Civic Intelligence

Sourceone Credit Union

990 • Fiscal year 2019 • EIN 36-1661895

Jan 01, 2019 to Dec 31, 2019 • Filed on May 22, 2020

Organization Profilewww.source1cu.com
401 S LaSalle Street No 410Chicago, IL 60605

(312) 922-0495

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$10,979,452

Down $348,529 (-3.1%) from 2018

Net Assets

Down

$1,483,821

Down $96,290 (-6.1%) from 2018

Liabilities

Down

$9,495,631

Down $252,239 (-2.6%) from 2018

Revenue And Expenses

Revenue

Up

$327,372

Up $1,548 (+0.5%) from 2018

Expenses

Up

$423,662

Up $48,207 (+13%) from 2018

Net Income

Down

-$96,290

Down $46,659 (-94%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2010: $13,760,362Liabilities 2010: $11,578,168Net Assets 2010: $2,182,1942010Assets 2011: $12,843,506Liabilities 2011: $10,787,029Net Assets 2011: $2,056,4772011Assets 2012: $12,823,732Liabilities 2012: $10,839,704Net Assets 2012: $1,984,0282012Assets 2013: $12,102,522Liabilities 2013: $10,230,771Net Assets 2013: $1,871,7512013Assets 2014: $12,589,423Liabilities 2014: $10,785,897Net Assets 2014: $1,803,5262014Assets 2015: $12,431,912Liabilities 2015: $10,699,891Net Assets 2015: $1,732,0212015Assets 2016: $11,979,480Liabilities 2016: $10,309,981Net Assets 2016: $1,669,4992016Assets 2017: $11,615,754Liabilities 2017: $9,986,012Net Assets 2017: $1,629,7422017Assets 2018: $11,327,981Liabilities 2018: $9,747,870Net Assets 2018: $1,580,1112018Assets 2019: $10,979,452Liabilities 2019: $9,495,631Net Assets 2019: $1,483,8212019Assets 2020: $11,313,134Liabilities 2020: $9,928,613Net Assets 2020: $1,384,5212020Assets 2021: $11,492,020Liabilities 2021: $10,042,212Net Assets 2021: $1,449,8082021Assets 2022: $0Liabilities 2022: $0Net Assets 2022: $02022

Highlighted filing

2019

Assets$10,979,452
Liabilities$9,495,631
Net Assets$1,483,821
Open 2019 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $576,5992010Expenses 2011: $493,7342011Expenses 2012: $395,2952012Revenue 2013: $295,073Expenses 2013: $407,350Net Income 2013: -$112,2772013Revenue 2014: $270,832Expenses 2014: $339,056Net Income 2014: -$68,2242014Revenue 2015: $290,676Expenses 2015: $362,181Net Income 2015: -$71,5052015Revenue 2016: $299,672Expenses 2016: $362,194Net Income 2016: -$62,5222016Revenue 2017: $304,451Expenses 2017: $344,208Net Income 2017: -$39,7572017Revenue 2018: $325,824Expenses 2018: $375,455Net Income 2018: -$49,6312018Revenue 2019: $327,372Expenses 2019: $423,662Net Income 2019: -$96,2902019Revenue 2020: $306,068Expenses 2020: $405,368Net Income 2020: -$99,3002020Revenue 2021: $369,640Expenses 2021: $304,353Net Income 2021: $65,2872021Revenue 2022: $119,942Expenses 2022: $420,579Net Income 2022: -$300,6372022

Highlighted filing

2019

Revenue$327,372
Expenses$423,662
Net Income-$96,290
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 22, 2020
Return Version
2019v5.1
Gross Receipts
$327,372
Mission and Program Overview

Mission

Illinois state chartered credit union operated for the mutual benefit of its members. The Credit Union makes loans to members and pays dividends to members with share deposits at a competetive rate of interest.

