Nonprofit · EIN 37-0694528
GALE CREDIT UNION
Tax-exempt · GALESBURG, IL 61401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $3,666,245 | $3,198,137 | $468,108 | $59,908,790 | $53,010,585 | $6,898,205 |
| December 31, 2023 | 990 | $2,758,770 | $2,363,454 | $395,316 | $56,771,560 | $50,341,463 | $6,430,097 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $2,988,171
- Investment income
- $656,032
- Other revenue
- $22,042
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $260,443
- Other salaries and wages
- $714,344
- Salaries, compensation and benefits (total)
- $1,154,226
- Professional fundraising fees
- $0
- Legal fees
- $662
- Accounting fees
- $52,818
- Occupancy
- $161,347
- Travel
- $4,802
- Depreciation
- $99,068
Balance sheet and other
- Total assets, start of year
- $56,771,560
- Total assets, end of year
- $59,908,790
- Total liabilities, end of year
- $53,010,585
- Net assets, end of year
- $6,898,205
- Land, buildings and equipment
- $1,074,785
- Publicly traded securities
- $12,379,000
- Gross receipts
- $3,666,245
- Employees
- 32
- Volunteers
- 10
- Year formed
- 1947
- 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 |
|---|---|---|---|---|
| RANDY D MCELWEE | CEO/TREASURER Trustee or director, Officer | 40 | $146,419 | $20,968 |
| JOY SKOLD | VICE PRESIDENT Officer | 40 | $77,562 | $15,494 |
| JAMES MCNABB | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| LINDA TOWNSEND | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA LARSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRETT STAHL | SECRETARY Trustee or director | 1 | $0 | $0 |
| GREG ROSSEL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RICK BARNHILL | VICE CHAIR Trustee or director | 1 | $0 | $0 |
| SHANE MCNABB | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TROY TARTER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TERY BOYER | DIRECTOR Trustee or director | 1 | $0 | $0 |
990 for the year ended December 31, 2023: 12 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| RANDY D MCELWEE | CEO/TREASURER Trustee or director, Officer | 40 | $110,291 | $17,492 |
| JOY SKOLD | VICE PRESIDENT Officer | 40 | $48,476 | $9,381 |
| JAMES MCNABB | CHAIRPERSON Trustee or director | 1 | $0 | $0 |
| CHRISTINE PEPMEYER | VICE CHAIR Trustee or director | 1 | $0 | $0 |
| LINDA TOWNSEND | DIRECTOR Trustee or director | 1 | $0 | $0 |
| LINDA LARSON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| BRETT STAHL | SECRETARY Trustee or director | 1 | $0 | $0 |
| GREGORY BACON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| RICK BARNHILL | DIRECTOR Trustee or director | 1 | $0 | $0 |
| ROBERT HOWERTON | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TROY TARTER | DIRECTOR Trustee or director | 1 | $0 | $0 |
| TERY BOYER | DIRECTOR Trustee or director | 1 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 631 N HENDERSON ST, GALESBURG, IL 61401-2513
- In care of
- % RANDY MCELWEE
- Principal officer (990 for 2024)
- RANDY MCELWEE, 631 N HENDERSON ST, GALESBURG, IL 61401
- Signed the 990
- RANDY MCELWEE, PRESIDENT
- Phone
- (309) 343-1777
- Return prepared by
- LMHN LTD
Mission
TO PROMOTE THRIFT AND TO PROVIDE THE HIGHEST QUALITY COMPETITIVE SERVICES AND BENEFITS TO ITS MEMBERS, WHILE ASSURING THE CREDIT UNIONS LONG-TERM FINANCIAL STABILITY.
Program accomplishments
- PROVIDED CONSUMER LENDING AND RECEIVED DEPOSITS FROM THE CREDIT UNION MEMBERSHIP. THE CREDIT UNION SERVICES MORE THAN 8,550 MEMBER SHARE TYPE ACCOUNTS AND MORE THAN 3,770 LOAN TYPE ACCOUNTS, INCLUDING VISA CARDS.
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
- 37-0694528
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1948
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $59,908,790
- Income (IRS master file)
- $3,666,245
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $3,666,245 | $3,198,137 | $59,908,790 | IRS |
| 990 | December 2023 | $2,758,770 | $2,363,454 | $56,771,560 | XML |
| 990 | December 2022 | $1,613,031 | $1,230,384 | $39,198,216 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | 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 37-0694528).
Questions about GALE CREDIT UNION
- What is the EIN of GALE CREDIT UNION?
- The employer identification number (EIN) of GALE CREDIT UNION is 37-0694528.
- Is GALE CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1948.
- Are donations to GALE CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does GALE 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 GALE 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 GALE 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 GALE CREDIT UNION?
- The 990 for the year ended December 31, 2024 names RANDY MCELWEE.
- Who are the officers and directors of GALE CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 11 people; 2 received compensation from the organization, the highest $146,419 (RANDY D MCELWEE, CEO/TREASURER).
- How much revenue does GALE CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $3,666,245, expenses of $3,198,137 and total assets of $59,908,790 at year end.
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