2025-06-12T09:53:46-07:00 2024-12-31 990 2024-01-01 361936022 CONSUMERS CREDIT UNION CONS 8472655520 300 N Field Dr Lake Forest IL 60045 John Pawlowski VP Accounting 8472655520 2025-06-02 1 2024 2025-03-06 01:10:19Z Sean Rathjen 300 N Field Dr Lake Forest IL 60045 255341154 0 X www.myconsumers.org X Cooperative 1930 IL Consumers CU has been member owned since 1930. Currently we have 263,460 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. 15 15 593 22 0 0 0 0 184150220 207102916 47325182 48238238 0 0 231475402 255341154 0 0 0 0 40553334 47670773 0 0 0 167193760 196385264 207747094 244056037 23728308 11285117 3525630823 4031564182 3278215416 3698426341 247415407 333137841 CCU mission is: To be a trusted financial partner that empowers members to live better lives. We want to be the People in your Corner. 0 0 Issued 19,502 loans to our members for $686,478,407. Issued 247 first mortgage loans for $65,008,335. Issued 33 Commercial loans for $57,306,300. Issued 767 HE and HELOC loans for $34,016,779. Issued 18,455 Consumer Loans and Indirect Loans for $530,146,993. Service $3,461,058,515 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 $3,289,345,964 in total deposits. Paid members $61,506,197 in dividends during 2024. 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 119755 0 1 593 1 0 0 0 0 0 0 1 0 X 15 15 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 0 X X 1736765 0 27278 Michael Murphy President 40 0 X 1061330 0 29785 Sean Bowers CFO 40 0 X X 526231 0 26146 Dan Nerroth CIO/COO 40 0 X X 498071 0 28006 Dave Valentine Chief Experience Officer/CLO 40 0 X X 444745 0 30045 Adam Saper CLO 40 0 X X 431304 0 9457 Cheryl Kubas CPO 40 0 X X 408581 0 7537 John Pawlowski VP Accounting 4 0 X 375137 0 29815 MaryFran Callahan CRO 40 0 X X 394954 0 8733 Christine Stotland VP Retail Sales & Service 40 0 X 321874 0 24235 Matt Hancock VP Commercial 40 0 X 329988 0 9416 Michael Cublic VP Loans 40 0 X 269691 0 19555 Scott Drabicki Board of Director - Chairperson 5 0 X 0 0 0 John Fiore Board of Director 2 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 2 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 William Attea Board of Director 2 0 X 0 0 0 Spirdoula Mavrothalastis Board of Director - At Large 3 0 X 0 0 0 Bob Hubberts Board of Director - Finance Committee Chairperson 2 0 X 0 0 0 Saba Shibberu Board of Director 2 0 X 0 0 0 Demar Harris Board of Director - Vice Chairperson 3 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 Dr Angela Smith Board of Director 2 0 X 0 0 0 David Kintz Board of Director 2 0 X 0 0 0 Miten Champaneri Associate Director 2 0 X 0 0 0 Melanie Meidel 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 6798671 0 250008 90 0 1 0 0 0 Loan Income 522130 164673388 164673388 0 0 Visa & Debit Card Interchange Income 522130 13856097 13856097 0 0 Debt Cancellation Income 524298 3185538 3185538 0 0 Mortgage Operations Income 522130 2205175 2205175 0 0 Service Charge/Other Income 522130 23182718 23182718 0 0 0 0 0 0 207102916 48449040 48449040 0 0 0 0 0 0 0 0 0 0 0 0 0 -210802 0 0 0 -210802 -210802 -210802 0 0 0 255341154 255341154 0 0 4440650 40536127 -4785815 4767368 2712443 128270 294353 42422 2064956 2045630 10079880 5166023 3662010 65119 178315 37401873 284587 5118087 661976 Loan Servicing 26283863 Provision for Loan Loss 31601136 Dividedn Expense 61506197 Professional Services 9800567 244056037 0 0 0 16307416 17020654 183261515 379287827 17341493 19310673 2517777794 2788145363 177231218 207629309 108542573 40844481 60243961 67698092 454054116 441683143 16840144 15540974 82573166 95248147 3525630823 4031564182 42170020 43041868 7972085 7779228 446714129 358259281 2781359182 3289345964 3278215416 3698426341 X 0 0 0 0 247415407 333137841 247415407 333137841 3525630823 4031564182 X 11285117 -59168 0 0 0 74496485 X X 0 1 X 1 0 21460 0 21460 0 21460 1 Credit Union Political Action Council (CUPAC) 1807 W Diehl Rd Naperville IL 60653 363092340 21460 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 12791099 0 12791099 58472110 0 17438658 41033452 0 0 0 0 37151800 0 23326906 13824894 127564 0 78917 48647 67698092 Membership Savings Accounts 833613806 Money Market Shares 308652488 Checking Accounts 769303447 Certificates of Deposit 1319525725 IRA Shares & IRA Money Market Shares 18519923 Commercial Deposits 39730575 3289345964 X 241739377 0 0 0 65129570 65129570 176609807 0 78731347 78731347 255341154 222391196 0 0 0 58248913 58248913 164142283 0 79913754 79913754 244056037 Schedule D, Part IV, Line 2b We sell the majority of our first mortgage loans issued to Fannie Mae and the Federal Home Loan Bank-Chicago. 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 payment - 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 and make the payment for the members when they are due. 