Consumers Credit Union
- Assets
- $3.0b
- Revenue
- $171.7m
- Investments
- $0.0
- Employees
- 610
- Location
- Gurnee, IL
- Founding
- 01/1980
- Data as of
- 12/2022
- EIN
- 36-1936022
Organization Overview
Consumers Credit Union is located in Gurnee, IL. The organization was established in 1980. 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 12/2022, Consumers Credit Union employed 610 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Consumers 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 12/2022, Consumers Credit Union generated $171.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 18.9% each year . All expenses for the organization totaled $144.0m during the year ending 12/2022. While expenses have increased by 17.9% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONSUMERS CU HAS BEEN MEMBER OWNED SINCE 1930. CURRENTLY WE HAVE 201,861 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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISSUED 33,261 LOANS TO OUR MEMBERS FOR $1,120,619,945. ISSUED 811 FIRST MORTGAGE LOANS FOR $173,680,717. ISSUED 40 COMMERCIAL LOANS FOR $56,277,884. ISSUED 304 HE AND HELOC LOANS FOR $11,905,357. ISSUED 32,106 CONSUMER LOANS AND INDIRECT LOANS FOR $878,755,978. SERVICE $2,946,587,419 IN TOTAL LOANS -ON BALANCE SHEET, SOLD TO FANNIE MAE, FEDERAL HOME LOAN BANK - CHICAGO, FREDDIE MAC AND INDIRECT AND COMMERCIAL PARTICIPATIONS.
TOTAL EXPENSES FOR CCU SEE PART IX FOR DETAIL
PROVIDE DEPOSIT SERVICES TO OUR MEMBERS PRODUCTS INCLUDE: SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSITS, IRA, AND COMMERCIAL ACCTS. MEMBERS HAVE $2,662,138,423 IN TOTAL DEPOSITS. PAID MEMBERS $13,806,752 IN DIVIDENDS DURING 2022.
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.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Rathjen CEO | Officer | 40 | $1,679,799 |
Michael Murphy President | Officer | 40 | $706,579 |
Dan Nerroth Cio | Officer | 40 | $505,597 |
Sean Bowers CFO | Officer | 40 | $432,101 |
Dave Valentine Chief Experience Officer | Officer | 40 | $383,133 |
John Pawlowski VP Accounting | 40 | $380,797 |
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 | $149,806,941 |
| Investment income | $22,424,737 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$482,152 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $171,749,526 |
| 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. | $5,184,029 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,767,568 |
| Pension plan accruals and contributions | -$758,491 |
| Other employee benefits | $4,875,012 |
| Payroll taxes | $2,424,483 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $182,134 |
| Fees for services: Accounting | $206,542 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $27,232 |
| Fees for services: Other | $3,380,719 |
| Advertising and promotion | $935,015 |
| Office expenses | $7,217,189 |
| Information technology | $4,010,941 |
| Royalties | $0 |
| Occupancy | $4,610,772 |
| Travel | $67,255 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $211,061 |
| Interest | $14,945,912 |
| Payments to affiliates | $285,221 |
| Depreciation, depletion, and amortization | $7,003,327 |
| Insurance | $490,869 |
| All other expenses | $0 |
| Total functional expenses | $143,950,661 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,154,291 |
| Savings and temporary cash investments | $46,273,221 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,627,479 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,229,150,774 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $143,977,956 |
| Net Land, buildings, and equipment | $46,103,509 |
| Investments—publicly traded securities | $414,233,833 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $18,139,313 |
| Other assets | $100,784,478 |
| Total assets | $3,048,444,854 |
| Accounts payable and accrued expenses | $38,189,189 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,556,076 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $137,974,966 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,662,138,423 |
| Total liabilities | $2,845,858,654 |
| 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 | $202,586,200 |
| Total liabilities and net assets/fund balances | $3,048,444,854 |