Members Choice Credit Union
- Assets
- $332.4m
- Revenue
- $13.8m
- Investments
- $64.6m
- Employees
- 71
- Location
- Ashland, KY
- Founding
- 09/1934
- Data as of
- 12/2021
- 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 12/2021, Members Choice Credit Union employed 71 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 12/2021, Members Choice Credit Union generated $13.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $11.3m during the year ending 12/2021. While expenses have increased by 4.6% 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 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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Deborde President | Officer | 40 | $118,065 |
Ken Smith Secretary-Tr | Trustee | 10 | $0 |
Gary Darnell Director | Trustee | 10 | $0 |
Rod Hieneman Vice Chairma | Trustee | 10 | $0 |
John Townsend Director | Trustee | 10 | $0 |
Don Neikirk Director | Trustee | 10 | $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 | $13,173,508 |
| Investment income | $638,230 |
| 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 | $13,811,738 |
| 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. | $118,065 |
| Compensation of current officers, directors, key employees. | $118,065 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,469,007 |
| Pension plan accruals and contributions | $302,594 |
| Other employee benefits | $1,186,741 |
| Payroll taxes | $199,395 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,492 |
| Fees for services: Accounting | $32,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $118,365 |
| Advertising and promotion | $559,137 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $252,794 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $308,021 |
| Interest | $2,336,342 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $324,562 |
| Insurance | $92,034 |
| All other expenses | $319,051 |
| Total functional expenses | $11,305,183 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,413,835 |
| Savings and temporary cash investments | $66,932,208 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $588,193 |
| Loans from Officers, Directors, or Controlling Persons | $1,779,595 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $187,215,116 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $265,653 |
| Net Land, buildings, and equipment | $6,390,327 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $64,550,777 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,220,919 |
| Total assets | $332,356,623 |
| Accounts payable and accrued expenses | $571,005 |
| 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 | $300,481,550 |
| Total liabilities | $301,052,555 |
| Net assets without donor restrictions | $29,328,232 |
| Net assets with donor restrictions | $1,975,836 |
| 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 | $332,356,623 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Members Choice Credit Union has recieved totaling $5,200.
| Awarding Organization | Amount |
|---|---|
Bon Secours Kentucky Health System Foundation Inc FOUNDATION INC Cincinnati, OH PURPOSE: GENERAL SUPPORT | $5,200 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bai Center Chicago, IL | $31,421,766 | $29,377,237 |
American Conservative Union Alexandria, VA | $4,885,240 | $15,442,633 |
Members Choice Credit Union Ashland, KY | $332,356,623 | $13,811,738 |
Cooperative Choice Network Credit Union Peoria, IL | $176,449,588 | $6,257,401 |
International Association Of Refrigerated Warehouses Arlington, VA | $5,555,867 | $6,081,078 |
International Warehouse Logistics Association Des Plaines, IL | $6,414,794 | $4,052,139 |
First Choice Community Cu Knoxville, TN | $47,507,286 | $1,528,915 |
Metric Media Foundation Harrisonville, MO | $333,905 | $1,765,390 |
Smart Policy Works Oak Park, IL | $623,440 | $959,919 |
West Virginia Bankers Association Inc Charleston, WV | $2,515,403 | $1,270,034 |
Missouri Independent Bankers Association Incorporated Jefferson City, MO | $1,281,760 | $1,238,995 |
Northwest Municipal Conference Inc Des Plaines, IL | $2,945,012 | $1,155,141 |