Members Plus Credit Union
- Assets
- $342.6m
- Revenue
- $10.9m
- Investments
- $0.0
- Employees
- 62
- Location
- Medford, MA
- Founding
- 08/1941
- Data as of
- 12/2021
- 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 12/2021, Members Plus Credit Union employed 62 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 12/2021, Members Plus Credit Union generated $10.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $10.4m during the year ending 12/2021. While expenses have increased by 5.3% per year over the past 7 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
2021
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 MEMBERS SHARES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Murphy CEO | Officer | 40 | $208,064 |
Diane Walker Sr. Vice President/cfo | Officer | 40 | $183,507 |
James Manning Director | Trustee | 40 | $0 |
William Carr Director | Trustee | 0 | $0 |
Dan Hurley Vice Chairman | Trustee | 0 | $0 |
Mike Maloney Vice 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 | $1,608,798 |
| Investment income | $8,836,854 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $439,658 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,885,310 |
| 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 | $1,224,684 |
| Compensation of current officers, directors, key employees. | $319,571 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,803,824 |
| Pension plan accruals and contributions | $115,274 |
| Other employee benefits | $724,506 |
| Payroll taxes | $275,565 |
| Fees for services: Management | $40,114 |
| Fees for services: Legal | $14,148 |
| Fees for services: Accounting | $178,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $101,822 |
| Fees for services: Other | $0 |
| Advertising and promotion | $530,000 |
| Office expenses | $1,054,857 |
| Information technology | $853,392 |
| Royalties | $0 |
| Occupancy | $743,294 |
| Travel | $39,283 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $180,000 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $355,864 |
| Insurance | $44,107 |
| All other expenses | $136,904 |
| Total functional expenses | $10,417,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,606,935 |
| Savings and temporary cash investments | $11,356,878 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $131,345,673 |
| Loans from Officers, Directors, or Controlling Persons | $3,026,144 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $943,999 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $505,559 |
| Net Land, buildings, and equipment | $8,071,419 |
| Investments—publicly traded securities | $178,380,629 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $179,150 |
| Other assets | $7,204,395 |
| Total assets | $342,620,781 |
| Accounts payable and accrued expenses | $293,926,295 |
| 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 | $3,383,121 |
| Total liabilities | $297,309,416 |
| 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 | $45,311,365 |
| Total liabilities and net assets/fund balances | $342,620,781 |
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|---|---|---|
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