2023-06-30T15:15:23-07:00 2022-12-31 990 2022-01-01 361936022 CONSUMERS COOPERATIVE CREDIT UNION CONS 8472655520 1075 Tri-State Pkwy Suite 850 Gurnee IL 60031 John Pawlowski VP Accounting 8472655520 2023-06-30 1 1 11 1 AAL2 2022 2023-04-26 12:10:37Z Sean Rathjen 1075 Tri-State Pkwy Suite 850 Gurnee IL 60031 171749526 0 X www.myconsumers.org X Cooperative 1930 IL Consumers CU has been member owned since 1930. Currently we have 201,861 members. We provide lower loan rates, higher savings rates, lower fees and other financial services to our members to help them achieve their financial success. 13 13 610 18 0 0 0 0 126032734 149806941 6585836 21942585 0 0 132618570 171749526 0 0 0 0 43927688 50492601 0 0 0 70396133 93458060 114323821 143950661 18294749 27798865 2946745312 3048444854 2699151898 2845858654 247593414 202586200 CCU mission is: To be a trusted financial partner that empowers members to live better lives. 0 0 Issued 33,261 loans to our members for $1,120,619,945. Issued 811 first mortgage loans for $173,680,717. Issued 40 Commercial loans for $56,277,884. Issued 304 HE and HELOC loans for $11,905,357. Issued 32,106 Consumer Loans and Indirect Loans for $878,755,978. Service $2,946,587,419 in total loans -on balance sheet, sold to Fannie Mae, Federal Home Loan Bank - Chicago, Freddie Mac and Indirect and commercial participations. Provide Deposit Services to our members Products include: Savings, Checking, Money Market, Certificate of Deposits, IRA, and Commercial Accts. Members have $2,662,138,423 in total deposits. Paid members $13,806,752 in dividends during 2022. We offer lower loan rates, lower fees, higher deposit rates on savings, CD's, and Checking accounts. We have lower fees-service charges on our products. We offer free Educational Seminars to members and non-members. total expenses for CCU see part ix for detail 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 116250 0 1 610 1 0 0 0 0 0 0 1 0 X 13 13 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X John Pawlowski 8472655520 1075 Tri-State Pkwy Suite 850 Gurnee IL 60031 Sean Rathjen CEO 40 X X 1679799 0 25954 Michael Murphy President 40 X X 706579 0 22808 Dan Nerroth CIO 40 0 X X 505597 0 26474 Sean Bowers CFO 40 0 X X 432101 0 21497 Dave Valentine Chief Experience Officer 40 0 X X 383133 0 28537 John Pawlowski VP Accounting 40 0 X 380797 0 30228 Robin Korom CLO 40 0 X X 392676 0 15973 Cheryl Kubas CPO 40 0 X X 370786 0 6731 MaryFran Callahan CRO 40 0 X X 365706 0 7719 Adam Saper CLO 40 0 X X 347652 0 1385 Christine Stotland VP Retail Sales & Service 40 0 X 267388 0 23470 Matt Hancock VP Commercial 40 0 X 255473 0 6148 Todd Woodson VP PMO 40 0 X 222900 0 26063 Michael Cubelic VP Loans 40 0 X 220613 0 26299 Scott Drabicki Board of Director - Chairperson 5 X 0 0 0 John Fiore Board of Director - Vice Chairperson 3 0 X 0 0 0 Frank Soyka Board of Director - Treasurer 3 0 X 0 0 0 Denise Charts Board of Director - Secretary 3 0 X 0 0 0 Spiro Giotis Board of Director 3 0 X 0 0 0 Kenneth Robinson Board of Director - Supervisory Committee Chairperson 2 0 X 0 0 0 John Janezic Board of Director 2 0 X 0 0 0 Francine Frankie Masi Board of Director 2 0 X 0 0 0 Lucilia Rios Board of Director 2.00 0 X 0 0 0 Spirdoula Mavrothalastis Board of Director 2 0 X 0 0 0 Bob Hubberts Board of Director 2 0 X 0 0 0 Saba Shibberu Board of Director 2 0 X 0 0 0 Demar Harris Board of Director 2 0 X 0 0 0 James Mahnich Sr Associate Director 2 0 X 0 0 0 George Abraham Associate Director 2 0 X 0 0 0 Derek Christopher Associate Director 2 0 X 0 0 0 David Weisman Associate Director 2 0 X 0 0 0 Leslee Johnson Nomination Committee 1 0 X 0 0 0 6531200 0 269286 73 0 1 0 0 0 Loan Income 522100 106339011 106339011 0 0 Visa & Debit Card Interchange Income 522100 14236518 14236518 0 0 Debt Cancellation 524298 3034973 3034973 0 0 Mortgage Operations 522100 4962448 4962448 0 0 Service Chage/Other Income 522100 21233991 21233991 0 0 0 0 0 0 149806941 22424737 22424737 0 0 0 0 0 0 0 0 0 0 0 0 -444773 -37379 0 0 -444773 -37379 -482152 -482152 0 0 0 171749526 171749526 0 0 0 0 0 0 5184029 0 38767568 -758491 4875012 2424483 0 182134 206542 0 0 27232 3380719 935015 7217189 4010941 0 4610772 67255 0 211061 14945912 285221 7003327 490869 Loan Servicing 19057280 Provision for Loan Loss 6871427 Dividend Expense 13806752 Professional Serives 10148412 143950661 0 0 0 19744644 36154291 485926161 46273221 11315665 13627479 1734821709 2229150774 117122995 143977956 72372108 26268599 36446611 46103509 