Aaec Credit Union FY2022 filing

Not tax-deductible

Arlington Hts, ILMutual-benefit / member-servingSince 1955Mutual / membership EIN 36-2364054Revenue $2.6M in FY2022Latest return filed May 12, 2026

On file with the IRSaaeccu.comArlington Hts, ILTax-exempt since Feb 1955

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Credit Union operated for mutual purposes to promote thrift and provide low cost loans to members.

$438K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
6 of 6
filings with a surplus
Average surplus $759K a year · 23% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$438K
to officers and key staff · 24% of spending
Worth a look: pay to officers and key staff is 24% of spending; over 20%.
Pt VII · Sec A
384 mo
of spending, in cash
Looks good: 383.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$87.7M
87% of total assets
Concern: liabilities are 87% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.6M
-2% vs prior year
Spent
$1.8M
To programs
0%
Net assets
$12.9M
By yearFY2020–FY2025
Revenue
$2.6M
FY2022▼ -2%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.7M
FY2021$2.6M
FY2022$2.6M
FY2023$3.2M
FY2024$4.1M
FY2025$4.9M
Expenses
$1.8M
FY2022▲ +4%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.8M
FY2021$1.7M
FY2022$1.8M
FY2023$2.3M
FY2024$3.3M
FY2025$4.5M
Net assets
$12.9M
FY2022▲ +6%
Tap a bar for its year
Net assets by fiscal year
FY2020$11.3M
FY2021$12.1M
FY2022$12.9M
FY2023$13.8M
FY2024$13.6M
FY2025$14.8M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 1955.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

12 people listed on the 990; $438K paid to officers and key staff.

Part VII, Section A · reportable compensation
President - Former
$228,377Pt VII · Sec A
$104,754Pt VII · Sec A
$104,754Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Jill Gavin———$228,377——
Jill Lindsay————$203,382$197,458
Rachel M Noltner$180,652$138,200$139,111$104,754——
Rachel Noltner—$138,200————
Rachel Mnoltner———$104,754——
Jill S Lindsay——$57,981———

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.

See Aaec Credit Union executive salaries →

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

Promotes savings and offers affordable loans to its members.

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3 programs · in their own filed words · FY2022
01

Create a source of credit at a reasonable rate of interest for members of the credit union. At december 31, 2022, there were 1,970 loans and credit cards outstanding to members.

Pt IX · col B
02

Provide an opportunity for members to use and control their own money in order to improve their economic and social conditions.

Pt IX · col B
03

Encourage thrift among members. Enable members to improve their net worth.

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 · this organization's grantmaking
Grants paid · 5 grants · $17K · 2020–2023
Unitemized GrantFY2023$2,238
Unitemized GrantFY2021$5,500
Unitemized GrantFY2021$2,718
Unitemized GrantFY2020$4,000
Unitemized GrantFY2020$2,981

