2024-11-14T13:14:51-07:00 2023-12-31 990 2023-01-01 360903975 CHICAGO POST OFFICE EMPLOYEES CREDIT UNION CHIC 7738812500 10025 SOUTH WESTERN AVENUE CHICAGO IL 60643 Deborah Fears President/CEO 7738812500 2024-05-13 1 2023 2024-10-15 13:58:12Z Deborah Fears 10025 S Western Ave Chicago IL 60643 2598097 0 X cpoecu.com X COOPERATIVE 1928 IL TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL-BEING BY PROVIDING LOANS , SAVINGS ACCOUNTS AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MANNER. 7 7 11 10 0 0 0 0 2254347 2382426 87388 215671 0 0 2341735 2598097 0 0 0 0 807765 781549 0 0 0 1314748 1500123 2122513 2281672 219222 316425 28147449 28142645 22050693 22029464 6096756 6113181 ILLINOIS STATE CHARTERED CREDIT UNION OPERATED FOR THE MUTUAL BENEFIT OF ITS MEMBERS. THE CREDIT UNION MAKES LOANS TO MEMBERS AND PAYS DIVIDENDS TO MEMBERS WITH SHARE SAVINGS DEPOSITS AT A COMPETATIVE RATE IF INTEREST. 0 0 CREDIT UNION MAKES AND SERVICES CONSUMER LOANS TO ITS MEMBERS. THE NUMBER OF CONSUMER LOANS OUTSTANDING AT 12/31/2023 WAS 73,352 FOR A TOTAL OF $15,305,093. RECEIVED DEPOSITS ON SAVINGS FROM 4,900 MEMBERS. PAID OUT $94,711 IN DIVIDENDS TO ITS MEMBERS AT A MARKET RATE OF INTEREST ON $21,509,377 OF TOTAL SAVINGS AT DECEMBER 2023. PROVIDED CHECKING ACCOUNT AND OVERDRAFT SERVICES TO 2,036 MEMBERS. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 11 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 0 0 1 1 1 0 X DEBORAH FEARS 7738812500 10025 SOUTH WESTERN AVENUE CHICAGO IL 60643 DEBORAH WALKER FEARS PRESIDENT/CEO 50 0 X 134269 0 0 CHARLES E MAY CHAIRMAN OF THE BOARD 1 0 X X 0 0 0 BARBARA J SINGLETON VICE CHAIR OF THE BOARD 1 0 X X 0 0 0 CAROL COOK SECRETARY OF THE BOARD 1 0 X X 0 0 0 MICHELLE JOHNSON DIRECTOR 1 X X 0 0 0 EDDIE T TODD DIRECTOR 1 0 X X 0 0 0 LANEDA R PITTS DIRECTOR 1 0 X X 0 0 0 KENNETH ALLEN TREASURER OF THE BOARD 1 0 X X 0 0 0 134269 0 0 1 0 0 0 0 0 INTEREST ON LOANS TO MEMBERS 522130 1487884 1487884 0 0 PRODUCT AND SERVICE FEES 522130 805536 805536 0 0 INSURANCE RELATED PRODUCT INCOME 522130 89006 89006 0 0 0 0 0 0 2382426 215671 215671 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2598097 2598097 0 0 134269 492394 10018 96049 48819 21100 40831 159989 149887 166669 91850 85472 54191 PROVISION FOR LOAN LOSS 214713 LOAN SERVICING AND COLLECTIONS 111864 CREDIT AND DEBIT PROCESSING 236704 SAVINGS DIVIDENDS TO MEMBERS 94711 72142 2281672 0 0 0 1418741 1278785 1140210 2030803 14825956 14644193 62049 46352 2501550 1747656 792896 753894 9418000 8690000 40212 40212 449385 658406 28147449 28142645 411805 520087 21638888 21509377 22050693 22029464 X 0 0 0 0 6096756 6113181 6096756 6113181 28147449 28142645 X 316425 0 0 0 0 -300000 X 1 X 1 X 1 0 1500 0 0 1500 1500 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 DIEHL ROAD NAPERVILLE IL 60566 363092340 1500 0 Schedule C, Part I-A, Line 1 THE CREDIT UNION'S ONLY POLITICAL ACTIVITY IS THE CONTRIBUTION TO THE CREDIT UNION POLITICAL ACTION COUNCIL THAT IS REPORTED IN PARTS 1-A AND 1-C OF THIS SCHEDULE C. 41602 0 41602 252709 0 252709 0 1087948 0 488825 599123 1029181 0 952005 77176 90110 0 54117 35993 753894 MEMBER SAVINGS AND DEPOSITS 21509377 21509377 X Schedule D, Part X, Line 2 The Credit Union is a state-chartered credit union described in Internal Revenue Code Section 501(c)(14). As such, the Credit Union is exempt from federal taxation of income derived from the performance of activities that are in furtherance of its exempt purposes. The Credit Union had no unrelated business income in 2023 that management believes is subject to tax. The Credit Union's 2020, 2021 and 2022 annual information returns filed with the Internal Revenue Service are open to examination. Form 990, Part VI, Section A, Line 6 MEMBERSHIP CONSISTS OF INDIVIDUALS WITH FUNDS ON DEPOSIT WITH THE CREDIT UNION. THE CREDIT UNION HAD 4,899 MEMBERS AT THE END OF DECEMBER 21, 2023. Form 990, Part VI, Section A, Line 7a THE MEMBERSHIP ELECTS THE BOARD OF DIRECTORS ANNUALLY AT AN ANNUAL MEETING OF MEMBERS HELD FOR THAT PURPOSE. Form 990, Part VI, Section A, Line 7b A MERGER OF LIQUIDATION MUST BE APPROVED BY THE MEMBERSHIP. Form 990, Part VI, Section B, Line 11b ALL MANAGEMENT OFFICERS OF THE CREDIT UNION PERFORM A REVIEW OF THE COMPLETED FORM 990 PRIOR TO ITS SUBMISSION. Form 990, Part VI, Section B, Line 15 THE CREDIT UNION MAINTAINS A COMPETITIVE MARKET COMPENSATION PROGRAM FOR ITS PRESIDENT, VICE PRESIDENTS, AND ALL OTHER EMPLOYEES. THE PROGRAM WAS REVIEWED IN 2023 AND ON AN ANNUAL BASIS. COMPENSATION ADJUSTMENTS ARE MADE BASED ON THE COMPETITIVE MARKET, EMPLOYMENT HISTORY, EXPERIENCE AND PERFORMANCE. THE BOARD OF DIRECTOR'S EXECUTVE COMMITTEE REVIEWED AND ADJUSTED THE COMPENSATION OF THE PRESIDENT IN 2023 AND REVIEWS ANNUALLY. Form 990, Part VI, Section C, Line 19 THE GOVERNING DOCUMENTS, CHARTER, BY-LAWS AND FINANCIAL STATEMENTS ARE MAINTAINED IN THE CREDIT UNION'S MAIN OFFICE AND AVAILABLE TO THE MEMBERSHIP UPON REQUEST. Form 990, Part XI, Line 9 Additional funding withdrawn from capital for Allowance for Loan Loss due to the implementation of Current Expected Credit Losses (CECL).