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← ELECTRIC MACHINERY EMPLOYEES CREDIT UNION

Form 990 for tax year 2024

Filed by ELECTRIC MACHINERY EMPLOYEES CREDIT UNION.

Totals

Total revenue
$406,851
Total expenses
$539,270
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$328,835
Investment income
$78,016
Other revenue
$0
Total assets, end of year
$8,389,881
Total liabilities, end of year
$6,831,822
Net assets or fund balances, end of year
$1,558,059
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$154,172

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 $323,684 · related or exempt $323,684

  • 2b · Program service revenue: ATM Program

    total $114 · related or exempt $114

  • 2f · All other program service revenue

    total $5,037 · related or exempt $5,037

  • 3 · Investment income

    total $78,016 · related or exempt $78,016

  • 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 $154,173

  • 5 · Compensation of officers, directors and key employees

    total $136,039

  • 8 · Pension plan contributions

    total $4,329

  • 9 · Other employee benefits

    total $14,125

  • 10 · Payroll taxes

    total $10,238

  • 12 · Advertising and promotion

    total $261

  • 13 · Office expenses

    total $24,562

  • 14 · Information technology

    total $48,173

  • 16 · Occupancy

    total $1,723

  • 19 · Conferences, conventions and meetings

    total $82

  • 21 · Payments to affiliates

    total $7,337

  • 23 · Insurance

    total $12,324

  • 24a · Other expenses: Visa Program

    total $46,358

  • 24b · Other expenses: ATM Program

    total $13,705

  • 24c · Other expenses: Provision for Loan Loss

    total $53,444

  • 24e · All other expenses

    total $12,397

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $283,789 · end of year $330

  • 2 · Savings and temporary cash investments

    beginning of year $3,200,340 · end of year $3,633,252

  • 5 · Loans and receivables from officers and key people

    beginning of year $152,887 · end of year $209,779

  • 7 · Other notes and loans receivable

    beginning of year $5,071,032 · end of year $4,515,461

  • 9 · Prepaid expenses and deferred charges

    beginning of year $488 · end of year $14,160

  • 15 · Other assets

    beginning of year $14,713 · end of year $16,899

  • 17 · Accounts payable and accrued expenses

    beginning of year $53,322 · end of year $81,672

  • 25 · Other liabilities

    beginning of year $6,979,448 · end of year $6,750,150

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,690,479 · end of year $1,558,059

Mission and programs · 2024

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 $136,176

  • Loan Servicing

    Expenses $17,459

  • Annual Meeting

    Expenses $537

As filed on the 2024 return.

Listed in Part VII

  • Gregory D Ericson

    President

    Total calculated
    $79,903
    From this org
    $79,903
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Taylor Distel

    Vice President

    Total calculated
    $56,136
    From this org
    $56,136
    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

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
2024
Filed
24 April 2025
IRS schema version
2024v5.1
Source object
202531149349301563

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