Mg& E Credit Union
- Assets
- $0.0
- Revenue
- $58.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Madison, WI
- Founding
- Data as of
- 08/2021
- EIN
- 39-6052411
Organization Overview
Mg& E Credit Union is located in Madison, WI. As of 12/2020, Mg& E Credit Union employed 2 individuals. Mg& E 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 08/2021, Mg& E Credit Union generated $58.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (11.3%) each year. All expenses for the organization totaled $250.3k during the year ending 08/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO PROVIDE PROMPT, COMPETITIVE, QUALITY FINANCIAL SERVICES TO OUR MEMBERS IN A FRIENDLY AND PROFESSIONAL MANNER WHILE MAINTAINING SOUND GROWTH AND FINANCIAL STABILITY.
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 20 NEW DEPOSIT ACCOUNTS IN 2020. AS OF 12/31/20 WE HAD 609 MEMBERS.
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 2 NEW DEPOSIT ACCOUNTS IN 2021. AS OF 07/31/21 WE HAD 519 MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 39 NEW LOANS TO OUR MEMBERS DURING 2020. AS OF 12/31/20 WE HAD 243 LOANS TO OUR MEMBERS.
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 25 NEW LOANS TO OUR MEMBERS DURING 2021. AS OF 07/31/21 WE HAD 391 LOANS TO OUR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eileen Harrison President | Officer | 40 | $50,015 |
Michael Savage Chair | OfficerTrustee | 0.5 | $0 |
Carmen Coats Vice Chair | OfficerTrustee | 0.5 | $0 |
Judy Bishop Treasurer | OfficerTrustee | 0.5 | $0 |
Courtney Wilson Secretary | OfficerTrustee | 0.5 | $0 |
Helen Taylor 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 | $56,440 |
| Investment income | $1,771 |
| 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 | $58,211 |
| 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. | $9,683 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,743 |
| Pension plan accruals and contributions | $729 |
| Other employee benefits | $2,244 |
| Payroll taxes | $2,265 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,146 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $117 |
| Office expenses | $3,564 |
| Information technology | $6,040 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | -$1,410 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,695 |
| Insurance | $1,966 |
| All other expenses | $0 |
| Total functional expenses | $250,307 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $633,196 |
| 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 | $1,998,810 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,948 |
| Net Land, buildings, and equipment | $1,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $531,760 |
| Intangible assets | $0 |
| Other assets | $28,632 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $9,638 |
| 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 | $2,676,793 |
| 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 | $510,610 |
| Total liabilities and net assets/fund balances | $0 |