2024-11-15T14:15:41-06:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 376028123 CITIZENS EQUITY FIRST CREDIT UNION CITI 3096337000 PO BOX 1715 PEORIA IL 616561715 WYATT WOLVEN CHIEF FINANCIAL OFFICER 3096333826 2024-11-15 1 1 TANYA MEDGAARDEN P01717240 5074347000 2024-11-15 2023 2024-10-15 13:58:12Z MATTHEW MAMER PO BOX 1715 PEORIA IL 616561715 370343314 0 X WWW.CEFCU.COM X COOPERATIVE 1937 IL PROVIDE QUALITY SERVICE AND PRODUCTS TO IMPROVE THE FINANCIAL WELL BEING OF MEMBERS. 14 13 1220 13 2909169 0 0 0 269242885 328379019 18356357 35723945 3994638 3550230 291593880 367653194 0 0 0 0 89611507 96733774 0 0 0 155164077 222369377 244775584 319103151 46818296 48550043 7682726978 7460577542 6954720369 6670512719 728006609 790064823 PROVIDE QUALITY SERVICE AND PRODUCTS TO IMPROVE THE FINANCIAL WELL BEING OF MEMBERS. 0 0 EXPANDED THE ILLINOIS FIELD OF MEMBERSHIP TO NOW INCLUDE CHAMPAIGN, DEWITT, DOUGLAS, FORD, PIATT, IROQUOIS, AND VERMILION COUNTIES; MEMBERSHIP NOW TOTALS NEARLY 393,000 STRONG.INTRODUCED A NEW ONLINE INSURANCE PRODUCT OFFERING THROUGH CEFCU INSURANCE SERVICES, INC., A SERVICE THAT ALLOWS MEMBERS TO EASILY COMPARE HIGHLY RATED INSURANCE CARRIER QUOTES. BUNDLED PRICING FOR AUTO, HOME, BUSINESS, AND OTHER TYPES OF INSURANCE CAN PROVIDE SIGNIFICANT SAVINGS FOR MEMBERS, OFFERING ANOTHER ADVANTAGE OF BEING A CEFCU MEMBER. CONTINUED TO PROVIDE A WIDE VARIETY OF SAVINGS PRODUCTS WITH LOW FEES AND COMPETITIVE RATES. PAID DIVIDENDS TOTALING 32% OF REVENUES INCLUDING A $40 MILLION EXTRAORDINARY DIVIDEND DIVIDED BETWEEN BORROWERS AND SAVERS. PROVIDED A FULL RANGE OF MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AND MEMBER OWNED BUSINESSES. GRANTED OVER $1.6 BILLION IN CONSUMER LOANS, OVER $305 MILLION IN MORTGAGE LOANS, AND OVER $249 MILLION TO MEMBER OWNED BUSINESSES. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 291734 0 1 1220 1 1 1 0 0 0 0 0 0 0 X 14 13 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X WYATT WOLVEN 3096333826 5401 W DIRKSEN PARKWAY PEORIA IL 616071193 EREC D MONTGOMERY VICE CHAIRMAN 3.00 X X 0 0 0 KAVITA SACHDEV CHAIRMAN 4.00 X X 2302 0 0 TIMOTHY R BRUNTON BOARD MEMBER 3.00 X 1683 0 0 ROBERT M METZINGER BOARD MEMBER 3.00 X 991 0 0 ANGEL G MARTINEZ SECRETARY 3.00 X X 4865 0 0 ERIC J RAHN BOARD MEMBER 3.00 X 0 0 0 MATTHEW D JOLIFF BOARD MEMBER 3.00 X 2533 0 0 TODD W BRYANT BOARD MEMBER 3.00 X 0 0 0 SEAN D SCRANTON BOARD MEMBER 3.00 X 2007 0 0 JENNIFER T STRICKLAND VICE CHAIRMAN 3.00 X X 3751 0 0 BILLY J FRANK BOARD MEMBER 3.00 X 0 0 0 JADA A HOERR BOARD MEMBER 3.00 X 0 0 0 JOSEPH R NEEDHAM VICE CHAIRMAN 3.00 X X 2048 0 0 MATTHEW J MAMER PRESIDENT-TREASURER 50.00 X X 753943 0 91363 ALYCIA D HIGHTOWER CHIEF PEOPLE OFFICER 50.00 X 297589 0 48607 WYATT S WOLVEN CHIEF FINANCIAL OFFICER 50.00 X 298096 0 33089 MARK A HOFFMIRE CHIEF OPERATIONS OFFICER 50.00 X 