Midwest Members Credit Union
- Assets
- $188.9m
- Revenue
- $7.4m
- Investments
- $3.5m
- Employees
- 66
- Location
- Wood River, IL
- Founding
- Data as of
- 12/2021
- EIN
- 37-0661473
Organization Overview
Midwest Members Credit Union is located in Wood River, IL. As of 12/2021, 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 12/2021, Midwest Members Credit Union generated $7.4m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $5.8m during the year ending 12/2021. While expenses have increased by 0.3% per year over the past 4 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
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 19,669 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, LOANS OUTSTANDING TOTALED $125,326,744.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $400,548 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis Bicanic III President/ceo | Officer | 40 | $148,233 |
Timothy Carter COO | Officer | 40 | $78,986 |
Samantha Pritchett CFO | Officer | 40 | $77,726 |
Gerard Jacquin Chairman | Trustee | 3.5 | $0 |
Richard Bartosiak Vice Chairman | Trustee | 3.5 | $0 |
Randy Duncan Secretary | 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 | $7,311,816 |
| Investment income | $68,027 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $16,918 |
| 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 | $7,396,761 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,500 |
| Grants and other assistance to domestic individuals. | $4,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $417,296 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,552,886 |
| Pension plan accruals and contributions | $134,085 |
| Other employee benefits | $169,341 |
| Payroll taxes | $142,543 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,865 |
| Fees for services: Accounting | $86,572 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $977,465 |
| Advertising and promotion | $137,573 |
| Office expenses | $352,938 |
| Information technology | $368,799 |
| Royalties | $0 |
| Occupancy | $227,989 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $38,936 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $195,205 |
| Insurance | $55,333 |
| All other expenses | $4,122 |
| Total functional expenses | $5,836,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,715,139 |
| Savings and temporary cash investments | $47,158,295 |
| 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 | $124,812,928 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,422,692 |
| Net Land, buildings, and equipment | $4,883,036 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,457,017 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,494,815 |
| Total assets | $188,943,922 |
| Accounts payable and accrued expenses | -$820,735 |
| Grants payable | $0 |
| Deferred revenue | $89,442 |
| 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 | $174,437,452 |
| Total liabilities | $173,706,159 |
| 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 | $15,237,763 |
| Total liabilities and net assets/fund balances | $188,943,922 |
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