Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1951.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Who runs it and what they're paid
8 people listed on the 990; $255K paid to officers and key staff.
Compensation history total reportable pay by year · 2 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Raeann Love | $244,138 | $192,441 | $147,642 | $166,089 | $166,458 | $149,397 |
| Todd Meier | $180,813 | $155,827 | $149,483 | $135,827 | $132,013 | $105,694 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Builds lifelong financial relationships with members.
Questions for Commonwealth Credit Union
Your first name shows with your question. Commonwealth Credit Union answers here, for everyone.
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Commonwealth credit union serves members in kankakee, ford, iroquois, grundy, kendell, livingston and will counties in illinois by providing low cost financial services.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2020 990, line by line.
Download 990
| Line | Start FY20 | End FY20 |
|---|---|---|
| Cash and savingsLn 1–2 | $19.2M | $29.5M |
| InvestmentsLn 11–13 | $1K | $965 |
| Land, buildings, equipmentLn 10c | $1.6M | $1.7M |
| Total assetsLn 16 | $85.0M | $97.0M |
| LiabilitiesLn 26 | $75.6M | $87.2M |
| Net assetsLn 32 | $9.4M | $9.8M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $149K | |||
| Other salaries and wagesLn 7 | $918K | |||
| Pension plan contributionsLn 8 | $103K | |||
| Other employee benefitsLn 9 | $106K | |||
| Payroll taxesLn 10 | $100K | |||
| Legal feesLn 11b | $17K | |||
| Accounting feesLn 11c | $53K | |||
| Advertising and promotionLn 12 | $31K | |||
| Office expensesLn 13 | $120K | |||
| Information technologyLn 14 | $208K | |||
| OccupancyLn 16 | $125K | |||
| TravelLn 17 | $876 | |||
| Conferences, conventions and meetingsLn 19 | $17K | |||
| InterestLn 20 | $231K | |||
| Depreciation, depletion and amortizationLn 22 | $98K | |||
| InsuranceLn 23 | $10K | |||
| Other expenses (24a–d)Ln 24 | $675K | |||
| All other expensesLn 24e | $415K | |||
| Total functional expensesLn 25 | $3.4M | $0 | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest | $6.1M | $4.5M | $1.6M | $15.8M | 990 PDF |
| FY2024 | $5.9M | $4.6M | $1.3M | $14.2M | 990 PDF |
| FY2023 | $5.1M | $4.1M | $1.1M | $12.8M | 990 PDF |
| FY2022 | $4.1M | $3.4M | $698K | $11.6M | 990 PDF |
| FY2021 | $4.2M | $3.3M | $875K | $10.9M | 990 PDF |
| FY2020 Viewing | $3.8M | $3.4M | $435K | $9.8M | 990 PDF |
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Schedules filed Part IV
See the full FY2020 990 (6 parts)
Part I · Summary $3,812,813 revenue, 12 lines filed
Part VI · Governance 6 of 7 board members independent, 2 to look at
Part VIII · Statement of revenue $3,812,813 across 6 lines filed
Part IX · Statement of functional expenses $3,378,213 across 18 lines filed
Part X · Balance sheet $97,013,268 assets, 13 lines filed
Part XI · Reconciliation of net assets $9,829,695 net assets at year end
Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File
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