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Nonprofiteer
← ELECTRIC MACHINERY EMPLOYEES CREDIT UNION

Form 990 for tax year 2023

Filed by ELECTRIC MACHINERY EMPLOYEES CREDIT UNION.

Totals

Total revenue
$349,090
Total expenses
$393,745
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$300,921
Investment income
$48,169
Other revenue
$0
Total assets, end of year
$8,723,249
Total liabilities, end of year
$7,032,770
Net assets or fund balances, end of year
$1,690,479
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$83,163

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.

  • 2a · Program service revenue: member loan interest

    total $294,517 · related or exempt $294,517

  • 2b · Program service revenue: ATM Program

    total $2,207 · related or exempt $2,207

  • 2f · All other program service revenue

    total $4,197 · related or exempt $4,197

  • 3 · Investment income

    total $48,169 · related or exempt $48,169

  • 8c · Net income from fundraising events

    total $0

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $83,163

  • 5 · Compensation of officers, directors and key employees

    total $74,663

  • 7 · Other salaries and wages

    total $50,094

  • 8 · Pension plan contributions

    total $3,988

  • 9 · Other employee benefits

    total $15,905

  • 10 · Payroll taxes

    total $10,775

  • 12 · Advertising and promotion

    total $258

  • 13 · Office expenses

    total $8,175

  • 14 · Information technology

    total $48,579

  • 16 · Occupancy

    total $1,537

  • 17 · Travel

    total $279

  • 20 · Interest

    total $109

  • 21 · Payments to affiliates

    total $7,518

  • 23 · Insurance

    total $11,230

  • 24a · Other expenses: Visa Card expense

    total $45,688

  • 24b · Other expenses: ATM Card

    total $11,692

  • 24c · Other expenses: Provision for loan loss

    total $15,156

  • 24e · All other expenses

    total $4,936

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $118,512 · end of year $283,789

  • 2 · Savings and temporary cash investments

    beginning of year $3,811,678 · end of year $3,200,340

  • 5 · Loans and receivables from officers and key people

    beginning of year $147,654 · end of year $152,887

  • 7 · Other notes and loans receivable

    beginning of year $4,751,847 · end of year $5,071,032

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,344 · end of year $488

  • 15 · Other assets

    beginning of year $12,879 · end of year $14,713

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,578 · end of year $53,322

  • 25 · Other liabilities

    beginning of year $7,098,202 · end of year $6,979,448

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,735,134 · end of year $1,690,479

Mission and programs · 2023

Mission

To provide financial services and products consistant with our membership. To offer loans and savings accounts at a competitive rate.

Activities or mission (Part I)

Provide competitive savings rates and low cost loans to our members

  • Dividends paid to members

    Expenses $65,410

  • Loan Servicing

    Expenses $17,131

  • Annual Meeting

    Expenses $622

As filed on the 2023 return.

Listed in Part VII

  • Gregory D Ericson

    President

    Total calculated
    $74,663
    From this org
    $74,663
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Richard Gross

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ryan Laflamme

    Director

    Total calculated
    $0
    Hours/week
    1

  • Eric Norman

    Director

    Total calculated
    $0
    Hours/week
    1

  • Joe Loyas

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kristen Popek

    Director

    Total calculated
    $0
    Hours/week
    1

  • Stephanie Filkins

    Director

    Total calculated
    $0
    Hours/week
    1

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
14 May 2024
IRS schema version
2023v5.0
Source object
202411359349310626

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