Members Advantage Credit Union
- Assets
- $178.6m
- Revenue
- $6.9m
- Investments
- $32.6m
- Employees
- 44
- Location
- Wisconsin Rapids, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-6062826
Organization Overview
Members Advantage Credit Union is located in Wisconsin Rapids, WI. As of 12/2022, Members Advantage Credit Union employed 44 individuals. Members Advantage 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 Advantage Credit Union generated $6.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $5.6m during the year ending 12/2022. While expenses have increased by 5.0% 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
A MEMBER-OWNED FINANCIAL ORGANIZATION DEDICATED TO: MEETING THE CHANGING NEEDS OF MEMBERS IN FRIENDLY & PROFESSIONAL MANNER; PROVIDING A VARIETY OF COMPETITIVELY PRICED FINANCIAL PRODUCTS & FINANCIAL PRODUCTS & SERVICES; & MAINTAINING THE CREDIT UNION'S LONG-TERM STABILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE FUNDED 1,624 LOANS DURING 2022. AS OF 12/31/22, WE HAD $46,125,247 IN MORTGAGES/HOME EQUITY LINES, $48,529,821, IN CONSUMER LOANS AND $14,853,224 IN MEMBER BUSINESS LOANS. WE ALSO HAD 2,011 CREDIT CARD ACCOUNTS WITH OUR MEMBERS.
WE HAVE DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS WITH 11,364 MEMBERS AT 12/31/22. DURING 2022, WE OPENED 117 NEW DEPOSIT, TRANSACTION, AND INVESTMENT ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Scharff Chair | OfficerTrustee | 1 | $2,640 |
Gary Phillips Vice-Chair | OfficerTrustee | 1 | $1,120 |
Ronald Schwanz Treasurer | OfficerTrustee | 1 | $840 |
Joe Bredl Director | Trustee | 1 | $1,120 |
Mary Ellen Scharff Director | Trustee | 1 | $1,120 |
Jack Uttermark Director | Trustee | 1 | $1,050 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Altmann Construction Construction/remodel | 12/30/19 | $1,965,925 |
Datamatic View Software | 12/30/19 | $225,348 |
Strata Defense It/computers | 12/30/19 | $123,844 |
Data Financial Cash Recyclers | 12/30/19 | $109,026 |
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 | $6,223,094 |
| Investment income | $444,587 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $82,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,911,306 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,933 |
| 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. | $732,899 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,396,022 |
| Pension plan accruals and contributions | $49,196 |
| Other employee benefits | $331,866 |
| Payroll taxes | $122,270 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,053 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,265 |
| Advertising and promotion | $46,590 |
| Office expenses | $252,690 |
| Information technology | $194,059 |
| Royalties | $0 |
| Occupancy | $248,566 |
| Travel | $10,775 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,691 |
| Interest | $77,406 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $317,564 |
| Insurance | $48,945 |
| All other expenses | $167,068 |
| Total functional expenses | $5,558,833 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $915,619 |
| Savings and temporary cash investments | $1,277,979 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $278,621 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $105,965,957 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $113,475 |
| Net Land, buildings, and equipment | $4,053,935 |
| Investments—publicly traded securities | $26,273,780 |
| Investments—other securities | $32,597,529 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,135,487 |
| Total assets | $178,612,382 |
| Accounts payable and accrued expenses | $4,145,815 |
| 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 | $150,205,644 |
| Total liabilities | $154,351,459 |
| 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 | $24,260,923 |
| Total liabilities and net assets/fund balances | $178,612,382 |
Grants Awarded
Over the last fiscal year, Members Advantage Credit Union has awarded $15,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PORTAGE COUNTY HHS ADMINISTRATORS PURPOSE: PROGRAM ASSISTANCE | $7,500 |
WOOD COUNTY HUMAN SERVICES PURPOSE: PROGRAM ASSISTANCE | $7,500 |