Aaec Credit Union

Organization Overview

Aaec Credit Union is located in Arlington Heights, IL. The organization was established in 1955. 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 12/2021, Aaec Credit Union employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aaec 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, Aaec Credit Union generated $2.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. While expenses have increased by 6.3% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

CREDIT UNION OPERATED FOR MUTUAL PURPOSES TO PROMOTE THRIFT AND PROVIDE LOW COST LOANS TO MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ENCOURAGE THRIFT AMONG MEMBERS. ENABLE MEMBERS TO IMPROVE THEIR NET WORTH.


CREATE A SOURCE OF CREDIT AT A REASONABLE RATE OF INTEREST FOR MEMBERS OF THE CREDIT UNION. AT DECEMBER 31, 2021, THERE WERE 1,959 LOANS AND CREDIT CARDS OUTSTANDING TO MEMBERS.


PROVIDE AN OPPORTUNITY FOR MEMBERS TO USE AND CONTROL THEIR OWN MONEY IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.


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Board, Officers & Key Employees

Name (title)Compensation
Jill Lindsay
President
$203,382
Thomas Adam
Director
$0
Scott Gustafson
Director
$0
Seema Kurup
Director
$0
John Meyers Jr
Director
$0
Jan Phillips
Director
$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$2,142,055
Investment income $471,322
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 $2,614,877

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