Mwrd Employees Credit Union
- Assets
- $37.5m
- Revenue
- $1.6m
- Investments
- $13.8m
- Employees
- 6
- Location
- Chicago, IL
- Founding
- 06/1953
- Data as of
- 12/2023
- EIN
- 36-2261513
Organization Overview
Mwrd Employees Credit Union is located in Chicago, IL. The organization was established in 1953. 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, Mwrd Employees Credit Union employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mwrd Employees 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, Mwrd Employees Credit Union generated $1.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 2.8% per year over the past 9 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
TO BE OUR MEMBERS PRIMARY FINANCIAL INSTITUTION BY PROVIDING COMPETATIVE FINANCIAL SERVICES IN A SECURE ENVIRONMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO GRANT LOANS TO MEMBERS AT A FAIR AND COMPETATIVE RATE
TO ENCOOURAGE SAVINGS IN A SAFE ENVIRONMENT AND AT A COMPETATIVE RATE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Geers President | 50 | $135,551 | |
Kari Steele Chairperson | Officer | 2 | $0 |
Glenn Miller Secretary | Officer | 2 | $0 |
Beverly Sander Treasurer | Officer | 4 | $0 |
Brian Deitz Board Member | Trustee | 2 | $0 |
Louis Storino Board Member | Trustee | 3 | $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 | $1,093,448 |
| Investment income | $375,276 |
| 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 | $1,562,273 |
| 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 | $140,107 |
| Compensation of current officers, directors, key employees. | $168,111 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $343,056 |
| Pension plan accruals and contributions | $72,733 |
| Other employee benefits | $64,241 |
| Payroll taxes | $35,241 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,283 |
| Fees for services: Accounting | $53,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,951 |
| Advertising and promotion | $28,728 |
| Office expenses | $307,967 |
| Information technology | $108,597 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $743 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,706 |
| Interest | $275 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,202 |
| Insurance | $27,006 |
| All other expenses | $0 |
| Total functional expenses | $1,377,847 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $421,932 |
| Savings and temporary cash investments | $167,821 |
| Pledges and grants receivable | $22,520,200 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $198,856 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $236,141 |
| Net Land, buildings, and equipment | $8,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,831,436 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $152,150 |
| Total assets | $37,536,714 |
| Accounts payable and accrued expenses | $294,880 |
| 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 | $31,996,206 |
| Total liabilities | $32,291,086 |
| 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 | $5,245,628 |
| Total liabilities and net assets/fund balances | $37,536,714 |