Civic Intelligence

Galesburg Burlington Credit Union

EIN 37-0286192 • 501(c)14 • Galesburg, IL

View Organization Page

Profile

To provide members with a full range of financial services at competitive rates.

476 E South StGalesburg, IL 61401

gbcu.secure.cusolutionsgroup.net

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

8th percentile

0.70x

Higher debt load relative to assets than 8% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

37th percentile

14.76x

Higher debt load relative to revenue than 37% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Net Margin

78th percentile

21%

Higher net margin than 78% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

15th percentile

$111,662

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

501(c)14 • $50M-$100M nonprofits • Source year 2024

Asset Growth

58th percentile

2.8%

Faster asset growth than 58% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

60th percentile

13%

Faster revenue growth than 60% of similar nonprofits.

501(c)14 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets8th percentile

Assets

Up

$50,420,111

Up $1,352,647 (+2.8%) from 2023

Liabilities

Up

$35,400,064

Up $843,911 (+2.4%) from 2023

Net Assets

Up

$15,020,047

Up $508,736 (+3.5%) from 2023

Operations
Liabilities / Revenue37th percentileNet Margin78th percentile

Revenue

Up

$2,398,044

Up $271,539 (+13%) from 2023

Expenses

Up

$1,885,024

Up $438,242 (+30%) from 2023

Net Income

Down

$513,020

Down $166,703 (-25%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth58th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2010: $43,463,274Liabilities 2010: $33,290,086Net Assets 2010: $10,173,1882010Assets 2011: $44,571,051Liabilities 2011: $34,062,086Net Assets 2011: $10,508,9652011Assets 2012: $43,910,196Liabilities 2012: $33,093,036Net Assets 2012: $10,817,1602012Assets 2013: $44,294,804Liabilities 2013: $33,283,623Net Assets 2013: $11,011,1812013Assets 2014: $44,758,663Liabilities 2014: $33,604,232Net Assets 2014: $11,154,4312014Assets 2015: $44,486,393Liabilities 2015: $32,980,535Net Assets 2015: $11,505,8582015Assets 2016: $43,504,742Liabilities 2016: $31,741,557Net Assets 2016: $11,763,1852016Assets 2017: $43,042,128Liabilities 2017: $31,146,898Net Assets 2017: $11,895,2302017Assets 2018: $41,475,972Liabilities 2018: $29,371,448Net Assets 2018: $12,104,5242018Assets 2019: $40,595,419Liabilities 2019: $28,236,674Net Assets 2019: $12,358,7452019Assets 2020: $43,583,028Liabilities 2020: $30,884,285Net Assets 2020: $12,698,7432020Assets 2021: $49,366,946Liabilities 2021: $36,017,911Net Assets 2021: $13,349,0352021Assets 2022: $48,388,640Liabilities 2022: $34,532,751Net Assets 2022: $13,855,8892022Assets 2023: $49,067,464Liabilities 2023: $34,556,153Net Assets 2023: $14,511,3112023Assets 2024: $50,420,111Liabilities 2024: $35,400,064Net Assets 2024: $15,020,0472024

Highlighted filing

2024

Assets$50,420,111
Liabilities$35,400,064
Net Assets$15,020,047
Open 2024 Filing

Operations Trend

Revenue Growth60th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0Expenses 2010: $1,340,8352010Expenses 2011: $1,154,3962011Expenses 2012: $983,8002012Revenue 2013: $1,264,290Expenses 2013: $1,048,570Net Income 2013: $215,7202013Revenue 2014: $1,245,400Expenses 2014: $1,025,521Net Income 2014: $219,8792014Revenue 2015: $1,302,561Expenses 2015: $947,913Net Income 2015: $354,6482015Revenue 2016: $1,340,485Expenses 2016: $1,037,707Net Income 2016: $302,7782016Revenue 2017: $1,366,811Expenses 2017: $1,144,469Net Income 2017: $222,3422017Revenue 2018: $1,463,071Expenses 2018: $1,253,450Net Income 2018: $209,6212018Revenue 2019: $1,627,508Expenses 2019: $1,373,185Net Income 2019: $254,3232019Revenue 2020: $1,629,708Expenses 2020: $1,268,666Net Income 2020: $361,0422020Revenue 2021: $1,817,626Expenses 2021: $1,188,645Net Income 2021: $628,9812021Revenue 2022: $1,627,317Expenses 2022: $1,245,877Net Income 2022: $381,4402022Revenue 2023: $2,126,505Expenses 2023: $1,446,782Net Income 2023: $679,7232023Revenue 2024: $2,398,044Expenses 2024: $1,885,024Net Income 2024: $513,0202024

