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← COMMONWEALTH CREDIT UNION

Form 990 for tax year 2025

Filed by COMMONWEALTH CREDIT UNION.

Totals

Total revenue
$6,098,582
Total expenses
$4,545,610
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$5,057,025
Investment income
$1,041,557
Other revenue
$0
Total assets, end of year
$117,962,916
Total liabilities, end of year
$102,162,853
Net assets or fund balances, end of year
$15,800,063
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: LOAN INTEREST

    total $4,304,091 · related or exempt $4,304,091

  • 2b · Program service revenue: OTHER OPERATING INCOME

    total $378,822 · related or exempt $378,822

  • 2c · Program service revenue: FEE INCOME

    total $374,112 · related or exempt $374,112

  • 3 · Investment income

    total $1,041,557 · excluded $1,041,557

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $424,951

  • 7 · Other salaries and wages

    total $973,288

  • 8 · Pension plan contributions

    total $93,597

  • 9 · Other employee benefits

    total $165,762

  • 10 · Payroll taxes

    total $103,535

  • 11c · Fees: accounting

    total $76,000

  • 12 · Advertising and promotion

    total $43,266

  • 13 · Office expenses

    total $250,777

  • 14 · Information technology

    total $295,696

  • 16 · Occupancy

    total $127,896

  • 19 · Conferences, conventions and meetings

    total $28,097

  • 20 · Interest

    total $890,519

  • 22 · Depreciation, depletion and amortization

    total $43,783

  • 23 · Insurance

    total $36,203

  • 24a · Other expenses: PROFESSIONAL/OUTSIDE SVCS

    total $482,641

  • 24b · Other expenses: LOAN SERVICING

    total $197,498

  • 24c · Other expenses: CREDIT LOSS EXPENSE

    total $160,000

  • 24d · Other expenses: MISCELLANOUS EXPENSE

    total $152,101

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $507,695 · end of year $504,147

  • 2 · Savings and temporary cash investments

    beginning of year $30,134,267 · end of year $29,906,715

  • 4 · Accounts receivable

    beginning of year $257,989 · end of year $254,947

  • 7 · Other notes and loans receivable

    beginning of year $79,010,070 · end of year $81,388,483

  • 9 · Prepaid expenses and deferred charges

    beginning of year $182,950 · end of year $183,891

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

    $2,889,704

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

    $1,475,173

  • 10c · Land, buildings and equipment, net

    beginning of year $1,434,897 · end of year $1,414,531

  • 11 · Investments: publicly traded securities

    beginning of year $4,750,000 · end of year $2,250,000

  • 15 · Other assets

    beginning of year $2,048,137 · end of year $2,060,202

  • 17 · Accounts payable and accrued expenses

    beginning of year $426,277 · end of year $497,268

  • 25 · Other liabilities

    beginning of year $103,693,994 · end of year $101,665,585

  • 31 · Retained earnings, endowment or other funds

    beginning of year $14,205,734 · end of year $15,800,063

Mission and programs · 2025

Mission

COMMONWEALTH CREDIT UNION, BUILDING LIFELONG RELATIONSHIPS ONE MEMBER AT A TIME.

  • COMMONWEALTH CREDIT UNION SERVES MEMBERS IN KANKAKEE, FORD, IROQUOIS, GRUNDY, KENDELL, LIVINGSTON AND WILL COUNTIES IN ILLINOIS BY PROVIDING LOW COST FINANCIAL SERVICES.

As filed on the 2025 return.

Listed in Part VII

  • Kenneth Tousignant

    CHAIRPERSON

    Total calculated
    $0

  • Betty Drechsel

    SECRETARY

    Total calculated
    $0

  • Raeann Love

    PRESIDENT/CE

    Total calculated
    $244,138
    From this org
    $244,138
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,138
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $244,138

  • H Ralph Marquis

    DIRECTOR

    Total calculated
    $0

  • Carl Cavitt

    DIRECTOR

    Total calculated
    $0

  • Cheryl O'Brien

    VICE CHAIR

    Total calculated
    $0

  • Todd Meier

    VP OF LENDIN

    Total calculated
    $180,813
    From this org
    $180,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $180,813
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $180,813

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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
2025
Filed
4 May 2026
IRS schema version
2025v4.0
Source object
202611259349300016

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