Overview
What is Canals & Trails Credit Union?
Canals & Trails Credit Union, based in Lockport, Illinois, is a member-focused financial institution with a state charter. Its primary activities involve providing consumer and real estate loans to its members, with a total of 32,410 outstanding loans valued at $12,922,396 as of December 31, 2022. The credit union offers various financial services, including an ATM/Debit card program, money orders, overdraft lines of credit, and share secured credit cards. As a nonprofit organization, it is operated for the mutual benefit of its members, ensuring that the financial well-being of its community is at the forefront of its mission. With a modest workforce of 11 employees, Canals & Trails Credit Union continues to serve its members in Lockport, Illinois.
Official website here: www.canals-trailscu.org
Is Canals & Trails Credit Union legitimate?
Canals & Trails Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Canals & Trails 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: $90,763
Professional Fundraising Fees: $0
Other Salaries and Wages: $245,406
For more financial information, click here
Official website here: www.canals-trailscu.org
What is the mission statement of Canals & Trails Credit Union?
Canals & Trails Credit Union is established with a mission to serve its members for their mutual benefit, operating under the guidelines of an Illinois state charter. This credit union primarily focuses on providing and managing consumer and real estate loans for its members. The credit union's offerings extend beyond loans, encompassing ATM/Debit card programs, money orders, overdraft lines of credit, and share secured credit cards. The primary objective of Canals & Trails Credit Union is to cater to its members' financial needs in a beneficial and cooperative manner.
Official website here: www.canals-trailscu.org
Who is the CEO of Canals & Trails Credit Union?
Janet Schuler is the Chairman of Canals & Trails Credit Union.
Official website here: www.canals-trailscu.org
What is the revenue of Canals & Trails Credit Union?
Canals & Trails Credit Union's revenue in 2022 was $1,056,974.
Official website here: www.canals-trailscu.org
Who are the executives of Canals & Trails Credit Union and what are their salaries?
The average compensation at Canals & Trails Credit Union during 2022 was $30,561. There are 11 employees and 7 volunteers at Canals & Trails Credit Union.
Here are 8 key members and their salaries:
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- Compensation: $84,566
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- Other: $5,615
Official website here: www.canals-trailscu.org
Where can I find the form 990 for Canals & Trails Credit Union?
Canals & Trails Credit Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.canals-trailscu.org
Learn more at the official website: www.canals-trailscu.org
Mission Statement of Canals & Trails Credit Union
Canals & Trails Credit Union is an Illinois-based credit union that serves its members with mutual benefit in mind. The organization's primary mission is to make and manage consumer and real estate loans for its member base. At the end of 2022, the credit union had 32,410 active loans amounting to a total of $12,922,396. Alongside these financial services, Canals & Trails Credit Union also offers various additional perks to its members, including an ATM/Debit card program, money orders, overdraft lines of credit, and share secured credit cards. This credit union is dedicated to providing these services to its members, ensuring they have the financial support they need.
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Impact
October, 2024
Canals & Trails Credit Union significantly impacts the Lockport, IL community by providing financial services that empower its members and promote economic growth. As an Illinois state-chartered credit union, it focuses on the mutual benefit of its members, offering a variety of loan products including consumer and real estate loans. With a total of 32,410 loans outstanding valued at $12,922,396 as of December 31, 2022, the credit union helps individuals achieve their financial goals, whether homeownership or managing personal finances.
In addition to loans, Canals & Trails Credit Union enhances financial accessibility by offering various services such as ATM/Debit card programs, money orders, overdraft lines of credit, and share secured credit cards. This commitment to providing essential financial tools not only supports individual members but also strengthens the broader economic fabric of the community. By fostering financial literacy and offering reliable support, Canals & Trails Credit Union plays a vital role in promoting stability and growth among its members.
This information is meant to be a general summary of Canals & Trails 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: $216,099
- Program Service Revenue: $712,784
- Gross Receipts: $1,070,256
Assets and Liabilities:
- Total Assets: $35,954,097
- Total Liabilities: $32,859,307
- Net Assets: $3,094,790
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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
$569,435
Fees & services
Revenue
$143,349
Organization Details
Founding Year
1956
Phone
(815) 838-7159Principal Officer
Janet Schuler
Main Address
838 S State Street, Lockport, IL, 60441
Website
www.canals-trailscu.orgNTEE Category
Code: W60 - Public benefit
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