Form 990 for tax year 2023
Filed by CHICAGO MUNICIPAL EMPLOYEES CREDIT UNION.
Totals
- Total revenue
- $4,006,292
- Total expenses
- $4,654,597
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $3,728,618
- Investment income
- $277,674
- Other revenue
- $0
- Total assets, end of year
- $59,128,347
- Total liabilities, end of year
- $56,267,463
- Net assets or fund balances, end of year
- $2,860,884
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
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: LOANS TO MEMBERS
total $2,561,390 · related or exempt $2,561,390
-
2b · Program service revenue: FEES & SERVICES
total $1,167,228 · related or exempt $1,167,228
-
3 · Investment income
total $277,674 · excluded $277,674
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $129,499
-
7 · Other salaries and wages
total $562,963
-
8 · Pension plan contributions
total $10,514
-
9 · Other employee benefits
total $206,970
-
10 · Payroll taxes
total $51,948
-
11c · Fees: accounting
total $16,500
-
11g · Fees: other
total $719,075
-
12 · Advertising and promotion
total $5,038
-
13 · Office expenses
total $149,188
-
16 · Occupancy
total $610,137
-
17 · Travel
total $11,700
-
20 · Interest
total $301
-
22 · Depreciation, depletion and amortization
total $125,185
-
23 · Insurance
total $24,791
-
24a · Other expenses: DIVIDEND EXPENSE
total $826,072
-
24b · Other expenses: PROVISION FOR LOAN LOSS
total $684,865
-
24c · Other expenses: LOAN SERVICING
total $436,842
-
24d · Other expenses: LOSS ON INVESTMENTS
total $85,642
-
24e · All other expenses
total -$2,633
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $570,330 · end of year $984,108
-
2 · Savings and temporary cash investments
beginning of year $1,889,112 · end of year $1,299,495
-
4 · Accounts receivable
beginning of year $2,046,497
-
7 · Other notes and loans receivable
beginning of year $31,458,733 · end of year $38,830,552
-
9 · Prepaid expenses and deferred charges
beginning of year $1,156,764 · end of year $911,866
-
10a · Land, buildings and equipment: cost or other basis
$4,994,485
-
10b · Land, buildings and equipment: accumulated depreciation
$3,151,841
-
10c · Land, buildings and equipment, net
beginning of year $1,861,526 · end of year $1,842,644
-
11 · Investments: publicly traded securities
beginning of year $17,955,000 · end of year $14,559,220
-
15 · Other assets
beginning of year $803,795 · end of year $700,462
-
17 · Accounts payable and accrued expenses
beginning of year $51,132 · end of year $766,315
-
24 · Unsecured notes and loans payable
end of year $300,000
-
25 · Other liabilities
beginning of year $51,918,493 · end of year $55,201,148
-
31 · Retained earnings, endowment or other funds
beginning of year $5,772,132 · end of year $2,860,884
Mission and programs · 2023
Mission
TO GIVE MEMBERS THE ABILITY TO CONTROL THEIR FINANCIAL DESTINY BY PROVIDING MEMBERS WITH THE MEANS TO SATISFY THEIR NEEDS FOR FINANCIAL SERVICES IN A COMFORTABLE FAMILY-LIKE ENVIRONMENT. IN DOING SO, THE CREDIT UNION STRIVES TO MAINTAIN LONG-TERM RELATIONSHIPS WITH MEMBERS.
Activities or mission (Part I)
ILLINOIS STATE CHARTERED CREDIT UNION OPERATED FOR THE MUTUAL BENEFIT OF ITS MEMBERS
-
CREDIT UNION MAKES AND SERVICES CONSUMER AND REAL ESTATE LOANS TO MEMBERS. THE NUMBER OF LOANS OUTSTANDING AT 12/31/23 WAS 2,221 FOR A TOTAL OF 38,373,802.
-
CREDIT UNION PAYS DIVIDENDS TO ITS MEMBERS ON SHARE DEPOSIT ACCOUNTS AT A MARKET RATE OF INTEREST. TOTAL NUMBER OF SHARE ACCOUNTS AT 12/31/23 WAS 11,934 IN THE AMOUNT OF 55,201,148.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Peter TzortzakisPETER TZORTZAKIS
PRESIDENT AN
- Total calculated
- $129,499
- From this org
- $116,095
- From related orgs
- $0
- Other
- $13,404
- Hours/week
- 40
-
David BryantDAVID BRYANT
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1.5
-
Eugene WilliamsEUGENE WILLIAMS
VICE CHAIRPE
- Total calculated
- $0
- Hours/week
- 1.5
-
Beverly GulleyBEVERLY GULLEY
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Lance LewisLANCE LEWIS
TREASURER
- Total calculated
- $0
- Hours/week
- 1.5
-
Tracey LadnerTRACEY LADNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.5
-
Patricia RiosPATRICIA RIOS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.5
-
Melanie NeelyMELANIE NEELY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.5
-
David McKinneyDAVID MCKINNEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1.5
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 21 June 2024
- IRS schema version
- 2023v5.0
- Source object
- 202421779349300127
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