2025-05-08T12:43:48-05:00 2024-12-31 931743146 Eifel Rambo Advisory Group Ltd 20635 Abbey Woods Ct Suite 301 Frankfort IL 60423 990 2024-01-01 362479293 US Employees Credit Union USEM 3129225310 230 S Dearborn 29th Floor 2962 Chicago IL 60604 Eric Stiegel President 3129577795 2025-05-07 1 1 Matt Beckley P00331163 7086282365 2024 2025-03-06 01:10:19Z Eric Stiegel 230 S Dearborn 29th Floor 2962 Chicago IL 60604 4915539 0 X www.myusecu.org X Cooperative 1953 IL Illinois state chartered credit union offering financial services to its members. 7 6 16 6 12356 0 0 0 3402129 3406291 1006794 1496892 14484 12356 4423407 4915539 0 0 0 0 1948187 2003280 0 0 0 2118441 2175616 4066628 4178896 356779 736643 98770932 99074208 87906384 87415737 10864548 11658471 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 deposits at a competitive rate of interest. 0 0 Credit Union makes and services consumer and real estate loans to members. The number of loans outstanding at 12/31/24 was 132,386 for a total of $27,284,284. Credit Union pays out dividends to its members share deposit accounts at a market rate of interest. The number of share accounts at 12/31/24 was 6,490 for a total of $87,042,634. 0 0 0 0 0 0 0 0 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 1 682 0 16 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 0 1 1 1 0 X Frank Nicholson 3129577795 230 S Dearborn Suite 2962 Chicago IL 60604 Paul E Durbak Chairman 2.00 X X 0 0 0 Therese Anderson Vice-Chairman/Secretary 2.00 X X 0 0 0 Eric Stiegel CU CEO/Board Treasurer 40.00 X X 444197 0 45004 Michael Myers Director 2.00 X 0 0 0 John Kuck Director 2.00 X 0 0 0 Steve Slamar Director 2.00 X 0 0 0 Cherie McClendon Director 2.00 X 0 0 0 Nilda R Padin Chief Operating Officer 40.00 X 242894 0 28444 John Morin VP-Information Technology 40.00 X 187920 0 11868 Frank Nicholson Chief Financial Officer 40.00 X 245406 0 29356 1120417 0 114672 4 0 1 0 FiservXP Systems 75 Remittance Drive Suite 6963 Chicago IL 606756963 Data Processing Platform Provider 510365 Jack Henry & Associates 663 W Highway 60 Monett MO 657088215 ATM/Visa Card Network Processor 187182 Envisant 1807 W Diehl Rd Suite 105M Naperville IL 60563 Health Insurance Provider 126416 3 Int - loans to members 900099 2058522 2058522 Fees and service charge 900099 1347769 1347769 3406291 1496892 1496892 Non-member income 900099 12356 12356 12356 4915539 3406291 12356 1496892 1235089 535956 18800 98694 114741 79608 3956 1584 25965 173822 355674 67943 56840 29686 Processing charges 626823 Loan servicing 303151 Member dividends 261079 Provision for loan loss 113265 76220 4178896 1003512 1101421 1459149 414906 389055 30685531 27284284 553533 445817 3716943 3571779 54336 145164 61755208 63811728 140601 140601 4163305 4296989 98770932 99074208 354076 373103 87552308 87042634 87906384 87415737 X 0 0 0 0 10864548 11658471 10864548 11658471 98770932 99074208 X 736643 57280 X X 0 1 X 1 0 2708938 2567460 141478 1008005 1004319 3686 145164 Member's shares 87042634 87042634 X 4972819 57280 57280 4915539 0 4915539 4178896 0 4178896 0 4178896 Part X, Line 2: FIN 48 Note from Audited Financial Statements The Credit Union is exempt, by statute, from Federal income taxes under Internal Revenue Code Section 501(c)(14) and state income taxes. The tax exempt purpose of the Credit Union and the nature in which it operates is described above. Management believes the Credit Union continues to operate in compliance with its tax exempt purpose. The Credit Union had no unrelated business income in 2023 or 2022 that management believes is subject to taxation. The Credit Union's annual information returns filed with the Internal Revenue Service are open to examination generally for three years after filing. Part XI, Line 2d - Other Adjustments: Interest on split-dollar insurance policy 57,280. X 1 1 X X X 0 1 0 Eric Stiegel CU CEO/Board Treasurer 390268 0 53929 0 0 0 24150 0 20854 0 489201 0 0 0 Frank Nicholson Chief Financial Officer 211489 0 33917 0 0 0 17178 0 12178 0 274762 0 0 0 Nilda R Padin Chief Operating Officer 208979 0 33915 0 0 0 17003 0 11441 0 271338 0 0 0 John Morin VP-Information Technology 167469 0 20451 0 0 0 11868 0 0 0 199788 0 0 0 Part I, Line 4b Deferred Compensation and Incentive Plan During 2017, the Credit Union initiated a Supplemental Executive Retirement Plan (SERP) with the CEO. The SERP is being funded via life insurance policies issued by Minnesota Life and a split-dollar agreement has been entered into with the executive covered under the SERP. Total split-dollar loans outstanding at December 31, 2023 totaled $2,711,557 and is included in the accompanying statement of financial condition. The loan has an interest rate equal to the applicable federal rate (1.92% at December 31, 2023) with interest accrued monthly. The Employer has paid one or more premiums into a life insurance policy owned by Employee. The premiums are treated for tax purposes as nonrecourse split dollar loans under 29 C.F.R. 1.7872-15. The Employer and Employee represent that a reasonable person would expect that the Employer will be paid all of its premium payments. Signed Representation available upon request. Form 990, Part VI, Section A, line 6 Membership consists of individuals with funds on deposit with the Credit Union. Form 990, Part VI, Section A, line 7a The membership participates in the annual election of the Board of Directors. Form 990, Part VI, Section A, line 7b Membership votes on amendments to the articles of incorporation. Form 990, Part VI, Section B, line 11b The 990 is reviewed by the Chief Executive Officer, Chief Financial Officer and Chairman of the Board. Form 990, Part VI, Section B, line 12c At the beginning of each board meeting directors are asked if they have any new conflicts of interest to report. Form 990, Part VI, Section B, line 15 Compensation for the CEO is determined by a compensation committee of the Board of Directors and generally includes cost of living adjustments. The CEO has a written employment contract. Compensation for other highly compensated employees is determined by the CEO and is generally based on performance and cost of living adjustments. Form 990, Part VI, Section C, line 19 Financial statements available at www.ncua.gov. Form 990, Part XI, line 9: Change in Value Split-dollar loans outstanding 57,280. Form 990, Part XII, Line 2c: The process has not changed from the prior year.