Form 990 for tax year 2023

Filed by CONSUMERS CREDIT UNION.

Totals

Total revenue: $231,475,402
Total expenses: $207,747,094
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $184,150,220
Investment income: $47,325,182
Other revenue: $0
Total assets, end of year: $3,525,630,823
Total liabilities, end of year: $3,278,215,416
Net assets or fund balances, end of year: $247,415,407
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 $141,256,875 · related or exempt $141,256,875 · unrelated business $0 · excluded $0
2b · Program service revenue: Visa & Debit Card Interchange Income

total $14,182,200 · related or exempt $14,182,200 · unrelated business $0 · excluded $0
2c · Program service revenue: Debt Cancellation Income

total $3,308,063 · related or exempt $3,308,063 · unrelated business $0 · excluded $0
2d · Program service revenue: Mortgage Operations Income

total $2,094,191 · related or exempt $2,094,191 · unrelated business $0 · excluded $0
2e · Program service revenue: Service Charge/Other Income

total $23,308,891 · related or exempt $23,308,891 · 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 $47,933,194 · related or exempt $47,933,194 · 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 -$471,716 · other assets -$136,296
7b · Less cost or other basis and sales expenses

securities $0 · other assets $0
7c · Gain or loss

securities -$471,716 · other assets -$136,296
7d · Net gain or loss

total -$608,012 · related or exempt -$608,012 · unrelated business $0 · excluded $0
11e · Other revenue, total

$0

Functional expenses

Part IX, the statement of functional expenses.

5 · Compensation of officers, directors and key employees

total $4,856,638
7 · Other salaries and wages

total $39,232,634
8 · Pension plan contributions

total -$473,595
9 · Other employee benefits

total $4,838,579
10 · Payroll taxes

total -$7,900,922
11b · Fees: legal

total $130,296
11c · Fees: accounting

total $267,518
11f · Fees: investment management

total $59,023
11g · Fees: other

total $3,040,548
12 · Advertising and promotion

total $2,963,357
13 · Office expenses

total $8,084,444
14 · Information technology

total $4,530,201
16 · Occupancy

total $3,524,388
17 · Travel

total $75,122
19 · Conferences, conventions and meetings

total $338,663
20 · Interest

total $41,742,573
21 · Payments to affiliates

total $321,250
22 · Depreciation, depletion and amortization

total $4,639,935
23 · Insurance

total $553,812
24a · Other expenses: Loan Servicing

total $25,350,774
24b · Other expenses: Provision for Loan Loss

total $19,531,559
24c · Other expenses: Dividend Expense

total $40,318,511
24d · Other expenses: Professional Services

total $11,721,786

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $36,154,291 · end of year $16,307,416
2 · Savings and temporary cash investments

beginning of year $46,273,221 · end of year $183,261,515
4 · Accounts receivable

beginning of year $13,627,479 · end of year $17,341,493
7 · Other notes and loans receivable

beginning of year $2,229,150,774 · end of year $2,517,777,794
9 · Prepaid expenses and deferred charges

beginning of year $143,977,956 · end of year $177,231,218
10a · Land, buildings and equipment: cost or other basis

$89,466,465
10b · Land, buildings and equipment: accumulated depreciation

$29,222,504
10c · Land, buildings and equipment, net

beginning of year $46,103,509 · end of year $60,243,961
11 · Investments: publicly traded securities

beginning of year $414,233,833 · end of year $454,054,116
14 · Intangible assets

beginning of year $18,139,313 · end of year $16,840,144
15 · Other assets

beginning of year $100,784,478 · end of year $82,573,166
17 · Accounts payable and accrued expenses

beginning of year $38,189,189 · end of year $42,170,020
21 · Escrow or custodial account liability

beginning of year $7,556,076 · end of year $7,972,085
23 · Secured mortgages and notes payable

beginning of year $137,974,966 · end of year $446,714,129
25 · Other liabilities

beginning of year $2,662,138,423 · end of year $2,781,359,182
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 $202,586,200 · end of year $247,415,407

Mission and programs · 2023

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 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.

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

As filed on the 2023 return.