441516126 414233833 19438483 18139313 80412918 100784478 2946745312 3048444854 25022934 38189189 4634285 7556076 118387622 137974966 2551107057 2662138423 2699151898 2845858654 X 0 0 0 0 247593414 202586200 247593414 202586200 2946745312 3048444854 X 27798865 -47867889 0 0 0 -24938190 X X 0 1 X 1 0 18930 0 18930 0 18930 1 Credit Union Political Action Council (CUPAC) 1807 W Diehl Rd Naperville IL 60563 363092340 18930 0 Schedule C, Part I-A, Line 1 The Credit Unions only political activity is the contribution to the Credit Union Political Action Council (CUPAC). This is reported in parts 1-A and 1-c of this schedule C. 0 1 X 11656021 0 11656021 34400710 0 10900108 23500602 0 0 0 0 26219266 0 15285851 10933415 96111 0 82640 13471 46103509 0 Membership Shares savings 775910967 Money Market Shares 405812272 Checking Accounts 748712401 Certificates of Deposit 658103435 IRA Shares and Money Market 24265442 Commercial Deposits 49333906 2662138423 X 150193204 0 0 0 33186793 33186793 117006411 0 54743115 54743115 171749526 121470634 0 0 0 28544839 28544839 92925795 0 51024866 51024866 143950661 Schedule D, Part IV, Line 2b We sell the majority of our first mortgage loans issued to Fannie Mae, Federal Home Loan Bank-Chicago, and Freddie Mac. We retain the mortgage servicing rights. We hold the RE taxes and Insurance in escrow and pay them for the members when they are due. We hold the daily payments- principal and interest and transmit to Fannie Mae or the Federal Home Loan Bank- Chicago the following day. We escrow for some of our Commercial Loans. Schedule D, Part X, Line 2 The credit union adopted the accounting standard regarding for uncertain tax positions. The standard provides detailed guidance for the financial statement recognition, measurement, and disclosure of uncertain tax position recognized in the enterprises financial statements. It requires an entity to recognize impact of a tax position when it is more likely than not that the position will be sustained under examination. The adoption of this standard had no material effect on the credit unions financial position results of operation or cash flow. In accordance with the statutory regulations, certain years remain subject to examination by taxing authorities. With few exceptions the credit union is no longer is subject to US Federal, State, or Local tax examination for certain tax years. Schedule D, Part XI, Line 2d Our audited financial statements are as of September and our fiscal year end is December 31. These are the income items that happened between these time frames. Schedule D, Part XI, Line 4b Our audited financial statements are as of September 30 and our fiscal year end is December 31. These are the income items that happened between these time frames. Schedule D, Part XII, Line 2d Our audited financial statements are as of September 30 and our fiscal year is December 31. These are the expense items that occurred in this time frame. Schedule D, Part XII, Line 4b Our audited financial statements are as of September 30 and our fiscal year end is December 31. These are the expense items that happened between these time frames. X X X 1 0 0 Sean Rathjen CEO 827077 0 844200 0 8522 0 13500 0 12454 0 1705753 0 1183093 0 Michael Murphy President 472297 0 219468 0 14814 0 8585 0 14223 0 729387 0 636818 0 Dan Nerroth CIO 306612 0 196975 0 2010 0 6963 0 19511 0 532071 0 403708 0 Sean Bowers CFO 298091 0 127760 0 6250 0 9579 0 11918 0 453598 0 384433 0 Dave Valentine Chief Experience Officer 262800 0 119853 0 480 0 7478 0 21059 0 411670 0 319637 0 John Pawlowski VP Accounting 251379 0 125886 0 3532 0 9091 0 21137 0 411025 0 338429 0 Robin Korom CLO 262634 0 126478 0 3564 0 7437 0 8536 0 408649 0 332779 0 Cheryl Kubas CPO 253246 0 116743 0 797 0 4280 0 2451 0 377517 0 306249 0 MaryFran Callahan CRO 244919 0 117249 0 3538 0 6334 0 1385 0 373425 0 311278 0 Adam Saper CLO 346154 0 0 0 1498 0 0 0 1385 0 349037 0 0 0 Christine Stotland VP Retail Sales & Service 199565 0 65359 0 2464 0 6167 0 17303 0 290858 0 259274 0 Matt Hancock VP Commercial 183042 0 70497 0 1934 0 4384 0 1764 0 261621 0 254975 0 Todd Woodson VP PMO 179442 0 42801 0 657 0 5556 0 20507 0 248963 0 200866 0 Michael Cubelic VP Loans 178143 0 41809 0 661 0 5499 0 20800 0 246912 0 190827 0 Schedule J, Part I, Line 3 The compensation of the CEO is set by the Board of Directors. The CEO approves all other employee salaries - within the Annual Budget process. The C-Suite reviews all salaries that fall under their