Membersource Credit Union

Organization Overview

Membersource Credit Union is located in Merrillville, IN. The organization was established in 2019. 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, Membersource Credit Union employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Membersource 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, Membersource Credit Union generated $3.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $2.6m during the year ending 12/2021. While expenses have increased by 1.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

CREDIT UNION IS A NOT-FOR-PROFIT, MEMBER-OWNED FINANCIAL INSTITUTION, WE WORK HARD TO ENSURE THE CREDIT UNION PHILOSOPHY OF PEOPLE HELPING PEOPLE. WE OFFER A FULL LINE OF PRODUCTS AND SERVICES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

TO PROMOTE THRIFT & PROVIDE LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A CO-OPERATIVE BASIS FOR THE MUTUAL BENEFIT OF THOSE IN THEIR FIELD OF MEMBERSHIP.


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Board, Officers & Key Employees

Name (title)Compensation
James Falls
CEO
$107,678
Scott Shelton
CEO (retired 6/30/21)
$91,763
Thomas Pysh
Chairman
$0
Jeff Perz
Vice Chairman
$0
Cecelia Larguara
Secretary
$0
Mitch Hershberger
Treasurer
$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$2,614,985
Investment income $568,103
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 $3,183,088

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