Midwest Credit Union
- Assets
- $10.2m
- Revenue
- $576.7k
- Investments
- $0.0
- Employees
- 8
- Location
- Florissant, MO
- Founding
- Data as of
- 12/2017
- EIN
- 43-6034138
Organization Overview
Midwest Credit Union is located in Florissant, MO. As of 12/2017, Midwest Credit Union employed 8 individuals. Midwest 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 12/2017, Midwest Credit Union generated $576.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (4.3%) each year. All expenses for the organization totaled $677.5k during the year ending 12/2017. 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
2017
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HIGH QUALITY FINANCIAL SERVICES FOR OUR MEMBERS/OWNERS, ENHANCING THEIR FINANCIAL WELL-BEING WHILE MAINTAINING THE FINANCIAL STRENGTH OF THE CREDIT UNION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 2,433 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2017, THERE WERE 740 LOANS OUTSTANDING TOTALING $3,994,814.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $5,906 FOR THE YEAR.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sookie Cunningham President | Officer | 40 | $89,444 |
Melvin Bardon Jr Chairman | Trustee | 1 | $0 |
Mike Bushman Vice Chairman | Trustee | 1 | $0 |
Marcella Kissner Secretary | Trustee | 1 | $0 |
Timothy Souers Treasurer | Trustee | 1 | $0 |
Joyce Harrell 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 | $511,197 |
| Investment income | $61,001 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,492 |
| 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 | $576,690 |
| 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. | $115,330 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $119,470 |
| Pension plan accruals and contributions | $11,058 |
| Other employee benefits | $3,951 |
| Payroll taxes | $16,360 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,494 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $118,491 |
| Advertising and promotion | $7,679 |
| Office expenses | $58,543 |
| Information technology | $64,460 |
| Royalties | $0 |
| Occupancy | $49,723 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,397 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,333 |
| Insurance | $11,505 |
| All other expenses | $5,572 |
| Total functional expenses | $677,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $155,142 |
| Savings and temporary cash investments | $5,945,850 |
| 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 | $3,943,997 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $16,894 |
| Net Land, buildings, and equipment | $9,184 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $150,642 |
| Total assets | $10,221,709 |
| Accounts payable and accrued expenses | $67,427 |
| 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 | $8,520,634 |
| Total liabilities | $8,588,061 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $1,633,648 |
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