Consumers Credit Union

“To be on the Board of Directors you must be a member for one year. The Nominating Committee interviews all members running for election. The Nominating Committee selects the individuals who will be placed on the ballot. To be on the Board of Directors you must be voted on by the membership. Board members are voted onto the board for a three- year term. The BOD votes for the Executive Committee yearly at the Organizational Meeting. The Executive Committee term is for one year. We have Associate Board Members who are selected by the Board for one-year terms.”

“The credit union updated the By-Laws. The By-laws are approved by the IDPFR (State of IL) and approved at the Annual Meeting by the Members. During the year the CU had two mergers. Rockford Bell CU 36-1695055 effective October 1, 2024 and Kane County Teachers CU 36-1561635 effective December 1, 2024.”

“We have members and are member owned. All members can vote at the Annual Meeting in person or by proxy. The Annual Meeting is held in March and vote for the Board of Directors. TO be a member you must have $5 in your share savings account and have $5 paid to the Consumers Cooperative Association - the common bond. The Date of Record determines how many shares each member has to vote at the Annual Meeting.”

“Members elect the Board of Directors at the Annual Meeting in March. Each director is elected for a three-year term. We have 15 total Board Members who have voting rights at the Board Meetings. To be elected to the Board of Directors you must be a member of the credit union for one year. All individuals interested in running for the Board must fill out an application and they are reviewed and interviewed by the Nominating Committee. The Nominating Committee selects the individuals who will be placed on the ballot. All individuals interested in running for the Board have a background check. If a member is nominated from the floor at the Annual Meeting they must notify the Nominating Committee prior to the Annual Meeting so that all of the information can be provided and perform the background check. We have Associate Board members who attend the Board meetings but do not have any voting rights.”

“Changes to the By-Laws can be completed during the Board of Directors meetings. To be approved at the Board meeting they must have a 2/3 majority vote. If the vote does not have the 2/3 majority vote a Board Member may ask for a change of the By-Laws at the Annual Meeting in March. A vote will then take place at the Annual Meeting. If the By-Law changes are approved at the Board meeting with the 2/3 majority vote the Chairperson must notify the Membership of the By-Law change at the next Annual Meeting. All By-Laws changes must be sent to the IDPFR.”

“The 990 report is completed by the VP Accounting and reviewed by the CEO and CFO.”

“Reviewed by the CEO, C-Suite, Chairman of the Board, Supervisory Committee Chairperson, and the Supervisory Committee. Employees have a "Hotline" that goes to Internal Audit. They review all issues and review with the Supervisory Committee.”

“The Board of Directors performs the review of the CEO. The Executive Committe of the Board of Directors writes the review with input from the Board of Directors. The Board of Directors approves the CEO's review and the annual salary increase. THE BOD gives authority to the CEO to perform all other employee reviews and salary increases. These increases are included in the yearly operating budget that is recommended to the BOD by the Finance Committee. The BOD approves the annual budget. All reviews are completed by the Department Manager or Director of that area and are reviewed by the VP and C-Suite of that area. HR then reviews all salary increases and reviews. The Executive Committee and the CEO set the annual salary increases based on outside compensation studies and the Operating budget for the year. At the Organizational Meeting of the BOD held in March after the annual election of the Board, they approve the CEO, President and all C-Suite positions.”

“Given upon request by the CEO, CFO, or VP Accounting for review at 300 N. Field Fr. Lake Forest Il. Monthly financials - Balance Sheet and Income Statements are posted in the lobbies of each branch office and on the website -www.myconsumers.org.”

“Consumers Credit Union does not have any Unrelated Business Taxable Income”

“We had a change in Other Comprehensive Income which increased $26,871,484 for the value of the Defined Benefit Pension Plan and Retiree Medical Benefit Plan. To be enrolled in the Pension Plan the employee must work 1,000+ hours in the calendar year and work for 5 years to be vested in the plan. For the Retiree Medical Plan this was grandfathered from the Andigo Credit Union merger June 2020. We adopted the CECL accounting standard for Allowance for Loan Loss effective October 1, 2024 $12,491,213. We also merged with Rockford Bell CU October 1, 2024 and Kane County Teachers CU December 1, 2024 which increased the Equity Aquired in Merger $47,625,000.”

“The Supervisory Committee Chairperson approves and signs the engagement letter from the Audit Firm (WIPFLi) for the Annual Financial Statement Audit. They perform the audit as of September 30 during October and present the Annual Audit Report to the Board of Directors at the January Board meeting.”