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 positions 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 does not have 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 statement 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 XI, Line 4b Our audited financial statement 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 statement year end is September 30 and our fiscal year end is December 31. These are the expense items that happened between these time frames. Schedule D, Part XII, Line 4b Our audited financial statement 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 0 0 0 Sean Rathjen CEO 880200 0 853001 0 3564 0 15250 0 12028 0 1764043 0 1849670 0 Michael Murphy President 817430 0 237042 0 6858 0 15250 0 14535 0 1091115 0 1162661 0 Dan Nerroth CIO/COO 337506 0 159755 0 810 0 7874 0 20132 0 526077 0 603925 0 Sean Bowers CFO 318608 0 206381 0 1242 0 11912 0 14234 0 552377 0 538595 0 Dave Valentine Chief Experience Officer/CLO 310388 0 133871 0 486 0 8381 0 21664 0 474790 0 530135 0 John Pawlowski VP Accounting 275747 0 95826 0 3564 0 9284 0 20531 0 404952 0 452581 0 Cheryl Kubas CPO 277772 0 129567 0 1242 0 5075 0 2462 0 416118 0 478674 0 MaryFran Callahan CRO 261775 0 129615 0 3564 0 7268 0 1465 0 403687 0 455996 0 Adam Saper CLO 374400 0 55662 0 1242 0 7920 0 1537 0 440761 0 534328 0 Christine Stotland VP Retail Sales & Service 220595 0 99260 0 2019 0 7402 0 16833 0 346109 0 339904 0 Matt Hancock VP Commercial 226989 0 102515 0 484 0 7646 0 1770 0 339404 0 336121 0 Michael Cublic VP Loans 200507 0 67377 0 1807 0 6687 0 12868 0 289246 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 HR department then reviews all salaries with the C-Suite and VP's of that area. The salaries are based on compensation surveys that the CU utilized. All positions have a job description and all jobs are graded with the organization. The CEO and President have written employment contracts. Form 990, Part V, Line 3b Consumers Credit Union does 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. The Nominating Committee interviews all members running for election. The Nominating Committee selects the individuals who will be placed on the ballot. To be on the Board of Directors you must be voted on by the membership. Board members are voted onto the board for a three- year term. The BOD votes for the Executive Committee yearly at the Organizational Meeting. The Executive Committee term is for one year. We have Associate Board Members who are selected by the Board for one-year terms. Form 990, Part VI, Section A, Line 4 The credit union updated the By-Laws. The By-laws are approved by the IDPFR (State of IL) and approved at the Annual Meeting by the Members. During the year the CU had two mergers. Rockford Bell CU 36-1695055 effective October 1, 2024 and Kane County Teachers CU 36-1561635 effective December 1, 2024. 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 Cooperative Association - the common bond. The Date of Record determines how many shares each member has to vote at the Annual Meeting. 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 15 total Board Members who have voting rights at the 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 Nominating Committee. The Nominating 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 nominated from the floor at the Annual Meeting they must notify the Nominating Committee prior to the Annual Meeting so that all of the information can be provided and perform the background check. 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 Board of Directors meetings. 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. All By-Laws changes must be sent to the IDPFR. 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, C-Suite, Chairman of the Board, Supervisory Committee Chairperson, and the Supervisory Committee. Employees have a "Hotline" that goes to Internal Audit. They review all issues and review with the Supervisory Committee. Form 990, Part VI, Section B, Line 15 The Board of Directors performs the review of the CEO. The Executive Committe of the Board of Directors writes the review with input from the Board of Directors. The Board of Directors approves the CEO's 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 BOD by the Finance Committee. The BOD approves the annual budget. All reviews are completed by the Department Manager or Director of that area and are reviewed by the VP and C-Suite of that area. HR then reviews all salary increases and reviews. 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 all 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 Fr. Lake Forest Il. Monthly financials - Balance Sheet and Income Statements are posted in the lobbies of each branch office and on the website -www.myconsumers.org. Form 990, Part XI, Line 9 We had a change in Other Comprehensive Income which increased $26,871,484 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 and work for 5 years to be vested in the plan. 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, 2024 $12,491,213. We also merged with Rockford Bell CU October 1, 2024 and Kane County Teachers CU December 1, 2024 which increased the Equity Aquired in Merger $47,625,000. Form 990, Part XII, Line 2c The Supervisory Committee Chairperson approves and signs the engagement letter from the Audit Firm (WIPFLi) for the Annual Financial Statement Audit. They perform the audit as of September 30 during October and present the Annual Audit Report to the Board of Directors at the January Board meeting.