2024-11-14T12:18:23-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 360760135 CORPORATE AMERICA FAMILY CREDIT UNION CORP 8003591939 2075 BIG TIMBER RD ELGIN IL 601231140 DAN KADOLPH CHIEF FINANCIAL OFFICER 8003591939 2024-11-14 1 1 JENIFER L CHASE P01306883 5638884000 2024-11-14 2023 2024-10-15 13:58:12Z STEFANIE RUPERT 2075 BIG TIMBER RD ELGIN IL 601231140 47221401 0 X WWW.CAFCU.ORG X 1939 IL CORPORATE AMERICA FAMILY CREDIT UNION IS A NOT-FOR-PROFIT, MEMBER-OWNED AND DIRECTED FINANCIAL COOPERATIVE DEDICATED TO BEING THE PRIMARY FINANCIAL INSTITUTION FOR ITS MEMBERS. 9 8 281 9 0 0 0 0 33441082 37972789 6240117 8540460 83965 2208 39765164 46515457 0 0 0 0 18789618 19346682 0 0 0 17834068 25888923 36623686 45235605 3141478 1279852 839530698 859903914 749049787 765225143 90480911 94678771 CORPORATE AMERICA FAMILY CREDIT UNION IS A NOT-FOR-PROFIT, MEMBER-OWNED AND DIRECTED FINANCIAL COOPERATIVE DEDICATED TO BEING THE PRIMARY FINANCIAL INSTITUTION FOR ITS MEMBERS. 0 0 RECEIVED DEPOSITS FROM 68,212 MEMBERS: CORPORATE AMERICA FAMILY CREDIT UNION (THE CREDIT UNION) PROVIDES SAVINGS PRODUCTS TO MEMBERS AT VERY COMPETITIVE RATES INCLUDING REGULAR SHARES, MONEY MARKETS, CERTIFICATES OF DEPOSIT AND IRA PRODUCTS. THE CREDIT UNION ALSO PROVIDES A VARIETY OF CHECKING ACCOUNTS INCLUDING A TRADITIONAL CHECKING ACCOUNT THAT IS FREE TO OUR MEMBERS. PROVIDED CONSUMER LOANS TO 5,169 MEMBERS: THE TYPES OF CONSUMER LOANS PROVIDED TO THE MEMBERSHIP INCLUDE AUTO LOANS, PERSONAL LOANS AND CREDIT CARDS. CONSUMER LOANS ARE OFFERED AT COMPETITIVE RATES. PROVIDED FIRST MORTGAGE AND HOME EQUITY LOANS TO 275 MEMBERS: THE TYPES OF FIRST MORTGAGE LOANS OFFERED ARE FIXED RATE AND VARIABLE RATE LOANS. THE HOME EQUITY LOANS ARE ALSO EITHER FIXED RATE OR VARIABLE LINES OF CREDIT. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 1 11044 0 1 281 1 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 X DAN KADOLPH 8003591939 2075 BIG TIMBER RD ELGIN IL 601231140 PETER PAULSON PRESIDENT/CEO 40.00 X X 1258969 0 91017 ELLEN MEEHAN FORMER SVP - LENDING 40.00 X 224734 0 47923 ANDREW BOWEN SVP & CHIEF INFORMATION OFFICER 40.00 X 198637 0 56620 DAN KADOLPH SVP & CHIEF FINANCIAL OFFICER 40.00 X 234538 0 7053 CAROL HOEM FORMER SVP - MEMBERSHIP DEVELOPMENT 40.00 X 191237 0 43650 MATTHEW HELMS SVP - OPERATIONS 40.00 X 174855 0 43407 JOSEPH SHULTZ VP - COMMERCIAL LENDING 40.00 X 157354 0 32716 STEVEN OLSON VP - COMMERCIAL SERVICES 40.00 X 162427 0 26271 LAURA KIRILUK VP - BRANCH OPERATIONS 40.00 X 148350 0 31777 FAITH MYERS VP - LENDING 40.00 X 156114 0 22526 KATHLEEN CROUSE AVP - INFORMATION TECHNOLOGY 40.00 X 124459 0 23249 JOHN BLOZIS TREASURER 1.00 X X 0 0 0 GLENN BROWN VICE CHAIR 1.00 X X 0 0 0 JEFF GOTT DIRECTOR 1.00 X 0 0 0 TIFFANY JORDAN DIRECTOR 1.00 X 0 0 0 COSTANZO MASTRANZI FORMER CHAIR 1.00 X X 0 0 0 KENNETH NAATZ SECRETARY 1.00 X X 0 0 0 THOMAS RIECK CHAIR 1.00 X X 0 0 0 THOMAS SHEPPARD DIRECTOR 1.00 X 0 0 0 PAT TOLLEFSON DIRECTOR 1.00 X 0 0 0 3031674 0 426209 18 0 1 0 WORLDGATE CENTRE OWNER LLC PO BOX 200485 PITTSBURGH PA 15250 REAL ESTATE RENTAL 125182 MICHAEL WALLER 2602 AZALEA DR GREENSBORO NC 27407 REAL ESTATE