Overview
What is Sourceone Credit Union?
Sourceone Credit Union is a member-benefit-focused institution, headquartered at 200 E Champaign Ave, Rantoul, IL 61866. As an Illinois-chartered credit union, its primary function involves offering and managing loans, both consumer and real estate, to its members. The credit union operates on a mutual basis, with members receiving competitive interest rates on their share deposits and dividends upon loan repayment. This nonprofit financial institution is dedicated to serving its members by providing financial services with their best interests in mind.
Is Sourceone Credit Union legitimate?
Sourceone Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Sourceone Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $37,350
Professional Fundraising Fees: $0
Other Salaries and Wages: $226,951
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What is the mission statement of Sourceone Credit Union?
Sourceone Credit Union is an Illinois-chartered institution, established for the mutual benefit of its members. Its primary activities include providing loans to members and paying competitive dividends on share deposits. The credit union operates with a focus on offering consumer and real estate loans to its members, ensuring they receive financial services at favorable rates. By doing so, Sourceone Credit Union aims to contribute to the financial well-being of its members, reinforcing the principle of a mutual benefit organization.
Who is the CEO of Sourceone Credit Union?
Scott Mcdonald is the Chairman of Sourceone Credit Union.
What is the revenue of Sourceone Credit Union?
Sourceone Credit Union's revenue in 2022 was $119,942.
Who are the executives of Sourceone Credit Union and what are their salaries?
There 8 volunteers at Sourceone Credit Union.
Here are 9 key members and their salaries:
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- Compensation: $37,350
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Where can I find the form 990 for Sourceone Credit Union?
Sourceone Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Sourceone Credit Union
Sourceone Credit Union, being an Illinois state-chartered institution, operates with the mutual benefit of its members in mind. Its primary mission is to provide loans to its members and pay dividends at a competitive rate of interest to those with share deposits. Essentially, Sourceone Credit Union functions as a cooperative, serving its members financially by offering financing options and returning profits through dividends.
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Impact
October, 2024
Sourceone Credit Union plays a significant role in its community by focusing on the mutual benefit of its members. Located in Rantoul, Illinois, it operates as a state-chartered credit union, providing essential financial services that empower its members. Through its lending practices, Sourceone Credit Union facilitates consumer and real estate loans, contributing to the economic stability and growth of local families and businesses.
By offering competitive interest rates on loans and dividends on share deposits, Sourceone ensures that its members have access to affordable financial resources. This commitment not only supports individual financial health but also fosters a sense of community by encouraging members to save and invest in their futures. The impact of Sourceone Credit Union extends beyond mere financial transactions; it strengthens the local economy, promotes financial literacy, and enhances the overall quality of life for its members.
This information is meant to be a general summary of Sourceone Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $35,841
- Program Service Revenue: $57,399
- Gross Receipts: $119,942
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$48,946
FEE INCOME
Revenue
$8,453
Organization Details
Founding Year
1935
Phone
(800) 252-6950Principal Officer
Scott Mcdonald
Main Address
200 E CHAMPAIGN AVE, RANTOUL, IL, 61866
NTEE Category
Code: W60 - Public benefit
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