Millennium Corporate Credit Union
- Assets
- $1.2b
- Revenue
- $50.3m
- Investments
- $66.2m
- Employees
- 40
- Location
- Wichita, KS
- Founding
- 05/1952
- Data as of
- 12/2022
- EIN
- 48-0615845
Organization Overview
Millennium Corporate Credit Union is located in Wichita, KS. The organization was established in 1952. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Millennium Corporate Credit Union employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Millennium Corporate 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, Millennium Corporate Credit Union generated $50.3m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 21.4% each year . All expenses for the organization totaled $33.6m during the year ending 12/2022. While expenses have increased by 16.9% per year over the past 4 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MILLENNIUM CORPORATE CREDIT UNION (MILLENNIUM CORPORATE) SERVES AS A FINANCIAL INTERMEDIARY FOR THE CREDIT UNIONS WHICH COMPRISE ITS MEMBERSHIP, AND ITS ACTIVITIES ARE DIRECTED TO THE SUPPORT OF THAT INTERDEPENDENT GROUP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MILLENNIUM CORPORATE, NON-PROFIT, INCORPORATED UNDER KANSAS STATUTES FOR THE PURPOSES OF PROVIDING CORRESPONDENT SERVICES, ASSET-LIABILITY MANAGEMENT ANALYSIS AND INVESTMENTS TO MEMBER CREDIT UNIONS WHO IN TURN SERVE THEIR MEMBERS (INDIVIDUAL CUSTOMERS) BY CREATING A SOURCE OF CREDIT AT A FAIR AND REASONABLE RATE OF INTEREST AND PROVIDING OTHER PRODUCTS AND SERVICES TO IMPROVE MEMBERS' ECONOMIC AND SOCIAL CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Kjar Chairman | Trustee | 3 | $0 |
Greg Winkler Vice Chairman | Trustee | 3 | $0 |
Ted Underwood Secretary/treasurer | Trustee | 3 | $0 |
Larae Kraemer Director | Trustee | 3 | $0 |
Kevin Mayer Director | Trustee | 3 | $0 |
Phil Weber Director | Trustee | 3 | $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 | $7,293,617 |
| Investment income | $18,532,419 |
| 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 | $50,281,305 |
| 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. | $710,433 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,961,402 |
| Pension plan accruals and contributions | $81,651 |
| Other employee benefits | $338,993 |
| Payroll taxes | $177,550 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $72,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $924,999 |
| Advertising and promotion | $176,162 |
| Office expenses | $703,375 |
| Information technology | $2,284,109 |
| Royalties | $0 |
| Occupancy | $202,210 |
| Travel | $96,768 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,290,720 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $249,980 |
| Insurance | $119,440 |
| All other expenses | $34,678 |
| Total functional expenses | $33,601,669 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,347,628 |
| Savings and temporary cash investments | $381,744,461 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,605,058 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $63,575,376 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $247,433 |
| Net Land, buildings, and equipment | $1,695,462 |
| Investments—publicly traded securities | $609,368,288 |
| Investments—other securities | $66,153,388 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,450,536 |
| Total assets | $1,167,187,630 |
| Accounts payable and accrued expenses | $1,097,612 |
| 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 | $282,523,600 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,332,317 |
| Total liabilities | $285,953,529 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $777,252,575 |
| Paid-in or capital surplus, or land, building, or equipment fund | $54,252,571 |
| Retained earnings, endowment, accumulated income, or other funds | $49,728,955 |
| Total liabilities and net assets/fund balances | $1,167,187,630 |