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Blackhawk Area Cu FY2020 filing

Not tax-deductible

Savanna, ILMutual-benefit / member-servingSince 1935EIN 36-6091357Revenue $1.5M in FY2020

On file with the IRSbacu.orgPo Box 328, 61074-0328 · Savanna, ILTax-exempt since Aug 1960

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The mission of the credit union is to provide low-cost financial services to its members, to encourage savings, to provide education in fiancial matters, and to prosper in order to continue to be a viable financial institution in the future.

$139K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

Before you give

FY2020 · 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 $344K a year · 18% 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
$139K
to officers and key staff · 10% of spending
Looks good: pay to officers and key staff is 10% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
102 mo
of spending, in cash
Looks good: 102.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$37.7M
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
0
of 9 voting members
Concern: none of 9 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
Spent
$1.4M
To programs
0%
Net assets
$2.7M
By yearFY2020–FY2025
Revenue
$1.5M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$1.5M
FY2021$1.7M
FY2022$1.9M
FY2023$2.2M
FY2024$2.2M
FY2025$2.1M
Expenses
$1.4M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$1.4M
FY2021$1.5M
FY2022$1.6M
FY2023$1.6M
FY2024$1.7M
FY2025$1.7M
Net assets
$2.7M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$2.7M
FY2021$2.9M
FY2022$3.4M
FY2023$3.9M
FY2024$4.3M
FY2025$4.8M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 1960.

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

Who runs it and what they're paid

11 people listed on the 990; $139K paid to officers and key staff.

Part VII, Section A · reportable compensation
$94,000Pt VII · Sec A
Melanie Macy
Credit Manager
$44,750Pt VII · Sec A
Marleen Andersen
Board Member
$0Pt VII · Sec A
James Karr
Board Member
$0Pt VII · Sec A
Wilfred Schramm
Board Member
$0Pt VII · Sec A
Debbi Hunter
Treasurer
$0Pt VII · Sec A
Steve Venhuizen
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Rhonda Schroeder$108,140$106,260$104,340$99,850$99,700$94,000
Melanie Macy—$54,810$52,890$50,538$48,513$44,750
Donna Deets$52,490—————

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 15aNo

Programs and updates

Provides financial services to members for their shared benefit.

Questions for Blackhawk Area Cu

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Provided by the organization

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3 programs · in their own filed words · FY2020
01

We serve 4,181 members with savings accounts and dividend rates higher than area competitors.

Pt IX · col B
02

We have a total of 247 outstanding member mortgage and/or HELOC loans.

