Members First Community Credit Union
- Assets
- $84.8m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 34
- Location
- Quincy, IL
- Founding
- 10/2001
- Data as of
- 12/2022
- EIN
- 37-0811658
Organization Overview
Members First Community Credit Union is located in Quincy, IL. The organization was established in 2001. 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 12/2022, Members First Community Credit Union employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members First Community 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 12/2022, Members First Community Credit Union generated $6.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $4.1m during the year ending 12/2022. While expenses have increased by 6.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MFCCU IS A NON-PROFIT MEMBER-OWNED FINANCIAL COOPERATIVE COMMITTED TO THE "PEOPLE HELPING PEOPLE" PHILOSOPHY AND DEDICATED TO PROVIDING STABLE, COMPREHENSIVE, AND COMPETITIVE FINANCIAL SERVICES TO MEET MEMBER NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 7,203 MEMBERS. PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECMEBER 31, 2022, THERE WERE 6,000 LOANS OUTSTANDING TOTALING 66,534,422. PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING 144,726 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Theresa Mcewen President/tr | OfficerTrustee | 50 | $242,294 |
Eric Green Vice Chairpe | OfficerTrustee | 1 | $0 |
Melissa Hamilton Secretary | OfficerTrustee | 1 | $0 |
Koleen Lord Member | Trustee | 1 | $0 |
Jonathan Straube Member | Trustee | 1 | $0 |
Kevin Turnbull Chairperson | OfficerTrustee | 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 | $5,993,442 |
| Investment income | $227,089 |
| 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 | $6,220,531 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,519,179 |
| Pension plan accruals and contributions | $92,764 |
| Other employee benefits | $148,266 |
| Payroll taxes | $119,097 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,794 |
| Fees for services: Accounting | $14,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,567 |
| Advertising and promotion | $63,474 |
| Office expenses | $57,930 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,134 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,756 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $160,677 |
| Insurance | $0 |
| All other expenses | $525,034 |
| Total functional expenses | $4,133,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,287,033 |
| Savings and temporary cash investments | $2,120,000 |
| 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 | $65,635,816 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $109,721 |
| Net Land, buildings, and equipment | $2,038,884 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,653,306 |
| Total assets | $84,844,760 |
| Accounts payable and accrued expenses | $991,494 |
| 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 | $63,249,938 |
| Total liabilities | $64,241,432 |
| 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 | $20,603,328 |
| Total liabilities and net assets/fund balances | $84,844,760 |