Members 1st Credit Union
- Assets
- $328.9m
- Revenue
- $12.6m
- Investments
- $0.0
- Employees
- 85
- Location
- Redding, CA
- Founding
- 06/1961
- Data as of
- 12/2022
- EIN
- 94-0362026
Organization Overview
Members 1st Credit Union is located in Redding, CA. The organization was established in 1961. 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 12/2022, Members 1st Credit Union employed 85 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members 1st 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, Members 1st Credit Union generated $12.6m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $10.3m during the year ending 12/2022. While expenses have increased by 9.9% per year over the past 5 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
MEMBERS 1ST CREDIT UNION PROVIDES THE CONVENIENT AND RELEVANT FINANCIAL SERVICES THAT MEMBERS NEED TO ACHIEVE THEIR GOALS AND DREAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GENERAL SERVICE TO OUR MEMBERS: THE DELIVER CHANNELS INCLUDE FOUR BRANCH LOCATIONS WHERE STAFF ARE FULLY TRAINED AND AVAILABLE TO PROVIDE SERVICES RELATED TO LOAN AND DEPOSIT TRANSACTIONS. ALL BRANCHES INCLUDE ATM ACCESS. A FINANCIAL PLANNER IS AVAILABLE TO ADVISE MEMBERS AT NO CHARGE. THE CREDIT UNION SERVICES APPROXIMATELY 22,000 MEMBERS. THE CORPORATE OFFICE HOUSES A CALL CENTER, WEBSITE STAFF, AND OTHER KEY EMPLOYEES WHOSE JOBS REVOLVE AROUND KEEPING THE CREDIT UNION OPERATIONS SAFE AND SECURE. THE CREDIT UNION STRIVES TO BE GREAT VALUE TO ITS MEMBERS. PRODUCTS ARE COMPETITIVELY PRICED AND MANY TRANSACTIONS CAN BE CONDUCTED ON THE CREDIT UNION'S WEBSITE OR MOBILE APP 24 HOURS PER DAY, 7 DAYS PER WEEK.
LENDING PROGRAM: MEMBERS 1ST CREDIT UNION FIRST BEGAN LENDING TO ITS MEMBERS IN 1936. WE HAVE A SUCCESSFUL TRACK RECORD OF HELPING COMMUNITY MEMBERS ESTABLISH CREDIT AND WE ALSO OFFER RATES THAT ARE A GOOD VALUE. EXPENSES ASSOCIATED WITH LENDING INCLUDE STAFF MEMBERS AND OTHER COST GENERALLY ASSOCIATED WITH OPERATING AN OFFICE.
DEPOSIT SERVICES: EXTENDING COMPETITIVE SAVINGS RATES TO OUR MEMBERS ENABLES THE CREDIT UNION TO GROW, REWARD SAVERS, HAVE ACCESSIBLE FUNDS TO LEND TO BORROWERS, AND FULFILL OUR COOPERATIVE PRINCIPLE MISSION. MULTIPLE TYPES OF INDIVIDUAL RETIREMENT ACCOUNTS ARE OFFERED TO SERVE THE MEMBERSHIP INTO THE FUTURE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caroline Redmann CEO | Officer | 40 | $233,827 |
Dean Birge Chief Financial Officer | Officer | 40 | $184,187 |
Aaron Pitroff Vice President Lending | Officer | 40 | $151,451 |
Noel Stratton Vice President It | Officer | 40 | $139,450 |
Megan Littler Vice President Operations | Officer | 40 | $126,313 |
Shawna Bell Vice President Human Resources | Officer | 40 | $119,140 |
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 | $11,470,128 |
| Investment income | $745,429 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $134,711 |
| Net Gain/Loss on Asset Sales | -$8,412 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,578,808 |
| 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. | $1,190,933 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,167,158 |
| Pension plan accruals and contributions | $109,675 |
| Other employee benefits | $659,011 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $32,594 |
| Fees for services: Accounting | $49,576 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $408,299 |
| Office expenses | $897,006 |
| Information technology | $286,543 |
| Royalties | $0 |
| Occupancy | $381,625 |
| Travel | $8,257 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,558 |
| Interest | $322,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $563,942 |
| Insurance | $58,216 |
| All other expenses | $127,578 |
| Total functional expenses | $10,309,174 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,220,026 |
| Savings and temporary cash investments | $12,263,620 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $660,939 |
| Loans from Officers, Directors, or Controlling Persons | $2,220,746 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $256,386,702 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $418,661 |
| Net Land, buildings, and equipment | $6,713,381 |
| Investments—publicly traded securities | $41,528,245 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,452,448 |
| Total assets | $328,864,768 |
| Accounts payable and accrued expenses | $3,050,839 |
| 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 | $300,930,089 |
| Total liabilities | $303,980,928 |
| 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 | $24,883,840 |
| Total liabilities and net assets/fund balances | $328,864,768 |