2024-05-06T17:35:42-07:00 2023-12-31 990 2023-01-01 361120219 GAS & ELECTRIC CREDIT UNION GAS& 3097933610 2300 4th Avenue Rock Island IL 612018938 Daryl Empen President 3097933610 2024-05-06 Daryl Empen 999009999 1 1 11 0 AAL2 2023 2023-04-26 12:10:37Z Daryl E Empen 2300 4th Avenue Rock Island IL 61201 6214178 0 X www.gaselectriccu.com X Cooperative 1935 IL To encourage thrift among our members, to create a source of credit at a reasonable rate of interest, and to provide the opportunity for our members to use and control their own money in order to improve their economic and social conditions. 12 11 19 11 0 0 0 0 3965443 4743091 -48972 881577 0 0 3916471 5624668 0 0 0 0 1240519 1513643 0 0 0 2483558 3465716 3724077 4979359 192394 645309 116715912 116458923 108693300 107562803 8022612 8896120 To encourage thrift among our members to create a source of credit at a reasonable rate of interest and to provide the opportunity for our members to use and control their own money in order to improve their economic and social conditions 0 0 We provided auto loans to 485 members to purchase a new or used vehicle We provided checking accounts to 3875 members We provided mortgage loans or advances to 85 members 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2911 0 1 19 1 0 0 0 0 0 0 0 0 X 12 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 1 1 1 0 0 X DARYL E EMPEN 3097933610 2300 4th Avenue Rock Island IL 612018938 Daryl E Empen President and Treasurer 45 0 X X X X 178684 0 0 Brian Beverlin Vice President 40 0 X X 126446 0 0 Thomas A Pearson Director 1 0 X 0 0 0 Karen K Thode Director 1 0 X 0 0 0 Joel Vastine Secretary 1 0 X X 0 0 0 Joel Thompson Director 1 0 X 0 0 0 Mike Smith Director 1 0 X 0 0 0 Darron Niles Vice Chairperson 2 0 X X 0 0 0 Corbyn Beck Chairperson 2 0 X X 0 0 0 Diana Contreras Director 1 0 X 0 0 0 Pam Galvin Director 1 0 X 0 0 0 Jeff Condit Director 1 0 X 0 0 0 Nick Thompson Director 1 0 X 0 0 0 305130 0 0 2 0 1 0 0 Interest on Loans to Members 522130 3761974 3761974 0 0 Credit and Debit Card Interchange 522130 576852 576852 0 0 ATM Fees 522130 38516 38516 0 0 Loan and Mortgage Fee Income 522130 180487 180487 0 0 Overdraft and Checking Fee Income 522130 122924 122924 0 0 62338 62338 0 0 4743091 920907 920907 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 550180 0 589510 0 -39330 0 -39330 -39330 0 0 0 5624668 5624668 0 0 0 0 0 0 305130 0 805686 141598 90503 170726 1515 38915 0 0 12626 0 92257 347840 162961 0 99581 0 0 45567 10933 0 162704 61891 Dividends on Shares 1464488 Credit Loss Expense 155809 ATM and Debit Card Program Expense 294870 Credit Card Program Expense 272171 241588 4979359 0 0 0 889868 811364 16504025 12039132 60267 43134 73285597 77220097 1660137 1417675 3765835 1758797 2073703 2007038 20485072 21079876 445060 460060 1312183 1380547 116715912 116458923 1757321 1221095 0 47363 98871 106888616 106242837 108693300 107562803 X 0 0 0 0 8022612 8896120 8022612 8896120 116715912 116458923 X 645309 593797 0 0 0 -365598 X 1 X 1 X 1 0 2500 0 0 2500 2500 1 Credit Union Political Action Council 1807 W Diehl Road PO Box 3107 Naperville IL 60566 363092340 2500 0 Schedule C, Part I-A, Line 1 The organization's only political activity is the contribution to Credit Union Political Action Council that is reported in Parts 1-A and 1-C of this Schedule C. 0 149500 149500 0 2775283 1044147 1731136 0 0 0 0 0 841052 714650 126402 0 0 0 0 2007038 13832 Members Shares 106229005 106242837 X X X 0 0 0 Daryl E Empen President and Treasurer 170646 0 8038 0 0 0 0 0 46152 0 224836 0 0 0 Schedule J, Part I, Line 3 The personnel committee and Chairman of the Board of Directors, who act as unpaid volunteers, review the President's performance based on pre-established criteria and goals. They refer to industry salary and benefits surveys to ensure his salary is in line with peers and also decide on any bonuses or goals reached. Form 990, Part VI, Section A, Line 6 As of December 31, 2023, we had 5701 members with at least one share in the credit union. Form 990, Part VI, Section A, Line 7a All Directors serve a one year term and are elected in person or by proxy at our annual meeting held in March Form 990, Part VI, Section A, Line 7b Directors are elected annually by the membership and certain bylaw changes and any decision to merge into another credit union must be approved by the membership. Form 990, Part VI, Section B, Line 11b The President is responsible for the filing of the Form 990 in a timely and accurate manner. He prepared the return based on year-end financial statements and other records of the credit union. Form 990, Part VI, Section B, Line 15 The personnel committee and Chairman of the Board of Directors, who act as unpaid volunteers, review the President's performance based on pre-established criteria and goals. They refer to industry salary and benefits surveys to ensure his salary is in line with peers and also decide on any bonuses or goals reached. The President reviews other officers' salaries using industry salary surveys and has the authority to increase their salaries with the approval of the Personnel Committee. Form 990, Part VI, Section C, Line 19 Monthly financial statements are available to any member upon request. Our year-end financial statements are available upon request and a summary financial report is printed in our annual report and presented to the membership at our annual meeting in March and is in the lobby at all times. Our bylaws and articles of incorporation would also be made available upon request to all members. Form 990, Part XI, Line 9 We have a defined benefit pension plan and had a net loss in our Other Comprehensive Income related to this plan of $233,678 for the year, bringing the Total Other Comprehensive Income balance to -$1,185,705. We also made a one-time adjustment to undivided earnings of $131,920 to increase our allowance for loan losses as part of the implementation of the Current Expected Credit Loss (CECL) regulation, which took effective November 1, 2023 for our credit union.