2024-05-20T09:18:37-07:00 2023-12-31 990 2023-01-01 361936022 CONSUMERS CREDIT UNION CONS 8472655520 300 N Field Dr Lake Forest IL 60045 John Pawlowski VP Accounting 8472655520 2024-05-20 John Pawlowski 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z X X Sean Rathjen 300 N Field Dr Lake Forest IL 60045 231475402 0 X www.myconsumers.org X Cooperative 1930 IL Consumers CU has been member owned since 1930. Currently we have 222,367 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. The People in your corner. 13 13 753 19 0 0 0 0 149806941 184150220 21942585 47325182 0 0 171749526 231475402 0 0 0 0 50492601 40553334 0 0 0 93458060 167193760 143950661 207747094 27798865 23728308 3048444854 3525630823 2845858654 3278215416 202586200 247415407 CCU mission is: To be a trusted financial partner that empowers members to live better lives. 0 0 Issued 30,390 loans to our members for $965,573,144. Issued 152 first mortgage loans for $42,182,117. Issued 39 Commercial loans for $60,360,990. Issued 612 HE and HELOC loans for $25,928,900. Issued 29,587 Consumer Loans and Indirect Loans for $837,101,137. Service $3,224,158,673 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 $2,781,359,182 in total deposits. Paid members $40,318,511 in dividends during 2023. 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 122123 0 1 753 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 300 N Field Dr Lake Forest IL 60045 Sean Rathjen CEO 40 X X 1822046 0 27624 Michael Murphy President 40 X 1136800 0 25861 Dan Nerroth CIO/COO 40 X X 576697 0 27228 Sean Bowers CFO 40 X X 513763 0 24832 Adam Saper CLO 40 0 X X 526846 0 7482 Dave Valentine Chief Experience Officer/CLO 40 0 X X 500734 0 29401 Cheryl Kubas CPO 40 0 X X 469439 0 9235 MaryFran Callahan CRO 40 0 X X 447112 0 8884 John Pawlowski VP Accounting 40 0 X 421894 0 30687 Christine Stotland VP Retail Sales & Service 40 0 X 314635 0 25269 Matt Hancock VP Commercial 40 0 X 326107 0 10014 Eric Kapusinski VP Enterprise System 40 0 X 259234 0 19466 Scott Drabicki Board of Director - Chairperson 5 0 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 0 X 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 Board of Director 2 0 X 0 0 0 Derek Christopher Associate Director 2 0 X 0 0 0 David Weisman Associate Director 2 0 X X 0 0 0 Leslee Johnson Nomination Committee 1.00 0 X X 0 0 0 Miten Champaneri Associate Director 2 0 X 0 0 0 Kenya Tassin Associate Director 2 0 X 0 0 0 James Roche Nomination Committee 1 0 X 0 0 0 Tricia Strong Committee Member 1 0 X 0 0 0 7315307 0 245983 99 1 1 0 0 0 Loan Income 522100 141256875 141256875 0 0 Visa & Debit Card Interchange Income 522100 14182200 14182200 0 0 Debt Cancellation Income 524298 3308063 3308063 0 0 Mortgage Operations Income 522100 2094191 2094191 0 0 Service Charge/Other Income 522100 23308891 23308891 0 0 0 0 0 0 184150220 47933194 47933194 0 0 0 0 0 0 0 0 0 0 0 0 -471716 -136296 0 0 -471716 -136296 -608012 -608012 0 0 0 231475402 231475402 0 0 4856638 39232634 -473595 4838579 -7900922 130296 267518 59023 3040548 2963357 8084444 4530201 3524388 75122 338663 41742573 321250 4639935 553812 Loan Servicing 25350774 Provision for Loan Loss 19531559 Dividend Expense 40318511 Professional Services 11721786 207747094 0 0 0 36154291 16307416 46273221 183261515 13627479 17341493 2229150774 2517777794 143977956 177231218 89466465 29222504 46103509 60243961 414233833 454054116 18139313 16840144 100784478 82573166 3048444854 3525630823 38189189 42170020 7556076 7972085 137974966 446714129 2662138423 2781359182 2845858654 3278215416 X 0 0 0 0 202586200 247415407 202586200 247415407 3048444854 3525630823 X 23728308 9870722 0 0 0 11230177 X X 0 1 X 1 0 24330 0 24330 0 24330 1 Credit Union Political Action Council (CUPAC) 1807 W Diehl Rd Naperville IL 60563 363092340 24330 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 41207985 0 12352097 28855888 0 0 0 0 36506348 0 16778258 19728090 96111 0 92149 3962 60243961 0 Membership Share Savings 672744601 Money Market Shares 302695295 Checking Accounts 674711995 Certificates of Deposit 1070482874 IRA Shares & Money Market 19732222 Commercial Deposits 40992195 2781359182 X 205292381 0 0 0 51384603 51384603 153907778 0 77567624 77567624 231475402 184726484 0 0 0 47666354 47666354 137060130 0 70686964 70686964 207747094 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 Insurnace 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 not material effect on the credit unions financial position results of operation or cash flows. In accordance