GAS & ELECTRIC CREDIT UNION

EIN: 361120219

Rock Island, IL

Total Revenue
$6,353,996
Total Expenses
$5,958,967
Total Assets
$121,712,731
Net Assets
$10,402,659
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1935
Legal Domicile
IL
Principal Officer
Daryl E Empen
Phone
3097933610
Tax Period
2024-01-01 to 2024-12-31

GAS & ELECTRIC CREDIT UNION, founded in 1935, is a community nonprofit that reported $6.4M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $6.0M left a modest 6% surplus.

Mission

To encourage thrift among our members, to create a source of credit at a reasonable rate of interest, and to provide the opportunity for our members to use and control their own money in order to improve their economic and social conditions.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $5,342,095
Investment Income $1,011,656
Other Revenue $245
TOTAL REVENUE $6,353,996

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,675,492
Fundraising Expenses $0
Program Expenses $0
Other Expenses $4,283,475
TOTAL EXPENSES $5,958,967

Year-over-Year Comparison

2024 2023 Change
Revenue $6,353,996 $5,624,668 +0.1%
Expenses $5,958,967 $4,979,359 +0.2%
Net Income $395,029 $645,309 -0.4%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
12
Independent Members
11
Employees
18
Volunteers
11

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$446,206
Total Directors
12
$256,874
Key Employees
2
$446,206
Highest Compensated
1
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Daryl E Empen President and Treasurer 45
Officer Director Key Emp Highest
$187,224 $69,650 $256,874
Brian Beverlin Vice President 40
Officer Key Emp
$133,370 $55,962 $189,332
Thomas A Pearson Director 1
Director
$0 $0 $0
Karen K Thode Director 1
Director
$0 $0 $0
Joel Vastine Secretary 1
Officer Director
$0 $0 $0
Joel Thompson Director 1
Director
$0 $0 $0
Mike Smith Director 1
Director
$0 $0 $0
Darron Niles Vice Chairperson 1
Officer Director
$0 $0 $0
Corbyn Beck Chairperson 1
Officer Director
$0 $0 $0
Diana Contreras Director 1
Director
$0 $0 $0
Pam Galvin Director 1
Director
$0 $0 $0
Jeff Condit Director 1
Director
$0 $0 $0
Nick Thompson Director 1
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $6,353,996 $5,958,967 $121,712,731 $395,029
2023 $5,624,668 $4,979,359 $116,458,923 $645,309
2022 $3,916,471 $3,724,077 $116,715,912 $192,394
2021 $4,381,845 $3,534,380 $110,437,833 $847,465
2020 $4,181,813 $3,599,984 $103,325,503 $581,829
2019 $4,088,429 $3,862,418 $82,382,957 $226,011
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