Members Plus Credit Union
- Assets
- $340.2m
- Revenue
- $12.0m
- Investments
- $0.0
- Employees
- 69
- Location
- Medford, MA
- Founding
- 08/1941
- Data as of
- 12/2022
- EIN
- 04-2039851
Organization Overview
Members Plus Credit Union is located in Medford, MA. The organization was established in 1941. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Members Plus Credit Union employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members Plus Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Members Plus Credit Union generated $12.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $11.2m during the year ending 12/2022. While expenses have increased by 5.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SECURE PRODUCTS AND SERVICES TO MEMBERSHIP
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS TO MEMBERS
DIVIDENDS ON MEMBER SHARES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Manning Director | Trustee | 0 | $0 |
William Carr Director | Trustee | 0 | $0 |
Daniel Hurley Vice Chairman | Trustee | 0 | $0 |
Michael Maloney Vice Chairman | Trustee | 0 | $0 |
Mark Wisnes Clerk | Trustee | 0 | $0 |
Craig Pinkham Chairman | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,503,047 |
| Investment income | $10,000,249 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $462,788 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,966,084 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,795,803 |
| Compensation of current officers, directors, key employees. | $409,168 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,808,148 |
| Pension plan accruals and contributions | $8,402 |
| Other employee benefits | $601,861 |
| Payroll taxes | $278,735 |
| Fees for services: Management | $47,100 |
| Fees for services: Legal | $48,776 |
| Fees for services: Accounting | $180,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $100,418 |
| Fees for services: Other | $0 |
| Advertising and promotion | $527,375 |
| Office expenses | $1,498,370 |
| Information technology | $565,159 |
| Royalties | $0 |
| Occupancy | $971,361 |
| Travel | $48,625 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $165,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $335,024 |
| Insurance | $149,717 |
| All other expenses | $28,879 |
| Total functional expenses | $11,203,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,756,552 |
| Savings and temporary cash investments | $5,211,584 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $153,388,907 |
| Loans from Officers, Directors, or Controlling Persons | $2,975,023 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $599,520 |
| Net Land, buildings, and equipment | $7,725,471 |
| Investments—publicly traded securities | $155,918,389 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $59,000 |
| Other assets | $12,516,138 |
| Total assets | $340,150,584 |
| Accounts payable and accrued expenses | $319,884,693 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,603,824 |
| Total liabilities | $324,488,517 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $15,662,067 |
| Total liabilities and net assets/fund balances | $340,150,584 |