Planites Credit Union
- Assets
- $37.4m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 05/1955
- Data as of
- 12/2023
- EIN
- 36-6057472
Organization Overview
Planites Credit Union is located in Chicago, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Planites 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, Planites Credit Union generated $1.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 5.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE A SAFE, CONVENIENT PLACE TO SAVE AND BORROW AT REASONABLE RATES OF INTEREST. THE CREDIT UNION EXISTS TO BENEFIT MEMBERS, NOT TO MAKE A PROFIT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THRIFT AND LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A COOPERATIVE BASIS FOR THE MUTUAL BENEFIT OF THOSE IN THE FIELD OF MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Burda Chairman Of The Board | OfficerTrustee | 1 | $0 |
Thomas Lubben Vice Chairperson | OfficerTrustee | 1 | $0 |
Susan Gajda Secretary | OfficerTrustee | 1 | $0 |
Gabrielle Ruiz Treasurer | OfficerTrustee | 1 | $0 |
Joe Danahy Director | Trustee | 1 | $0 |
Scott Womack Director | Trustee | 1 | $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 | $1,284,716 |
| Investment income | $537,057 |
| 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 | $1,821,773 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,015 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,273 |
| Office expenses | $81,047 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,465 |
| Interest | $538,061 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,522 |
| Insurance | $20,530 |
| All other expenses | $34,925 |
| Total functional expenses | $1,749,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $192,963 |
| Savings and temporary cash investments | $704,901 |
| 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 | $17,916,832 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $25,201 |
| Net Land, buildings, and equipment | $34,751 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,090,949 |
| Intangible assets | $0 |
| Other assets | $407,241 |
| Total assets | $37,372,838 |
| Accounts payable and accrued expenses | $323,825 |
| 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 | $32,939,284 |
| Total liabilities | $33,263,109 |
| 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 | $4,109,729 |
| Total liabilities and net assets/fund balances | $37,372,838 |