Illinois Educators Credit Union
- Assets
- $80.0m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 27
- Location
- Springfield, IL
- Founding
- 05/1942
- Data as of
- 12/2021
- EIN
- 37-0771458
Organization Overview
Illinois Educators Credit Union is located in Springfield, IL. The organization was established in 1942. 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, Illinois Educators Credit Union employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Illinois Educators 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, Illinois Educators Credit Union generated $3.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ILLINOIS EDUCATORS CREDIT UNION OPERATES TO ASSIST ITS MEMBERS BY PROVIDING LOANS, DEPOSIT ACCOUNTS, AND OTHER FINANCIAL SERVICES FOR THE BENEFIT OF THE ENTIRE MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR ITS MEMBERS. AS OF 12/31/2021 THE CREDI UNION HAD 7,467 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR ITS MEMBERS. THE CREDIT UNION FUNDED 1,528 NEW LOANS DURING 2021. AS OF 12/31/2021 THE CREDIT UNION HAD 4,457 OUTSTANDING LOANS TO ITS MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jody Dabrowski CEO | Officer | 40 | $184,556 |
Paul Gaumer COO | Officer | 40 | $114,465 |
Tiffany Williams Vice Chair | 1 | $0 | |
Jeff Voss Secretary | 1 | $0 | |
John Meyer Treasurer | 1 | $0 | |
Daryl Morrison Director | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bacon & Vaqn Buskirt Windows For Credit Union | 12/30/21 | $117,520 |
Fiserve Core Processor | 12/30/21 | $474,091 |
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 | $3,494,833 |
| Investment income | $246,975 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$156,522 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,585,286 |
| 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. | $313,399 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $749,713 |
| Pension plan accruals and contributions | $24,441 |
| Other employee benefits | $57,052 |
| Payroll taxes | $78,449 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,146 |
| Fees for services: Accounting | $17,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $129,290 |
| Advertising and promotion | $59,581 |
| Office expenses | $137,000 |
| Information technology | $229,717 |
| Royalties | $0 |
| Occupancy | $191,779 |
| Travel | $4,125 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,759 |
| Interest | $170,751 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $143,232 |
| Insurance | $26,523 |
| All other expenses | $35,318 |
| Total functional expenses | $2,904,610 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $482,093 |
| Savings and temporary cash investments | $3,993,775 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $65,496 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $60,252,082 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $515,316 |
| Net Land, buildings, and equipment | $1,738,254 |
| Investments—publicly traded securities | $11,715,288 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,244,948 |
| Total assets | $80,007,252 |
| Accounts payable and accrued expenses | $2,832,935 |
| 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 | $69,356,069 |
| Total liabilities | $72,189,004 |
| 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 | $7,818,248 |
| Total liabilities and net assets/fund balances | $80,007,252 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Illinois Community Credit Union Champaign, IL | $475,743,912 | $22,792,231 |
Land Of Lincoln Credit Union Decatur, IL | $357,439,691 | $20,389,555 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
Via Credit Union Marion, IN | $517,398,165 | $18,473,040 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |
Abri Credit Union Romeoville, IL | $405,514,463 | $14,619,681 |