Members Exchange Credit Union
- Assets
- $141.3m
- Revenue
- $9.2m
- Investments
- $0.0
- Employees
- 49
- Location
- Jackson, MS
- Founding
- 04/2001
- Data as of
- 12/2021
- EIN
- 64-0344965
Organization Overview
Members Exchange Credit Union is located in Jackson, MS. The organization was established in 2001. 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, Members Exchange Credit Union employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members Exchange 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 Exchange Credit Union generated $9.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $7.2m during the year ending 12/2021. While expenses have increased by 0.2% 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 THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
15,383 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitzi Tate President/ceo | Officer | 40 | $294,066 |
Susan Boshart Executive Vice President | Officer | 40 | $188,757 |
Karen Root Executive Vice President | Officer | 40 | $182,380 |
Ladonna Jacobs Senior Vice President | Officer | 40 | $113,393 |
Maleigh Coffey Senior Vice President | Officer | 40 | $106,413 |
Kenneth Allison Board Chairman | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Member Driven Technologies Data Processing | 12/30/21 | $531,697 |
Jack Henry (Cps) Debit/credit/atm Processing | 12/30/21 | $394,594 |
Bancvue Reward Checking Products & Marketing | 12/30/21 | $152,504 |
Lsi Outsourced Call And Lender Center | 12/30/21 | $364,042 |
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 | $4,362,121 |
| Investment income | $585,562 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $39,600 |
| 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 | $9,198,394 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $852 |
| 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. | $993,582 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,851,168 |
| Pension plan accruals and contributions | $228,984 |
| Other employee benefits | $216,469 |
| Payroll taxes | $193,971 |
| Fees for services: Management | $57,760 |
| Fees for services: Legal | $3,000 |
| Fees for services: Accounting | $61,553 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $392,352 |
| Advertising and promotion | $359,205 |
| Office expenses | $543,876 |
| Information technology | $96,762 |
| Royalties | $0 |
| Occupancy | $298,533 |
| Travel | $14,324 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,275 |
| Interest | $675,587 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $257,011 |
| Insurance | $90,551 |
| All other expenses | -$425,358 |
| Total functional expenses | $7,249,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,504,923 |
| Savings and temporary cash investments | $73,623,347 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,452,302 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $52,987,993 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $383,711 |
| Net Land, buildings, and equipment | $5,717,012 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $25,000 |
| Intangible assets | $0 |
| Other assets | $1,576,583 |
| Total assets | $141,270,871 |
| Accounts payable and accrued expenses | $2,396,641 |
| 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 | $115,557,901 |
| Total liabilities | $117,954,542 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $23,316,329 |
| Total liabilities and net assets/fund balances | $141,270,871 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Navigator Credit Union Pascagoula, MS | $437,761,691 | $21,926,267 |
Memphis City Employees Credit Union Memphis, TN | $441,662,639 | $21,190,840 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
Cornerstone Financial Credit Union Nashville, TN | $522,943,459 | $21,028,853 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
U S Community Credit Union Nashville, TN | $215,456,515 | $14,802,772 |
State Chartered Credit Unions In Mississippi Vicksburg, MS | $302,589,951 | $14,982,675 |
The Tennessee Credit Union Nashville, TN | $408,777,901 | $12,031,552 |
Old Hickory Credit Union Old Hickory, TN | $313,316,175 | $12,481,869 |
Mutual Savings Birmingham, AL | $217,478,712 | $10,770,188 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |