Generations Credit Union: FY2024 Nonprofit Profile & Form 990 (EIN 36-2334218)

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers members affordable loans and savings accounts with great returns in a friendly setting.

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Provided by the organization

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3 programs · $1.1M · in their own filed words · FY2024

01

Provided a Christmas savings plan, Fortune Fund accounts and Vacation club accounts to 508 members. Provided checking accounts to 796 members and IRAs and Certificate of Deposit accounts to 201 members. Received deposits on share accounts from 1,808 members resulting in a total balance on deposit of $18,814,691.

$1.1Mprogram expense

02

Provided Credit to Members Using Various Loan Programs

real estate (first mortgage and home equity) loans, personal (unsecured) loans, and new and used vehicle loans. There was a total number of 663 loans granted to members throughout the year that amounted to $2,439,481. Further, 205 members have a VISA credit card at their disposal with a total credit line of $2,103,800.

Pt IX · col B

03

Returned 25.7% of gross income to members as dividends to their savings accounts.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record

Grants received · FY2024

Illinois Credit Union FoundationFY2024$5K

Total grants receivedfrom 1 funder$5K

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$1.2M

Ln 12

Fees for servicesLn 2g$853K

Investment incomeLn 3$310K

Money outPt IX

$1.1M

Ln 25

Programscol B$1.1M

Owns and owesPt X

$3.4M

net assets · Ln 32

Cash and savingsLn 1–2$971K

Total assetsLn 16$22.5M

LiabilitiesLn 26$19.1M

PeoplePt VI, VII

10

listed · VII A

PaidVII A1

Voting boardVI 1a10

IndependentVI 1b9

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$853K

Investment incomeLn 3$310K

Total revenueLn 12$1.2M

Assets in detailPt X, end of year

CashLn 1$201K

SavingsLn 2$770K

Cash and savings togetherLn 1–2$971K

InvestmentsLn 11–13$9.9M

Land, buildings, equipmentLn 10c$840K

Other assetsLn 15$214K

Total assetsLn 16$22.5M

LiabilitiesLn 26$19.1M

Net assetsLn 32$3.4M

OperationsPt I, VI

EmployeesI 57

VolunteersI 610

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY24	End FY24
Cash and savingsLn 1–2	$660K	$971K
InvestmentsLn 11–13	$9.3M	$9.9M
Land, buildings, equipmentLn 10c	$820K	$840K
Total assetsLn 16	$22.0M	$22.5M
LiabilitiesLn 26	$18.6M	$19.1M
Net assetsLn 32	$3.4M	$3.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$99K	$99K
Pay of disqualified personsLn 6	$0	$0
Other salaries and wagesLn 7	$226K	$226K
Pension plan contributionsLn 8	$3K	$3K
Other employee benefitsLn 9	$52K	$52K
Payroll taxesLn 10	$31K	$31K
Legal feesLn 11b	$8K	$8K
Accounting feesLn 11c	$27K	$27K
Lobbying feesLn 11d	$0	$0
Investment management feesLn 11f	$0	$0
Other fees for servicesLn 11g	$97K	$97K
Advertising and promotionLn 12	$20K	$20K
Office expensesLn 13	$57K	$57K
Information technologyLn 14	$49K	$49K
RoyaltiesLn 15	$0	$0
OccupancyLn 16	$67K	$67K
TravelLn 17	$0	$0
Travel and entertainment for public officialsLn 18	$0	$0
Conferences, conventions and meetingsLn 19	$10K	$10K
Payments to affiliatesLn 21	$10K	$10K
Depreciation, depletion and amortizationLn 22	$47K	$47K
InsuranceLn 23	$14K	$14K
Other expenses (24a–d)Ln 24	$310K	$310K	$0	$0
Total functional expensesLn 25	$1.1M	$1.1M	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$1.3M	$1.1M	$159K	$3.6M	990 PDF
FY2024 Viewing	$1.2M	$1.1M	$36K	$3.4M	990 PDF
FY2023	$989K	$888K	$102K	$3.4M	990 PDF
FY2022	$938K	$836K	$102K	$3.3M	990 PDF
FY2021	$1.1M	$859K	$243K	$3.2M	990 PDF
FY2020	$897K	$858K	$39K	$2.9M	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations

See the full FY2024 990 (6 parts)

Part I · Summary $1,162,673 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $798,980$852,633

I-10 Investment incomePrior year $187,789$310,040

I-11 Other revenuePrior year $2,356$0

I-12 Total revenuePrior year $989,125$1,162,673

I-13 Grants and similar amounts paidPrior year $0$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $398,419$410,977

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $489,182$715,870

I-18 Total expensesPrior year $887,601$1,126,847

I-19 Revenue less expensesPrior year $101,524$35,826

Part VI · Governance 9 of 10 board members independent, no flags

VI-1a Voting members of the governing body10

VI-1b Independent voting members9

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $1,162,673 across 5 lines filed

VIII-1h Total contributions, gifts and grants$0

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $852,633 · Unrelated business $0 · Excluded from tax $0$852,633

VIII-3 Investment incomeRelated to mission $310,040 · Unrelated business $0 · Excluded from tax $0$310,040

VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0

VIII-12 Total revenueRelated to mission $1,162,673 · Unrelated business $0 · Excluded from tax $0$1,162,673

Part IX · Statement of functional expenses $1,126,847 across 23 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $99,130$99,130

IX-6 Pay of disqualified personsPrograms $0$0

IX-7 Other salaries and wagesPrograms $225,793$225,793

IX-8 Pension plan contributionsPrograms $2,515$2,515

IX-9 Other employee benefitsPrograms $52,335$52,335

IX-10 Payroll taxesPrograms $31,204$31,204

IX-11b Legal feesPrograms $7,796$7,796

IX-11c Accounting feesPrograms $26,800$26,800

IX-11d Lobbying feesPrograms $0$0

IX-11f Investment management feesPrograms $0$0

IX-11g Other fees for servicesPrograms $96,610$96,610

IX-12 Advertising and promotionPrograms $20,389$20,389

IX-13 Office expensesPrograms $56,838$56,838

IX-14 Information technologyPrograms $49,280$49,280

IX-15 RoyaltiesPrograms $0$0

IX-16 OccupancyPrograms $67,268$67,268

IX-17 TravelPrograms $0$0

IX-18 Travel and entertainment for public officialsPrograms $0$0

IX-19 Conferences, conventions and meetingsPrograms $9,983$9,983

IX-21 Payments to affiliatesPrograms $9,724$9,724

IX-22 Depreciation, depletion and amortizationPrograms $46,594$46,594

IX-23 InsurancePrograms $14,400$14,400

IX-24 Other expenses (24a–d)Programs $310,188 · Management $0 · Fundraising $0$310,188

IX-25 Total functional expensesPrograms $1,126,847 · Management $0 · Fundraising $0$1,126,847

Part X · Balance sheet $22,538,928 assets, 22 lines filed

Asset lines not itemized here account for $10,520,053; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $263,876$200,634

X-2 Savings and temporary cash investmentsStart of year $395,864$770,315

X-3 Pledges and grants receivableStart of year $0$0

X-4 Accounts receivableStart of year $42,250$47,219

X-8 Inventories for sale or useStart of year $0$0

X-9 Prepaid expenses and deferred chargesStart of year $30,563$62,789

X-10c Land, buildings and equipment, netStart of year $820,143$839,987

X-11 Publicly traded securitiesStart of year $111,080$140,518

X-12 Other securitiesStart of year $9,174,000$9,743,000

X-13 Program-related investmentsStart of year $0$0

X-14 Intangible assetsStart of year $0$0

X-15 Other assetsStart of year $207,748$214,413

X-16 Total assetsStart of year $22,011,632$22,538,928

X-17 Accounts payable and accrued expensesStart of year $214,346$310,825

X-18 Grants payableStart of year $0$0

X-19 Deferred revenueStart of year $0$0

X-20 Tax-exempt bond liabilitiesStart of year $0$0

X-24 Unsecured notes and loans payableStart of year $0$0

X-25 Other liabilitiesStart of year $18,419,699$18,814,692

X-26 Total liabilitiesStart of year $18,634,045$19,125,517

X-32 Total net assets or fund balancesStart of year $3,377,587$3,413,411

X-33 Total liabilities and net assetsStart of year $22,011,632$22,538,928

Part XI · Reconciliation of net assets $3,413,411 net assets at year end

XI-1 Total revenue$1,162,673

XI-2 Total expenses$1,126,847

XI-3 Revenue less expenses$35,826

XI-4 Net assets at start of year$3,377,587

XI-5 Net unrealized gains (losses) on investments−$2

XI-6 Donated services and use of facilities$0

XI-7 Investment expenses$0

XI-8 Prior period adjustments$0

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$3,413,411

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Generations Credit Union FY2024 filing

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Where the money goes

Who runs it and what they're paid

Compensation history total reportable pay by year · 1 named individual · Part VII