Midwest Community Credit Union
- Assets
- $44.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Sioux City, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0860407
Organization Overview
Midwest Community Credit Union is located in Sioux City, IA. As of 12/2022, Midwest Community Credit Union employed 9 individuals. Midwest Community 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, Midwest Community Credit Union generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $963.3k during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Ambrose Board Member | Trustee | 1 | $0 |
Mary Kay Augustine Board Member | Trustee | 1 | $0 |
Laurie Baldwin Board Member | Trustee | 1 | $0 |
Patty Ely Board Member | Trustee | 1 | $0 |
Linney Fletcher Board Member | Trustee | 1 | $0 |
William Gates Board Member | 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 | $680,529 |
| Investment income | $370,827 |
| 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 | $1,051,356 |
| 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 | $258,619 |
| Pension plan accruals and contributions | $7,389 |
| Other employee benefits | $20,222 |
| Payroll taxes | $78,364 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,860 |
| 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 | $25,653 |
| Office expenses | $56,009 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,594 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,285 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,006 |
| Insurance | $19,689 |
| All other expenses | $67,142 |
| Total functional expenses | $963,262 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $346,074 |
| Savings and temporary cash investments | $30,596,713 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,725 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,240,633 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,157 |
| Net Land, buildings, and equipment | $105,568 |
| Investments—publicly traded securities | $785,128 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $440,722 |
| Total assets | $44,520,720 |
| Accounts payable and accrued expenses | $200,727 |
| 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 | $41,250,003 |
| Total liabilities | $41,450,730 |
| 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 | $911,929 |
| Retained earnings, endowment, accumulated income, or other funds | $2,158,061 |
| Total liabilities and net assets/fund balances | $44,520,720 |