Mcu Financial Center Credit Union
- Assets
- $30.0m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 9
- Location
- Racine, WI
- Founding
- Data as of
- 12/2022
- EIN
- 39-0891442
Organization Overview
Mcu Financial Center Credit Union is located in Racine, WI. As of 12/2022, Mcu Financial Center Credit Union employed 9 individuals. Mcu Financial Center 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, Mcu Financial Center Credit Union generated $1.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $955.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. 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
TO PROVIDE SECURE, CONVENIENT AND QUALITY FINANCIAL SERVICES, IN AN ECONOMICALLY SOUND MANNER, TO ALL PRESENT AND POTENTIAL MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 294 NEW DEPOSIT ACCOUNTS IN 2022. AS OF 12/31/22 WE HAD 2,863 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 348 NEW LOANS DURING 2022. AS OF 12/31/22 WE HAD 1,978 OUSTANDING LOANS RECEIVABLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brannan Hood President | Officer | 40 | $73,096 |
Jeffery Passarelli Chairman | OfficerTrustee | 0.5 | $0 |
Mark Lee Vice Chair | OfficerTrustee | 0.5 | $0 |
Ryan Anderson Secretary/tr | OfficerTrustee | 0.5 | $0 |
Steven Wyma Director | Trustee | 0.5 | $0 |
Richard Delfs Director | Trustee | 0.5 | $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 | $874,483 |
| Investment income | $115,868 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $22,232 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $325 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,012,908 |
| 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. | $73,096 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $311,484 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,915 |
| Payroll taxes | $30,220 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,721 |
| Fees for services: Accounting | $14,167 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,249 |
| Office expenses | $133,686 |
| Information technology | $108,543 |
| Royalties | $0 |
| Occupancy | $51,749 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,653 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,306 |
| Insurance | $13,179 |
| All other expenses | $0 |
| Total functional expenses | $955,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $464,632 |
| Savings and temporary cash investments | $4,201,478 |
| 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 | $22,226,242 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $352,739 |
| Net Land, buildings, and equipment | $669,590 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,747,321 |
| Intangible assets | $0 |
| Other assets | $349,577 |
| Total assets | $30,011,579 |
| Accounts payable and accrued expenses | $94,688 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $28,144 |
| 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 | $27,217,281 |
| Total liabilities | $27,340,113 |
| 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 | $2,671,466 |
| Total liabilities and net assets/fund balances | $30,011,579 |