Madison Fire Department Credit Union
- Assets
- $5.1m
- Revenue
- $215.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Madison, WI
- Founding
- Data as of
- 12/2023
- EIN
- 39-6050254
Organization Overview
Madison Fire Department Credit Union is located in Madison, WI. As of 12/2023, Madison Fire Department Credit Union employed 2 individuals. Madison Fire Department 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, Madison Fire Department Credit Union generated $215.5k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $151.7k during the year ending 12/2023. While expenses have increased by 4.3% per year over the past 9 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
WE ARE COMMITTED TO PROVIDING ITS MEMBERS SOUND AND DEPENDABLE FINANCIAL SERVICE, AN ENVIRONMENT WHERE MEMBERS CAN INTERACT WITH MUTUAL TRUST, RESPECT AND DIGNITY BY CREATING A SENSE OF PRIDE AND OWNERSHIP. THE CREDIT UNION WILL PROVIDE LOANS IN A PRUDENT, SOUND AND DISCREET MANNER IN ACCORDANCE WITH THE WRITTEN POLICY. ALL MEMBERS WILL RECEIVE A FAIR AND COMPETITIVE RETURN ON THEIR INVESTMENTS, WHILE WE MAINTAIN THE FINANCIAL STABILITY OF THE CREDIT UNION.
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 25 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 850 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 112 NEW LOANS TO OUR MEMBERS DURING 2023. AS OF 12/31/23 WE HAD 270 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Krieger President | Officer | 25 | $45,262 |
Lawrence Grab Chairman | OfficerTrustee | 1 | $0 |
Phillip Ruscetti Vice Chair | OfficerTrustee | 1 | $0 |
Joseph Seifert Treasurer | OfficerTrustee | 1 | $0 |
Nathan Franke Secretary | OfficerTrustee | 1 | $0 |
Kevin Shery 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 | $199,279 |
| Investment income | $15,402 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $807 |
| 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 | $215,488 |
| 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. | $45,262 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,874 |
| Pension plan accruals and contributions | $4,331 |
| Other employee benefits | $0 |
| Payroll taxes | $4,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $525 |
| Fees for services: Accounting | $5,515 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $430 |
| Advertising and promotion | $1,195 |
| Office expenses | $11,198 |
| Information technology | $12,333 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $466 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $438 |
| Insurance | $4,489 |
| All other expenses | $0 |
| Total functional expenses | $151,688 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $518,092 |
| 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 | $4,491,780 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,404 |
| Net Land, buildings, and equipment | $673 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,901 |
| Intangible assets | $0 |
| Other assets | $40,373 |
| Total assets | $5,091,223 |
| Accounts payable and accrued expenses | $13,596 |
| 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 | $4,141,605 |
| Total liabilities | $4,155,201 |
| 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 | $936,022 |
| Total liabilities and net assets/fund balances | $5,091,223 |