Civic Intelligence

Sourceone Credit Union

990 • Fiscal year 2021 • EIN 36-1661895

Jan 01, 2021 to Dec 31, 2021 • Filed on Feb 18, 2022

Organization Profilewww.source1cu.com
401 S LaSalle Street 410Chicago, IL 60605

(312) 922-0495

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

51st percentile

0.87x

Higher debt load relative to assets than 51% of similar nonprofits.

2021 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

68th percentile

27.17x

Higher debt load relative to revenue than 68% of similar nonprofits.

2021 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2021

Net Margin

79th percentile

18%

Higher net margin than 79% of similar nonprofits.

2021 filings • 501(c)14 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

15th percentile

1.6%

Faster asset growth than 15% of similar nonprofits.

2021 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

96th percentile

21%

Faster revenue growth than 96% of similar nonprofits.

2021 filings • 501(c)14 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets51st percentile

Assets

Up

$11,492,020

Up $178,886 (+1.6%) from 2020

Net Assets

Up

$1,449,808

Up $65,287 (+4.7%) from 2020

Liabilities

Up

$10,042,212

Up $113,599 (+1.1%) from 2020

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin79th percentile

Revenue

Up

$369,640

Up $63,572 (+21%) from 2020

Expenses

Down

$304,353

Down $101,015 (-25%) from 2020

Net Income

Up

$65,287

Up $164,587 (+166%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

2021

Assets$11,492,020
Liabilities$10,042,212
Net Assets$1,449,808
Open 2021 Filing

Operations Trend

Revenue Growth96th percentile

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

2021

Revenue$369,640
Expenses$304,353
Net Income$65,287
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Feb 18, 2022
Return Version
2021v4.1
Gross Receipts
$369,640
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$9,058,000$9,256,000▲ $198,000
Other Notes and Loans Receivable, Net$1,769,234$1,775,320▲ $6,086
Rtn Earn Endowment Incm Other Fnds$1,384,521$1,449,808▲ $65,287
Cash and Non-Interest-Bearing Accounts$318,654$292,728▼ $25,926
Savings and Temporary Cash Investments$52,255$52,306▲ $51
Prepaid Expenses and Deferred Charges$5,188$2,835▼ $2,353
Investments Other Securities$2,000$2,000→ $0
Land, Buildings, and Equipment, Net$86$0▼ $86
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$11,313,134$11,492,020▲ $178,886
Other Assets Total$107,717$110,831▲ $3,114
Liabilities
Other Liabilities$9,923,935$10,038,135▲ $114,200
Accounts Payable and Accrued Expenses$4,678$4,077▼ $601
Total Liabilities$9,928,613$10,042,212▲ $113,599
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,384,521$1,449,808▲ $65,287
Total Liabilities and Net Assets / Fund Balance$11,313,134$11,492,020▲ $178,886

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$15,575$15,575
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dave CogozzoPresident/TreasurerFT$88,000$1,341$89,341

Board Members and Trustees

NameTitle
Adrienne DempseyChairman
Diane KerrillDirector
Gregory MackDirector
Joan JeskeDirector
Ken IversenDirector
Michael CogozzoDirector
Tim WhiteDirector
Joshua BeyneSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$239,547
Investment Income
$129,162
Other Revenue
$931
Change in Net Assets
$65,287
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$160,196
Other Expenses$144,157
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---$97,989
Other Salaries and Wages---$51,222
Occupancy---$38,625
Office Expenses---$13,686
Payroll Taxes---$10,985
Fees for Services Other---$9,050
Fees for Services Accounting---$8,000
Information Technology---$7,245
Insurance---$6,496
Other Expenses---$5,302
All Other Expenses---$5,281
Conferences and Meetings---$3,125
Travel---$658
Depreciation Depletion---$86
Total Functional Expenses$0$0$0$304,353
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$8,902,025
Share Drafts$478,966
Primary Certificate of Deposit$371,178
Christmas Club$220,002
Subsidiary Shares$60,719
Roth IRA$5,245
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 statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
SourceOne Credit Union
EIN
36-1661895
Phone
3129220495
Address
401 S LaSalle Street 410, Chicago, IL 60605

Signing Officer

Name
Dave Cogozzo
Title
President
Phone
3129220495
Signed
2022-02-18
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
4
Volunteers
8

Preparer

Firm
Desmond & Ahern Ltd
Address
10827 S Western Avenue, Chicago, IL 60643
Preparer
Jason L Gierhahn
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, 2021 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, 2021 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, 2021 and 2020 that management believes is subject to taxation. The Credit Union's 2017 through 2020 annual information returns filed with the Internal Revenue Service are open to examination.”

Raw XML Appendix363 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt015575
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt015575
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05245
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt160719
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2371178
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3220002
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt4478966
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt58902025
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Roth IRA
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Subsidiary Shares
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Primary Certificate of Deposit
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Christmas Club
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4Share Drafts
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5Prime Shares
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt010038135
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board member, Michael Cogozzo and the CEO are father and son.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Membership consists of individuals with funds on deposit with the Credit Union.
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 statements are available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The statement of financial condition of SourceOne Credit Union as of March 31, 2021 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, 2021 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, 2021 and 2020 that management believes is subject to taxation. The Credit Union's 2017 through 2020 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/TotalAssetsBOYAmt011313134
IRS990/TotalAssetsEOYAmt011492020
IRS990/TotalAssetsGrp/BOYAmt011313134
IRS990/TotalAssetsGrp/EOYAmt011492020
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/TotalAmt0304353
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09928613
IRS990/TotalLiabilitiesEOYAmt010042212
IRS990/TotalLiabilitiesGrp/BOYAmt09928613
IRS990/TotalLiabilitiesGrp/EOYAmt010042212
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01384521
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01449808
IRS990/TotalOtherCompensationAmt01341
IRS990/TotalProgramServiceRevenueAmt0239547
IRS990/TotalReportableCompFromOrgAmt088000
IRS990/TotalRevenueGrp/ExclusionAmt0129162
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0240478
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0369640
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt011313134
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011492020
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt0658
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0401 S LaSalle Street 410
IRS990/USAddress/CityNm0Chicago
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060605
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0www.source1cu.com
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Dave Cogozzo
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum03129220495
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SourceOne Credit Union
ReturnHeader/Filer/BusinessNameControlTxt0SOUR
ReturnHeader/Filer/EIN0361661895
ReturnHeader/Filer/PhoneNum03129220495
ReturnHeader/Filer/USAddress/AddressLine1Txt0401 S LaSalle Street 410
ReturnHeader/Filer/USAddress/CityNm0Chicago
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060605
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/PreparationDt02022-02-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Jason L Gierhahn
ReturnHeader/ReturnTs02022-02-18T15:25:54-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Dave
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Cogozzo
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,492,020
Liabilities
$10,042,212
Net assets
$1,449,808
Revenue
$369,640
Expenses
$304,353
Net income
$65,287
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