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Nonprofiteer
← CHICAGO POST OFFICE EMPLOYEES CREDIT UNION

Form 990 for tax year 2022

Filed by CHICAGO POST OFFICE EMPLOYEES CREDIT UNION.

Totals

Total revenue
$2,341,735
Total expenses
$2,122,513
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,254,347
Investment income
$87,388
Other revenue
$0
Total assets, end of year
$28,147,449
Total liabilities, end of year
$22,050,693
Net assets or fund balances, end of year
$6,096,756
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: INTEREST ON LOANS TO MEMBERS

    total $1,356,585 · related or exempt $1,356,585 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: PRODUCT AND SERVICE FEES

    total $817,749 · related or exempt $817,749 · unrelated business $0 · excluded $0

  • 2c · Program service revenue: INSURANCE RELATED PRODUCT INCOME

    total $80,013 · related or exempt $80,013 · 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 $87,388 · related or exempt $87,388 · 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

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $127,981

  • 7 · Other salaries and wages

    total $498,764

  • 8 · Pension plan contributions

    total $10,792

  • 9 · Other employee benefits

    total $122,362

  • 10 · Payroll taxes

    total $47,866

  • 11c · Fees: accounting

    total $17,600

  • 12 · Advertising and promotion

    total $27,136

  • 13 · Office expenses

    total $161,309

  • 14 · Information technology

    total $146,892

  • 16 · Occupancy

    total $160,279

  • 19 · Conferences, conventions and meetings

    total $67,872

  • 22 · Depreciation, depletion and amortization

    total $83,828

  • 23 · Insurance

    total $38,991

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $189,875

  • 24b · Other expenses: LOAN SERVICING AND COLLECTIONS

    total $115,365

  • 24c · Other expenses: CREDIT AND DEBIT PROCESSING COSTS

    total $205,293

  • 24d · Other expenses: SAVINGS DIVIDENDS TO MEMBERS

    total $53,243

  • 24e · All other expenses

    total $47,065

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,122,183 · end of year $1,418,741

  • 2 · Savings and temporary cash investments

    beginning of year $3,488,407 · end of year $1,140,210

  • 7 · Other notes and loans receivable

    beginning of year $12,476,915 · end of year $14,825,956

  • 9 · Prepaid expenses and deferred charges

    beginning of year $49,448 · end of year $62,049

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

    $2,456,118

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

    $1,663,222

  • 10c · Land, buildings and equipment, net

    beginning of year $606,774 · end of year $792,896

  • 11 · Investments: publicly traded securities

    beginning of year $10,407,000 · end of year $9,418,000

  • 12 · Investments: other securities

    beginning of year $40,212 · end of year $40,212

  • 15 · Other assets

    beginning of year $372,881 · end of year $449,385

  • 17 · Accounts payable and accrued expenses

    beginning of year $384,722 · end of year $411,805

  • 25 · Other liabilities

    beginning of year $22,301,564 · end of year $21,638,888

  • 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 $5,877,534 · end of year $6,096,756

Mission and programs · 2022

Mission

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 SAVINGS DEPOSITS AT A COMPETATIVE RATE IF INTEREST.

Activities or mission (Part I)

TO ASSIST OUR MEMBERS IN THE MANAGEMENT OF THEIR FINANCIAL WELL-BEING BY PROVIDING LOANS , SAVINGS ACCOUNTS AND OTHER FINANCIAL INSTITUTION SERVICES IN A FRIENDLY AND PROFESSIONAL MANNER.

  • CREDIT UNION MAKES AND SERVICES CONSUMER LOANS TO ITS MEMBERS. THE NUMBER OF CONSUMER LOANS OUTSTANDING AT 12/31/2022 WAS 87,153 FOR A TOTAL OF $15,185,042.

  • RECEIVED DEPOSITS ON SAVINGS FROM 4,577 MEMBERS. PAID OUT $53,243 IN DIVIDENDS TO ITS MEMBERS AT A MARKET RATE OF INTEREST ON $21,638,888 OF TOTAL SAVINGS AT DECEMBER 2022

  • PROVIDED CHECKING ACCOUNT AND OVERDRAFT SERVICES TO 1,750 MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Deborah Walker Fears

    PRESIDENT/CEO

    Total calculated
    $127,981
    From this org
    $127,981
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Charles E May

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Barbara J Singleton

    VICE CHAIR OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Carol Cook

    SECRETARY OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Ervin Gardner

    TREASURER OF THE BOARD

    Total calculated
    $0
    Hours/week
    1

  • Eddie T Todd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Laneda R Pitts

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kenneth Allen

    DIRECTOR

    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
15 May 2023
IRS schema version
2022v5.0
Source object
202301359349317500

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