Pt IX · col B
03

We have a total of 1,419 outstanding member consumer loans.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.5M
Ln 12
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$96K
Money outPt IX
$1.4M
Ln 25
Owns and owesPt X
$2.7M
net assets · Ln 32
Cash and savingsLn 1–2$12.2M
Total assetsLn 16$40.4M
LiabilitiesLn 26$37.7M
PeoplePt VI, VII
11
listed · VII A
PaidVII A2
Voting boardVI 1a9
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$1.4M
Investment incomeLn 3$96K
Gains on assetsLn 7$0
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$1.3M
SavingsLn 2$10.9M
Cash and savings togetherLn 1–2$12.2M
InvestmentsLn 11–13$3.3M
Land, buildings, equipmentLn 10c$218K
Other assetsLn 15$419K
Total assetsLn 16$40.4M
LiabilitiesLn 26$37.7M
Net assetsLn 32$2.7M
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 FY20End FY20
Cash and savingsLn 1–2$4.3M$12.2M
InvestmentsLn 11–13$6.1M$3.3M
Land, buildings, equipmentLn 10c$218K$218K
Total assetsLn 16$33.9M$40.4M
LiabilitiesLn 26$31.1M$37.7M
Net assetsLn 32$2.7M$2.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$139K
Other salaries and wagesLn 7$335K
Pension plan contributionsLn 8$65K
Other employee benefitsLn 9$116K
Payroll taxesLn 10$39K
Accounting feesLn 11c$35K
Advertising and promotionLn 12$27K
Office expensesLn 13$153K
Information technologyLn 14$84K
OccupancyLn 16$69K
TravelLn 17$6K
Conferences, conventions and meetingsLn 19$33
Payments to affiliatesLn 21$14K
Depreciation, depletion and amortizationLn 22$35K
InsuranceLn 23$32K
Other expenses (24a–d)Ln 24$287K
Total functional expensesLn 25$1.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.1M$1.7M$434K$4.8M 990 PDF
FY2024 $2.2M$1.7M$456K$4.3M 990 PDF
FY2023 $2.2M$1.6M$537K$3.9M 990 PDF
FY2022 $1.9M$1.6M$335K$3.4M 990 PDF
FY2021 $1.7M$1.5M$236K$2.9M 990 PDF
FY2020 Viewing $1.5M$1.4M$68K$2.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $1,503,007 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,437,254$1,406,514
I-10 Investment incomePrior year $191,797$96,493
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,629,051$1,503,007
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 $684,180$693,514
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $835,782$741,707
I-18 Total expensesPrior year $1,519,962$1,435,221
I-19 Revenue less expensesPrior year $109,089$67,786
Part VI · Governance 0 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members0
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,503,007 across 8 lines filed
Lines not itemized here account for $1,406,514 of total revenue; see the IRS return.
VIII-1c Fundraising events$0
VIII-1h Total contributions, gifts and grants$0
VIII-3 Investment incomeRelated to mission $96,493 · Unrelated business $0 · Excluded from tax $0$96,493
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-6 Net rental income or lossRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-7 Net gain or loss on sales of assetsRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $1,503,007 · Unrelated business $0 · Excluded from tax $0$1,503,007
Part IX · Statement of functional expenses $1,435,221 across 16 lines filed
IX-5 Pay of current officers, directors and key staff$138,750
IX-7 Other salaries and wages$334,756
IX-8 Pension plan contributions$65,116
IX-9 Other employee benefits$116,240
IX-10 Payroll taxes$38,652
IX-11c Accounting fees$34,988
IX-12 Advertising and promotion$27,497
IX-13 Office expenses$152,570
IX-14 Information technology$84,150
IX-16 Occupancy$69,277
IX-17 Travel$5,706
IX-19 Conferences, conventions and meetings$33
IX-21 Payments to affiliates$13,524
IX-22 Depreciation, depletion and amortization$34,899
IX-23 Insurance$32,451
IX-24 Other expenses (24a–d)$286,612
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,435,221
Part X · Balance sheet $40,360,049 assets, 13 lines filed
Asset lines not itemized here account for $23,865,277; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $906,894$1,299,614
X-2 Savings and temporary cash investmentsStart of year $3,400,932$10,922,878
X-4 Accounts receivableStart of year $151,436$161,823
X-9 Prepaid expenses and deferred chargesStart of year $111,643$143,246
X-10c Land, buildings and equipment, netStart of year $217,976$217,773
X-11 Publicly traded securitiesStart of year $6,115,415$3,330,879
X-15 Other assetsStart of year $500,452$418,559
X-16 Total assetsStart of year $33,863,489$40,360,049
X-17 Accounts payable and accrued expensesStart of year $192,465$256,450
X-25 Other liabilitiesStart of year $30,939,254$37,435,993
X-26 Total liabilitiesStart of year $31,131,719$37,692,443
X-32 Total net assets or fund balancesStart of year $2,731,770$2,667,606
X-33 Total liabilities and net assetsStart of year $33,863,489$40,360,049
Part XI · Reconciliation of net assets $2,667,606 net assets at year end
XI-1 Total revenue$1,503,007
XI-2 Total expenses$1,435,221
XI-3 Revenue less expenses$67,786
XI-4 Net assets at start of year$2,731,770
XI-5 Net unrealized gains (losses) on investments$0
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−$131,950
XI-10 Net assets at end of year$2,667,606

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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