Illinois state chartered credit union operated for the mutual benefit of its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$9,257,000$8,661,000▼ $596,000
Other Notes and Loans Receivable, Net$1,673,910$1,891,791▲ $217,881
Rtn Earn Endowment Incm Other Fnds$1,580,111$1,483,821▼ $96,290
Cash and Non-Interest-Bearing Accounts$240,859$303,635▲ $62,776
Prepaid Expenses and Deferred Charges$30,050$4,822▼ $25,228
Savings and Temporary Cash Investments$3,175$3,175→ $0
Investments Other Securities$2,000$2,000→ $0
Land, Buildings, and Equipment, Net$1,294$709▼ $585
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$11,327,981$10,979,452▼ $348,529
Other Assets Total$119,693$112,320▼ $7,373
Liabilities
Other Liabilities$9,740,197$9,485,974▼ $254,223
Accounts Payable and Accrued Expenses$7,673$9,657▲ $1,984
Total Liabilities$9,747,870$9,495,631▼ $252,239
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,580,111$1,483,821▼ $96,290
Total Liabilities and Net Assets / Fund Balance$11,327,981$10,979,452▼ $348,529

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$709$14,866$15,575
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dave CogozzoPresident/TreasurerFT$72,978$6,813$79,791
Tim WhiteDirector-$12,000-$12,000

Board Members and Trustees

NameTitle
Gregory MackChairman
Adrienne DempseyDirector
Dian KerrillDirector
Joan JeskeDirector
Joshua BeyneDirector
Michael CogozzoDirector
Michael ThomkaDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$162,331
Investment Income
$165,041
Other Revenue
$0
Change in Net Assets
$-96,290
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$230,174
Salaries, Compensation, and Employee Benefits$193,488
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$91,791
Other Salaries and Wages---$84,776
Office Expenses---$57,469
Occupancy---$54,513
Payroll Taxes---$12,303
All Other Expenses---$12,048
Other Expenses---$11,447
Information Technology---$9,946
Fees for Services Accounting---$8,500
Insurance---$6,772
Conferences and Meetings---$4,808
Other Employee Benefits---$4,618
Depreciation Depletion---$974
Fees for Services Other---$353
Travel---$27
Interest---$16
Total Functional Expenses$0$0$0$423,662
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Prime Shares$8,360,267
Share Drafts$409,264
Christmas Club$371,331
Primary Certificate of Deposit$275,386
Subsdiary Shares$64,649
Roth IRA$5,077
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 2

“Board member, Michael Cogozzo and the CEO are father and son.”

Form 990, Part VI, Section A, line 6

“Membership consists of individuals with funds on deposit with the Credit Union.”

Form 990, Part VI, Section A, line 7A

“Members participate in the annual election of the Board of Directors.”

Form 990, Part VI, Section A, line 8B

“The supervisory committee reports to the Board of Directors at the monthly board meetings and any actions or discussions are recorded as part of the board meeting minutes.”

Form 990, Part VI, Section B, line 11B

“The President reviews the 990 prior to filing and it is available for other Board Members upon request.”

Form 990, Part VI, Section C, line 19

“Governing documents and financial statement are available upon request.”

Filing and Contact Details

Filer

Filer Name
SourceOne Credit Union
EIN
36-1661895
Phone
3129220495
Address
401 S LaSalle Street No 410, Chicago, IL 60605

Signing Officer

Name
Dave Cogozzo
Title
President
Phone
3129220495
Signed
2020-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dave Cogozzo
Formed
1935
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
7
Employees
5
Volunteers
8

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S western Avenue, Chicago, IL 60643
Preparer
David J Rambo CPA
Phone
7737794720
Supplemental Narrative