RENTAL 123800 HEIDNER PROPERTY MANAGEMENT 5277 TRILLIUM BLVD HOFFMAN ESTATES IL 60192 REAL ESTATE RENTAL 120000 TRUNKETT AND TRUNKETT PC 20 N WACKER DR SUITE 1434 CHICAGO IL 60606 LEGAL 112268 2350 MISSION BUILDING LLC 475 ALBERTO WAY 150 LOS GATOS CA 95032 REAL ESTATE RENTAL 104242 6 LOAN INCOME 522130 29377334 29377334 FEE INCOME 522130 7453847 7453847 OTHER OPERATING REVENUE 522130 1141608 1141608 37972789 8603747 8603747 642657 705944 -63287 -63287 -63287 SALLIE MAE REFERRALS 900099 2208 2208 2208 46515457 37974997 0 8540460 2572640 69680 11169459 1070988 3352859 1111056 49253 105000 263844 263933 1891600 2987983 1447442 125523 237951 8613304 497845 77405 DIVIDENDS PAID TO MEMBE 3770009 PROVISION FOR LOAN LOSS 2130157 CREDIT CARD EXPENSES 1213778 CHECKING EXPENSE 731746 1482150 45235605 2266829 2340354 17746380 20539956 574563531 612257317 1307650 1316410 21459147 16665175 4967581 4793972 19768984 21495727 203495876 180159689 6749807 6652842 8664060 10347647 839530698 859903914 6769782 5789481 847090 788259 70101038 167000000 2616000 0 668715877 591647403 749049787 765225143 X 0 0 0 0 90480911 94678771 90480911 94678771 839530698 859903914 X 1279852 4935560 -2017552 X X 0 0 0 15000 15000 15000 1 CREDIT UNION POLITICAL ACTION COUNCIL 1807 WEST DIEHL RD NAPERVILLE IL 605667107 363092340 15000 0 PART I-A, LINE 1: CORPORATE AMERICA FAMILY CREDIT UNION CONTRIBUTES TO THE CREDIT UNION POLITICAL ACTION COUNCIL AND THE FEDERAL PAC OF THE CREDIT UNION NATIONAL ASSOCIATION (CUNA), IN SUPPORT OF THE CREDIT UNION MOVEMENT. 0 1 X 1215974 1215974 4422341 2401748 2020593 5127523 4604825 522698 6978795 6398915 579880 3714514 3259687 454827 4793972 8550000 C US GOVT AND US GOVT AGENCY BONDS 134870089 F CERTIFICATES OF DEPOSIT 15934000 F BANK OWNED LIFE INSURANCE 12468214 C NCUSIF DEPOSIT 5593398 C CORPORATE CREDIT UNION CAPITAL 2743988 C 180159689 MEMBER SHARES 591647403 591647403 PART IV, LINE 2B: CORPORATE AMERICA FAMILY CREDIT UNION HAS ESCROW ACCOUNTS TO PAY FOR REAL ESTATE TAXES AND HOMEOWNERS' INSURANCE ON BEHALF OF ITS MEMBERS. X X 0 1 0 PETER PAULSON PRESIDENT/CEO 453045 0 0 0 805924 0 53875 0 37142 0 1349986 0 172175 0 ELLEN MEEHAN FORMER SVP - LENDING 224734 0 0 0 0 0 20203 0 27720 0 272657 0 0 0 ANDREW BOWEN SVP & CHIEF INFORMATION OFFICER 198637 0 0 0 0 0 16771 0 39849 0 255257 0 0 0 DAN KADOLPH SVP & CHIEF FINANCIAL OFFICER 234538 0 0 0 0 0 6224 0 829 0 241591 0 0 0 CAROL HOEM FORMER SVP - MEMBERSHIP DEVELOPMENT 191237 0 0 0 0 0 16945 0 26705 0 234887 0 0 0 MATTHEW HELMS SVP - OPERATIONS 174855 0 0 0 0 0 15825 0 27582 0 218262 0 0 0 JOSEPH SHULTZ VP - COMMERCIAL LENDING 157354 0 0 0 0 0 14655 0 18061 0 190070 0 0 0 STEVEN OLSON VP - COMMERCIAL SERVICES 162427 0 0 0 0 0 12883 0 13388 0 188698 0 0 0 LAURA KIRILUK VP - BRANCH OPERATIONS 148350 0 0 0 0 0 13616 0 18161 0 180127 0 0 0 FAITH MYERS VP - LENDING 156114 0 0 0 0 0 13847 0 8679 0 178640 0 0 0 PART I, LINE 4B PETER PAULSON, PRESIDENT/CEO, PARTICIPATED IN A NON-QUALIFIED 457(F) SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2023. THERE WERE NO DEFINED BENEFIT ACCRUALS INTO THE PLAN IN 2023. THE TOTAL 2023 DISTRIBUTIONS FROM THE