Staley Credit Union FY2023 filing

Not tax-deductible

Decatur, ILMutual-benefit / member-servingSince 1930Mutual / membership EIN 37-6026317Revenue $11.9M in FY2023

On file with the IRSstaleycu.comPo Box 2290, 62524-2290 · Decatur, ILTax-exempt since Sep 1941

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IT is the mission of Staley Credit Union to provide convenient, responsive and progressive financial services for our members.

$513K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Pay: Part VII

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FY2023 · 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 $1.7M a year · 15% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Pay to officers and key staff
$513K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
7 mo
of spending, in cash
Plus $35.0M in investments, Pt X · Ln 11–13
Looks good: 6.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$190.4M
93% of total assets
Concern: liabilities are 93% 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
$11.9M
+15% vs prior year
Spent
$10.6M
Net assets
$14.4M
By yearFY2020–FY2025
Revenue
$11.9M
FY2023▲ +15%
Tap a bar for its year
Revenue by fiscal year
FY2020$8.7M
FY2021$9.5M
FY2022$10.3M
FY2023$11.9M
FY2024$13.5M
FY2025$14.8M
Expenses
$10.6M
FY2023▲ +23%
Tap a bar for its year
Expenses by fiscal year
FY2020$8.0M
FY2021$8.1M
FY2022$8.6M
FY2023$10.6M
FY2024$11.3M
FY2025$12.1M
Net assets
$14.4M
FY2023▲ +27%
Tap a bar for its year
Net assets by fiscal year
FY2020$12.5M
FY2021$15.0M
FY2022$11.3M
FY2023$14.4M
FY2024$17.6M
FY2025$22.0M

From the FY2023 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 Sep 1941.

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; $513K paid to officers and key staff.

Part VII, Section A · reportable compensation
President & CEO
$228,089Pt VII · Sec A
Vp-Lending
$142,783Pt VII · Sec A
$142,239Pt VII · Sec A
Board Vice-Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Kimberly Ervin$258,577$241,258$228,089$209,304$213,772$151,220
Karen Brown—————$240,364
Cynthia Anderson$163,881$154,275$142,239$125,946$95,904—
Rodney Weeks$124,221$144,150$142,783$131,664$126,109$111,897
Blake Wallace$132,350$127,970————
Brian Zuber————$107,069$94,685
Joseph Springer$60,350—————

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

Operates a credit union for members' shared financial benefit.

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2 programs · in their own filed words · FY2023
01

Received deposits in various account types for approximately 17,869 members.

