Missouri Electric Cooperative Employees' Credit Union
- Assets
- $280.8m
- Revenue
- $9.7m
- Investments
- $100.0m
- Employees
- 19
- Location
- Jefferson City, MO
- Founding
- Data as of
- 12/2021
- EIN
- 43-1044975
Organization Overview
Missouri Electric Cooperative Employees' Credit Union is located in Jefferson City, MO. As of 12/2021, Missouri Electric Cooperative Employees' Credit Union employed 19 individuals. Missouri Electric Cooperative 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, Missouri Electric Cooperative Employees' Credit Union generated $9.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $6.1m during the year ending 12/2021. While expenses have increased by 7.2% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PERSONALIZED FINANCIAL SERVICES PROVIDED BY A DEDICATED STAFF WITH SUCCESSFUL RESULTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 11,915 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2021, THERE WERE 8,992 LOANS OUTSTANDING TOTALING $172,464,928.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $2,538,428 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Marks President | Officer | 40 | $231,551 |
Gary Bruemmer Accountant | 40 | $134,133 | |
Jay Ernst Senior Loan Officer | 40 | $114,937 | |
Cathy Mckay Director | Trustee | 1 | $0 |
Sean Friend Director | Trustee | 1 | $0 |
Matt Sharp Vice Chairperson | 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 | $8,224,775 |
| Investment income | $1,407,376 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $18,894 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,025 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,658,070 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $304,547 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,036,049 |
| Pension plan accruals and contributions | $286,057 |
| Other employee benefits | $220,593 |
| Payroll taxes | $89,347 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,014 |
| Fees for services: Accounting | $39,194 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $321,179 |
| Advertising and promotion | $65,288 |
| Office expenses | $193,464 |
| Information technology | $345,366 |
| Royalties | $0 |
| Occupancy | $34,150 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,988 |
| Interest | $3,115 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,077 |
| Insurance | $15,565 |
| All other expenses | $139,136 |
| Total functional expenses | $6,088,936 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300,617 |
| Savings and temporary cash investments | $2,278,230 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,927 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $172,438,213 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $614,604 |
| Net Land, buildings, and equipment | $690,753 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $100,021,370 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,443,411 |
| Total assets | $280,806,125 |
| Accounts payable and accrued expenses | $864,630 |
| 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 | $2,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $248,213,791 |
| Total liabilities | $251,578,421 |
| 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 | $29,227,704 |
| Total liabilities and net assets/fund balances | $280,806,125 |
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