340528 0 74130 TIMOTHY I DUNTON CHIEF DELIVERY OFFICER 50.00 X 356848 0 79856 KEVIN D SCHNEIDER CHIEF LEGAL COUNSEL 50.00 X 375127 0 69829 DIANNA L HUNTER CHIEF OPERATIONS OFFICER 50.00 X 197143 0 27566 TODD R HALLER SENIOR VICE PRESIDENT 50.00 X 256245 0 47864 PETER DIAZ CA COMMUNITY PRESIDENT 50.00 X 268255 0 34662 THERESA A LAKE VICE PRESIDENT 50.00 X 238082 0 48235 DENISE GHERE SENIOR VICE PRESIDENT 50.00 X 232955 0 40875 RONALD ROUTH VICE PRESIDENT 50.00 X 216644 0 69620 3851635 0 665696 167 0 1 0 MASTERCARD INTERNATIONAL 2200 MASTERCARD BOULEVARD OFALLON MO 633687263 CREDIT CARDS 5852346 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CARD PROCESSING 5117666 KELLY SCOTT AND MADISON 23983 NETWORK PLACE CHICAGO IL 60601 MARKETING 4785263 Q2 SOFTWARE INC 2975 REGENT BOULEVARD IRVING TX 75320 ELECTRONIC BANKING SOLUTIONS 4599559 QUICKSILVER MAILING SERVICES 2308 NORTH GRAND AVENUE EAST SPRINGFIELD IL 62705 MAILING SERVICES 2417780 105 LOAN INTEREST 522100 275692174 275692174 FEES AND CHARGES 522100 52685750 52685750 MEMBER INITIATION FEES 522100 1095 1095 328379019 35364819 35364819 643082 2021 641061 641061 641061 3047225 2688099 359126 359126 359126 INVESTMENT SERVICES 525990 1678052 1678052 ATM SURCHARGES 522100 1231117 1231117 2909169 367653194 329020080 2909169 35723945 3063894 69220792 7319707 11720298 5409083 1109158 313948 9082834 8613253 6509814 7578283 132443 938086 7960030 1369953 DIVIDENDS 117893225 LOAN LOSSES (NET) 26503350 LOAN SERVICING 7796980 26568020 319103151 94597427 127186986 186240926 270623139 9028783 10886095 5477746619 5781562580 6603634 7960571 189135041 115678825 78244106 73456216 1706170781 1059520602 5595000 5345000 25788914 24677632 92710788 99358721 7682726978 7460577542 97747336 109314297 2768922 2838455 24574767 24849949 6829629344 6533510018 6954720369 6670512719 X 0 0 0 0 728006609 790064823 728006609 790064823 7682726978 7460577542 X 48550043 41465778 -27957607 X X 0 1 X 1 0 42920 27920 15000 42920 1 CREDIT UNION PAC 1807 W DIEHL ROAD NAPERVILLE IL 60566 393092340 15000 PART I-A, LINE 1: CONTRIBUTIONS TO CREDIT UNION RELATED POLITICAL ACTION COMMITTEES. CONTRIBUTIONS TO FUND RAISING EVENTS OF ORGANIZATIONS THAT SUPPORT PARTIES AND/OR CANDIDATES. 0 1 X 18025630 18025630 82873556 39546847 43326709 4151501 2814016 1337485 84084354 73317962 10766392 73456216 MEMBER SHARES 6532578925 NONMEMBER SHARES 931093 6533510018 X 368046255 393061 393061 367653194 0 367653194 319496212 393061 393061 319103151 0 319103151 PART IV, LINE 2B: CEFCU MAINTAINS FUNDS ON BEHALF OF CERTAIN MEMBERS IN ORDER TO PAY ANNUAL PROPERTY TAXES AND INSURANCE ON CERTAIN PROPERTIES MORTGAGED BY CEFCU. PART X, LINE 2: CEFCU IS EXEMPT, UNDER INTERNAL REVENUE CODE 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. AS A STATE CHARTERED CREDIT UNION, CEFCU IS REQUIRED TO FILE IRS FORM 990. CEFCU