Riverside Community Credit Union
- Assets
- $41.9m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 8
- Location
- Kankakee, IL
- Founding
- 10/1976
- Data as of
- 12/2023
- EIN
- 36-2889811
Organization Overview
Riverside Community Credit Union is located in Kankakee, IL. The organization was established in 1976. 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, Riverside Community Credit Union employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Riverside Community 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, Riverside Community Credit Union generated $2.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $1.5m during the year ending 12/2023. While expenses have increased by 2.8% 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
STATE CHARTERED CREDIT UNION PROVIDING QUALITY FINANCIAL SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION MAKES AND SERVICES CONSUMER LOANS TO MEMBERS. TOTAL NUMBER OF LOANS OUTSTANDING, INCLUDING VISA ACCOUNTS AT 12/31/22 WAS 1,529 FOR A TOTAL OF $15,597,421.
CREDIT UNION PAYS OUT DIVIDENDS TO ITS MEMBERS SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. TOTAL NUMBER OF SHARE ACCOUNTS AT 12/31/2022 WAS 6,646 FOR A TOTAL OF $38,948,603.
OTHER FINANCIAL SERVICES PROVIDED TO OVER 4,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Tolly Chairman | OfficerTrustee | 5 | $0 |
Vern Mitchell Vice Chairman | OfficerTrustee | 5 | $0 |
Dick Diepeveen Treasurer | OfficerTrustee | 5 | $0 |
Ron Ruda Secretary | OfficerTrustee | 5 | $0 |
Kyle Hansen Board Member | Trustee | 4 | $0 |
William Thompson Board Member | Trustee | 4 | $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 | $1,448,108 |
| Investment income | $505,795 |
| 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 | $1,953,903 |
| 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. | $170,663 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $257,306 |
| Pension plan accruals and contributions | $9,397 |
| Other employee benefits | $30,437 |
| Payroll taxes | $33,566 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,432 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,693 |
| Advertising and promotion | $77,145 |
| Office expenses | $453,578 |
| Information technology | $55,808 |
| Royalties | $0 |
| Occupancy | $78,968 |
| Travel | $4,070 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,771 |
| Insurance | $32,116 |
| All other expenses | $0 |
| Total functional expenses | $1,461,863 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $745,359 |
| Savings and temporary cash investments | $1,373,268 |
| 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 | $19,765,766 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $130,587 |
| Net Land, buildings, and equipment | $1,155,437 |
| Investments—publicly traded securities | $18,148,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $549,396 |
| Total assets | $41,867,813 |
| Accounts payable and accrued expenses | $358,160 |
| 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 | $37,296,426 |
| Total liabilities | $37,654,586 |
| 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 | $4,213,227 |
| Total liabilities and net assets/fund balances | $41,867,813 |