PLAN TO THE INDIVIDUAL IN THE AMOUNT OF $805,924 IS REPORTED AS REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. NAN YOUNG FAMILY MEMBER OF CAROL HOEM 69680 COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 6 CORPORATE AMERICA FAMILY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A CORPORATE AMERICA FAMILY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF CORPORATE AMERICA FAMILY CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B CORPORATE AMERICA FAMILY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD MEMBERS WERE PROVIDED WITH A COPY OF THE FORM 990 VIA THE BOARD INTRANET WITH TIME TO REVIEW AND COMMENT PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CORPORATE AMERICA FAMILY CREDIT UNION HAS A CODE OF PROFESSIONAL STANDARDS, WHICH INCLUDES A SECTION ON AVOIDING CONFLICTS OF INTEREST. THE POLICY IS DISTRIBUTED ANNUALLY AND ALL STAFF AND BOARD MEMBERS ARE REQUIRED TO ACKNOWLEDGE THE CODE. THE CODE ALSO EXPLAINS WHO TO CONTACT IN SUCH A SITUATION. SELF REPORTING IS EXPECTED. ALL SUBMITTED INFORMATION IS THOROUGHLY INVESTIGATED BY HUMAN RESOURCES. THE HUMAN RESOURCES DEPARTMENT ALSO MONITORS FOR CONFLICTS ON AN ONGOING BASIS. CORPORATE AMERICA FAMILY CREDIT UNION TAKES SERIOUSLY THE STANDARDS SET FORTH IN THE CODE, AND VIOLATIONS ARE CAUSE FOR DISCIPLINARY ACTION UP TO AND INCLUDING TERMINATION OF EMPLOYMENT. VIOLATIONS BY THE BOARD OF DIRECTORS SHOULD BE REFERRED TO THE CHAIRMAN AND/OR SUPERVISORY COMMITTEE FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 15A A SALARY SURVEY IS PREPARED ANNUALLY BY THE HUMAN RESOURCES DEPARTMENT. INFORMATION IS GATHERED FROM INDEPENDENT SOURCES AND IMPACTS ALL POSITIONS IN THE ORGANIZATION. EXECUTIVE MANAGEMENT MEETS WITH HUMAN RESOURCES TO REVIEW GRADE LEVELS AND PAY RANGES FOR ALL EMPLOYEES. THE CHAIRPERSON REVIEWS THE SALARY SURVEY PRIOR TO RECOMMENDING THE PRESIDENT/CHIEF EXECUTIVE OFFICER'S SALARY. THE PRESIDENT/CHIEF EXECUTIVE OFFICER'S SALARY IS SUBJECT TO BOARD APPROVAL. KEY EMPLOYEE COMPENSATION, OTHER THAN THE CHIEF EXECUTIVE OFFICER, IS NOT SUBJECT TO BOARD APPROVAL AND IS APPROVED BY THE CHIEF EXECUTIVE OFFICER. THE OCCURRENCE OF THIS PROCESS IS CONTEMPORANEOUSLY DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS LAST OCCURRED IN FEBRUARY 2023. FORM 990, PART VI, SECTION C, LINE 19 CORPORATE AMERICA FAMILY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN NET ASSETS OF WHOLLY OWNED SUBSIDIARY 2,448. CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -2,020,000. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED ON A CONSOLIDATED BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF MARCH 31ST, WHILE THE ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST. CORPORATE AMERICA FINANCIAL SERVICES INC 2075 BIG TIMBER ROAD ELGIN IL 601231140 364108945 INSURANCE/NONMEMBER ACTIVITY IL CORPORATE AMERICA FAMILY CREDIT UNION C 2448 447617 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 CORPORATE AMERICA FINANCIAL SERVICES INC O 115457 FAIR MARKET VALUE CORPORATE AMERICA FINANCIAL SERVICES INC Q 57468 FAIR MARKET VALUE CORPORATE AMERICA FINANCIAL SERVICES INC R 175372 FAIR MARKET VALUE