HAS FILED TAX RETURNS FOR CALENDAR YEAR 2022 AND PRIOR YEARS FOR ACTIVITES THEY HAVE DEEMED TAXABLE AND HAS A MINIMAL NET OPERATING LOSS CARRYFORWARD AS OF THE 2022 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO CEFCU'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON CEFCU'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. CEFCU EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. CEFCU'S 2020 THROUGH 2023 TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. PART XI, LINE 2D - OTHER ADJUSTMENTS: CONSOLIDATED SUBSIDIARY REVENUES 391,040. RENTAL EXPENSE 2,021. PART XII, LINE 2D - OTHER ADJUSTMENTS: CONSOLIDATED SUBSIDIARY REVENUES 391,040. RENTAL EXPENSE 2,021. X 1 1 X X X 0 1 0 MATTHEW J MAMER PRESIDENT-TREASURER 531226 0 192116 0 30601 0 85384 0 5979 0 845306 0 0 0 KEVIN D SCHNEIDER CHIEF LEGAL COUNSEL 329436 0 45691 0 0 0 65716 0 4113 0 444956 0 0 0 TIMOTHY I DUNTON CHIEF DELIVERY OFFICER 313174 0 43674 0 0 0 66693 0 13163 0 436704 0 0 0 MARK A HOFFMIRE CHIEF OPERATIONS OFFICER 277330 0 33198 0 30000 0 69006 0 5124 0 414658 0 0 0 ALYCIA D HIGHTOWER CHIEF PEOPLE OFFICER 247293 0 26583 0 23713 0 44529 0 4078 0 346196 0 0 0 WYATT S WOLVEN CHIEF FINANCIAL OFFICER 260711 0 33968 0 3417 0 27944 0 5145 0 331185 0 0 0 TODD R HALLER SENIOR VICE PRESIDENT 213716 0 26589 0 15940 0 47864 0 0 0 304109 0 0 0 PETER DIAZ CA COMMUNITY PRESIDENT 221752 0 32348 0 14155 0 33508 0 1154 0 302917 0 0 0 THERESA A LAKE VICE PRESIDENT 189961 0 29334 0 18787 0 46832 0 1403 0 286317 0 0 0 RONALD ROUTH VICE PRESIDENT 168347 0 18297 0 30000 0 59759 0 9861 0 286264 0 0 0 DENISE GHERE SENIOR VICE PRESIDENT 200357 0 28485 0 4113 0 35682 0 5193 0 273830 0 0 0 DIANNA L HUNTER CHIEF OPERATIONS OFFICER 151291 0 23352 0 22500 0 26163 0 1403 0 224709 0 0 0 PART I, LINE 1A COMPANION TRAVEL IS PROVIDED FOR OFFICER AND BOARD MEMBER SPOUSES ATTENDING CREDIT UNION RELATED CONFERENCES. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE MAY: ACT FOR THE BOARD ON MATTERS ARISING BETWEEN REGULAR BOARD MEETINGS WHEN SUCH ACTION IS DEEMED NECESSARY. ENSURE THAT A SOUND CORPORATE GOVERNANCE INFRASTRUCTURE EXISTS AND IS PERIODICALLY REVIEWED; AS NEEDED, RECOMMEND MODIFICATIONS OR IMPROVEMENTS TO THE BOARD. REVIEW AND MAKE RECOMMENDATIONS ON VARIOUS POLICY MATTERS INVOLVING THE AFFAIRS OF CEFCU NOT COVERED BY OTHER COMMITTEES (EXPENDITURES, INVOLVING THE AFFAIRS OF CEFCU NOT COVERED BY OTHER COMMITTEES, IN EXCESS OF $250,000 MUST BE PRESENTED TO THE BOARD FOR APPROVAL). PERFORM SUCH OTHER DUTIES AS THE BOARD MAY FROM TIME TO TIME PRESCRIBE. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A NOT-FOR-PROFIT FINANCIAL COOPERATIVE ESTABLISHED TO PROVIDE FINANCIAL SERVICES TO MEMBER/OWNERS. THE MEMBER/OWNERS ARE TIED TO THE CREDIT UNION BY A COMMON BOND (EMPLOYER, FAMILIES, GEOGRAPHIC REGION, INDUSTRY, OR SIMILAR AFFILIATION). FORM 990, PART VI, SECTION A, LINE 7A AN ANNUAL MEETING OF THE MEMBERS IS HELD FOR TRANSACTING OF CERTAIN BUSINESS, INCLUDING THE ELECTION OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE ORGANIZATION'S SUPERVISORY COMMITTEE, BY A MAJORITY VOTE, MAY, AFTER WRITTEN NOTICE OF ITS INTENDED ACTION IS FIRST GIVEN TO THE BOARD OF DIRECTORS, CALL A SPECIAL MEETING OF THE MEMBERS TO CONSIDER ANY VIOLATION OF THE ILLINOIS CREDIT UNION ACT, THE ORGANIZATION'S ARTICLES OF INCORPORATION OR BYLAWS, OR ANY PRACTICE OF THE ORGANIZATION DEEMED BY THE SUPERVISORY COMMITTEE TO BE UNSAFE OR UNAUTHORIZED. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO THE FILING OF FORM 990 AND ACCOMPANYING SCHEDULES AS PREPARED BY ITS STAFF, THE ORGANIZATION'S CHIEF FINANCIAL OFFICER AND ITS VICE PRESIDENT OF ACCOUNTING ARE EACH PROVIDED COPIES FOR REVIEW. THEIR REVIEW CONSISTS OF, BUT IS NOT LIMITED TO, COMPARING FIGURES REPORTED TO SUPPORTING DOCUMENTATION AS WELL AS A SERIES OF QUESTION AND ANSWER SESSIONS WITH PERTINENT STAFF. ALSO PRIOR TO FILING, THE FORMS ARE INSPECTED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CODE OF ETHICS POLICY INCLUDES ITS POSITION ON CONFLICTS OF INTEREST. THE CODE OF ETHICS POLICY IS REQUIRED TO BE SIGNED BY EACH EMPLOYEE DURING THE NEW EMPLOYEE ORIENTATION AND ANNUALLY THEREAFTER. THIS POLICY REQUIRES EMPLOYEES TO DOCUMENT IN WRITING ANY POTENTIAL CONFLICT OF INTEREST. THE ORGANIZATION'S VICE PRESIDENT OF INTERNAL AUDIT MAINTAINS THE RESPECTIVE WRITTEN DISCLOSURES AND IS RESPONSIBLE FOR THE ONGOING MONITORING AND ENFORCEMENT OF THIS PROCESS. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ENGAGES A COMPENSATION CONSULTANT TO REVIEW ALL JOBS WITHIN THE ORGANIZATION. THE PROCESS IS DONE ON A STAGGERED BASIS WITH SENIOR MANAGEMENT, MANAGEMENT, AND WEEKLY POSITIONS REVIEWED EVERY 3-5 YEARS. IF A QUESTION ARISES REGARDING A PARTICULAR POSITION, THE CONSULTANT PROVIDES INDUSTRY AND REGIONAL INFORMATION REGARDING SUCH POSITIONS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S CHIEF FINANCIAL OFFICER WILL PROVIDE SUCH DOCUMENTS FOR PUBLIC INSPECTION AT ITS CORPORATE HEADQUARTERS LOCATED AT 5401 W. DIRKSEN PKWY, PEORIA, IL 61607. FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES OTHER THAN NET PERIODIC PENSION COSTS -6,688,769. CECL ADOPTION -21,268,838. FORM 990, PART XII, LINE 2C THERE HAS BEEN NO CHANGE IN THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDITED FINANCIAL STATEMENTS FOR THE CONSOLIDATED ENTITY. OVERSIGHT IS PERFORMED BY THE SUPERVISORY COMMITTEE. CEFCU FINANCIAL SERVICES INC 5401 DIRKSEN PARKWAY PEORIA IL 61607 371172505 INSURANCE IL N/A C 904462 5722793 1.00000 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 CEFCU FINANCIAL SERVICES INC A 2021 ACTUAL CEFCU FINANCIAL SERVICES INC O 177011 ACTUAL CEFCU FINANCIAL SERVICES INC Q 177011 ACTUAL