Highlighted filing

2024

Revenue$2,398,044
Expenses$1,885,024
Net Income$513,020
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$50,420,111
Liabilities
$35,400,064
Net assets
$15,020,047
Revenue
$2,398,044
Expenses
$1,885,024
Net income
$513,020
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$50.4$35.4$15.0$2.40$1.89$0.51
2023Detailed filing. Detailed filing data is available for this year.$49.1$34.6$14.5$2.13$1.45$0.68
2022Detailed filing. Detailed filing data is available for this year.$48.4$34.5$13.9$1.63$1.25$0.38
2021Detailed filing. Detailed filing data is available for this year.$49.4$36.0$13.3$1.82$1.19$0.63
2020Detailed filing. Detailed filing data is available for this year.$43.6$30.9$12.7$1.63$1.27$0.36
2019Detailed filing. Detailed filing data is available for this year.$40.6$28.2$12.4$1.63$1.37$0.25
2018Detailed filing. Detailed filing data is available for this year.$41.5$29.4$12.1$1.46$1.25$0.21
2017Detailed filing. Detailed filing data is available for this year.$43.0$31.1$11.9$1.37$1.14$0.22
2016Detailed filing. Detailed filing data is available for this year.$43.5$31.7$11.8$1.34$1.04$0.30
2015Detailed filing. Detailed filing data is available for this year.$44.5$33.0$11.5$1.30$0.95$0.35
2014Detailed filing. Detailed filing data is available for this year.$44.8$33.6$11.2$1.25$1.03$0.22
2013Detailed filing. Detailed filing data is available for this year.$44.3$33.3$11.0$1.26$1.05$0.22
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.9$33.1$10.8$0.98
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$44.6$34.1$10.5$1.15
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.5$33.3$10.2$1.34
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 14, 2025
Return Version
2024v5.1
Gross Receipts
$2,398,044
Mission and Program Overview

Mission

Credit Union operated for mutual purposes

To provide members with a full range of financial services at competitive rates.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$29,607,560$27,929,778▼ $1,677,782
Rtn Earn Endowment Incm Other Fnds$14,511,311$15,020,047▲ $508,736
Savings and Temporary Cash Investments$8,289,996$10,730,726▲ $2,440,730
Investments in Publicly Traded Securities$9,976,000$10,432,000▲ $456,000
Cash and Non-Interest-Bearing Accounts$426,043$350,826▼ $75,217
Prepaid Expenses and Deferred Charges$129,118$301,106▲ $171,988
Land, Buildings, and Equipment, Net$212,781$128,739▼ $84,042
Total Assets$49,067,464$50,420,111▲ $1,352,647
Other Assets Total$425,966$546,936▲ $120,970
Liabilities
Other Liabilities$34,491,128$35,303,382▲ $812,254
Accounts Payable and Accrued Expenses$65,025$96,682▲ $31,657
Total Liabilities$34,556,153$35,400,064▲ $843,911
Net Assets / Fund Balance
Total Net Assets Fund Balance$14,511,311$15,020,047▲ $508,736
Total Liabilities and Net Assets / Fund Balance$49,067,464$50,420,111▲ $1,352,647

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$46,764$571,022$617,786
Buildings$56,975$240,119$297,094
Land$25,000-$25,000
Compensation and Service Providers
Top Officer Pay15th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brad GummersonPresident/CEOFT$95,000$16,662$111,662

