196 Middletown Area Schools Credit Union
- Assets
- $9.8m
- Revenue
- $652.5k
- Investments
- $2.7m
- Employees
- 5
- Location
- Middletown, OH
- Founding
- 04/1969
- Data as of
- 12/2023
- EIN
- 31-0622053
Organization Overview
196 Middletown Area Schools Credit Union is located in Middletown, OH. The organization was established in 1969. 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 12/2023, 196 Middletown Area Schools Credit Union employed 5 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. 196 Middletown Area Schools 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 12/2023, 196 Middletown Area Schools Credit Union generated $652.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $502.6k during the year ending 12/2023. While expenses have increased by 4.1% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE MEMBER-OWNED MIDDLETOWN AREA SCHOOLS CREDIT UNION IS TO PROVIDE QUALITY FINANCIAL SERVICES TO ITS MEMBERS WHILE MAINTAINING FISCAL RESPONSIBILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION SERVICES THEIR 1,004 MEMBERS BY PROVIDING DEPOSIT SERVICES INCLUDING SHARE AND CLUB ACCOUNTS, SHARE DRAFT ACCOUNTS AND SHARE CERTIFICATES. THE MEMBERS HAVE ACCESS TO HOME BANKING, DEBIT CARDS, CREDIT CARDS AND ATMS.
LOAN PRODUCTS OFFERED BY THE CREDIT UNION INCLUDES NEW AND USED VEHICLE LOANS, RECREATIONAL VEHICLE LOANS AND SHARE SECURED LOANS, UNSECURED LOANS AND CREDIT CARDS, THE CREDIT UNION GRANTED 282 LOANS IN 2022 TOTALING $3,056,023 AT COMPETITIVE RATES. LOANS INCREASED 24.65% IN 2023.
THE CREDIT UNION PAID DIVIDENDS ON THE 1,207 SHARE ACCOUNTS AND SHARE CERTIFICATE ACCOUNTS HELD BY THE CREDIT UNION'S 1,004 MEMBERS. SHARES INCREASED 3.07% IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecil R Barger Director | Trustee | 0.5 | $0 |
Shirley Chaputa Director | Trustee | 0.5 | $0 |
Linda Jester Director | Trustee | 0.5 | $0 |
Catherine J Jones Board | Trustee | 0.5 | $0 |
Mary A Gast Secretary/treasurer | OfficerTrustee | 0.75 | $0 |
James J Stiver Vice Chair | OfficerTrustee | 0.5 | $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 | $407,074 |
| Investment income | $181,667 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $652,471 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $123,659 |
| Pension plan accruals and contributions | $15,620 |
| Other employee benefits | $7,211 |
| Payroll taxes | $10,768 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $324 |
| Fees for services: Accounting | $16,526 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,720 |
| Advertising and promotion | $4,726 |
| Office expenses | $17,149 |
| Information technology | $51,715 |
| Royalties | $0 |
| Occupancy | $13,648 |
| Travel | $138 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,489 |
| Interest | $16,893 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $73,595 |
| Insurance | $10,216 |
| All other expenses | $4,964 |
| Total functional expenses | $502,637 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $199,342 |
| Savings and temporary cash investments | $1,473,808 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,706 |
| Loans from Officers, Directors, or Controlling Persons | $35,944 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,021,161 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,364 |
| Net Land, buildings, and equipment | $94,258 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,719,000 |
| Investments—program-related | $138,940 |
| Intangible assets | $0 |
| Other assets | $80,318 |
| Total assets | $9,807,841 |
| Accounts payable and accrued expenses | $23,574 |
| 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 | $8,502,098 |
| Total liabilities | $8,525,672 |
| 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 | $1,282,169 |
| Total liabilities and net assets/fund balances | $9,807,841 |