Nonprofit · EIN 36-2424927
COMMONWEALTH CREDIT UNION
Tax-exempt · BOURBONNAIS, IL 60914
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $6,098,582 | $4,545,610 | $1,552,972 | $117,962,916 | $102,162,853 | $15,800,063 |
| December 31, 2024 | 990 | $5,885,489 | $4,576,283 | $1,309,206 | $118,326,005 | $104,120,271 | $14,205,734 |
| December 31, 2023 | 990 | $5,142,679 | $4,053,135 | $1,089,544 | $116,608,531 | $103,810,410 | $12,798,121 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $5,057,025
- Investment income
- $1,041,557
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $424,951
- Other salaries and wages
- $973,288
- Salaries, compensation and benefits (total)
- $1,761,133
- Professional fundraising fees
- $0
- Accounting fees
- $76,000
- Occupancy
- $127,896
- Depreciation
- $43,783
Balance sheet and other
- Total assets, start of year
- $118,326,005
- Total assets, end of year
- $117,962,916
- Total liabilities, end of year
- $102,162,853
- Net assets, end of year
- $15,800,063
- Land, buildings and equipment
- $1,414,531
- Publicly traded securities
- $2,250,000
- Gross receipts
- $6,098,582
- Employees
- 31
- Year formed
- 1951
- State of legal domicile
- IL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RAEANN LOVE | PRESIDENT/CE Officer | 40 | $244,138 |
| TODD MEIER | VP OF LENDIN Key employee | 40 | $180,813 |
| KENNETH TOUSIGNANT | CHAIRPERSON Trustee or director, Officer | – | $0 |
| BETTY DRECHSEL | SECRETARY Trustee or director, Officer | – | $0 |
| H RALPH MARQUIS | DIRECTOR Trustee or director | – | $0 |
| CARL CAVITT | DIRECTOR Trustee or director | – | $0 |
| CHERYL O'BRIEN | VICE CHAIR Trustee or director, Officer | – | $0 |
990 for the year ended December 31, 2024: 8 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| RAEANN LOVE | PRESIDENT/CE Officer | 40 | $192,441 |
| TODD MEIER | VP OF LENDIN Highest-paid employee | 40 | $155,827 |
| CARL CAVITT | DIRECTOR Trustee or director | – | $0 |
| BETTY DRECHSEL | SECRETARY Trustee or director, Officer | – | $0 |
| JOHN BRACK JR | VICE CHAIRPE Trustee or director, Officer | – | $0 |
| H RALPH MARQUIS | DIRECTOR Trustee or director | – | $0 |
| CHERYL O'BRIEN | DIRECTOR Trustee or director | – | $0 |
| KENNETH TOUSIGNANT | CHAIRPERSON Trustee or director, Officer | – | $0 |
990 for the year ended December 31, 2023: 8 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| TODD MEIER | VP OF LENDIN Highest-paid employee | 40 | $149,483 |
| RAEANN LOVE | PRESIDENT/CE Officer | 40 | $147,642 |
| CARL CAVITT | DIRECTOR Trustee or director | – | $0 |
| BETTY DRECHSEL | SECRETARY Trustee or director, Officer | – | $0 |
| JOHN BRACK JR | VICE CHAIRPE Trustee or director, Officer | – | $0 |
| H RALPH MARQUIS | DIRECTOR Trustee or director | – | $0 |
| CHERYL O'BRIEN | DIRECTOR Trustee or director | – | $0 |
| KENNETH TOUSIGNANT | CHAIRPERSON Trustee or director, Officer | – | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 380, BOURBONNAIS, IL 60914-0380
- Principal officer (990 for 2025)
- RAEANN LOVE, 563 WM LATHAM, BOURBONNAIS, IL 60914
- Signed the 990
- RAEANN LOVE, PRESIDENT/CEO/TREAS
- Phone
- (815) 937-7447
- Website
- HTTP://CWCU.COM
- Return prepared by
- SKDO PC
Mission
COMMONWEALTH CREDIT UNION, BUILDING LIFELONG RELATIONSHIPS ONE MEMBER AT A TIME.
Program accomplishments
- COMMONWEALTH CREDIT UNION SERVES MEMBERS IN KANKAKEE, FORD, IROQUOIS, GRUNDY, KENDELL, LIVINGSTON AND WILL COUNTIES IN ILLINOIS BY PROVIDING LOW COST FINANCIAL SERVICES.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 36-2424927
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1951
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $117,962,916
- Income (IRS master file)
- $6,098,582
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $6,098,582 | $4,545,610 | $117,962,916 | IRS |
| 990 | December 2024 | $5,885,489 | $4,576,283 | $118,326,005 | IRS |
| 990 | December 2023 | $5,142,679 | $4,053,135 | $116,608,531 | XML |
| 990 | December 2022 | $4,135,024 | $3,437,216 | $118,201,063 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 36-2424927).
Questions about COMMONWEALTH CREDIT UNION
- What is the EIN of COMMONWEALTH CREDIT UNION?
- The employer identification number (EIN) of COMMONWEALTH CREDIT UNION is 36-2424927.
- Is COMMONWEALTH CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1951.
- Are donations to COMMONWEALTH CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does COMMONWEALTH CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of COMMONWEALTH CREDIT UNION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did COMMONWEALTH CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of COMMONWEALTH CREDIT UNION?
- The 990 for the year ended December 31, 2025 names RAEANN LOVE.
- Who are the officers and directors of COMMONWEALTH CREDIT UNION?
- The 990 for the year ended December 31, 2025 lists 7 people; 2 received compensation from the organization, the highest $244,138 (RAEANN LOVE, PRESIDENT/CE).
- How much revenue does COMMONWEALTH CREDIT UNION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $6,098,582, expenses of $4,545,610 and total assets of $117,962,916 at year end.
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