Members Choice Credit Union
- Assets
- $403.1m
- Revenue
- $21.0m
- Investments
- $109.7m
- Employees
- 100
- Location
- Ashland, KY
- Founding
- 09/1934
- Data as of
- 12/2023
- EIN
- 61-6029190
Organization Overview
Members Choice Credit Union is located in Ashland, KY. The organization was established in 1934. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Members Choice Credit Union employed 100 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members Choice 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 12/2023, Members Choice Credit Union generated $21.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $22.9m during the year ending 12/2023. While expenses have increased by 12.0% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FINANCIAL SERVICES TO CREDIT UNION MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
INTEREST PAID ON MEMBER DEPOSITS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Bush Senior VP | Officer | $0 | |
Ken Smith Secretary-Tr | Trustee | $0 | |
Don Neikirk Director | Trustee | $0 | |
Gary Darnell Director | Trustee | $0 | |
John Townsend Director | Trustee | $0 | |
Rod Hieneman Vice Chairma | Trustee | $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 | $18,256,022 |
| Investment income | $3,563,875 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$771,376 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,048,521 |
| 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 | $4,313,417 |
| Pension plan accruals and contributions | $368,355 |
| Other employee benefits | $1,764,873 |
| Payroll taxes | $352,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $164,366 |
| 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 | $157,482 |
| Advertising and promotion | $791,016 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $435,334 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $427,860 |
| Interest | $7,428,059 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $922,938 |
| Insurance | $96,838 |
| All other expenses | $1,244,785 |
| Total functional expenses | $22,892,460 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,329,633 |
| Savings and temporary cash investments | $11,036,896 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,256,314 |
| Loans from Officers, Directors, or Controlling Persons | $358,645 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $261,336,980 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $415,238 |
| Net Land, buildings, and equipment | $13,739,827 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $109,710,608 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,952,325 |
| Total assets | $403,136,466 |
| Accounts payable and accrued expenses | $781,608 |
| 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 | $373,337,023 |
| Total liabilities | $374,118,631 |
| Net assets without donor restrictions | $26,987,897 |
| Net assets with donor restrictions | $2,029,938 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $403,136,466 |