Form 990 for tax year 2023
Filed by RACINE MUNICIPAL EMPLOYEES CREDIT UNION.
Totals
- Total revenue
- $968,156
- Total expenses
- $678,608
- Contributions and grants received
- $11,988
- Grants paid
- $0
- Program service revenue
- $811,719
- Investment income
- $141,000
- Other revenue
- $3,449
- Total assets, end of year
- $21,290,280
- Total liabilities, end of year
- $18,613,856
- Net assets or fund balances, end of year
- $2,676,424
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- not reported
Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$11,988
-
2a · Program service revenue: INTEREST ON LOANS
total $601,234 · related or exempt $601,234
-
2b · Program service revenue: OTHER MEMBER RELATED INCOME
total $135,654 · related or exempt $135,654
-
2c · Program service revenue: MEMBER FEE INCOME
total $73,831 · related or exempt $73,831
-
2d · Program service revenue: FEE & INSURANCE INCOME
total $1,000 · unrelated business $1,000
-
3 · Investment income
total $142,822 · excluded $142,822
-
5 · Royalties
total $3,449 · excluded $3,449
-
7a · Gross sales of assets other than inventory
other assets $5,700
-
7b · Less cost or other basis and sales expenses
other assets $7,522
-
7c · Gain or loss
other assets -$1,822
-
7d · Net gain or loss
total -$1,822 · related or exempt -$1,822
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $76,484
-
7 · Other salaries and wages
total $136,763
-
8 · Pension plan contributions
total $9,784
-
9 · Other employee benefits
total $4,544
-
10 · Payroll taxes
total $17,068
-
11b · Fees: legal
total $1,188
-
11c · Fees: accounting
total $21,323
-
11g · Fees: other
total $714
-
12 · Advertising and promotion
total $7,729
-
13 · Office expenses
total $186,702
-
14 · Information technology
total $75,596
-
16 · Occupancy
total $18,465
-
19 · Conferences, conventions and meetings
total $20,713
-
20 · Interest
total $351
-
22 · Depreciation, depletion and amortization
total $9,900
-
23 · Insurance
total $13,102
-
24a · Other expenses: DIVIDENDS EXPENSE
total $77,766
-
24b · Other expenses: LOAN SERVICING EXPENSE
total $27,851
-
24c · Other expenses: GRANT EXPEDITURES
total $11,988
-
24d · Other expenses: CREDIT LOSS EXPENSE
total -$39,423
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $383,119 · end of year $270,504
-
2 · Savings and temporary cash investments
beginning of year $2,455,456 · end of year $2,885,321
-
7 · Other notes and loans receivable
beginning of year $15,217,738 · end of year $16,246,970
-
9 · Prepaid expenses and deferred charges
beginning of year $20,541 · end of year $32,396
-
10a · Land, buildings and equipment: cost or other basis
$633,654
-
10b · Land, buildings and equipment: accumulated depreciation
$554,764
-
10c · Land, buildings and equipment, net
beginning of year $88,789 · end of year $78,890
-
13 · Investments: program-related
beginning of year $3,034,917 · end of year $1,634,917
-
15 · Other assets
beginning of year $152,188 · end of year $141,282
-
17 · Accounts payable and accrued expenses
beginning of year $346,209 · end of year $197,272
-
25 · Other liabilities
beginning of year $18,518,070 · end of year $18,416,584
-
31 · Retained earnings, endowment or other funds
beginning of year $2,488,469 · end of year $2,676,424
Mission and programs · 2023
Mission
TO EXCEL IN PROVIDING SERVICES TO PRESENT AND PROSPECTIVE MEMBERS IN A FRIENDLY AND HELPFUL MANNER, WHILE MAINTAINING THE CREDIT UNION'S LONG-TERM FINANCIAL STABILITY.
-
THE CREDIT UNION HAS VARIOUS TYPES OF DEPOSIT ACCOUNTS AVAILABLE FOR OUR MEMBERS. WE OPENED 256 NEW DEPOSIT ACCOUNTS IN 2023. AS OF 12/31/23 WE HAD 1,857 MEMBERS.
-
THE CREDIT UNION HAS SEVERAL TYPES OF LOAN PROGRAMS AVAILABLE FOR OUR MEMBERS. WE FUNDED 353 NEW LOANS DURING 2023. AS OF 12/31/23 WE HAD 1,135 LOANS RECEIVABLE.
As filed on the 2023 return.
Listed in Part VII
-
Nicole Christensen-ZablerNICOLE CHRISTENSEN-ZABLER
PRESIDENT/CE
- Total calculated
- $85,043
- From this org
- $76,484
- From related orgs
- $0
- Other
- $8,559
- Hours/week
- 43
-
Scott SharpSCOTT SHARP
CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
Willie McDonaldWILLIE MCDONALD
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 0.5
-
Daniel DematthewDANIEL DEMATTHEW
TREASURER
- Total calculated
- $0
- Hours/week
- 0.5
-
Carolyn MoskonasCAROLYN MOSKONAS
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Jose CarbajalJOSE CARBAJAL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Terry MaierTERRY MAIER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
-
Chavan SmithCHAVAN SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 0.5
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 24 April 2024
- IRS schema version
- 2023v5.0
- Source object
- 202431249349302508
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