Members First Credit Union
- Assets
- $0.0
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 14
- Location
- Madison, WI
- Founding
- Data as of
- 11/2023
- EIN
- 39-1019822
Organization Overview
Members First Credit Union is located in Madison, WI. As of 11/2023, Members First Credit Union employed 14 individuals. Members First 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 11/2023, Members First Credit Union generated $1.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.7m during the year ending 11/2023. While expenses have increased by 4.8% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ENCOURAGE THRIFT AMONG OUR MEMBERS, TO CREATE A SOURCE OF CREDIT AT A FAIR AND REASONABLE COST, AND TO PROVIDE AN OPPORTUNITY FOR EACH OF OUR MEMBERS TO IMPROVE THEIR RESPECTIVE ECONOMIC AND SOCIAL CONDITIONS.
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 192 NEW MEMBER DEPOSIT ACCOUNTS IN 2023. AS OF 11/30/23 WE HAD 2,792 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 322 NEW LOANS TO MEMBERS DURING 2023. AS OF 11/30/23 WE HAD 1,467 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Kutz President | Officer | 40 | $92,788 |
Ron Kluge Chair | OfficerTrustee | 1 | $0 |
Dennis Baribeau Vice Chair | OfficerTrustee | 1 | $0 |
Sue Powers Treasurer | OfficerTrustee | 1 | $0 |
Dorothy Steffens Secretary | OfficerTrustee | 1 | $0 |
Dennis Niebuhr 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 | $1,694,203 |
| Investment income | $122,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $5,857 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,195 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,817,508 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,000 |
| 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. | $92,788 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $445,071 |
| Pension plan accruals and contributions | $11,754 |
| Other employee benefits | $61,241 |
| Payroll taxes | $36,385 |
| 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 | $89,345 |
| Advertising and promotion | $29,336 |
| Office expenses | $260,165 |
| Information technology | $163,690 |
| Royalties | $0 |
| Occupancy | $87,581 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,624 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,499 |
| Insurance | $45,879 |
| All other expenses | $0 |
| Total functional expenses | $1,743,920 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |