Blackhawk Area Cu
- Assets
- $43.5m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 27
- Location
- Savanna, IL
- Founding
- 08/1960
- Data as of
- 12/2022
- EIN
- 36-6091357
Organization Overview
Blackhawk Area Cu is located in Savanna, IL. The organization was established in 1960. According to its NTEE Classification (A23) the organization is classified as: Cultural & Ethnic Awareness, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2022, Blackhawk Area Cu employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Blackhawk Area Cu 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, Blackhawk Area Cu generated $1.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 1.9% 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
CREDIT UNION OPERATED FOR MUTUAL PURPOSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE SERVE 4,023 MEMBERS WITH SAVINGS ACCOUNTS AND DIVIDEND RATES HIGHER THAN AREA COMPETITORS.
WE HAVE A TOTAL OF 1,532 OUTSTANDING MEMBER CONSUMER LOANS.
WE HAVE A TOTAL OF 245 OUTSTANDING MEMBER MORTGAGE AND/OR HELOC LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rhonda Schroeder CEO | Officer | 40 | $99,850 |
Melanie Macy Credit Manager | Officer | 40 | $50,538 |
Marleen Andersen Board Member | Trustee | 0 | $0 |
James Karr Board Member | Trustee | 0 | $0 |
Wilfred Schramm Board Member | Trustee | 0 | $0 |
Debbi Hunter Treasurer | Trustee | 0 | $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 | $1,746,590 |
| Investment income | $160,441 |
| 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 | $1,907,031 |
| 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. | $150,388 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $412,282 |
| Pension plan accruals and contributions | $63,561 |
| Other employee benefits | $118,064 |
| Payroll taxes | $45,132 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,929 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $28,469 |
| Office expenses | $159,465 |
| Information technology | $95,426 |
| Royalties | $0 |
| Occupancy | $75,444 |
| Travel | $5,579 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33 |
| Interest | $0 |
| Payments to affiliates | $14,840 |
| Depreciation, depletion, and amortization | $38,303 |
| Insurance | $43,866 |
| All other expenses | $0 |
| Total functional expenses | $1,571,638 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,691,528 |
| Savings and temporary cash investments | $4,573,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $187,675 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $29,934,658 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $168,046 |
| Net Land, buildings, and equipment | $233,681 |
| Investments—publicly traded securities | $6,223,660 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $533,791 |
| Total assets | $43,546,962 |
| Accounts payable and accrued expenses | $35,412 |
| 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 | $40,157,842 |
| Total liabilities | $40,193,254 |
| 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 | $3,353,708 |
| Total liabilities and net assets/fund balances | $43,546,962 |