Membersalliance Credit Union
- Assets
- $261.0m
- Revenue
- $10.6m
- Investments
- $56.4m
- Employees
- 98
- Location
- Rockford, IL
- Founding
- 08/1944
- Data as of
- 12/2021
- 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 12/2021, Membersalliance Credit Union employed 98 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 12/2021, Membersalliance Credit Union generated $10.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $9.4m during the year ending 12/2021. While expenses have increased by 3.3% 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 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 19,653 MEMBERS AND 12,983 LOANS TOTALING $155 MILLION AS OF 12/31/21
PROVIDED VARIOUS DEPOSIT ACCOUNTS TO MEMBERS AT COMPETETIVE INTEREST RATES. DEPOSIT ACCOUNT OF MEMBERS TOTALLED OVER $238 MILLION AS OF 12/31/21.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Sio President | Officer | 40 | $175,010 |
Christine Erickson Vice President Of Lending | Officer | 40 | $108,682 |
Lisa Keller Vice President Of Operations | Officer | 40 | $100,633 |
Kelly Froeliger Vice President Of Finance | Officer | 40 | $99,844 |
Greg Hopkins Board Chairman | Trustee | 3 | $0 |
Mark Van Der Waal Board Vice Chairman | Trustee | 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 | $9,881,770 |
| Investment income | $722,826 |
| 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 | $10,604,596 |
| 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. | $484,169 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $3,473,125 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $292,159 |
| Other employee benefits | $605,580 |
| Payroll taxes | $300,548 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,492 |
| Fees for services: Accounting | $54,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $234,294 |
| Advertising and promotion | $264,490 |
| Office expenses | $433,038 |
| Information technology | $405,392 |
| Royalties | $0 |
| Occupancy | $640,413 |
| Travel | $744 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $5 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $272,148 |
| Insurance | $69,498 |
| All other expenses | $107,615 |
| Total functional expenses | $9,361,369 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,957,137 |
| Savings and temporary cash investments | $19,823,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $384,722 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $153,576,665 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $408,340 |
| Net Land, buildings, and equipment | $2,480,349 |
| Investments—publicly traded securities | $16,054,695 |
| Investments—other securities | $56,353,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,985,958 |
| Total assets | $261,024,917 |
| Accounts payable and accrued expenses | $3,648,870 |
| 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 | $238,228,255 |
| Total liabilities | $241,877,125 |
| 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 | $19,147,792 |
| Total liabilities and net assets/fund balances | $261,024,917 |
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