Racine Municipal Employees Credit Union
- Assets
- $20.2m
- Revenue
- $651.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Racine, WI
- Founding
- Data as of
- 12/2021
- EIN
- 39-6049917
Organization Overview
Racine Municipal Employees Credit Union is located in Racine, WI. As of 12/2021, Racine Municipal Employees Credit Union employed 5 individuals. Racine Municipal Employees 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, Racine Municipal Employees Credit Union generated $651.3k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $574.0k during the year ending 12/2021. While expenses have increased by 2.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO EXCEL IN PROVIDING SERVICES TO PRESENT AND PROSPECTIVE MEMBERS IN A FRIENDLY AND HELPFUL MANNER, WHILE MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.
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 293 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 12/31/21 WE HAD 1,841 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 331 NEW LOANS DURING 2021. AS OF 12/31/21 WE HAD 952 OUTSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicole Christensen-Zabler President/ce | Officer | 43 | $63,784 |
Willie Mcdonald Chair | OfficerTrustee | 0.5 | $0 |
Scott Sharp Vice Chair | OfficerTrustee | 0.5 | $0 |
Terry Maier Treasurer | OfficerTrustee | 0.5 | $0 |
Carolyn Moskonas Secretary | OfficerTrustee | 0.5 | $0 |
Daniel Dematthew Director | Trustee | 0.5 | $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 | $593,195 |
| Investment income | $54,638 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $3,476 |
| 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 | $651,309 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $63,784 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $143,635 |
| Pension plan accruals and contributions | $11,519 |
| Other employee benefits | $5,201 |
| Payroll taxes | $13,456 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $93 |
| Fees for services: Accounting | $13,312 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,721 |
| Office expenses | $159,651 |
| Information technology | $52,788 |
| Royalties | $0 |
| Occupancy | $18,113 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,246 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,151 |
| Insurance | $20,617 |
| All other expenses | $0 |
| Total functional expenses | $574,004 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $387,554 |
| Savings and temporary cash investments | $2,850,336 |
| 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 | $13,310,463 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $34,107 |
| Net Land, buildings, and equipment | $89,148 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,295,923 |
| Intangible assets | $0 |
| Other assets | $197,103 |
| Total assets | $20,164,634 |
| Accounts payable and accrued expenses | $225,227 |
| 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 | $17,552,853 |
| Total liabilities | $17,778,080 |
| 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 | $2,386,554 |
| Total liabilities and net assets/fund balances | $20,164,634 |
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