Chicago Municipal Employees Credit Union
- Assets
- $59.1m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 17
- Location
- Chicago, IL
- Founding
- 07/1934
- Data as of
- 12/2023
- EIN
- 36-0902923
Organization Overview
Chicago Municipal Employees Credit Union is located in Chicago, IL. The organization was established in 1934. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Chicago Municipal Employees Credit Union employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chicago Municipal Employees Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2023, Chicago Municipal Employees Credit Union generated $4.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $4.7m during the year ending 12/2023. While expenses have increased by 6.3% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ILLINOIS STATE CHARTERED CREDIT UNION OPERATED FOR THE MUTUAL BENEFIT OF ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Tzortzakis President An | Officer | 40 | $116,095 |
David Bryant Chairperson | OfficerTrustee | 1.5 | $0 |
Eugene Williams Vice Chairpe | OfficerTrustee | 1.5 | $0 |
Beverly Gulley Secretary | OfficerTrustee | 1 | $0 |
Lance Lewis Treasurer | OfficerTrustee | 1.5 | $0 |
Tracey Ladner Director | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,728,618 |
| Investment income | $277,674 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,006,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $129,499 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $562,963 |
| Pension plan accruals and contributions | $10,514 |
| Other employee benefits | $206,970 |
| Payroll taxes | $51,948 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $719,075 |
| Advertising and promotion | $5,038 |
| Office expenses | $149,188 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $610,137 |
| Travel | $11,700 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $301 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $125,185 |
| Insurance | $24,791 |
| All other expenses | -$2,633 |
| Total functional expenses | $4,654,597 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $984,108 |
| Savings and temporary cash investments | $1,299,495 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $38,830,552 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $911,866 |
| Net Land, buildings, and equipment | $1,842,644 |
| Investments—publicly traded securities | $14,559,220 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $700,462 |
| Total assets | $59,128,347 |
| Accounts payable and accrued expenses | $766,315 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $300,000 |
| Other liabilities | $55,201,148 |
| Total liabilities | $56,267,463 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $2,860,884 |
| Total liabilities and net assets/fund balances | $59,128,347 |