1st Gateway Credit Union Drennen
- Assets
- $176.6m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 62
- Location
- Camanche, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0802440
Organization Overview
1st Gateway Credit Union Drennen is located in Camanche, IA. As of 12/2021, 1st Gateway Credit Union Drennen employed 62 individuals. 1st Gateway Credit Union Drennen 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, 1st Gateway Credit Union Drennen generated $8.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $7.0m during the year ending 12/2021. While expenses have increased by 3.6% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NON-PROFIT FINANCIAL WORKING TO HELP CONSUMERS INVEST AND BORROW AT THE BEST RATES AND TERMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1ST GATEWAY CREDIT UNION ATTEMPTS TO DIFFERENTIATE ITSELF FROM OTHER FINANCIAL ORGANIZATIONS BY EXCELLING AS A "RELATIONSHIP/LOYALTY BUILDER." THE ORGANIZATION'S GOAL IS TO BUILD MUTUALLY BENEFICIAL MEMBER RELATIONSHIPS THAT PROVIDE SUPERIOR OVERAL SOLUTION TO EACH INDIVIDUAL FINANCIAL SERVICES NEEDS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick J Drennen CEO | Officer | 40 | $251,907 |
Angela Drury COO | Officer | 40 | $151,341 |
Jenna Paysen CFO | Officer | 40 | $64,278 |
Kerry Kennedy Board | Trustee | 0.7 | $0 |
Marilyn Rasmussen Board | Trustee | 0.7 | $0 |
Karinne Tharaldson Board | Trustee | 0.7 | $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 | $6,354,422 |
| Investment income | $260,034 |
| 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 | $8,014,799 |
| 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. | $467,524 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,850,441 |
| Pension plan accruals and contributions | $133,445 |
| Other employee benefits | $240,708 |
| Payroll taxes | $188,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,197 |
| Fees for services: Accounting | $30,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $76,586 |
| Advertising and promotion | $114,706 |
| Office expenses | $195,996 |
| Information technology | $6,247 |
| Royalties | $0 |
| Occupancy | $610,918 |
| Travel | $35,372 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,600 |
| Interest | $1,406,967 |
| Payments to affiliates | $28,398 |
| Depreciation, depletion, and amortization | $275,564 |
| Insurance | $66,576 |
| All other expenses | $129,181 |
| Total functional expenses | $7,029,799 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,667,542 |
| Savings and temporary cash investments | $16,041,544 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $136,364 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $116,472,712 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $230,355 |
| Net Land, buildings, and equipment | $3,615,576 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,411,489 |
| Total assets | $176,575,582 |
| Accounts payable and accrued expenses | $1,443,835 |
| 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 | $5,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $149,989,338 |
| Total liabilities | $156,933,173 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,105,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $8,939,315 |
| Retained earnings, endowment, accumulated income, or other funds | $9,598,094 |
| Total liabilities and net assets/fund balances | $176,575,582 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Leavenworth-Jefferson Electric Cooperative Inc Topeka, KS | $0 | $20,178,550 |
Dow Rummel Village Sioux Falls, SD | $76,421,386 | $18,523,416 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |
Region 3b Area Agency On Aging Battle Creek, MI | $12,282,051 | $21,229,876 |
Southwest Counseling Solutions Inc Detroit, MI | $10,435,524 | $23,926,279 |
Adec Inc Bristol, IN | $35,707,130 | $22,045,756 |