Overview
What is First Northern Credit Union?
First Northern Credit Union is a Chicago-based financial institution, with an address at 230 W Monroe 2850, Illinois, 60606. They serve a membership of 23,225 individuals, maintaining a total of 37,168 share accounts, amounting to a substantial total of $340.7 million in shares as of December 31, 2022. This credit union operates under the guiding principle of not generating profit, instead focusing on mutual benefits for its members. With a sizable workforce of 202 employees, First Northern Credit Union provides financial services in accordance with its mission of cooperative banking.
Official website here: www.fncu.org
Is First Northern Credit Union legitimate?
First Northern Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. First Northern 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: $1,257,568
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,797,416
For more financial information, click here
Official website here: www.fncu.org
What is the mission statement of First Northern Credit Union?
First Northern Credit Union is a not-for-profit financial cooperative dedicated to serving its members. Its primary objective is to operate without generating profits for the benefit of its members. As of December 31, 2022, the credit union managed 37,168 share accounts for its 23,225 members, amounting to a total of $340,737,089 in shared funds. The credit union's mission lies in providing essential financial services to its members, prioritizing their interests above any financial gains. It continues to focus on fostering a strong community of members and creating value through its various offerings.
Official website here: www.fncu.org
Who is the CEO of First Northern Credit Union?
Edward Berg is the Chairman of First Northern Credit Union. The CEO's salary of First Northern Credit Union is $423,901 and their total compensation is $460,651.
Official website here: www.fncu.org
What is the revenue of First Northern Credit Union?
First Northern Credit Union's revenue in 2022 was $13,852,923.
Official website here: www.fncu.org
Who are the executives of First Northern Credit Union and what are their salaries?
The average compensation at First Northern Credit Union during 2022 was $29,975. There are 202 employees and 15 volunteers at First Northern Credit Union.
Here are 28 key members and their salaries (First Northern Credit Union's CEO's salary is $423,901 and their total compensation is $460,651):
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- Compensation: $423,901
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- Other: $36,750
- Compensation: $262,524
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- Other: $20,507
- Compensation: $160,100
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- Other: $9,869
- Compensation: $155,292
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- Other: $24,682
- Compensation: $171,900
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- Other: $25,030
- Compensation: $161,454
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- Other: $4,548
- Compensation: $139,734
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- Other: $10,118
- Compensation: $207,061
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- Compensation: $137,721
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- Other: $2,489
- Compensation: $118,587
- Related: $0
- Other: $11,521
- Compensation: $114,250
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- Other: $5,150
- Compensation: $110,131
- Related: $0
- Other: $2,015
- Compensation: $101,707
- Related: $0
- Other: $3,253
Official website here: www.fncu.org
Where can I find the form 990 for First Northern Credit Union?
First Northern Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fncu.org
Learn more at the official website: www.fncu.org
Mission Statement of First Northern Credit Union
First Northern Credit Union, a not-for-profit financial cooperative, is committed to serving its 23,225 members with a collective $340,737,089 in shares. This credit union operates on the principle of putting its members' needs above profits. With a total of 37,168 share accounts, First Northern Credit Union aims to provide financial services that benefit its members collectively and individually. This mission is reflected in its daily operations, where it maintains a strong commitment to its members' financial well-being.
First Northern Credit Union's dedication to its members extends beyond the provision of financial products and services. By operating without the pressure of generating profits, the credit union is able to offer competitive rates and personalized services tailored to the unique needs of its members. This member-focused approach allows First Northern Credit Union to build long-term relationships and help its members achieve their financial goals. Furthermore, the credit union's cooperative structure ensures that its members have a voice in the organization's decision-making processes.
In summary, First Northern Credit Union is a member-owned financial cooperative that prioritizes the needs of its 23,225 members over profits. With a robust membership base and significant financial resources, the credit union has the capacity to offer a wide range of financial services and products, all designed to help its members achieve their financial objectives.
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Impact
October, 2024
First Northern Credit Union plays a significant role in enhancing the financial stability and well-being of its community. As of December 31, 2022, it managed 37,168 share accounts for 23,225 members, totaling an impressive $340,737,089 in total shares. This substantial commitment to its members highlights the union's focus on mutual benefit through affordable financial services.
Located in Chicago, Illinois, First Northern Credit Union actively fosters a sense of community among its members by offering personalized banking solutions that prioritize their needs. The credit union's mission emphasizes a focus on serving its members without the pressures of profit maximization, allowing for more accessible financial options and transparent services. This community-centered approach contributes to the overall public benefit by empowering individuals to achieve their financial goals and improve their economic situations.
This information is meant to be a general summary of First Northern 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: $1,962,100
- Program Service Revenue: $11,890,823
- Gross Receipts: $13,852,923
Assets and Liabilities:
- Total Assets: $366,938,547
- Total Liabilities: $347,155,196
- Net Assets: $19,783,351
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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
$7,838,692
FEES & OTHER INC.
Revenue
$4,052,131
Organization Details
Founding Year
1944
Phone
(312) 332-6357Principal Officer
Edward Berg
Main Address
230 W MONROE 2850, CHICAGO, IL, 606064902
Website
www.fncu.orgNTEE Category
Code: W60 - Public benefit
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