United Equity Credit Union
- Assets
- $64.1m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 37
- Location
- Decatur, IL
- Founding
- 10/1941
- Data as of
- 12/2022
- EIN
- 37-0560807
Organization Overview
United Equity Credit Union is located in Decatur, IL. The organization was established in 1941. 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, United Equity Credit Union employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United Equity 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, United Equity Credit Union generated $3.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.9% each year. All expenses for the organization totaled $2.6m during the year ending 12/2022. While expenses have increased by 4.3% 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 PROVIDE SECURITY OF SAVINGS AND SELECTED FINANCIAL SERVICES TO ITS MEMBERS IN A CONVENIENT, RESPONSIVE MANNER, AT COMPETITIVE RATES, WHILE MAINTAINING FINANCIAL STABILITY AND ADEQUATE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED CONSUMER AND REAL ESTATE LOANS OF 6600 TO OVER 3600 MEMBERS.
RECEIVED DEPOSITS ON MEMBER SHARE TYPE ACCOUNTS IN EXCESS OF 3600 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Oliver Chairperson | Trustee | 1 | $0 |
John Chaney Vice Chairperson | Trustee | 1 | $0 |
Beverly Bowlby Secretary | Trustee | 1 | $0 |
Charles Barton Director | Trustee | 1 | $0 |
Tim May Director | Trustee | 1 | $0 |
Chris Culp Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bradford Scott Core Processing Services | 12/30/22 | $139,892 |
Envisant Debit/credit Card Services | 12/30/22 | $221,226 |
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 | $2,182,461 |
| Investment income | $283,187 |
| 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 | $3,141,745 |
| 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. | $147,019 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $830,498 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $243,758 |
| Payroll taxes | $0 |
| Fees for services: Management | $65,966 |
| Fees for services: Legal | $10,242 |
| Fees for services: Accounting | $10,680 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,944 |
| Advertising and promotion | $44,589 |
| Office expenses | $670,575 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $167,647 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,711 |
| Interest | $2 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $16,669 |
| Total functional expenses | $2,566,201 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $501,334 |
| Savings and temporary cash investments | $2,361,696 |
| 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 | $41,373,107 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $40,669 |
| Net Land, buildings, and equipment | $1,676,307 |
| Investments—publicly traded securities | $16,968,574 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,153,328 |
| Total assets | $64,075,015 |
| Accounts payable and accrued expenses | $202,903 |
| 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 | $55,239,525 |
| Total liabilities | $55,442,428 |
| 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 | $8,632,587 |
| Total liabilities and net assets/fund balances | $64,075,015 |