with the statutory regulations, certain years remain subject to examination by taxing authorities. With few exceptions the credit union is no longer subject to US Federal, State, or Local tax examination for certain years. Schedule D, Part XI, Line 2d Our audited financial statements year end is 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 year end is 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 year end is September 30 and our fiscal year end is December 31. These are the expense items that occurred in this time frame. Schedule D, Part XII, Line 4b Our audited financial statements year end is 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 870062 0 949662 0 2322 0 15000 0 12624 0 1849670 0 1705753 0 Michael Murphy President 764793 0 368443 0 3564 0 11495 0 14366 0 1162661 0 729387 0 Dan Nerroth CIO/COO 330418 0 245469 0 810 0 7648 0 19580 0 603925 0 532071 0 Sean Bowers CFO 313864 0 198657 0 1242 0 12844 0 11988 0 538595 0 453598 0 Dave Valentine Chief Experience Officer/CLO 303988 0 196260 0 486 0 8162 0 21239 0 530135 0 411670 0 John Pawlowski VP Accounting 262349 0 155980 0 3564 0 9449 0 21239 0 452581 0 411025 0 Cheryl Kubas CPO 272336 0 195861 0 1242 0 6394 0 2841 0 478674 0 377517 0 MaryFran Callahan CRO 255337 0 188213 0 3562 0 7028 0 1856 0 455996 0 373425 0 Adam Saper CLO 369835 0 155769 0 1242 0 5761 0 1721 0 534328 0 349037 0 Christine Stotland VP Retail Sales & Service 210077 0 102628 0 1930 0 7866 0 17403 0 339904 0 290858 0 Matt Hancock VP Commercial 218957 0 106686 0 463 0 7941 0 2074 0 336121 0 261621 0 Eric Kapusinski VP Enterprise System 173469 0 85228 0 536 0 6491 0 12976 0 278700 0 0 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 utilized. All positions have a job descriptions and all jobs are graded within the organization. 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 voted to the Board of Directors by the members. The BOD votes for the Executive Committee yearly at the Organizational Meeting. The Executive Committee term is for one year. Form 990, Part VI, Section A, Line 4 The credit union updated the By-Laws. The By-Laws 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 vote for the Board of Directors. To be a member you must have $5 in your share savings account and have $5 paid to the Consumers Coopertive Association - the common bond. The Date of Record determines how many shares each member has to vote. Form 990, Part VI, Section A, Line 7a Members elect the Board of Directors at the Annual Meeting in March. Each directors 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 fil out an application and they are reviewed and interviewed by the Nominations Committee. The Nomination Committee selects the individuals who will be placed on the ballot. All individuals interested in running for the Board have a background check. If a member is going to be nominated from the floor they must notify the Nomination Committee prior to the Annual Meeting so that the background check can be completed. We have Associate Board members who attend the Board 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 the 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 Member may ask for a change of the By-Laws at the Annual Meeting in March. A vote will then take place at the Annual Meeting. If the By-Law changes are approved at the Board Meeting with the 2/3 majority vote the Chairperson must notify the Membership of the By-Law change at the next Annual meeting. Form 990, Part VI, Section B, Line 11b The 990 report 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 the 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 that is recommended to the Board of Directors by the Finance Committee. The Board of Directors approves the annual 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 Accounting for review at 300 n. Field Dr. Lake Forest Il. Monthly financials - Balance Sheet and Income Statement are posted in the lobbies of each branch offices and on the website - myconsumers.org. Form 990, Part XI, Line 9 We had a change in Other Comprehensive Income increased $23,721,389 for the value of the Defined Benefit Pension Plan and Retiree Medical Benefit Plan. To be enrolled in the Pension Plan the employee must work 1,000+ hours in the calendar year. For the Retiree Medical Plan - this was grandfathered from the Andigo Credit Union merger June 2020. We adopted the CECL accounting standard for Allowance for Loan Loss effective October 1, 2023 $12,491,213. 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.