Burlington Municipal Employees Credit Union
- Assets
- $5.0m
- Revenue
- $175.9k
- Investments
- $0.0
- Employees
- 2
- Location
- Burlington, IA
- Founding
- Data as of
- 12/2022
- EIN
- 42-0750935
Organization Overview
Burlington Municipal Employees Credit Union is located in Burlington, IA. As of 12/2022, 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 12/2022, Burlington Municipal Employees Credit Union generated $175.9k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $150.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 8 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
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 2022 TAX YEAR - 615.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Morris Chairperson | OfficerTrustee | 1 | $0 |
Bruce Workman President | OfficerTrustee | 0.5 | $0 |
Greg Higdon Vice -President | OfficerTrustee | 0.5 | $0 |
Donald Ryan Audit Committee | Trustee | 0.5 | $0 |
Greg Johnson Credit Chair | Trustee | 1 | $0 |
William Gilpin Audit Chair | 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 | $167,177 |
| Investment income | $8,597 |
| 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 | $175,852 |
| 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. | $23,176 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,920 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,096 |
| Payroll taxes | $3,306 |
| 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 | $643 |
| Office expenses | $10,197 |
| Information technology | $5,005 |
| 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 | $1,363 |
| Interest | $50,346 |
| Payments to affiliates | $759 |
| Depreciation, depletion, and amortization | $1,569 |
| Insurance | $7,266 |
| All other expenses | $7,928 |
| Total functional expenses | $150,278 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $319,775 |
| Savings and temporary cash investments | $395,658 |
| 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 | $3,972,840 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,063 |
| Net Land, buildings, and equipment | $5 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $246,137 |
| Intangible assets | $0 |
| Other assets | $43,711 |
| Total assets | $4,980,189 |
| Accounts payable and accrued expenses | $18,624 |
| 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 | $4,417,148 |
| Total liabilities | $4,435,772 |
| 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 | $135,020 |
| Retained earnings, endowment, accumulated income, or other funds | $409,397 |
| Total liabilities and net assets/fund balances | $4,980,189 |