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Nonprofiteer
← CONSUMERS CREDIT UNION

Form 990 for tax year 2022

Filed by CONSUMERS CREDIT UNION.

Totals

Total revenue
$171,749,526
Total expenses
$143,950,661
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$149,806,941
Investment income
$21,942,585
Other revenue
$0
Total assets, end of year
$3,048,444,854
Total liabilities, end of year
$2,845,858,654
Net assets or fund balances, end of year
$202,586,200
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$0

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Loan Income

    total $106,339,011 · related or exempt $106,339,011 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Visa & Debit Card Interchange Income

    total $14,236,518 · related or exempt $14,236,518 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: Debt Cancellation

    total $3,034,973 · related or exempt $3,034,973 · unrelated business $0 · excluded $0

  • 2d · Program service revenue: Mortgage Operations

    total $4,962,448 · related or exempt $4,962,448 · unrelated business $0 · excluded $0

  • 2e · Program service revenue: Service Chage/Other Income

    total $21,233,991 · related or exempt $21,233,991 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $22,424,737 · related or exempt $22,424,737 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities -$444,773 · other assets -$37,379

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities -$444,773 · other assets -$37,379

  • 7d · Net gain or loss

    total -$482,152 · related or exempt -$482,152 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $5,184,029

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $38,767,568

  • 8 · Pension plan contributions

    total -$758,491

  • 9 · Other employee benefits

    total $4,875,012

  • 10 · Payroll taxes

    total $2,424,483

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $182,134

  • 11c · Fees: accounting

    total $206,542

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $27,232

  • 11g · Fees: other

    total $3,380,719

  • 12 · Advertising and promotion

    total $935,015

  • 13 · Office expenses

    total $7,217,189

  • 14 · Information technology

    total $4,010,941

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,610,772

  • 17 · Travel

    total $67,255

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $211,061

  • 20 · Interest

    total $14,945,912

  • 21 · Payments to affiliates

    total $285,221

  • 22 · Depreciation, depletion and amortization

    total $7,003,327

  • 23 · Insurance

    total $490,869

  • 24a · Other expenses: Loan Servicing

    total $19,057,280

  • 24b · Other expenses: Provision for Loan Loss

    total $6,871,427

  • 24c · Other expenses: Dividend Expense

    total $13,806,752

  • 24d · Other expenses: Professional Serives

    total $10,148,412

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,744,644 · end of year $36,154,291

  • 2 · Savings and temporary cash investments

    beginning of year $485,926,161 · end of year $46,273,221

  • 4 · Accounts receivable

    beginning of year $11,315,665 · end of year $13,627,479

  • 7 · Other notes and loans receivable

    beginning of year $1,734,821,709 · end of year $2,229,150,774

  • 9 · Prepaid expenses and deferred charges

    beginning of year $117,122,995 · end of year $143,977,956

  • 10a · Land, buildings and equipment: cost or other basis

    $72,372,108

  • 10b · Land, buildings and equipment: accumulated depreciation

    $26,268,599

  • 10c · Land, buildings and equipment, net

    beginning of year $36,446,611 · end of year $46,103,509

  • 11 · Investments: publicly traded securities

    beginning of year $441,516,126 · end of year $414,233,833

  • 14 · Intangible assets

    beginning of year $19,438,483 · end of year $18,139,313

  • 15 · Other assets

    beginning of year $80,412,918 · end of year $100,784,478

  • 17 · Accounts payable and accrued expenses

    beginning of year $25,022,934 · end of year $38,189,189

  • 21 · Escrow or custodial account liability

    beginning of year $4,634,285 · end of year $7,556,076

  • 23 · Secured mortgages and notes payable

    beginning of year $118,387,622 · end of year $137,974,966

  • 25 · Other liabilities

    beginning of year $2,551,107,057 · end of year $2,662,138,423

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $247,593,414 · end of year $202,586,200

Mission and programs · 2022

Mission

CCU mission is: To be a trusted financial partner that empowers members to live better lives.

Activities or mission (Part I)

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.

  • 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

As filed on the 2022 return.

Listed in Part VII

  • Sean Rathjen

    CEO

    Total calculated
    $1,705,753
    From this org
    $1,679,799
    From related orgs
    $0
    Other
    $25,954
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $827,077
    Bonus
    $844,200
    Other
    $8,522
    Deferred
    $13,500
    Nontaxable benefits
    $12,454
    Filer's total
    $1,705,753

  • Michael Murphy

    President

    Total calculated
    $729,387
    From this org
    $706,579
    From related orgs
    $0
    Other
    $22,808
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $472,297
    Bonus
    $219,468
    Other
    $14,814
    Deferred
    $8,585
    Nontaxable benefits
    $14,223
    Filer's total
    $729,387

  • Dan Nerroth

    CIO

    Total calculated
    $532,071
    From this org
    $505,597
    From related orgs
    $0
    Other
    $26,474
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $306,612
    Bonus
    $196,975
    Other
    $2,010
    Deferred
    $6,963
    Nontaxable benefits
    $19,511
    Filer's total
    $532,071

