Credit Union 1

Not tax-deductible

Rantoul, ILMutual-benefit / member-servingSince 1958EIN 37-0767435

Credit union 1 is a member-owned and controlled financial institution dedicated to providing convenient and competitive services as a means of improving ongoing economic well-being of our members while promoting growth and maintaining the credit union's long-term financial stability.

Run by 7 volunteers and 497 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $8.9M a year · 11% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Pay to officers and key staff
$3.0M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
31 mo
of spending, in cash
Looks good: 30.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.7B
92% of total assets
Concern: liabilities are 92% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 9 voting members
Looks good: 8 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
$107.3M
+9% vs prior year
Spent
$103.2M
Net assets
$157.5M
By yearFY2020–FY2024
Revenue
$107.3M
FY2024▲ +9%
Revenue by fiscal year
FY2020$61.9M
FY2021$73.0M
FY2022$74.2M
FY2023$98.1M
FY2024$107.3M
Expenses
$103.2M
FY2024▲ +17%
Expenses by fiscal year
FY2020$54.9M
FY2021$59.2M
FY2022$64.4M
FY2023$88.2M
FY2024$103.2M
Net assets
$157.5M
FY2024▲ +18%
Net assets by fiscal year
FY2020$96.2M
FY2021$106.9M
FY2022$130.6M
FY2023$132.9M
FY2024$157.5M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1958.

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

Who runs it and what they're paid

14 people listed on the 990; $3.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/President/Director
$852,631Pt VII · Sec A
Chief Legal Counsel
$447,201Pt VII · Sec A
Chief Lending Officer
$444,509Pt VII · Sec A
EVP, Chief Financial Offic
$439,437Pt VII · Sec A
Chief Marketing Officer
$360,447Pt VII · Sec A
SVP, Chief Technology Offi
$356,155Pt VII · Sec A
Director - Chair
$21,600Pt VII · Sec A
Director
$14,400Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Todd Gunderson$852,631$917,707$693,135$597,767$467,279
Paul Fichter$447,201$363,243$389,506$361,168$317,815
Jeff Lyle Rothmeyer$444,509————
Scott McDonald$439,437$363,747$386,350$339,343$243,419
Jeff Rothmeyer—$360,855$375,427$305,396$113,138
Michael Eck$360,447————
Michael Hirt$356,155$278,216$295,129$269,127$207,285
Kevin Allen——$285,231$269,645$245,277

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 Credit Union 1 executive salaries →

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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 convenient, competitive financial services to improve their economic well-being.

Provided by the organization

This section is blank until Credit Union 1 claims this page.

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1 program service, described in the organization's own filed words · FY2024.
01

Provide financial services to its members.

