Consumers Cooperative Credit Union
- Assets
- $2.9b
- Revenue
- $132.6m
- Investments
- $0.0
- Employees
- 596
- Location
- Gurnee, IL
- Founding
- 01/1980
- Data as of
- 12/2021
- EIN
- 36-1936022
Organization Overview
Consumers Cooperative 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 12/2021, Consumers Cooperative Credit Union employed 596 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Consumers Cooperative 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 12/2021, Consumers Cooperative Credit Union generated $132.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 17.5% each year . All expenses for the organization totaled $114.3m during the year ending 12/2021. While expenses have increased by 16.8% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CONSUMERS CU HAS BEEN MEMBER OWNED SINCE 1930. CURRENTLY WE HAVE 191,063 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 26.338 LOANS TO OUR MEMBERS FOR $987,149,448. ISSUED 2,879 FIRST MORTGAGE LOANS FOR $369,571,285. ISSUED 58 COMMERCIAL LOANS FOR $55,188,340. ISSUED 290 HE AND HELOC LOANS FOR $16,133,957. ISSUED 23,111 CONSUMER LOANS AND INDIRECT LOANS FOR $546,255,866. SERVICE $2,506,172,927 IN TOTAL LOANS -ON BALANCE SHEET, SOLD TO FANNIE MAE, FEDERAL HOME LOAN BANK - CHICAGO, FREDDIE MAC AND INDIRECT AND COMMERCIAL PARTICIPATIONS.
PROVIDE DEPOSIT SERVICES TO OUR MEMBERS PRODUCTS INCLUDE: SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE OF DEPOSITS, IRA, AND COMMERCIAL ACCTS. MEMBERS HAVE $2,551,107,057 IN TOTAL DEPOSITS. PAID MEMBERS $8,863,489 IN DIVIDENDS DURING 2021.
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.
TOTAL EXPENSES FOR CCU SEE PART IX FOR DETAIL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Rathjen CEO | Officer | 40 | $1,159,322 |
Jean Theis COO | Officer | 40 | $658,192 |
Michael Murphy President | Officer | 40 | $617,255 |
Dan Nerroth Cio | Officer | 40 | $380,505 |
Sean Bowers CFO | Officer | 40 | $369,243 |
Robin Korom Clo | Officer | 40 | $319,304 |
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 | $126,032,734 |
| Investment income | $6,565,745 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $20,091 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $132,618,570 |
| 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. | $4,549,365 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,421,021 |
| Pension plan accruals and contributions | -$1,171,565 |
| Other employee benefits | $3,458,000 |
| Payroll taxes | $2,670,867 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $284,301 |
| Fees for services: Accounting | $198,695 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $33,735 |
| Fees for services: Other | $1,574,730 |
| Advertising and promotion | $661,136 |
| Office expenses | $7,927,141 |
| Information technology | $2,799,840 |
| Royalties | $0 |
| Occupancy | $3,226,135 |
| Travel | $54,406 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,678 |
| Interest | $3,209,645 |
| Payments to affiliates | $238,453 |
| Depreciation, depletion, and amortization | $6,476,909 |
| Insurance | $442,456 |
| All other expenses | $0 |
| Total functional expenses | $114,323,821 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,744,644 |
| Savings and temporary cash investments | $485,926,161 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,315,665 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,734,821,709 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $117,122,995 |
| Net Land, buildings, and equipment | $36,446,611 |
| Investments—publicly traded securities | $441,516,126 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $19,438,483 |
| Other assets | $80,412,918 |
| Total assets | $2,946,745,312 |
| Accounts payable and accrued expenses | $25,022,934 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,634,285 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $118,387,622 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,551,107,057 |
| Total liabilities | $2,699,151,898 |
| 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 | $247,593,414 |
| Total liabilities and net assets/fund balances | $2,946,745,312 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Baxter Credit Union Vernon Hills, IL | $5,751,484,149 | $350,442,030 |
Alliant Credit Union Chicago, IL | $15,151,012,308 | $528,339,563 |
Citizens Equity First Credit Union Peoria, IL | $7,718,286,706 | $271,033,514 |
GreenState Credit Union UNION North Liberty, IA | $9,006,590,517 | $418,753,010 |
Veridian Credit Union Waterloo, IA | $5,861,265,762 | $284,905,474 |
Teachers Credit Union South Bend, IN | $4,498,999,331 | $198,079,661 |
Consumers Cooperative Credit Union Gurnee, IL | $2,946,745,312 | $132,618,570 |
Ih Mississippi Valley Credit Union Moline, IL | $1,832,277,197 | $105,810,576 |
Commonwealth Credit Union Frankfort, KY | $1,891,090,350 | $88,350,902 |
Department Of Financial Institution Division Of Credit Unions In Ind Columbus, IN | $1,964,165,275 | $88,438,069 |
Forum Credit Union Indianapolis, IN | $1,879,317,913 | $93,129,055 |
Scott Credit Union Edwardsville, IL | $1,647,347,103 | $74,654,217 |