Form 990 for tax year 2023
Filed by CHICAGO POST OFFICE EMPLOYEES CREDIT UNION.
Totals
- Total revenue
- $2,598,097
- Total expenses
- $2,281,672
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $2,382,426
- Investment income
- $215,671
- Other revenue
- $0
- Total assets, end of year
- $28,142,645
- Total liabilities, end of year
- $22,029,464
- Net assets or fund balances, end of year
- $6,113,181
- 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 $1,487,884 · related or exempt $1,487,884 · unrelated business $0 · excluded $0
-
2b · Program service revenue: PRODUCT AND SERVICE FEES
total $805,536 · related or exempt $805,536 · unrelated business $0 · excluded $0
-
2c · Program service revenue: INSURANCE RELATED PRODUCT INCOME
total $89,006 · related or exempt $89,006 · 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 $215,671 · related or exempt $215,671 · 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
-
6a · Gross rents
real property $0 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
7a · Gross sales of assets other than inventory
securities $0 · other assets $0
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $0
-
7c · Gain or loss
securities $0 · other assets $0
-
7d · Net gain or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
8a · Fundraising events: gross income
$0
-
8a · Fundraising events: contributions included on line 1c
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0 · unrelated business $0 · excluded $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0 · related or exempt $0 · 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 $134,269
-
7 · Other salaries and wages
total $492,394
-
8 · Pension plan contributions
total $10,018
-
9 · Other employee benefits
total $96,049
-
10 · Payroll taxes
total $48,819
-
11c · Fees: accounting
total $21,100
-
12 · Advertising and promotion
total $40,831
-
13 · Office expenses
total $159,989
-
14 · Information technology
total $149,887
-
16 · Occupancy
total $166,669
-
19 · Conferences, conventions and meetings
total $91,850
-
22 · Depreciation, depletion and amortization
total $85,472
-
23 · Insurance
total $54,191
-
24a · Other expenses: PROVISION FOR LOAN LOSS
total $214,713
-
24b · Other expenses: LOAN SERVICING AND COLLECTIONS
total $111,864
-
24c · Other expenses: CREDIT AND DEBIT PROCESSING
total $236,704
-
24d · Other expenses: SAVINGS DIVIDENDS TO MEMBERS
total $94,711
-
24e · All other expenses
total $72,142
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,418,741 · end of year $1,278,785
-
2 · Savings and temporary cash investments
beginning of year $1,140,210 · end of year $2,030,803
-
7 · Other notes and loans receivable
beginning of year $14,825,956 · end of year $14,644,193
-
9 · Prepaid expenses and deferred charges
beginning of year $62,049 · end of year $46,352
-
10a · Land, buildings and equipment: cost or other basis
$2,501,550
-
10b · Land, buildings and equipment: accumulated depreciation
$1,747,656
-
10c · Land, buildings and equipment, net
beginning of year $792,896 · end of year $753,894
-
11 · Investments: publicly traded securities
beginning of year $9,418,000 · end of year $8,690,000
-
12 · Investments: other securities
beginning of year $40,212 · end of year $40,212
-
15 · Other assets
beginning of year $449,385 · end of year $658,406
-
17 · Accounts payable and accrued expenses
beginning of year $411,805 · end of year $520,087
-
25 · Other liabilities
beginning of year $21,638,888 · end of year $21,509,377
-
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 $6,096,756 · end of year $6,113,181
Mission and programs · 2023
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 12/31/2023 WAS 73,352 FOR A TOTAL OF $15,305,093.
-
RECEIVED DEPOSITS ON SAVINGS FROM 4,900 MEMBERS. PAID OUT $94,711 IN DIVIDENDS TO ITS MEMBERS AT A MARKET RATE OF INTEREST ON $21,509,377 OF TOTAL SAVINGS AT DECEMBER 2023.
-
PROVIDED CHECKING ACCOUNT AND OVERDRAFT SERVICES TO 2,036 MEMBERS.
As filed on the 2023 return.
Listed in Part VII
-
Deborah Walker FearsDEBORAH WALKER FEARS
PRESIDENT/CEO
- Total calculated
- $134,269
- From this org
- $134,269
- From related orgs
- $0
- Other
- $0
- Hours/week
- 50
-
Charles E MayCHARLES E MAY
CHAIRMAN OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1
-
Barbara J SingletonBARBARA J SINGLETON
VICE CHAIR OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1
-
Carol CookCAROL COOK
SECRETARY OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1
-
Michelle JohnsonMICHELLE JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Eddie T ToddEDDIE T TODD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Laneda R PittsLANEDA R PITTS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kenneth AllenKENNETH ALLEN
TREASURER OF THE BOARD
- 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
- 2023
- Filed
- 13 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202403199349305260
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