Overview
What is Select Employees Credit Union?
Select Employees Credit Union is a nonprofit financial institution situated in Sterling, Illinois, specifically at 2412 Freeport Road. With a team of 12 dedicated employees, the credit union offers a variety of loan products to its members, including share overdraft protection loans, home equity loans, secured shares loans, and Visa loans. As of 2022, the total loans amounted to $28,918,423, distributed among consumer loans, real estate loans, and Visa loans. The credit union aims to achieve an 80% loans to assets ratio and an 85% loans to shares ratio. Despite the numerical data, the credit union's primary focus is to cater to its members' financial needs with integrity, personal care, and individualized attention.
Official website here: www.selectcu.com
Is Select Employees Credit Union legitimate?
Select Employees Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Select Employees 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: $114,612
Professional Fundraising Fees: $0
Other Salaries and Wages: $512,954
For more financial information, click here
Official website here: www.selectcu.com
What is the mission statement of Select Employees Credit Union?
The Select Employees Credit Union is committed to addressing the financial needs of its members. It achieves this by offering a range of financial products and services, delivering them with integrity, personal care, and individualized attention. The credit union provides overdraft protection loans, home equity loans, share secured loans, and Visa loans to its members. By the end of 2022, the total loans stood at $28,918,423, consisting primarily of consumer loans and real estate loans. The credit union aims to maintain an 80% loans to assets ratio and an 85% loans to shares ratio. However, as of 2022, the actual ratios were 48.72% for loans to assets and 46.47% for loans to shares. Despite falling short of its targets, the credit union continues to prioritize member-centric financial services.
Official website here: www.selectcu.com
Who is the CEO of Select Employees Credit Union?
Susan M Branch is the Chairman of Select Employees Credit Union. The CEO's salary of Select Employees Credit Union is $101,458 and their total compensation is $114,612.
Official website here: www.selectcu.com
What is the revenue of Select Employees Credit Union?
Select Employees Credit Union's revenue in 2022 was $2,407,136.
Official website here: www.selectcu.com
Who are the executives of Select Employees Credit Union and what are their salaries?
The average compensation at Select Employees Credit Union during 2022 was $52,297. There are 12 employees and 7 volunteers at Select Employees Credit Union.
Here are 8 key members and their salaries (Select Employees Credit Union's CEO's salary is $101,458 and their total compensation is $114,612):
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $101,458
- Related: $0
- Other: $13,154
Official website here: www.selectcu.com
Where can I find the form 990 for Select Employees Credit Union?
Select Employees Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.selectcu.com
Learn more at the official website: www.selectcu.com
Mission Statement of Select Employees Credit Union
Select Employees Credit Union is committed to meeting the financial needs of its members. They accomplish this by providing a variety of financial products and services, delivered with integrity, personal care, and individualized attention. This nonprofit organization offers loans such as overdraft protection loans, home equity loans, secured loans, and Visa loans to its members. At the end of 2022, the total loans offered were $28,918,423, with consumer loans accounting for $11,977,506, real estate loans for $13,025,974, and Visa loans for $1,113,029. The credit union aims to maintain an 80% loans to assets ratio and an 85% loans to shares ratio. However, at the end of 2022, the actual loans to assets ratio was 48.72%, and the loans to shares ratio was 46.47%. Despite these figures, Select Employees Credit Union continues to prioritize delivering financial services with integrity, personal care, and individualized attention to its members.
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Impact
October, 2024
Select Employees Credit Union significantly impacts its community by providing accessible financial products and services tailored to meet the individual needs of its members. In 2022, it offered various loan options, including share overdraft protection loans, home equity loans, share secured loans, and Visa loans, amounting to a total of $28,918,423 in loans. This included $11,977,506 in consumer loans, $13,025,974 in real estate loans, and $1,113,029 in Visa loans.
The credit union operates with a focus on integrity, personal care, and individualized attention, ensuring that members receive the support and financial solutions they require. Although its loans to assets ratio was 48.72% and loans to shares ratio was 46.47% at the end of 2022, it aims for an 80% loans to assets ratio and an 85% loans to shares ratio, reflecting its commitment to increasing lending activities and supporting its member base more effectively.
By fostering a strong connection with its members and prioritizing their financial well-being, Select Employees Credit Union enhances economic stability in Sterling, IL, contributing positively to the community's overall welfare.
This information is meant to be a general summary of Select Employees 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.
- Program Service Revenue: $2,407,136
- Gross Receipts: $2,407,136
Assets and Liabilities:
- Total Assets: $68,097,694
- Total Liabilities: $62,685,525
- Net Assets: $5,412,169
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME ON LOA
Revenue
$1,729,268
VISA AND FEE INCOME
Revenue
$671,890
OTHER INCOME
Revenue
$5,978
Organization Details
Founding Year
1940
Phone
(815) 626-8181Principal Officer
Susan M Branch
Main Address
2412 FREEPORT ROAD, STERLING, IL, 61081
Website
www.selectcu.comNTEE Category
Code: W60 - Public benefit
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