  • Sean Bowers

    CFO

    Total calculated
    $453,598
    From this org
    $432,101
    From related orgs
    $0
    Other
    $21,497
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $298,091
    Bonus
    $127,760
    Other
    $6,250
    Deferred
    $9,579
    Nontaxable benefits
    $11,918
    Filer's total
    $453,598

  • Dave Valentine

    Chief Experience Officer

    Total calculated
    $411,670
    From this org
    $383,133
    From related orgs
    $0
    Other
    $28,537
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,800
    Bonus
    $119,853
    Other
    $480
    Deferred
    $7,478
    Nontaxable benefits
    $21,059
    Filer's total
    $411,670

  • John Pawlowski

    VP Accounting

    Total calculated
    $411,025
    From this org
    $380,797
    From related orgs
    $0
    Other
    $30,228
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,379
    Bonus
    $125,886
    Other
    $3,532
    Deferred
    $9,091
    Nontaxable benefits
    $21,137
    Filer's total
    $411,025

  • Robin Korom

    CLO

    Total calculated
    $408,649
    From this org
    $392,676
    From related orgs
    $0
    Other
    $15,973
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,634
    Bonus
    $126,478
    Other
    $3,564
    Deferred
    $7,437
    Nontaxable benefits
    $8,536
    Filer's total
    $408,649

  • Cheryl Kubas

    CPO

    Total calculated
    $377,517
    From this org
    $370,786
    From related orgs
    $0
    Other
    $6,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,246
    Bonus
    $116,743
    Other
    $797
    Deferred
    $4,280
    Nontaxable benefits
    $2,451
    Filer's total
    $377,517

  • MaryFran Callahan

    CRO

    Total calculated
    $373,425
    From this org
    $365,706
    From related orgs
    $0
    Other
    $7,719
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,919
    Bonus
    $117,249
    Other
    $3,538
    Deferred
    $6,334
    Nontaxable benefits
    $1,385
    Filer's total
    $373,425

  • Adam Saper

    CLO

    Total calculated
    $349,037
    From this org
    $347,652
    From related orgs
    $0
    Other
    $1,385
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,154
    Bonus
    $0
    Other
    $1,498
    Deferred
    $0
    Nontaxable benefits
    $1,385
    Filer's total
    $349,037

  • Christine Stotland

    VP Retail Sales & Service

    Total calculated
    $290,858
    From this org
    $267,388
    From related orgs
    $0
    Other
    $23,470
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,565
    Bonus
    $65,359
    Other
    $2,464
    Deferred
    $6,167
    Nontaxable benefits
    $17,303
    Filer's total
    $290,858

  • Matt Hancock

    VP Commercial

    Total calculated
    $261,621
    From this org
    $255,473
    From related orgs
    $0
    Other
    $6,148
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,042
    Bonus
    $70,497
    Other
    $1,934
    Deferred
    $4,384
    Nontaxable benefits
    $1,764
    Filer's total
    $261,621

  • Todd Woodson

    VP PMO

    Total calculated
    $248,963
    From this org
    $222,900
    From related orgs
    $0
    Other
    $26,063
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,442
    Bonus
    $42,801
    Other
    $657
    Deferred
    $5,556
    Nontaxable benefits
    $20,507
    Filer's total
    $248,963

  • Michael Cubelic

    VP Loans

    Total calculated
    $246,912
    From this org
    $220,613
    From related orgs
    $0
    Other
    $26,299
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $178,143
    Bonus
    $41,809
    Other
    $661
    Deferred
    $5,499
    Nontaxable benefits
    $20,800
    Filer's total
    $246,912

  • Scott Drabicki

    Board of Director - Chairperson

    Total calculated
    $0
    Hours/week
    5

  • John Fiore

    Board of Director - Vice Chairperson

    Total calculated
    $0
    Hours/week
    3

  • Frank Soyka

    Board of Director - Treasurer

    Total calculated
    $0
    Hours/week
    3

  • Denise Charts

    Board of Director - Secretary

    Total calculated
    $0
    Hours/week
    3

  • Spiro Giotis

    Board of Director

    Total calculated
    $0
    Hours/week
    3

  • Kenneth Robinson

    Board of Director - Supervisory Committee Chairperson

    Total calculated
    $0
    Hours/week
    2

  • John Janezic

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Francine Frankie Masi

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Lucilia Rios

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Spirdoula Mavrothalastis

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Bob Hubberts

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Saba Shibberu

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • Demar Harris

    Board of Director

    Total calculated
    $0
    Hours/week
    2

  • James Mahnich Sr

    Associate Director

    Total calculated
    $0
    Hours/week
    2

  • George Abraham

    Associate Director

    Total calculated
    $0
    Hours/week
    2

  • Derek Christopher

    Associate Director

    Total calculated
    $0
    Hours/week
    2

  • David Weisman

    Associate Director

    Total calculated
    $0
    Hours/week
    2

  • Leslee Johnson

    Nomination Committee

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
30 June 2023
IRS schema version
2022v5.0
Source object
202341819349301229

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