Members Exchange Credit Union
- Assets
- $134.8m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 49
- Location
- Jackson, MS
- Founding
- 04/2001
- Data as of
- 12/2022
- EIN
- 64-0344965
Organization Overview
Members Exchange Credit Union is located in Jackson, MS. The organization was established in 2001. 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, Members Exchange Credit Union employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Members Exchange 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, Members Exchange Credit Union generated $9.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $7.5m during the year ending 12/2022. While expenses have increased by 0.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THRIFT OPPORTUNITIES AND LOW COST LOANS TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
14,123 MEMBERS SERVED TO PROMOTE THRIFT OPPORTUNITIES AND LOW COST LOANS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kenneth Allison Board Chairman | Trustee | 1 | $0 |
Oscar Pope Board Vice-Chairman | Trustee | 1 | $0 |
Barbara Mangum Board Secretary | Trustee | 1 | $0 |
Ernie Hopkins Director | Trustee | 1 | $0 |
Mary Washington-Garner Director | Trustee | 1 | $0 |
Dock E Graves Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry (Cps) Debit/credit/atm Processing | 12/30/22 | $446,189 |
Member Driven Technologies Data Processing | 12/30/22 | $525,750 |
Lsi Outsourced Call And Lender Center | 12/30/22 | $321,735 |
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 | $4,321,835 |
| Investment income | $758,839 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $38,100 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$979 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,495,349 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,788 |
| Grants and other assistance to domestic individuals. | $2,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,225,684 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,630,066 |
| Pension plan accruals and contributions | $182,040 |
| Other employee benefits | $216,806 |
| Payroll taxes | $195,601 |
| Fees for services: Management | $69,613 |
| Fees for services: Legal | $5,616 |
| Fees for services: Accounting | $55,136 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $353,725 |
| Advertising and promotion | $352,876 |
| Office expenses | $566,730 |
| Information technology | $94,138 |
| Royalties | $0 |
| Occupancy | $326,730 |
| Travel | $27,877 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,266 |
| Interest | $480,706 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $235,777 |
| Insurance | $77,035 |
| All other expenses | $190,587 |
| Total functional expenses | $7,518,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,323,140 |
| Savings and temporary cash investments | $58,011,441 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $3,787,302 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $61,716,765 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $459,605 |
| Net Land, buildings, and equipment | $5,626,913 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $25,000 |
| Intangible assets | $0 |
| Other assets | $1,879,388 |
| Total assets | $134,829,554 |
| Accounts payable and accrued expenses | $3,375,620 |
| 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 | $106,204,582 |
| Total liabilities | $109,580,202 |
| 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 | $25,249,352 |
| Total liabilities and net assets/fund balances | $134,829,554 |