Alliant Credit Union
- Assets
- $12.2b
- Revenue
- $515.0m
- Investments
- $502.5k
- Employees
- 725
- Location
- Chicago, IL
- Founding
- 10/1964
- Data as of
- 12/2019
- EIN
- 36-6066772
Organization Overview
Alliant Credit Union is located in Chicago, IL. The organization was established in 1964. 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 12/2019, Alliant Credit Union employed 725 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alliant 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 12/2019, Alliant Credit Union generated $515.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 17.2% each year . All expenses for the organization totaled $461.0m during the year ending 12/2019. While expenses have increased by 20.3% per year over the past 5 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
WE OPERATE TO BENEFIT MEMBERS. WE OPERATE WITHOUT PROFIT FOR MUTUAL PURPOSE. WE STRIVE TO BENEFIT OUR MEMBERS THROUGH HIGHER DIVIDENDS ON SAVINGS AND LOWER LOAN RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING SERVICES - WE OFFER VARIOUS CREDIT SOLUTIONS AT REASONABLE RATES OF INTEREST INCLUDING 1ST AND 2ND MORTGAGE, CONSUMER LOANS, STUDENT LOANS, CREDIT CARDS, PERSONAL LOANS AND BUSINESS LOANS.
DEPOSIT PRODUCTS - WE OFFER NUMEROUS DEPOSIT PRODUCTS AT A HIGHER THAN AVERAGE INTEREST RATE INCLUDING CHECKING, SAVINGS, CERTIFICATE OF DEPOSITS, AND CUSTODIAL ACCOUNTS.
INVESTMENT SERVICES - FULL SERVICE FINANCIAL ADVISORY PROGRAM OFFERING MEMBERS RETIREMENT, INSURANCE, AND INVESTMENT SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Mooney Executive Director/ceo | OfficerTrustee | 40 | $1,568,389 |
Timothy Wartman Senior Vice President | Officer | 40 | $568,416 |
Lee Schafer Senior Vice President | Officer | 40 | $553,771 |
Philip Salis Senior Vice President | Officer | 40 | $545,676 |
Jason Osterhage Senior Vice President | Officer | 40 | $541,879 |
Harry Zhu CFO | Officer | 40 | $519,366 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Teksystems Staffing Firm | 12/30/19 | $1,248,598 |
Willowtree Inc Software Development | 12/30/19 | $1,301,767 |
Forbes Technical Consulting Llc Tech Consulting Firm | 12/30/19 | $866,215 |
Mindtree Ltd Software Development | 12/30/19 | $1,734,857 |
Softweb Solutions Business Tech Svcs | 12/30/19 | $2,084,954 |
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 | $432,512,918 |
| Investment income | $70,036,441 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $8,568,303 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $514,950,827 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $7,954,020 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $60,569,240 |
| Pension plan accruals and contributions | $2,852,262 |
| Other employee benefits | $7,422,526 |
| Payroll taxes | $4,471,808 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $526,278 |
| Fees for services: Accounting | $232,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,473,473 |
| Advertising and promotion | $4,507,139 |
| Office expenses | $6,595,980 |
| Information technology | $12,621,880 |
| Royalties | $0 |
| Occupancy | $3,162,137 |
| Travel | $1,611,666 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,165,471 |
| Interest | $234,739,031 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,174,601 |
| Insurance | $477,381 |
| All other expenses | $18,084,063 |
| Total functional expenses | $460,962,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $232,692,689 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $40,463,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,371,450,253 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,980,453 |
| Net Land, buildings, and equipment | $46,050,620 |
| Investments—publicly traded securities | $3,151,828,578 |
| Investments—other securities | $502,500 |
| Investments—program-related | $0 |
| Intangible assets | $59,260 |
| Other assets | $392,714,199 |
| Total assets | $12,244,742,402 |
| Accounts payable and accrued expenses | $67,375,568 |
| Grants payable | $0 |
| Deferred revenue | $2,885,355 |
| 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 | $10,956,217,081 |
| Total liabilities | $11,026,478,004 |
| 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 | $1,218,264,398 |
| Total liabilities and net assets/fund balances | $12,244,742,402 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alliant Credit Union Chicago, IL | $12,244,742,402 | $514,950,827 |
Citizens Equity First Credit Union Peoria, IL | $6,262,017,866 | $281,570,051 |
Baxter Credit Union Vernon Hills, IL | $3,921,954,593 | $268,990,676 |
University Of Iowa Community Credit Union North Liberty, IA | $5,377,351,129 | $263,650,226 |
Veridian Credit Union Waterloo, IA | $4,348,513,312 | $232,895,621 |
Teachers Credit Union South Bend, IN | $3,171,131,618 | $151,831,106 |
Ih Mississippi Valley Credit Union Moline, IL | $1,477,272,406 | $95,764,953 |
Consumers Cooperative Credit Union Gurnee, IL | $1,332,600,988 | $86,644,006 |
Forum Credit Union Indianapolis, IN | $1,488,919,520 | $84,015,212 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,559,069,587 | $83,495,107 |
Commonwealth Credit Union Frankfort, KY | $1,383,472,650 | $81,263,726 |
Scott Credit Union Edwardsville, IL | $1,268,134,429 | $68,652,150 |