Listed in Part VII

Sean Rathjen

CEO

Total calculated

$1,849,670

From this org

$1,822,046

From related orgs

$0

Other

$27,624

Hours/week

40

Schedule J breakdown matched by us

Base

$870,062

Bonus

$949,662

Other

$2,322

Deferred

$15,000

Nontaxable benefits

$12,624

Filer's total

$1,849,670
Michael Murphy

President

Total calculated

$1,162,661

From this org

$1,136,800

From related orgs

$0

Other

$25,861

Hours/week

40

Schedule J breakdown matched by us

Base

$764,793

Bonus

$368,443

Other

$3,564

Deferred

$11,495

Nontaxable benefits

$14,366

Filer's total

$1,162,661
Dan Nerroth

CIO/COO

Total calculated

$603,925

From this org

$576,697

From related orgs

$0

Other

$27,228

Hours/week

40

Schedule J breakdown matched by us

Base

$330,418

Bonus

$245,469

Other

$810

Deferred

$7,648

Nontaxable benefits

$19,580

Filer's total

$603,925
Sean Bowers

CFO

Total calculated

$538,595

From this org

$513,763

From related orgs

$0

Other

$24,832

Hours/week

40

Schedule J breakdown matched by us

Base

$313,864

Bonus

$198,657

Other

$1,242

Deferred

$12,844

Nontaxable benefits

$11,988

Filer's total

$538,595
Adam Saper

CLO

Total calculated

$534,328

From this org

$526,846

From related orgs

$0

Other

$7,482

Hours/week

40

Schedule J breakdown matched by us

Base

$369,835

Bonus

$155,769

Other

$1,242

Deferred

$5,761

Nontaxable benefits

$1,721

Filer's total

$534,328
Dave Valentine

Chief Experience Officer/CLO

Total calculated

$530,135

From this org

$500,734

From related orgs

$0

Other

$29,401

Hours/week

40

Schedule J breakdown matched by us

Base

$303,988

Bonus

$196,260

Other

$486

Deferred

$8,162

Nontaxable benefits

$21,239

Filer's total

$530,135
Cheryl Kubas

CPO

Total calculated

$478,674

From this org

$469,439

From related orgs

$0

Other

$9,235

Hours/week

40

Schedule J breakdown matched by us

Base

$272,336

Bonus

$195,861

Other

$1,242

Deferred

$6,394

Nontaxable benefits

$2,841

Filer's total

$478,674
MaryFran Callahan

CRO

Total calculated

$455,996

From this org

$447,112

From related orgs

$0

Other

$8,884

Hours/week

40

Schedule J breakdown matched by us

Base

$255,337

Bonus

$188,213

Other

$3,562

Deferred

$7,028

Nontaxable benefits

$1,856

Filer's total

$455,996
John Pawlowski

VP Accounting

Total calculated

$452,581

From this org

$421,894

From related orgs

$0

Other

$30,687

Hours/week

40

Schedule J breakdown matched by us

Base

$262,349

Bonus

$155,980

Other

$3,564

Deferred

$9,449

Nontaxable benefits

$21,239

Filer's total

$452,581
Christine Stotland

VP Retail Sales & Service

Total calculated

$339,904

From this org

$314,635

From related orgs

$0

Other

$25,269

Hours/week

40

Schedule J breakdown matched by us

Base

$210,077

Bonus

$102,628

Other

$1,930

Deferred

$7,866

Nontaxable benefits

$17,403

Filer's total

$339,904
Matt Hancock

VP Commercial

Total calculated

$336,121

From this org

$326,107

From related orgs

$0

Other

$10,014

Hours/week

40

Schedule J breakdown matched by us

Base

$218,957

Bonus

$106,686

Other

$463

Deferred

$7,941

Nontaxable benefits

$2,074

Filer's total

$336,121
Eric Kapusinski

VP Enterprise System

Total calculated

$278,700

From this org

$259,234

From related orgs

$0

Other

$19,466

Hours/week

40

Schedule J breakdown matched by us

Base

$173,469

Bonus

$85,228

Other

$536

Deferred

$6,491

Nontaxable benefits

$12,976

Filer's total

$278,700
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

Board of 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
Miten Champaneri

Associate Director

Total calculated

$0

Hours/week

2
Kenya Tassin

Associate Director

Total calculated

$0

Hours/week

2
James Roche

Nomination Committee

Total calculated

$0

Hours/week

1
Tricia Strong

Committee Member

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 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.

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: 2023
Filed: 20 May 2024
IRS schema version: 2023v5.0
Source object: 202411419349300816

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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