Maroon Financial Credit Union
- Assets
- $60.0m
- Revenue
- $2.8m
- Investments
- $189.2k
- Employees
- 16
- Location
- Chicago, IL
- Founding
- 08/1957
- Data as of
- 12/2022
- EIN
- 36-2516351
Organization Overview
Maroon Financial Credit Union is located in Chicago, IL. The organization was established in 1957. 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, Maroon Financial Credit Union employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maroon Financial 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, Maroon Financial Credit Union generated $2.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $2.5m during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ILLINOIS STATE CHARTERED CREDIT UNION OPERATED FOR THE MUTUAL BENEFIT OF ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION MAKES AND SERVICES CONSUMER LOANS AND REAL ESTATE LOANS TO MEMBERS. THE NUMBER OF LOANS OUTSTANDING AT 12/31/22 IS 1,950 FOR A TOTAL OF $31,434,446.
THE CREDIT UNION PAYS OUT DIVIDENDS TO ITS MEMBERS' SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. THE NUMBER OF SHARE ACCOUNTS AT 12/31/22 IS 11,757 FOR A TOTAL OF $52,255,915. THE CREDIT UNION ALSO OFFERS ON-LINE BANKING AND BILL PAYING AND A VARIETY OF INVESTMENT VEHICLES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Heiser Chairman | OfficerTrustee | 2 | $0 |
Henry Way Secretary | OfficerTrustee | 2 | $0 |
Patricia Ferriter Treasurer | OfficerTrustee | 2 | $0 |
Janice Cobb Board Member | Trustee | 2 | $0 |
Esty Gur Board Member | Trustee | 2 | $0 |
Katherine Karvunis 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 | $2,493,243 |
| Investment income | $351,395 |
| 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 | $2,844,638 |
| 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. | $297,985 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $548,951 |
| Pension plan accruals and contributions | $12,040 |
| Other employee benefits | $71,970 |
| Payroll taxes | $61,704 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,847 |
| Fees for services: Accounting | $24,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $41,514 |
| Advertising and promotion | $5,804 |
| Office expenses | $537,300 |
| Information technology | $65,772 |
| Royalties | $0 |
| Occupancy | $49,130 |
| Travel | $1,509 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $23,963 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $116,969 |
| Insurance | $26,038 |
| All other expenses | $58,033 |
| Total functional expenses | $2,503,416 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,916 |
| Savings and temporary cash investments | $7,454,122 |
| 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 | $31,199,319 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $165,966 |
| Net Land, buildings, and equipment | $58,939 |
| Investments—publicly traded securities | $19,295,209 |
| Investments—other securities | $189,188 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,487,471 |
| Total assets | $59,961,130 |
| Accounts payable and accrued expenses | $38,843 |
| Grants payable | $0 |
| Deferred revenue | $349,796 |
| 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 | $54,282,147 |
| Total liabilities | $54,670,786 |
| 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 | $5,290,344 |
| Total liabilities and net assets/fund balances | $59,961,130 |