Additional Explanations

Form 990, Part IV, Page 3, #12

“The statement of financial condition of SourceOne Credit Union as of March 31, 2019 and the related statements of income, members' equity and cash flows for the year then ended were audited in accordance with auditing standards generally accepted in the United States of America. The FIN 48 Statement included in the March 31, 2019 Audited Financial Statements is as follows. SourceOne Credit Union was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code Section 501(c)(14). The tax exempt purpose of the Credit Union and the nature in which it operates is described above. Management believes the Credit Union continues to operate in compliance with its tax exempt purpose. The Credit Union had no unrelated business income for the year ending March 31, 2019 and 2018 that management believes is subject to taxation. The Credit Union's 2015 through 2018 annual information returns filed with the Internal Revenue Service are open to examination.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board member, Michael Cogozzo and the CEO are father and son.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Members participate in the annual election of the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The supervisory committee reports to the Board of Directors at the monthly board meetings and any actions or discussions are recorded as part of the board meeting minutes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The President reviews the 990 prior to filing and it is available for other Board Members upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Governing documents and financial statement are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The statement of financial condition of SourceOne Credit Union as of March 31, 2019 and the related statements of income, members' equity and cash flows for the year then ended were audited in accordance with auditing standards generally accepted in the United States of America. The FIN 48 Statement included in the March 31, 2019 Audited Financial Statements is as follows. SourceOne Credit Union was granted an exemption from federal income taxes by the Internal Revenue Service pursuant to the provisions of Internal Revenue Code Section 501(c)(14). The tax exempt purpose of the Credit Union and the nature in which it operates is described above. Management believes the Credit Union continues to operate in compliance with its tax exempt purpose. The Credit Union had no unrelated business income for the year ending March 31, 2019 and 2018 that management believes is subject to taxation. The Credit Union's 2015 through 2018 annual information returns filed with the Internal Revenue Service are open to examination.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section A, line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IV, Page 3, #12
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt011327981
IRS990/TotalAssetsEOYAmt010979452
IRS990/TotalAssetsGrp/BOYAmt011327981
IRS990/TotalAssetsGrp/EOYAmt010979452
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/TotalAmt0423662
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09747870
IRS990/TotalLiabilitiesEOYAmt09495631
IRS990/TotalLiabilitiesGrp/BOYAmt09747870
IRS990/TotalLiabilitiesGrp/EOYAmt09495631
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01580111
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01483821
IRS990/TotalOtherCompensationAmt06813
IRS990/TotalProgramServiceRevenueAmt0162331
IRS990/TotalReportableCompFromOrgAmt084978
IRS990/TotalRevenueGrp/ExclusionAmt0165041
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0162331
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0327372
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011327981
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010979452
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt027
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0401 S LaSalle Street No 410
IRS990/USAddress/CityNm0Chicago
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060605
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.source1cu.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Dave Cogozzo
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum03129220495
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SourceOne Credit Union
ReturnHeader/Filer/BusinessNameControlTxt0SOUR
ReturnHeader/Filer/EIN0361661895
ReturnHeader/Filer/PhoneNum03129220495
ReturnHeader/Filer/USAddress/AddressLine1Txt0401 S LaSalle Street No 410
ReturnHeader/Filer/USAddress/CityNm0Chicago
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060605
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId034045DEDB122D6F5D579345BE5802519F948FBCC
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt076.227.10.84
ReturnHeader/FilingSecurityInformation/IPDt02020-05-22
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm013:14:03
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0363321958
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Desmond & Ahern Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt010827 S western Avenue
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Chicago
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060643
ReturnHeader/PreparerPersonGrp/PhoneNum07737794720
ReturnHeader/PreparerPersonGrp/PreparationDt02020-05-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0David J Rambo CPA
ReturnHeader/ReturnTs02020-05-22T13:15:29-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,979,452
Liabilities
$9,495,631
Net assets
$1,483,821
Revenue
$327,372
Expenses
$423,662
Net income
-$96,290
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.12$0.42$0.30
2021Detailed filing. Detailed filing data is available for this year.$11.5$10.0$1.45$0.37$0.30$0.07
2020Detailed filing. Detailed filing data is available for this year.$11.3$9.93$1.38$0.31$0.41$0.10
2019Detailed filing. Detailed filing data is available for this year.$11.0$9.50$1.48$0.33$0.42$0.10
2018Detailed filing. Detailed filing data is available for this year.$11.3$9.75$1.58$0.33$0.38$0.05
2017Detailed filing. Detailed filing data is available for this year.$11.6$9.99$1.63$0.30$0.34$0.04
2016Detailed filing. Detailed filing data is available for this year.$12.0$10.3$1.67$0.30$0.36$0.06
2015Detailed filing. Detailed filing data is available for this year.$12.4$10.7$1.73$0.29$0.36$0.07
2014Detailed filing. Detailed filing data is available for this year.$12.6$10.8$1.80$0.27$0.34$0.07
2013Detailed filing. Detailed filing data is available for this year.$12.1$10.2$1.87$0.30$0.41$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.8$10.8$1.98$0.40
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.8$10.8$2.06$0.49
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.8$11.6$2.18$0.58