Membersalliance Credit Union
- Assets
- $284.5m
- Revenue
- $12.6m
- Investments
- $58.3m
- Employees
- 100
- Location
- Rockford, IL
- Founding
- 08/1944
- Data as of
- 12/2023
- EIN
- 36-6066647
Organization Overview
Membersalliance Credit Union is located in Rockford, IL. The organization was established in 1944. 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, Membersalliance Credit Union employed 100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Membersalliance 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, Membersalliance Credit Union generated $12.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $11.6m during the year ending 12/2023. While expenses have increased by 4.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE FINANCIAL PRODUCTS AND SERVICES FOR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSUMER, REAL ESTATE AND HOME EQUITY LOANS TO MEMBERS AT COMPETITIVE INTEREST RATES. THERE WERE 21,256 MEMBERS AND 12,338 LOANS TOTALING $173 MILLION AS OF 12/31/23
CONSUMER, REAL ESTATE AND HOME EQUITY LOANS TO MEMBERS AT COMPETITIVE INTEREST RATES. THERE WERE 21,256 MEMBERS AND 12,338 LOANS TOTALING $173 MILLION AS OF 12/31/23
PROVIDED VARIOUS DEPOSIT ACCOUNTS TO MEMBERS AT COMPETITIVE INTEREST RATES. DEPOSIT ACCOUNTS OF MEMBERS TOTALED $258 MILLION AS OF 12/31/23.
PROVIDED VARIOUS DEPOSIT ACCOUNTS TO MEMBERS AT COMPETITIVE INTEREST RATES. DEPOSIT ACCOUNTS OF MEMBERS TOTALED $258 MILLION AS OF 12/31/23.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Sio President | Officer | 40 | $179,812 |
Lisa Keller Chief Operating Officer | Officer | 40 | $127,454 |
Christine Erickson Vice President Of Lending | Officer | 40 | $162,498 |
Kelly Froeliger Vice President Of Finance | Officer | 40 | $106,609 |
Matthew Lynch VP Of Branding And Development | Officer | 40 | $103,277 |
Greg Hopkins Board Chairman | Trustee | 4 | $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 | $10,976,715 |
| Investment income | $1,691,098 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$25,255 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,642,558 |
| 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. | $679,650 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,445,899 |
| Pension plan accruals and contributions | $263,346 |
| Other employee benefits | $633,206 |
| Payroll taxes | $337,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,996 |
| Fees for services: Accounting | $53,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $350,719 |
| Advertising and promotion | $314,493 |
| Office expenses | $241,889 |
| Information technology | $653,205 |
| Royalties | $0 |
| Occupancy | $598,947 |
| Travel | $3,060 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,946 |
| Payments to affiliates | $26,440 |
| Depreciation, depletion, and amortization | $263,875 |
| Insurance | $78,557 |
| All other expenses | $66,604 |
| Total functional expenses | $11,583,549 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,229,121 |
| Savings and temporary cash investments | $11,714,062 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $612,347 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $172,746,657 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $488,597 |
| Net Land, buildings, and equipment | $4,410,722 |
| Investments—publicly traded securities | $22,981,568 |
| Investments—other securities | $58,347,676 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $8,923,351 |
| Total assets | $284,454,101 |
| Accounts payable and accrued expenses | $6,193,710 |
| 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 | $258,128,784 |
| Total liabilities | $264,322,494 |
| 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 | $20,131,607 |
| Total liabilities and net assets/fund balances | $284,454,101 |