Pt IX · col B

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By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$107.3M
Ln 12
Fees for servicesLn 2g$58.9M
Investment incomeLn 3$27.3M
Other incomeLn 4–11$21.1M
Money outPt IX
$103.2M
Ln 25
Owns and owesPt X
$157.5M
net assets · Ln 32
Cash and savingsLn 1–2$264.2M
Total assetsLn 16$1.9B
LiabilitiesLn 26$1.7B
PeoplePt VI, VII
14
listed · VII A
PaidVII A14
Voting boardVI 1a9
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$58.9M
Investment incomeLn 3$27.3M
Other incomeLn 4–11$21.1M
Gains on assetsLn 7$64K
Total revenueLn 12$107.3M
Assets in detailPt X, end of year
CashLn 1$30.1M
SavingsLn 2$234.1M
Cash and savings togetherLn 1–2$264.2M
InvestmentsLn 11–13$107.0M
Land, buildings, equipmentLn 10c$25.0M
Other assetsLn 15$141.7M
Total assetsLn 16$1.9B
LiabilitiesLn 26$1.7B
Net assetsLn 32$157.5M
OperationsPt I, VI
EmployeesI 5497
VolunteersI 67
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
LineStart FY24End FY24
Cash and savingsLn 1–2$349.1M$264.2M
InvestmentsLn 11–13$51.7M$107.0M
Land, buildings, equipmentLn 10c$20.9M$25.0M
Total assetsLn 16$1.70B$1.87B
LiabilitiesLn 26$1.57B$1.72B
Net assetsLn 32$132.9M$157.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$3.0M
Other salaries and wagesLn 7$24.7M
Other employee benefitsLn 9$4.4M
Payroll taxesLn 10$2.3M
Other fees for servicesLn 11g$2.5M
Advertising and promotionLn 12$2.3M
Office expensesLn 13$15.9M
OccupancyLn 16$6.9M
InterestLn 20$9.7M
Depreciation, depletion and amortizationLn 22$177K
Other expenses (24a–d)Ln 24$31.1M
All other expensesLn 24e$343K
Total functional expensesLn 25$103.2M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $107.3M$103.2M$4.1M$157.5M 990 PDF
FY2023 $98.1M$88.2M$9.9M$132.9M 990 PDF
FY2022 $74.2M$64.4M$9.9M$130.6M 990 PDF
FY2021 $73.0M$59.2M$13.8M$106.9M 990 PDF
FY2020 $61.9M$54.9M$7.0M$96.2M 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $107,315,887 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $58,932,856$58,932,856
VIII-3 Investment incomeExcluded from tax $27,220,259$27,220,259
VIII-7 Net gain or loss on sales of assetsRelated to mission $63,851$63,851
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $21,098,921$21,098,921
VIII-12 Total revenueRelated to mission $58,996,707 · Unrelated business $0 · Excluded from tax $48,319,180$107,315,887
Part IX · Statement of functional expenses $103,205,283 across 12 lines filed
IX-5 Pay of current officers, directors and key staff$2,982,576
IX-7 Other salaries and wages$24,685,872
IX-9 Other employee benefits$4,419,929
IX-10 Payroll taxes$2,262,093
IX-11g Other fees for services$2,500,051
IX-12 Advertising and promotion$2,314,504
IX-13 Office expenses$15,859,431
IX-16 Occupancy$6,860,874
IX-20 Interest$9,728,004
IX-22 Depreciation, depletion and amortization$176,920
IX-24 Other expenses (24a–d)$31,072,000
IX-24e All other expenses$343,029
IX-25 Total functional expenses$103,205,283
Part X · Balance sheet $1,873,446,949 assets, 13 lines filed
Asset lines not itemized here account for $1,335,660,198; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $22,296,665$30,123,730
X-2 Savings and temporary cash investmentsStart of year $326,828,578$234,057,494
X-10c Land, buildings and equipment, netStart of year $20,862,105$24,979,602
X-11 Publicly traded securitiesStart of year $30,290,786$11,453,556
X-12 Other securitiesStart of year $20,738,181$95,510,984
X-13 Program-related investmentsStart of year $652,936$0
X-15 Other assetsStart of year $91,490,648$141,661,385
X-16 Total assetsStart of year $1,699,028,667$1,873,446,949
X-17 Accounts payable and accrued expensesStart of year $65,379,487$54,833,651
X-25 Other liabilitiesStart of year $1,494,908,151$1,654,888,818
X-26 Total liabilitiesStart of year $1,566,095,833$1,715,980,762
X-32 Total net assets or fund balancesStart of year $132,932,834$157,466,187
X-33 Total liabilities and net assetsStart of year $1,699,028,667$1,873,446,949
Part XI · Reconciliation of net assets $157,466,187 net assets at year end
XI-1 Total revenue$107,315,887
XI-2 Total expenses$103,205,283
XI-3 Revenue less expenses$4,110,604
XI-4 Net assets at start of year$132,932,834
XI-5 Net unrealized gains (losses) on investments−$13,180
XI-9 Other changes in net assets$20,435,929
XI-10 Net assets at end of year$157,466,187

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

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