Abbott Laboratories Employer Credit Union
- Assets
- $1.0b
- Revenue
- $31.2m
- Investments
- $3.6m
- Employees
- 105
- Location
- Gurnee, IL
- Founding
- 07/2001
- Data as of
- 12/2022
- EIN
- 36-3679911
Organization Overview
Abbott Laboratories Employer Credit Union is located in Gurnee, 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 12/2022, Abbott Laboratories Employer Credit Union employed 105 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Abbott Laboratories Employer 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, Abbott Laboratories Employer Credit Union generated $31.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $23.3m during the year ending 12/2022. While expenses have increased by 5.3% 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
TO MAKE A DIFFERENCE IN THE LIVES AND FINANCIAL WELL-BEING OF OUR MEMBERS AND EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE COMPETITIVE LOANS, MARKET DEPOSIT RATES, AND EFFICIENT CHECKING SERVICES TO OUR MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Trosclair President | OfficerTrustee | 40 | $515,299 |
Jon Berndt Senior Vice President, CFO | Officer | 40 | $288,112 |
Kenneth Keifer Senior Vice President, Lending | Officer | 40 | $236,118 |
Brady Van Heirseele Senior Vice President, It/risk | Officer | 40 | $223,546 |
Jennifer Pestikas Senior Vice President, Business Dev | Officer | 40 | $222,884 |
Jennifer Dzbinski Vice President, Service & Sales | 40 | $172,107 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Banking Services | 12/30/22 | $2,192,409 |
Cardtronics Atm Services | 12/30/22 | $199,127 |
Sentinel Technologies It Support | 12/30/22 | $164,713 |
Level 2 Design Marketing Support | 12/30/22 | $133,122 |
Marquis Software Solutions Inc Marketing Support | 12/30/22 | $117,142 |
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 | $23,216,472 |
| Investment income | $7,244,366 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $184,334 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,220,940 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $32,491 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $4,266,848 |
| Compensation of current officers, directors, key employees. | $1,715,770 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,337,701 |
| Pension plan accruals and contributions | $183,009 |
| Other employee benefits | $1,352,349 |
| Payroll taxes | $557,416 |
| Fees for services: Management | $53,672 |
| Fees for services: Legal | $31,777 |
| Fees for services: Accounting | $124,671 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $516,891 |
| Advertising and promotion | $469,017 |
| Office expenses | $862,311 |
| Information technology | $941,590 |
| Royalties | $0 |
| Occupancy | $283,189 |
| Travel | $24,899 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $217,222 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $840,091 |
| Insurance | $129,047 |
| All other expenses | $585,372 |
| Total functional expenses | $23,336,386 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,121,273 |
| Savings and temporary cash investments | $53,322,232 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,067,481 |
| Loans from Officers, Directors, or Controlling Persons | $1,938,777 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $535,290,880 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $700,582 |
| Net Land, buildings, and equipment | $12,711,802 |
| Investments—publicly traded securities | $371,948,364 |
| Investments—other securities | $3,551,900 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $23,759,463 |
| Total assets | $1,013,412,754 |
| Accounts payable and accrued expenses | $7,447,609 |
| 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 | $20,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $889,281,020 |
| Total liabilities | $916,728,629 |
| 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 | $96,684,125 |
| Total liabilities and net assets/fund balances | $1,013,412,754 |