Metco Credit Union
- Assets
- $49.0m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 14
- Location
- Cedar Rapids, IA
- Founding
- 00/0000
- Data as of
- 12/2021
- EIN
- 42-0835734
Organization Overview
Metco Credit Union is located in Cedar Rapids, IA. The organization was established in 0000. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Metco Credit Union employed 14 individuals. Metco 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, Metco Credit Union generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 2.0% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP MEMBERS WITH THEIR FINANCES, ACCEPT DEPOSITS AND MAKE LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION HAS MEMBERS WHO HAVE CHECKING ACCOUNTS AND LOANS. APPROXIMATELY 3,213 MEMBERS WERE SERVED DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Mertens President/ceo/cfo | OfficerTrustee | 45 | $137,381 |
Ann Olson Secretary | OfficerTrustee | 1 | $0 |
Chris Swiser Chairman | OfficerTrustee | 1 | $0 |
Darrell Cannon Board Member | Trustee | 0.75 | $0 |
Wendee Ealy Board Member | Trustee | 0.75 | $0 |
Scott Labus Audit Chair | Trustee | 0.75 | $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 | $1,474,009 |
| Investment income | $228,521 |
| 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 | $2,079,830 |
| 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. | $172,502 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $251,491 |
| Pension plan accruals and contributions | $29,518 |
| Other employee benefits | $97,724 |
| Payroll taxes | $33,656 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $240 |
| Fees for services: Accounting | $31,980 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $82,313 |
| Office expenses | $88,656 |
| Information technology | $155,692 |
| Royalties | $0 |
| Occupancy | $52,081 |
| Travel | $15,567 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,400 |
| Interest | $122,832 |
| Payments to affiliates | $12,285 |
| Depreciation, depletion, and amortization | $65,275 |
| Insurance | $17,189 |
| All other expenses | $66,302 |
| Total functional expenses | $1,455,775 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $282,734 |
| Savings and temporary cash investments | $14,722,298 |
| 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 | $31,068,360 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $78,315 |
| Net Land, buildings, and equipment | $318,593 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,566,068 |
| Total assets | $49,036,368 |
| Accounts payable and accrued expenses | $334,532 |
| 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 | $42,884,236 |
| Total liabilities | $43,218,768 |
| 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 | $1,426,792 |
| Retained earnings, endowment, accumulated income, or other funds | $4,390,808 |
| Total liabilities and net assets/fund balances | $49,036,368 |
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|---|---|---|
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Southpoint Financial Credit Union Sleepy Eye, MN | $509,297,128 | $21,366,397 |
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Siu Credit Union Carbondale, IL | $404,439,735 | $19,509,001 |
Healthcare Associates Credit Union Naperville, IL | $470,519,753 | $19,024,406 |
Financial Plus Credit Union Ottawa, IL | $450,128,379 | $18,435,940 |
Streator Onized Credit Union Streator, IL | $322,868,914 | $20,466,912 |
Arsenal Credit Union Arnold, MO | $349,876,786 | $18,878,245 |
Kane County Teachers Credit Union Elgin, IL | $376,184,077 | $16,257,755 |
First Alliance Credit Union Stewartville, MN | $266,858,268 | $15,921,045 |
First Northern Credit Union Chicago, IL | $376,782,772 | $14,919,062 |