Pt IX · col B
02

Provide consumer and real estate loans to approximately 12,639 members.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$11.9M
Ln 12
Fees for servicesLn 2g$8.6M
Other incomeLn 4–11$2.1M
Investment incomeLn 3$1.2M
Money outPt IX
$10.6M
Ln 25
Owns and owesPt X
$14.4M
net assets · Ln 32
Cash and savingsLn 1–2$6.0M
Total assetsLn 16$204.8M
LiabilitiesLn 26$190.4M
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$8.6M
Investment incomeLn 3$1.2M
Other incomeLn 4–11$2.1M
Gains on assetsLn 7−$284K
Total revenueLn 12$11.9M
Assets in detailPt X, end of year
CashLn 1$6.0M
Cash and savings togetherLn 1–2$6.0M
InvestmentsLn 11–13$35.0M
Land, buildings, equipmentLn 10c$6.2M
Other assetsLn 15$2.7M
Total assetsLn 16$204.8M
LiabilitiesLn 26$190.4M
Net assetsLn 32$14.4M
OperationsPt I, VI
EmployeesI 576
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$6.9M$6.0M
InvestmentsLn 11–13$43.7M$35.0M
Land, buildings, equipmentLn 10c$6.5M$6.2M
Total assetsLn 16$201.2M$204.8M
LiabilitiesLn 26$189.9M$190.4M
Net assetsLn 32$11.3M$14.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$2.6M
Pension plan contributionsLn 8−$35K
Other employee benefitsLn 9$310K
Payroll taxesLn 10$208K
Legal feesLn 11b$65K
Accounting feesLn 11c$44K
Advertising and promotionLn 12$334K
Office expensesLn 13$89K
Information technologyLn 14$559K
TravelLn 17$412K
Conferences, conventions and meetingsLn 19$56K
Depreciation, depletion and amortizationLn 22$440K
InsuranceLn 23$63K
Other expenses (24a–d)Ln 24$4.1M
All other expensesLn 24e$1.3M
Total functional expensesLn 25$10.6M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $14.8M$12.1M$2.7M$22.0M 990 PDF
FY2024 $13.5M$11.3M$2.2M$17.6M 990 PDF
FY2023 Viewing $11.9M$10.6M$1.3M$14.4M 990 PDF
FY2022 $10.3M$8.6M$1.7M$11.3M 990 PDF
FY2021 $9.5M$8.1M$1.4M$15.0M 990 PDF
FY2020 $8.7M$8.0M$661K$12.5M 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 J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $11,866,618 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $6,920,125$8,590,807
I-10 Investment incomePrior year $761,207$1,195,868
I-11 Other revenuePrior year $2,658,876$2,079,943
I-12 Total revenuePrior year $10,340,208$11,866,618
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 $2,447,032$3,093,085
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $6,187,203$7,495,272
I-18 Total expensesPrior year $8,634,235$10,588,357
I-19 Revenue less expensesPrior year $1,705,973$1,278,261
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-13 Written whistleblower policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $11,866,618 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $8,590,807$8,590,807
VIII-3 Investment incomeExcluded from tax $1,480,142$1,480,142
VIII-7 Net gain or loss on sales of assetsRelated to mission −$284,274−$284,274
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $2,079,943$2,079,943
VIII-12 Total revenueRelated to mission $10,386,476 · Unrelated business $0 · Excluded from tax $1,480,142$11,866,618
Part IX · Statement of functional expenses $10,588,357 across 15 lines filed
IX-7 Other salaries and wages$2,609,202
IX-8 Pension plan contributions−$34,591
IX-9 Other employee benefits$310,427
IX-10 Payroll taxes$208,047
IX-11b Legal fees$64,538
IX-11c Accounting fees$44,240
IX-12 Advertising and promotion$334,201
IX-13 Office expenses$88,778
IX-14 Information technology$558,884
IX-17 Travel$411,854
IX-19 Conferences, conventions and meetings$55,580
IX-22 Depreciation, depletion and amortization$440,493
IX-23 Insurance$63,464
IX-24 Other expenses (24a–d)$4,088,350
IX-24e All other expenses$1,344,890
IX-25 Total functional expenses$10,588,357
Part X · Balance sheet $204,753,987 assets, 12 lines filed
Asset lines not itemized here account for $146,947,746; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,880,411$6,024,149
X-9 Prepaid expenses and deferred chargesStart of year $5,852,997$7,848,574
X-10c Land, buildings and equipment, netStart of year $6,461,877$6,187,299
X-11 Publicly traded securitiesStart of year $41,856,319$33,064,124
X-12 Other securitiesStart of year $1,848,400$1,948,400
X-15 Other assetsStart of year $2,630,088$2,733,695
X-16 Total assetsStart of year $201,173,214$204,753,987
X-17 Accounts payable and accrued expensesStart of year $672,169$972,189
X-25 Other liabilitiesStart of year $188,932,395$189,137,833
X-26 Total liabilitiesStart of year $189,850,514$190,378,275
X-32 Total net assets or fund balancesStart of year $11,322,700$14,375,712
X-33 Total liabilities and net assetsStart of year $201,173,214$204,753,987
Part XI · Reconciliation of net assets $14,375,712 net assets at year end
XI-1 Total revenue$11,866,618
XI-2 Total expenses$10,588,357
XI-3 Revenue less expenses$1,278,261
XI-4 Net assets at start of year$11,322,700
XI-5 Net unrealized gains (losses) on investments$966,501
XI-9 Other changes in net assets$808,250
XI-10 Net assets at end of year$14,375,712

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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