Madison Credit Union is located in Madison, WI. As of 12/2022, Madison Credit Union employed 11 individuals. Madison 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, Madison Credit Union generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $1.4m during the year ending 12/2022. While expenses have increased by 0.0% per year over the past 8 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
MADISON CREDIT UNION IS A COOPERATIVE NON PROFIT CORPORATION, INCORPORATED UNDER WISCONSIN STATE LAW TO ENCOURAGE THRIFT AMONG ITS MEMBERS, CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND PROVIDE AN OPPORTUNITY FOR ITS MEMBERS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREDIT UNION PROGRAM: PROVIDED 89 FIRST MORTGAGES TOTALING $9,099,845. PROVIDED 61,843 NEW AND USED AUTO LOANS TOTALING $11,648,693.
CREDIT UNION PROGRAM: PROVIDE LOW COST FINANCIAL SERVICES TO 3,103 MEMBERS.
CREDIT UNION PROGRAM: SERVICED MEMBERS' INTEREST BY ACCEPTING DEPOSITS, GRANTING LOANS, AND INVESTING EXCESS FUNDS IN A PRUDENT MANNER.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Ilene Fritschler Ceo/president | Officer | 45 | $87,512 |
Judith Drousth Board Of Director-Vice Chair Person | Trustee | 1 | $0 |
Robin Piper Board Of Director-Chair Person | Trustee | 1 | $0 |
Jo Ann Terasa Board Of Director - Treasurer | Trustee | 1 | $0 |
Thomas Sakash Board Of Director-Secretary | Trustee | 1 | $0 |
Larry Schultz Board Of Director | Trustee | 1 | $0 |
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 | $1,107,905 |
Investment income | $380,956 |
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 | $1,488,861 |
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. | $87,512 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $376,420 |
Pension plan accruals and contributions | $29,559 |
Other employee benefits | $67,757 |
Payroll taxes | $34,214 |
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 | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $28,239 |
Office expenses | $56,447 |
Information technology | $112,000 |
Royalties | $0 |
Occupancy | $52,262 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $5,946 |
Interest | $28,230 |
Payments to affiliates | $48,369 |
Depreciation, depletion, and amortization | $16,192 |
Insurance | $16,041 |
All other expenses | $34,498 |
Total functional expenses | $1,373,944 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $355,984 |
Savings and temporary cash investments | $1,233,989 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $22,656,826 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $495,699 |
Net Land, buildings, and equipment | $112,008 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $35,981,159 |
Total assets | $60,835,665 |
Accounts payable and accrued expenses | -$1,090,500 |
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 | $56,837,594 |
Total liabilities | $55,747,094 |
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 | $5,088,571 |
Total liabilities and net assets/fund balances | $60,835,665 |
Over the last fiscal year, we have identified 1 grants that Madison Credit Union has recieved totaling $10,000.
Awarding Organization | Amount |
---|---|
John J And Rose Cali Family Foundation Cranford, NJ PURPOSE: GENERAL SUPPORT | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
Chinese American Service League Inc Chicago, IL | $15,835,299 | $20,315,146 |
Sholom Home East Inc St Paul, MN | $55,805,227 | $20,264,604 |
Dow Rummel Village Sioux Falls, SD | $76,421,386 | $18,523,416 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Botsford Continuing Care Corporation Southfield, MI | $28,554,348 | $16,692,642 |
American Association Of Orthopaedic Surgeons Of America Rosemont, IL | $21,165,468 | $24,653,127 |
Blackburn University Carlinville, IL | $69,417,787 | $20,572,819 |
Community Support Services Inc Akron, OH | $23,036,222 | $26,517,082 |
Montgomery Place Chicago, IL | $31,885,880 | $16,111,662 |
Region 3b Area Agency On Aging Battle Creek, MI | $12,282,051 | $21,229,876 |
Southwest Counseling Solutions Inc Detroit, MI | $10,435,524 | $23,926,279 |
Adec Inc Bristol, IN | $35,707,130 | $22,045,756 |