operational areas. The salaries are based on compensation surveys that the CU utilizes. The CEO and President have written employment contracts. Schedule J, Part I, Line 4 Several employees received severance pay when they were terminated. Form 990, Part V, Line 3b We do not have any Unrelated Business Taxable Income Form 990, Part VI, Section A, Line 1a To be on the Board of Directors you must be a member for one year. To be on the Executive Committee of the Board of Directors you must be on the Board of Directors. The Board of Directors votes for the Executive Committee yearly at the Organizational Meeting. Form 990, Part VI, Section A, Line 4 The credit union updated the By-Laws. The By-laws changes were approved by the IDPFR and approved at the Annual Meeting by the Members. Form 990, Part VI, Section A, Line 6 We have members and are member owned. All members can vote at the Annual Meeting in person or by proxy. The Annual Meeting is held in March and we vote for the Board of Directors. To be a member you must have $5 in your share savings account and pay $5 to the Consumers Cooperative Assoiation - the common bond. The Date of Record determines how many votes each member has. Form 990, Part VI, Section A, Line 7a Members elect the Board of Directors at the Annual Meeting in March. Each director is elected for a three-year term. We have 13 total Board Members who have voting rights at the monthly Board Meetings. To be elected to the Board of Directors you must be a member of the credit union for one year. All individuals interested in running for the Board must fill out an application and they are reviewed and interviewed by the Nominations Committee. They select the candidates who will be placed on the ballot. We have Associate Board members who attend the meetings but do not have any voting rights. Form 990, Part VI, Section A, Line 7b Changes to the By-Laws can be completed during a monthly Board of Directors meeting. To be approved at the Board meeting they must have a 2/3 majority vote. If the vote does not have the 2/3 majority vote a Board Members may ask for a change of the By-Laws at the next Annual Meeting in March. A vote will then take place at the Annual Meeting. If the By-Law changes at the Board Meeting with the 2/3 majority vote the Chairperson must notify the Membership of the By-laws change at the next Annual Meeting. Form 990, Part VI, Section B, Line 11b The 990 is completed by the VP Accounting and reviewed by the CEO and CFO. Form 990, Part VI, Section B, Line 12c Reviewed by the CEO, all C-Suite positions, Chairman of the Board, and the Supervisory Committee Chairperson and Supervisory Committee. Form 990, Part VI, Section B, Line 15 The Board of Directors performs the review of the CEO. The Executive Committee of the Board of Directors writes the review with input from the Board of Directors. The Board of Directors approves the CEO review and the annual salary increase. The BOD gives authority to the CEO to perform all other employee reviews and salary increases. These increases are included in the yearly operating budget. All reviews are completed by the Department Manager or Director and are reviewed by the VP and C-Suite of that area. They are also reviewed by the HR Department. The Executive Committee and the CEO set the annual salary increases based on outside compensation studies and the Operating budget for the year. At the Organizational Meeting of the BOD held in March after the annual election of the Board, they approve the CEO, President, and C-Suite positions. Form 990, Part VI, Section C, Line 19 Given upon request by the CEO, CFO, or VP Acounting for review at 1075 Tri-State Parkway Suite #850 Gurnee Il. Monthly financials statements - Balance Sheet and Income Statement are posted in the lobbies of each branch and on the web site -myconsumers.org. Form 990, Part XI, Line 9 We had a change in Other Comprehensive Income ($24,938,190) for the value of the Defined Benefit Pension Plan and the Retiree Medical Benefit Plan. To be enrolled in the Pension Plan you must work +1,000 hours in the calendar year. For the Retiree Medical Plan - this was grandfathered form the Andigo Credit Union merger in 2020. Form 990, Part XII, Line 2c The Supervisory Committee Chairperson approves and signs the letter from the Audit Firm for the Annual Financial Statement Audit. They perform the audit in October and present the Annual Audit Report to the Board of Directors at the December Board Meeting.