Nonprofit · EIN 37-0286192
GALESBURG BURLINGTON CREDIT UNION
Tax-exempt · GALESBURG, IL 61401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,398,044 | $1,885,024 | $513,020 | $50,420,111 | $35,400,064 | $15,020,047 |
| December 31, 2023 | 990 | $2,126,505 | $1,446,782 | $679,723 | $49,067,464 | $34,556,153 | $14,511,311 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $1,732,356
- Investment income
- $619,532
- Other revenue
- $46,156
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $111,662
- Other salaries and wages
- $228,170
- Salaries, compensation and benefits (total)
- $488,192
- Professional fundraising fees
- $0
- Legal fees
- $9,732
- Accounting fees
- $23,515
- Occupancy
- $26,371
- Depreciation
- $87,993
Balance sheet and other
- Total assets, start of year
- $49,067,464
- Total assets, end of year
- $50,420,111
- Total liabilities, end of year
- $35,400,064
- Net assets, end of year
- $15,020,047
- Land, buildings and equipment
- $128,739
- Publicly traded securities
- $10,432,000
- Gross receipts
- $2,398,044
- Employees
- 6
- Volunteers
- 8
- Year formed
- 1937
- State of legal domicile
- IL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRAD GUMMERSON | PRESIDENT/CEO Trustee or director | 40 | $95,000 | $16,662 |
| STEVEN SPECHT | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| SETH CLARK | VICE CHAIR/SECRETARY Trustee or director | 1 | $0 | $0 |
| MICHAEL ALDERSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ARTHUR BOONE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GALE TRULSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LUKE CROUSE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN PETERS | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 8 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| BRAD GUMMERSON | PRESIDENT/CEO Trustee or director | 40 | $86,795 | $16,753 |
| STEVEN SPECHT | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| SETH CLARK | VICE CHAIR/SECRETARY Trustee or director | 1 | $0 | $0 |
| MICHAEL ALDERSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ARTHUR BOONE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| GALE TRULSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LUKE CROUSE | DIRECTOR Trustee or director | 1 | $0 | $0 |
| JOHN PETERS | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 476 E SOUTH ST, GALESBURG, IL 61401-5069
- Principal officer (990 for 2024)
- BRAD GUMMERSON, 476 E SOUTH ST, GALESBURG, IL 61401
- Signed the 990
- BRAD GUMMERSON, PRESIDENT
- Phone
- (309) 342-1775
- Return prepared by
- LMHN LTD
Mission
TO PROVIDE MEMBERS WITH A FULL RANGE OF FINANCIAL SERVICES AT COMPETITIVE RATES.
Program accomplishments
- PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE MEMBERSHIP. THE CREDIT UNION SERVICES IN EXCESS OF 3,760 MEMBER SHARE ACCOUNTS AND 1,650 LOAN ACCOUNTS.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 37-0286192
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1941
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $49,067,464
- Income (IRS master file)
- $2,126,505
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,398,044 | $1,885,024 | $50,420,111 | IRS |
| 990 | December 2023 | $2,126,505 | $1,446,782 | $49,067,464 | XML |
| 990 | December 2022 | $1,627,317 | $1,245,877 | $48,388,640 | IRS |
| 990 | December 2021 | $1,817,626 | $1,188,645 | $49,366,946 | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 37-0286192).
Questions about GALESBURG BURLINGTON CREDIT UNION
- What is the EIN of GALESBURG BURLINGTON CREDIT UNION?
- The employer identification number (EIN) of GALESBURG BURLINGTON CREDIT UNION is 37-0286192.
- Is GALESBURG BURLINGTON CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1941.
- Are donations to GALESBURG BURLINGTON CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does GALESBURG BURLINGTON CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of GALESBURG BURLINGTON CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did GALESBURG BURLINGTON CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of GALESBURG BURLINGTON CREDIT UNION?
- The 990 for the year ended December 31, 2024 names BRAD GUMMERSON.
- Who are the officers and directors of GALESBURG BURLINGTON CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 8 people; 1 received compensation from the organization, the highest $95,000 (BRAD GUMMERSON, PRESIDENT/CEO).
- How much revenue does GALESBURG BURLINGTON CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,398,044, expenses of $1,885,024 and total assets of $50,420,111 at year end.
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