Fairmont Village Credit Union
- Assets
- $2.2m
- Revenue
- $137.5k
- Investments
- $0.0
- Employees
- 3
- Location
- Fairmont City, IL
- Founding
- 09/1937
- Data as of
- 12/2020
- EIN
- 37-0178463
Organization Overview
Fairmont Village Credit Union is located in Fairmont City, IL. The organization was established in 1937. 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 12/2020, Fairmont Village Credit Union employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairmont Village Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL-BEING BY PROVIDING LOANS, SAVINGS ACCOUNT AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GIVE THE BEST PRODUCTS, SERVICES AND COMPETITVE RATES WITH A FRIENDLY ATMOSPHERE WHILE MAINTAINING THE LONG TERM FINANCIAL STABILITY OF THE CREDIT UNION
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marsha Wilkinson Treasurer/manager | OfficerTrustee | 40 | $40,300 |
Brandon Allen Chairman | OfficerTrustee | 2 | $0 |
Karen Manso Vice-Chairman | OfficerTrustee | 2 | $0 |
Leona Wilkinson Secretary | Trustee | 2 | $0 |
Nicholas Allen Supervisory Committee Chairman | Trustee | 5 | $0 |
Noe Marquez Supervisory Committee Member | Trustee | 2 | $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 | $128,826 |
| Investment income | $8,696 |
| 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 | $137,522 |
| 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. | $40,210 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $33,259 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,435 |
| Payroll taxes | $5,971 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,505 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $111 |
| Office expenses | $9,939 |
| Information technology | $29,511 |
| Royalties | $0 |
| Occupancy | $12,749 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $624 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $797 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $164,486 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,568 |
| Savings and temporary cash investments | $903,245 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $728,391 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,793 |
| Investments—publicly traded securities | $401,519 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $82,495 |
| Total assets | $2,183,011 |
| Accounts payable and accrued expenses | $1,685 |
| 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 | $1,869,478 |
| Total liabilities | $1,871,163 |
| 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 | $311,848 |
| Total liabilities and net assets/fund balances | $2,183,011 |