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Nonprofiteer
← SIU CREDIT UNION

Form 990 for tax year 2023

Filed by SIU CREDIT UNION.

Totals

Total revenue
$25,737,726
Total expenses
$21,684,488
Contributions and grants received
$81,889
Grants paid
$146,260
Program service revenue
$22,227,058
Investment income
$3,126,298
Other revenue
$302,481
Total assets, end of year
$477,217,950
Total liabilities, end of year
$429,005,291
Net assets or fund balances, end of year
$48,212,659
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $81,889

  • 2a · Program service revenue: INTEREST ON LOANS

    total $16,133,814 · related or exempt $16,133,814

  • 2b · Program service revenue: FEES & OTHER INCOME

    total $6,073,644 · related or exempt $6,003,228 · unrelated business $70,416

  • 2c · Program service revenue: WARRANTY SALES

    total $19,600 · unrelated business $19,600

  • 3 · Investment income

    total $3,126,298 · related or exempt $3,126,298

  • 5 · Royalties

    total $302,481 · related or exempt $302,481

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $136,260

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $1,111,756

  • 7 · Other salaries and wages

    total $4,821,341

  • 8 · Pension plan contributions

    total $294,581

  • 9 · Other employee benefits

    total $799,654

  • 10 · Payroll taxes

    total $462,602

  • 11b · Fees: legal

    total $53,287

  • 11c · Fees: accounting

    total $204,655

  • 11f · Fees: investment management

    total $66,000

  • 11g · Fees: other

    total $2,128,761

  • 12 · Advertising and promotion

    total $531,206

  • 13 · Office expenses

    total $810,996

  • 14 · Information technology

    total $1,772,221

  • 16 · Occupancy

    total $590,241

  • 17 · Travel

    total $7,951

  • 19 · Conferences, conventions and meetings

    total $195,155

  • 22 · Depreciation, depletion and amortization

    total $937,313

  • 23 · Insurance

    total $140,015

  • 24a · Other expenses: MEMBER DIVIDENDS

    total $4,467,366

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $1,457,355

  • 24c · Other expenses: LOAN SERVICING

    total $455,095

  • 24d · Other expenses: CHARGE-OFFS/OTHER LOSSE

    total $155,487

  • 24e · All other expenses

    total $75,190

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,938,948 · end of year $14,467,218

  • 2 · Savings and temporary cash investments

    beginning of year $55,269,991 · end of year $48,032,051

  • 7 · Other notes and loans receivable

    beginning of year $318,339,176 · end of year $329,133,180

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,197,310 · end of year $1,232,534

  • 10a · Land, buildings and equipment: cost or other basis

    $17,612,296

  • 10b · Land, buildings and equipment: accumulated depreciation

    $11,468,075

  • 10c · Land, buildings and equipment, net

    beginning of year $6,486,256 · end of year $6,144,221

  • 12 · Investments: other securities

    beginning of year $74,590,008 · end of year $69,905,688

  • 15 · Other assets

    beginning of year $10,972,197 · end of year $8,303,058

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,952,799 · end of year $6,221,768

  • 21 · Escrow or custodial account liability

    beginning of year $442,544 · end of year $440,066

  • 25 · Other liabilities

    beginning of year $426,114,292 · end of year $422,343,457

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $42,284,251 · end of year $48,212,659

Mission and programs · 2023

Mission

TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.

  • PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 44,799 MEMBERS.

  • PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, THERE WERE 155,042 LOANS OUTSTANDING TOTALING $331,350,243.

  • PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $4,467,366 FOR THE YEAR.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Chris Sievers

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Deborah Nelson

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Jeff McGoy

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Jp Dunn

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Bill Capie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Melissa Easton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Rod Sievers

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Mike Lantrip

    PRESIDENT/CEO

    Total calculated
    $319,728
    From this org
    $274,114
    From related orgs
    $0
    Other
    $45,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,098
    Bonus
    $115,916
    Other
    $8,100
    Deferred
    $29,842
    Nontaxable benefits
    $15,772
    Filer's total
    $319,728

  • Sandy Taylor

    VP FINANCE/CFO

    Total calculated
    $127,386
    From this org
    $101,801
    From related orgs
    $0
    Other
    $25,585
    Hours/week
    40

  • Stacy Callahan

    VP LENDING

    Total calculated
    $126,768
    From this org
    $102,560
    From related orgs
    $0
    Other
    $24,208
    Hours/week
    40

  • Brian Maurizio

    VP INFORMATION TECHNOLOGY

    Total calculated
    $134,090
    From this org
    $109,990
    From related orgs
    $0
    Other
    $24,100
    Hours/week
    40

  • Mark Dynis

    VP MARKETING

    Total calculated
    $104,934
    From this org
    $80,743
    From related orgs
    $0
    Other
    $24,191
    Hours/week
    40

  • Erica Pankey

    VP OPERATIONS & COMPLIANCE

    Total calculated
    $113,112
    From this org
    $91,226
    From related orgs
    $0
    Other
    $21,886
    Hours/week
    40

  • Patricia Robbins

    VP HUMAN RESOURCES

    Total calculated
    $109,513
    From this org
    $83,951
    From related orgs
    $0
    Other
    $25,562
    Hours/week
    40

  • Kimberly Babington

    VP COMMUNITY DEVELOPMENT

    Total calculated
    $76,225
    From this org
    $60,527
    From related orgs
    $0
    Other
    $15,698
    Hours/week
    25

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
THE CREDIT UNION PROVIDED TRAVEL FOR THE PRESIDENT'S WIFE RELATED TO THE ANNUAL ILLINOIS CREDIT UNION LEAGUE (ICUL) CONVENTION ($275).
PART I, LINE 3
THE BOARD OF DIRECTORS REVIEWS THE PRESIDENT/CEO'S PERFORMANCE AND DETERMINES COMPENSATION PURSUANT TO A SIGNED EMPLOYMENT CONTRACT. THE BOARD'S DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE MINUTES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2023
Filed
12 September 2024
IRS schema version
2023v5.1
Source object
202432569349300898

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