Form 990 for tax year 2023
Filed by MILLENNIUM CORPORATE CREDIT UNION.
Totals
- Total revenue
- $65,168,692
- Total expenses
- $43,746,978
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $11,095,444
- Investment income
- $43,157,138
- Other revenue
- $10,916,110
- Total assets, end of year
- $1,287,261,055
- Total liabilities, end of year
- $109,469,307
- Net assets or fund balances, end of year
- $1,177,791,748
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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.
-
2a · Program service revenue: FEE INCOME
total $6,700,310 · related or exempt $6,700,310
-
2b · Program service revenue: INTEREST ON LOANS
total $4,317,037 · related or exempt $4,317,037
-
2c · Program service revenue: OTHER INCOME
total $345,416 · related or exempt $345,416
-
2d · Program service revenue: EQUITY IN EARNINGS FROM CUSO
total -$267,319 · related or exempt -$267,319
-
3 · Investment income
total $43,157,138 · related or exempt $43,157,138
-
11a · Other revenue: USC ASSET MGMT ESTATE REPAYMENTS
total $10,916,110 · related or exempt $10,916,110
-
11e · Other revenue, total
$10,916,110
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $809,535
-
7 · Other salaries and wages
total $2,504,833
-
8 · Pension plan contributions
total $111,895
-
9 · Other employee benefits
total $425,015
-
10 · Payroll taxes
total $229,481
-
11c · Fees: accounting
total $63,000
-
11g · Fees: other
total $1,039,433
-
12 · Advertising and promotion
total $243,704
-
13 · Office expenses
total $1,418,544
-
14 · Information technology
total $2,274,528
-
16 · Occupancy
total $227,112
-
17 · Travel
total $154,226
-
20 · Interest
total $31,530,646
-
22 · Depreciation, depletion and amortization
total $214,203
-
23 · Insurance
total $122,467
-
24a · Other expenses: SPECIAL DISTRIBUTION TO
total $1,623,982
-
24b · Other expenses: PROFESSIONAL SERVICES
total $566,367
-
24c · Other expenses: VOLUNTEER MEETINGS
total $144,147
-
24d · Other expenses: EMPLOYEE DEVELOPMENT
total $36,774
-
24e · All other expenses
total $7,086
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $39,347,628 · end of year $24,753,423
-
2 · Savings and temporary cash investments
beginning of year $381,744,461 · end of year $648,731,177
-
4 · Accounts receivable
beginning of year $2,605,058 · end of year $2,882,333
-
7 · Other notes and loans receivable
beginning of year $63,575,376 · end of year $46,693,973
-
9 · Prepaid expenses and deferred charges
beginning of year $247,433 · end of year $349,658
-
10a · Land, buildings and equipment: cost or other basis
$3,522,635
-
10b · Land, buildings and equipment: accumulated depreciation
$2,027,117
-
10c · Land, buildings and equipment, net
beginning of year $1,695,462 · end of year $1,495,518
-
11 · Investments: publicly traded securities
beginning of year $609,368,288 · end of year $501,782,247
-
12 · Investments: other securities
beginning of year $66,153,388 · end of year $57,506,869
-
15 · Other assets
beginning of year $2,450,536 · end of year $3,065,857
-
17 · Accounts payable and accrued expenses
beginning of year $1,097,612 · end of year $1,481,302
-
23 · Secured mortgages and notes payable
beginning of year $282,523,600 · end of year $104,005,500
-
25 · Other liabilities
beginning of year $2,332,317 · end of year $3,982,505
-
29 · Capital stock, trust principal or current funds
beginning of year $777,252,575 · end of year $1,060,197,442
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $54,252,571 · end of year $54,322,879
-
31 · Retained earnings, endowment or other funds
beginning of year $49,728,955 · end of year $63,271,427
Mission and programs · 2023
Mission
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.
Activities or mission (Part I)
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.
-
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.
As filed on the 2023 return.
Listed in Part VII
-
Tom KjarTOM KJAR
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 3
-
Greg WinklerGREG WINKLER
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 3
-
Ted UnderwoodTED UNDERWOOD
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 3
-
Larae KraemerLARAE KRAEMER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
John HagemanJOHN HAGEMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Phil WeberPHIL WEBER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Linda AllenLINDA ALLEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Michael AugustineMICHAEL AUGUSTINE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Kevin StubblefieldKEVIN STUBBLEFIELD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 3
-
Larry D EisenhauerLARRY D EISENHAUER
PRESIDENT/CEO
- Total calculated
- $308,648
- From this org
- $274,075
- From related orgs
- $0
- Other
- $34,573
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $263,555
- Bonus
- $9,000
- Other
- $1,520
- Deferred
- $9,221
- Nontaxable benefits
- $25,352
- Filer's total
- $308,648
-
Kent R GleasonKENT R GLEASON
EXECUTIVE VICE PRESIDENT/COO
- Total calculated
- $254,515
- From this org
- $210,010
- From related orgs
- $0
- Other
- $44,505
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $189,800
- Bonus
- $19,952
- Other
- $258
- Deferred
- $10,889
- Nontaxable benefits
- $33,616
- Filer's total
- $254,515
-
Kathleen M GrayKATHLEEN M GRAY
CHEIF FINANCIAL OFFICER (RETIRED)
- Total calculated
- $141,737
- From this org
- $127,955
- From related orgs
- $0
- Other
- $13,782
- Hours/week
- 50
-
Elizabeth C NeighborsELIZABETH C NEIGHBORS
VP - ACCOUNTING
- Total calculated
- $104,635
- From this org
- $90,011
- From related orgs
- $0
- Other
- $14,624
- Hours/week
- 50
-
Walter G ThompsonWALTER G THOMPSON
AIM MANAGER & SENIOR FINANCIAL ANALYST
- Total calculated
- $146,666
- From this org
- $108,200
- From related orgs
- $0
- Other
- $38,466
- Hours/week
- 50
-
Brady H McLeodBRADY H MCLEOD
AIM MANAGER & SENIOR FINANCIAL ANALYST
- Total calculated
- $158,575
- From this org
- $117,673
- From related orgs
- $0
- Other
- $40,902
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $112,785
- Bonus
- $4,805
- Other
- $83
- Deferred
- $6,356
- Nontaxable benefits
- $34,546
- Filer's total
- $158,575
-
Lyn J HollenbeckLYN J HOLLENBECK
VP - OPERATIONS
- Total calculated
- $139,118
- From this org
- $110,675
- From related orgs
- $0
- Other
- $28,443
- Hours/week
- 50
-
Kip D PoeKIP D POE
VP - INFORMATION & TECHNOLOGY
- Total calculated
- $167,936
- From this org
- $126,591
- From related orgs
- $0
- Other
- $41,345
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $107,952
- Bonus
- $18,381
- Other
- $258
- Deferred
- $6,793
- Nontaxable benefits
- $34,552
- Filer's total
- $167,936
-
Lynette M BorntragerLYNETTE M BORNTRAGER
DIRECTOR - ITEM PROCESSING
- Total calculated
- $139,803
- From this org
- $101,544
- From related orgs
- $0
- Other
- $38,259
- Hours/week
- 50
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Independent compensation consultant
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- THE CEO'S SALARY IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS WITH INPUT FROM AN INDEPENDENT CONSULTANT.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 3 May 2024
- IRS schema version
- 2023v5.0
- Source object
- 202401249349302605
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