Members First Credit Union
- Assets
- $28.0m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 15
- Location
- Madison, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-1019822
Organization Overview
Members First Credit Union is located in Madison, WI. As of 12/2022, Members First Credit Union employed 15 individuals. Members First 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 Credit Union generated $1.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 5.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE THRIFT AMONG OUR MEMBERS, TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND TO PROVIDE AN OPPORTUNITY FOR EACH OF OUR MEMBERS TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 148 NEW MEMBER DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 2,853 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 395 NEW LOANS TO MEMBERS DURING 2022. AS OF 12/31/22 WE HAD 1,580 LOANS TO OUR MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Kutz President | Officer | 40 | $107,178 |
Ron Kluge Chairman | OfficerTrustee | 1 | $0 |
Dorothy Steffens Secretary | OfficerTrustee | 1 | $0 |
Sue Powers Treasurer | OfficerTrustee | 1 | $0 |
Dennis Baribeau Vice Chair | OfficerTrustee | 1 | $0 |
Dennis Niebuhr Director | 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 | $1,696,856 |
| Investment income | $59,003 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,755 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,700 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,767,314 |
| 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. | $107,178 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $408,734 |
| Pension plan accruals and contributions | $15,431 |
| Other employee benefits | $63,974 |
| Payroll taxes | $36,428 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,038 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,500 |
| Advertising and promotion | $38,121 |
| Office expenses | $287,234 |
| Information technology | $174,955 |
| Royalties | $0 |
| Occupancy | $70,930 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,735 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,851 |
| Insurance | $22,904 |
| All other expenses | $0 |
| Total functional expenses | $1,639,849 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $359,008 |
| Savings and temporary cash investments | $3,725,529 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $648,000 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,779,820 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $80,812 |
| Net Land, buildings, and equipment | $917,019 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $212,512 |
| Intangible assets | $0 |
| Other assets | $283,151 |
| Total assets | $28,005,851 |
| Accounts payable and accrued expenses | $222,302 |
| 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 | $23,876,737 |
| Total liabilities | $24,099,039 |
| 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 | $3,906,812 |
| Total liabilities and net assets/fund balances | $28,005,851 |
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