The Municipal Credit Union
- Assets
- $22.4m
- Revenue
- $683.1k
- Investments
- $0.0
- Employees
- 5
- Location
- Sioux City, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0428002
Organization Overview
The Municipal Credit Union is located in Sioux City, IA. As of 12/2021, Municipal Credit Union employed 5 individuals. Municipal 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, Municipal Credit Union generated $683.1k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $572.9k during the year ending 12/2021. While expenses have increased by 1.9% 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FINANCIAL SERVICES TO MEMBERS - SHARE SAVINGS AND LOANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Debra Boetger Board Member | Trustee | 1 | $0 |
James Kavanaugh Board Member | Trustee | 1 | $0 |
Ken South Board Member | Trustee | 1 | $0 |
David Mcwilliams Board Member | Trustee | 1 | $0 |
Don Trometer Board Member | OfficerTrustee | 1 | $0 |
Mike Hamm Board Member | 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 | $619,801 |
| Investment income | $63,273 |
| 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 | $683,074 |
| 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 | $181,634 |
| Pension plan accruals and contributions | $12,000 |
| Other employee benefits | $2,281 |
| Payroll taxes | $14,872 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $10,799 |
| Office expenses | $36,220 |
| Information technology | $4,568 |
| Royalties | $0 |
| Occupancy | $41,794 |
| Travel | $1,387 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $600 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $19,847 |
| All other expenses | $53,297 |
| Total functional expenses | $572,881 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $242,129 |
| Savings and temporary cash investments | $11,586,716 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,894 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,211,089 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $54,876 |
| Net Land, buildings, and equipment | $91,563 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $207,770 |
| Total assets | $22,423,037 |
| Accounts payable and accrued expenses | $47,725 |
| 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 | $20,157,946 |
| Total liabilities | $20,205,671 |
| 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 | $2,217,366 |
| Total liabilities and net assets/fund balances | $22,423,037 |