Membersource Credit Union
- Assets
- $93.2m
- Revenue
- $3.2m
- Investments
- $10.7m
- Employees
- 29
- Location
- Merrillville, IN
- Founding
- 08/2019
- Data as of
- 12/2021
- EIN
- 35-0873966
Organization Overview
Membersource Credit Union is located in Merrillville, IN. The organization was established in 2019. 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, Membersource Credit Union employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Membersource 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, Membersource Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $2.6m during the year ending 12/2021. While expenses have increased by 1.6% 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
CREDIT UNION IS A NOT-FOR-PROFIT, MEMBER-OWNED FINANCIAL INSTITUTION, WE WORK HARD TO ENSURE THE CREDIT UNION PHILOSOPHY OF PEOPLE HELPING PEOPLE. WE OFFER A FULL LINE OF PRODUCTS AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THRIFT & PROVIDE LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A CO-OPERATIVE BASIS FOR THE MUTUAL BENEFIT OF THOSE IN THEIR FIELD OF MEMBERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Falls CEO | Officer | 40 | $107,678 |
Scott Shelton CEO (retired 6/30/21) | Officer | 40 | $91,763 |
Thomas Pysh Chairman | OfficerTrustee | 1 | $0 |
Jeff Perz Vice Chairman | OfficerTrustee | 1 | $0 |
Cecelia Larguara Secretary | OfficerTrustee | 1 | $0 |
Mitch Hershberger Treasurer | OfficerTrustee | 1 | $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 | $2,614,985 |
| Investment income | $568,103 |
| 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 | $3,183,088 |
| 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. | $237,871 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $828,332 |
| Pension plan accruals and contributions | $58,175 |
| Other employee benefits | $73,212 |
| Payroll taxes | $82,557 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,878 |
| Fees for services: Other | $259,747 |
| Advertising and promotion | $46,283 |
| Office expenses | $322,267 |
| Information technology | $30,508 |
| Royalties | $0 |
| Occupancy | $135,411 |
| Travel | $22,133 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,319 |
| Interest | $172,213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $69,652 |
| Insurance | $37,883 |
| All other expenses | $0 |
| Total functional expenses | $2,623,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $556,495 |
| Savings and temporary cash investments | $36,549,599 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,034,774 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,838,292 |
| Net Land, buildings, and equipment | $498,264 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,678,137 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,012,812 |
| Total assets | $93,168,373 |
| Accounts payable and accrued expenses | $257,803 |
| 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 | $82,786,102 |
| Total liabilities | $83,043,905 |
| 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 | $10,124,468 |
| Total liabilities and net assets/fund balances | $93,168,373 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Illinois Community Credit Union Champaign, IL | $475,743,912 | $22,792,231 |
Land Of Lincoln Credit Union Decatur, IL | $357,439,691 | $20,389,555 |
Heritage Credit Union Deforest, WI | $461,320,772 | $20,193,229 |
Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
Via Credit Union Marion, IN | $517,398,165 | $18,473,040 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |
Abri Credit Union Romeoville, IL | $405,514,463 | $14,619,681 |