other expenses | $0 |
| Total functional expenses | $836,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $119,635 |
| Savings and temporary cash investments | $401,279 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,936 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $11,506,118 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $63,024 |
| Net Land, buildings, and equipment | $841,949 |
| Investments—publicly traded securities | $7,850 |
| Investments—other securities | $8,233,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $188,330 |
| Total assets | $21,406,121 |
| Accounts payable and accrued expenses | $161,243 |
| 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 | $17,968,825 |
| Total liabilities | $18,130,068 |
| 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 | $3,276,053 |
| Total liabilities and net assets/fund balances | $21,406,121 |