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Nonprofiteer
← GALESBURG BURLINGTON CREDIT UNION

Form 990 for tax year 2024

Filed by GALESBURG BURLINGTON CREDIT UNION.

Totals

Total revenue
$2,398,044
Total expenses
$1,885,024
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,732,356
Investment income
$619,532
Other revenue
$46,156
Total assets, end of year
$50,420,111
Total liabilities, end of year
$35,400,064
Net assets or fund balances, end of year
$15,020,047
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 2a · Program service revenue: LOAN INTEREST

    total $1,729,149 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: FEES AND CHARGES

    total $3,207 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $619,532 · unrelated business $0 · excluded $0

  • 11a · Other revenue: NON-OPERATING INCOME

    total $46,156 · related or exempt $46,156 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $46,156

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $111,662 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $228,170 · program services $0 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $39,538 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $77,517 · program services $0 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $31,305 · program services $0 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $20,003 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $9,732 · program services $0 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $23,515 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $6,346 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $271,589 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $26,371 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $61,223 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $87,993 · program services $0 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $45,091 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: DUES

    total $14,647 · program services $0 · management and general $0 · fundraising $0

  • 24b · Other expenses: LOAN SERVICING

    total $88,363 · program services $0 · management and general $0 · fundraising $0

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $130,177 · program services $0 · management and general $0 · fundraising $0

  • 24d · Other expenses: DIVIDENDS

    total $610,563 · program services $0 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $1,219 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $426,043 · end of year $350,826

  • 2 · Savings and temporary cash investments

    beginning of year $8,289,996 · end of year $10,730,726

  • 7 · Other notes and loans receivable

    beginning of year $29,607,560 · end of year $27,929,778

  • 9 · Prepaid expenses and deferred charges

    beginning of year $129,118 · end of year $301,106

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

    $939,880

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

    $811,141

  • 10c · Land, buildings and equipment, net

    beginning of year $212,781 · end of year $128,739

  • 11 · Investments: publicly traded securities

    beginning of year $9,976,000 · end of year $10,432,000

  • 15 · Other assets

    beginning of year $425,966 · end of year $546,936

  • 17 · Accounts payable and accrued expenses

    beginning of year $65,025 · end of year $96,682

  • 25 · Other liabilities

    beginning of year $34,491,128 · end of year $35,303,382

  • 31 · Retained earnings, endowment or other funds

    beginning of year $14,511,311 · end of year $15,020,047

Mission and programs · 2024

Mission

TO PROVIDE MEMBERS WITH A FULL RANGE OF FINANCIAL SERVICES AT COMPETITIVE RATES.

  • PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE MEMBERSHIP. THE CREDIT UNION SERVICES IN EXCESS OF 3,760 MEMBER SHARE ACCOUNTS AND 1,650 LOAN ACCOUNTS.

As filed on the 2024 return.

Listed in Part VII

  • Steven Specht

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Seth Clark

    VICE CHAIR/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Michael Alderson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Arthur Boone

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gale Trulson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Luke Crouse

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John Peters

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Brad Gummerson

    PRESIDENT/CEO

    Total calculated
    $111,662
    From this org
    $95,000
    From related orgs
    $0
    Other
    $16,662
    Hours/week
    40

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
14 May 2025
IRS schema version
2024v5.1
Source object
202541349349311869

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