Members 1st Credit Union
- Assets
- $62.2m
- Revenue
- $2.6m
- Investments
- $103.7k
- Employees
- 21
- Location
- St Louis, MO
- Founding
- Data as of
- 12/2023
- EIN
- 43-6032141
Organization Overview
Members 1st Credit Union is located in St Louis, MO. As of 12/2023, Members 1st Credit Union employed 21 individuals. Members 1st 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 12/2023, Members 1st Credit Union generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 9.1% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MEMBERS 1ST CREDIT UNION ASSISTS ITS MEMBERS THROUGH A WIDE ASSORTMENT OF PRODUCTS AND SERVICES TO MAKE SOUND FINANCIAL DECISIONS THAT LEAD TO THEIR IMPROVED WELL-BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 4,246 MEMBERS.
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2023, THERE WERE 2,403 LOANS OUTSTANDING TOTALING $41,523,036, INCLUDING PARTICIPATIONS.
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $368,790 FOR THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Lehman Chairman | Trustee | 1 | $0 |
Colin Mcpherron Vice Chairman | Trustee | 1 | $0 |
Judith Julius Secretary/treasurer | Trustee | 1 | $0 |
Karol Collins Board Member | Trustee | 1 | $0 |
Carolyn Lorentz Board Member | Trustee | 1 | $0 |
Jerry Vinyard 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 | $2,146,779 |
| Investment income | $491,023 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $6,847 |
| 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 | $2,644,649 |
| 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. | $161,755 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $629,467 |
| Pension plan accruals and contributions | $19,641 |
| Other employee benefits | $64,017 |
| Payroll taxes | $58,858 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,406 |
| Fees for services: Accounting | $21,855 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,342 |
| Advertising and promotion | $46,780 |
| Office expenses | $286,828 |
| Information technology | $236,529 |
| Royalties | $0 |
| Occupancy | $50,711 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,388 |
| Interest | $38,873 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,391 |
| Insurance | $22,957 |
| All other expenses | $15,583 |
| Total functional expenses | $2,206,657 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $503,928 |
| Savings and temporary cash investments | $18,559,311 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $529,077 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $41,450,167 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $47,308 |
| Net Land, buildings, and equipment | $252,735 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $103,700 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $723,480 |
| Total assets | $62,169,706 |
| Accounts payable and accrued expenses | $531,734 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $7,307 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,425,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,436,381 |
| Total liabilities | $56,400,422 |
| 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 | $5,769,284 |
| Total liabilities and net assets/fund balances | $62,169,706 |