Gale Credit Union

Organization Overview

Gale Credit Union is located in Galesburg, IL. The organization was established in 1948. 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 12/2021, Gale Credit Union employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gale 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 12/2021, Gale Credit Union generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 2.7% per year over the past 7 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROMOTE THRIFT AND TO PROVIDE THE HIGHEST QUALITY COMPETITIVE SERVICES AND BENEFITS TO ITS MEMBERS, WHILE ASSURING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE CREDIT UNION MEMBERSHIP. THE CREDIT UNION SERVICES MORE THAN 5,860 MEMBER SHARE TYPE ACCOUNTS AND MORE THAN 1,670 LOAN TYPE ACCOUNTS, INCLUDING VISA CARDS.


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Board, Officers & Key Employees

Name (title)Compensation
Randy D Mcelwee
Ceo/treasurer
$119,092
Brett Stahl
Secretary
$0
Rick Barnhill
Director
$0
Linda Larson
Director
$0
Linda Townsend
Director
$0
James Mcnabb
Chairperson
$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$1,146,940
Investment income $238,148
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 $1,613,821

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