Board Members and Trustees

NameTitle
Steven SpechtChairperson
Seth ClarkVice Chair/secretary
Arthur BooneDirector
Gale TrulsonDirector
John PetersDirector
Luke CrouseDirector
Michael AldersonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,732,356
Investment Income
$619,532
Other Revenue
$46,156
Change in Net Assets
$513,020
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,396,832
Salaries, Compensation, and Employee Benefits$488,192
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$0$0$0$610,563
Office Expenses$0$0$0$271,589
Other Salaries and Wages$0$0$0$228,170
Current Officers, Directors, Trustees, and Key Employees$0$0$0$111,662
Depreciation Depletion$0$0$0$87,993
Other Employee Benefits$0$0$0$77,517
Conferences and Meetings$0$0$0$61,223
Insurance$0$0$0$45,091
Pension Plan Contributions$0$0$0$39,538
Payroll Taxes$0$0$0$31,305
Occupancy$0$0$0$26,371
Fees for Services Accounting$0$0$0$23,515
Fees for Services Management$0$0$0$20,003
Fees for Services Legal$0$0$0$9,732
Advertising$0$0$0$6,346
All Other Expenses$0$0$0$1,219
Total Functional Expenses$0$0$0$1,885,024
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$1,500
Total Exempt Function Spending$1,500
Section 527 Activity Spending$0

Section 527 Organizations

OrganizationLocationAmount
36-3092340Naperville, IL$1,500
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Member Shares$35,303,382
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
Yes
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Galesburg Burlington Credit Union
EIN
37-0286192
Phone
3093421775
Address
476 E SOUTH ST, GALESBURG, IL 61401

Signing Officer

Name
Brad Gummerson
Title
President
Phone
3093421775
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brad Gummerson
Formed
1937
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
8
Employees
6
Volunteers
8

Preparer

Firm
Lmhn Ltd
Address
900 N Webster St PO Box 87, Taylorville, IL 62568
Preparer
Richard K Hooper CPA
Phone
2178249661
Supplemental Narrative

Additional Explanations

Pt VI, Line 6

“The credit union is a member owned financial institution.”

Pt VI, Line 7A

“The governing body is elected from and by the membership annually.”

Pt VI, Line 7B

“From time to time, certain decisions will be presented to the membership for a vote, which is determined on a case by case basis.”

Pt VI, Line 11B

“The president/ceo will review the 990.”

Pt XI

“Line 9 represents the reconcilation of comprehensive income.”

Pt VI, Line 19

“The credit unions governing documents are made available for inspection by members of the public upon request.”

Pt VI, Line 4

“The credit union now has 8 directors.”

Pt VI, Line 4

“Credit union membership now includes any employee or”

Pt VI, Line 4

“Retiree of koppers, inc. Galesburg il.”

Raw XML AppendixShowing 400 of 417 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE GOVERNING BODY IS ELECTED FROM AND BY THE MEMBERSHIP ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FROM TIME TO TIME, CERTAIN DECISIONS WILL BE PRESENTED TO THE MEMBERSHIP FOR A VOTE, WHICH IS DETERMINED ON A CASE BY CASE BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PRESIDENT/CEO WILL REVIEW THE 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LINE 9 REPRESENTS THE RECONCILATION OF COMPREHENSIVE INCOME.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CREDIT UNIONS GOVERNING DOCUMENTS ARE MADE AVAILABLE FOR INSPECTION BY MEMBERS OF THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE CREDIT UNION NOW HAS 8 DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CREDIT UNION MEMBERSHIP NOW INCLUDES ANY EMPLOYEE OR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8RETIREE OF KOPPERS, INC. GALESBURG IL.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 7a
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt XI
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Pt VI, Line 4
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Pt VI, Line 4
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IRS990/USAddress/ZIPCd061401
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IRS990/WebsiteAddressTxt0https://gbcu.secure.cusolutionsgroup.net/
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRAD GUMMERSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03093421775
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-05-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GALESBURG BURLINGTON CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0GALE
ReturnHeader/Filer/EIN0370286192
ReturnHeader/Filer/PhoneNum03093421775
ReturnHeader/Filer/USAddress/AddressLine1Txt0476 E SOUTH ST
ReturnHeader/Filer/USAddress/CityNm0GALESBURG

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