Membersource Credit Union
- Assets
- $93.8m
- Revenue
- $3.7m
- Investments
- $10.2m
- Employees
- 38
- Location
- Merrillville, IN
- Founding
- 08/2019
- Data as of
- 12/2022
- EIN
- 35-0873966
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 12/2022, Membersource Credit Union employed 38 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 12/2022, Membersource Credit Union generated $3.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $2.9m during the year ending 12/2022. While expenses have increased by 1.9% 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
2022
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) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Perz Chairman | OfficerTrustee | 1 | $0 |
Barry Weiss Vice Chairman | OfficerTrustee | 1 | $0 |
Cecelia Larguara Secretary | OfficerTrustee | 1 | $0 |
Donald Bowman Director | Trustee | 1 | $0 |
Joanne Durkel Director | Trustee | 1 | $0 |
Ronald Harper Director | Trustee | 1 | $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 | $3,105,579 |
| Investment income | $629,473 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$8,232 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,726,820 |
| 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. | $149,833 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $896,847 |
| Pension plan accruals and contributions | $73,018 |
| Other employee benefits | $55,598 |
| Payroll taxes | $74,205 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,946 |
| Fees for services: Other | $313,423 |
| Advertising and promotion | $51,002 |
| Office expenses | $357,056 |
| Information technology | $28,402 |
| Royalties | $0 |
| Occupancy | $235,377 |
| Travel | $20,973 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,521 |
| Interest | $153,990 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $89,049 |
| Insurance | $37,208 |
| All other expenses | $0 |
| Total functional expenses | $2,898,320 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $714,430 |
| Savings and temporary cash investments | $32,444,069 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $46,237,492 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,276,810 |
| Net Land, buildings, and equipment | $1,889,977 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,223,171 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,038,060 |
| Total assets | $93,824,009 |
| Accounts payable and accrued expenses | $588,329 |
| 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 | $1,598,958 |
| Other liabilities | $80,683,754 |
| Total liabilities | $82,871,041 |
| 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 | $10,952,968 |
| Total liabilities and net assets/fund balances | $93,824,009 |