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$2.6M
Ln 12
Fees for servicesLn 2g$1.9M
Investment incomeLn 3$623K
Money outPt IX
$1.8M
Ln 25
Owns and owesPt X
$12.9M
net assets · Ln 32
Cash and savingsLn 1–2$57.6M
Total assetsLn 16$100.6M
LiabilitiesLn 26$87.7M
PeoplePt VI, VII
12
listed · VII A
PaidVII A3
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.9M
Investment incomeLn 3$623K
Total revenueLn 12$2.6M
Assets in detailPt X, end of year
CashLn 1$1.2M
SavingsLn 2$56.3M
Cash and savings togetherLn 1–2$57.6M
Notes and loans receivableLn 7$40.5M
Prepaid expenses and deferred chargesLn 9$129K
Land, buildings, equipmentLn 10c$1.0M
Other assetsLn 15$1.4M
Total assetsLn 16$100.6M
LiabilitiesLn 26$87.7M
Net assetsLn 32$12.9M
OperationsPt I, VI
EmployeesI 521
VolunteersI 69
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$58.6M$57.6M
Land, buildings, equipmentLn 10c$1.1M$1.0M
Total assetsLn 16$101.2M$100.6M
LiabilitiesLn 26$89.1M$87.7M
Net assetsLn 32$12.1M$12.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic individualsLn 2$7K$0
Pay of current officers, directors and key staffLn 5$274K$0$0$0
Other salaries and wagesLn 7$483K$0$0$0
Pension plan contributionsLn 8$46K$0$0$0
Other employee benefitsLn 9$110K$0$0$0
Payroll taxesLn 10$53K$0$0$0
Accounting feesLn 11c$10K$0$0$0
Advertising and promotionLn 12$10K$0$0$0
Office expensesLn 13$78K$0$0$0
Information technologyLn 14$15K$0$0$0
OccupancyLn 16$161K$0$0$0
Conferences, conventions and meetingsLn 19$7K$0$0$0
InsuranceLn 23$31K$0$0$0
Other expenses (24a–d)Ln 24$477K$0$0$0
All other expensesLn 24e$37K$0$0$0
Total functional expensesLn 25$1.8M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS May 12, 2026 $4.9M$4.5M$399K$14.8M 990 PDF
FY2024Filed with the IRS May 13, 2025 $4.1M$3.3M$760K$13.6M 990 PDF
FY2023Filed with the IRS May 9, 2024 $3.2M$2.3M$879K$13.8M 990 PDF
FY2022 ViewingFiled with the IRS May 12, 2023 $2.6M$1.8M$770K$12.9M 990 PDF
FY2021Filed with the IRS May 13, 2022 $2.6M$1.7M$879K$12.1M 990 PDF
FY2020Filed with the IRS May 17, 2021 $2.7M$1.8M$867K$11.3M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $2,569,769 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $2,142,055$1,946,412
I-10 Investment incomePrior year $471,322$623,357
I-11 Other revenuePrior year $1,500$0
I-12 Total revenuePrior year $2,614,877$2,569,769
I-13 Grants and similar amounts paidPrior year $8,218$6,996
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $957,539$966,025
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $770,395$827,070
I-18 Total expensesPrior year $1,736,152$1,800,091
I-19 Revenue less expensesPrior year $878,725$769,678
Part VI · Governance 9 of 9 board members independent, 2 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,569,769 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$1,946,412
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$623,357
VIII-12 Total revenueRelated to mission $2,569,769 · Unrelated business $0 · Excluded from tax $0$2,569,769
Part IX · Statement of functional expenses $1,800,091 across 15 lines filed
IX-2 Grants to domestic individualsPrograms $0$6,996
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $0 · Fundraising $0$274,272
IX-7 Other salaries and wagesPrograms $0 · Management $0 · Fundraising $0$483,379
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$45,837
IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$109,772
IX-10 Payroll taxesPrograms $0 · Management $0 · Fundraising $0$52,765
IX-11c Accounting feesPrograms $0 · Management $0 · Fundraising $0$10,100
IX-12 Advertising and promotionPrograms $0 · Management $0 · Fundraising $0$9,553
IX-13 Office expensesPrograms $0 · Management $0 · Fundraising $0$78,207
IX-14 Information technologyPrograms $0 · Management $0 · Fundraising $0$15,390
IX-16 OccupancyPrograms $0 · Management $0 · Fundraising $0$161,335
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $0 · Fundraising $0$6,742
IX-23 InsurancePrograms $0 · Management $0 · Fundraising $0$30,891
IX-24 Other expenses (24a–d)Programs $0 · Management $0 · Fundraising $0$477,415
IX-24e All other expensesPrograms $0 · Management $0 · Fundraising $0$37,437
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,800,091
Part X · Balance sheet $100,605,056 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $1,320,986$1,244,124
X-2 Savings and temporary cash investmentsStart of year $57,283,867$56,318,711
X-7 Notes and loans receivableStart of year $39,962,569$40,461,780
X-9 Prepaid expenses and deferred chargesStart of year $159,897$128,704
X-10c Land, buildings and equipment, netStart of year $1,067,405$1,038,678
X-15 Other assetsStart of year $1,441,971$1,413,059
X-16 Total assetsStart of year $101,236,695$100,605,056
X-17 Accounts payable and accrued expensesStart of year $833,882$743,250
X-25 Other liabilitiesStart of year $88,253,905$86,988,761
X-26 Total liabilitiesStart of year $89,087,787$87,732,011
X-31 Retained earnings or endowmentStart of year $12,148,908$12,873,045
X-32 Total net assets or fund balancesStart of year $12,148,908$12,873,045
X-33 Total liabilities and net assetsStart of year $101,236,695$100,605,056
Part XI · Reconciliation of net assets $12,873,045 net assets at year end
XI-1 Total revenue$2,569,769
XI-2 Total expenses$1,800,091
XI-3 Revenue less expenses$769,678
XI-4 Net assets at start of year$12,148,908
XI-10 Net assets at end of year$12,873,045

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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