Midwest Members Credit Union
- Assets
- $195.2m
- Revenue
- $10.5m
- Investments
- $3.4m
- Employees
- 66
- Location
- Wood River, IL
- Founding
- Data as of
- 12/2023
- EIN
- 37-0661473
Organization Overview
Midwest Members Credit Union is located in Wood River, IL. As of 12/2023, Midwest Members Credit Union employed 66 individuals. Midwest Members 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, Midwest Members Credit Union generated $10.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $7.7m during the year ending 12/2023. While expenses have increased by 4.9% per year over the past 6 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
MIDWEST MEMBERS CREDIT UNION WILL BECOME THE AREA'S FULL SERVICE CREDIT UNION OF CHOICE BY PROVIDING CONVENIENT MEMBER ACCESS TO A WIDE RANGE OF FINANCIAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 19,978 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, LOANS OUTSTANDING TOTALED $151,741,850.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $1,088,396 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerard Jacquin Chairman | Trustee | 3.5 | $0 |
Richard Bartosiak Vice Chairman | Trustee | 3.5 | $0 |
Donald Klotz Treasurer | Trustee | 3.5 | $0 |
Randy Duncan Secretary | Trustee | 3.5 | $0 |
Mark Schoenleber Director | Trustee | 3.5 | $0 |
Brian Nottrott Director | Trustee | 3.5 | $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 | $9,498,504 |
| Investment income | $989,440 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $22,313 |
| 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 | $10,510,257 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,995 |
| Grants and other assistance to domestic individuals. | $4,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,237 |
| Compensation of current officers, directors, key employees. | $486,031 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,709,547 |
| Pension plan accruals and contributions | $97,554 |
| Other employee benefits | $240,106 |
| Payroll taxes | $159,824 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,985 |
| Fees for services: Accounting | $100,420 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $996,478 |
| Advertising and promotion | $126,312 |
| Office expenses | $440,932 |
| Information technology | $302,380 |
| Royalties | $0 |
| Occupancy | $267,009 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,204 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $212,273 |
| Insurance | $61,578 |
| All other expenses | $33,899 |
| Total functional expenses | $7,669,522 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,592,743 |
| Savings and temporary cash investments | $26,572,559 |
| 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 | $151,039,420 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,348,049 |
| Net Land, buildings, and equipment | $4,684,924 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,361,816 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,641,255 |
| Total assets | $195,240,766 |
| Accounts payable and accrued expenses | $2,365,736 |
| Grants payable | $0 |
| Deferred revenue | $14,731 |
| 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 | $173,226,411 |
| Total liabilities | $175,606,878 |
| 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 | $19,633,888 |
| Total liabilities and net assets/fund balances | $195,240,766 |