Meridian Credit Union
- Assets
- $34.5m
- Revenue
- $865.6k
- Investments
- $0.0
- Employees
- 7
- Location
- Ottumwa, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-6067162
Organization Overview
Meridian Credit Union is located in Ottumwa, IA. As of 12/2021, Meridian Credit Union employed 7 individuals. Meridian 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, Meridian Credit Union generated $865.6k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $943.8k during the year ending 12/2021. 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Cutsforth Board Member | Trustee | 1 | $0 |
Lynnette Green Board Member | Trustee | 1 | $0 |
Steve Allison Board Member | Trustee | 1 | $0 |
Jesse Meredith Board Member | Trustee | 1 | $0 |
Su Brown Board Member | Trustee | 1 | $0 |
Brett Fischels Board Member | 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 | $682,648 |
| Investment income | $183,001 |
| 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 | $865,649 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $237,207 |
| Pension plan accruals and contributions | $7,127 |
| Other employee benefits | $37,565 |
| Payroll taxes | $19,118 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,179 |
| Fees for services: Lobbying | $14,400 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $81,374 |
| Office expenses | $93,923 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,837 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,840 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $32,449 |
| Insurance | $15,939 |
| All other expenses | $30,616 |
| Total functional expenses | $943,781 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $304,149 |
| Savings and temporary cash investments | $19,129,798 |
| 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 | $13,113,935 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $148,978 |
| Net Land, buildings, and equipment | $598,414 |
| Investments—publicly traded securities | $287,985 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $917,890 |
| Total assets | $34,501,149 |
| Accounts payable and accrued expenses | $59,583 |
| 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 | $29,876,780 |
| Total liabilities | $29,936,363 |
| 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 | $1,077,250 |
| Retained earnings, endowment, accumulated income, or other funds | $3,487,536 |
| Total liabilities and net assets/fund balances | $34,501,149 |
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