Burlington Municipal Employees Credit Union
- Assets
- $4.9m
- Revenue
- $172.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Burlington, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0750935
Organization Overview
Burlington Municipal Employees Credit Union is located in Burlington, IA. As of 12/2021, Burlington Municipal Employees Credit Union employed 2 individuals. Burlington Municipal Employees 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 12/2021, Burlington Municipal Employees Credit Union generated $172.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $142.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.0%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SERVES THE FINANCIAL NEEDS FOR CITY EMPLOYEES AND THEIR FAMILY THROUGH SAVINGS AND LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A SMALL CREDIT UNION SERVING THE NEEEDS THROUGH LOANS, SAVINGS, AND IRAS TO ITS MEMBERS. MEMBERS SERVED FOR THE 2021 TAX YEAR - 615.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jonie Stewart CEO | Officer | 37.5 | $18,945 |
Ken Morris Chairperson | OfficerTrustee | 1 | $0 |
Greg Higdon Vice -President | OfficerTrustee | 0.5 | $0 |
Bruce Workman President | OfficerTrustee | 0.5 | $0 |
Andrew Siefken Audit Committee | Trustee | 1 | $0 |
Greg Johnson Credit Committee | 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 | $161,052 |
| Investment income | $11,611 |
| 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 | $172,730 |
| 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. | $29,793 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,181 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,219 |
| 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 | $454 |
| Office expenses | $10,600 |
| Information technology | $4,970 |
| 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 | $1,421 |
| Interest | $38,435 |
| Payments to affiliates | $812 |
| Depreciation, depletion, and amortization | $1,146 |
| Insurance | $7,317 |
| All other expenses | $9,251 |
| Total functional expenses | $142,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $207,088 |
| Savings and temporary cash investments | $140,390 |
| 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 | $4,012,858 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,970 |
| Net Land, buildings, and equipment | $1,574 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $492,813 |
| Intangible assets | $0 |
| Other assets | $47,211 |
| Total assets | $4,903,904 |
| Accounts payable and accrued expenses | $13,016 |
| 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 | $4,381,186 |
| Total liabilities | $4,394,202 |
| 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 | $125,879 |
| Retained earnings, endowment, accumulated income, or other funds | $383,823 |
| Total liabilities and net assets/fund balances | $4,903,904 |
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