Form 990 for tax year 2022
Filed by MISSOURI ELECTRIC COOPERATIVE EMPLOYEES' CREDIT UNION.
Totals
- Total revenue
- $10,181,059
- Total expenses
- $6,789,754
- Contributions and grants received
- $0
- Grants paid
- $500
- Program service revenue
- $8,185,421
- Investment income
- $1,978,057
- Other revenue
- $17,581
- Total assets, end of year
- $302,522,493
- Total liabilities, end of year
- $282,790,547
- Net assets or fund balances, end of year
- $19,731,946
- 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: INTEREST ON LOANS
total $6,846,588 · related or exempt $6,846,588
-
2b · Program service revenue: FEES & OTHER INCOME
total $1,331,933 · related or exempt $1,331,933
-
2c · Program service revenue: WARRANTY SALES
total $6,900 · unrelated business $6,900
-
3 · Investment income
total $1,995,821 · related or exempt $1,995,821
-
5 · Royalties
total $17,581 · related or exempt $17,581
-
7a · Gross sales of assets other than inventory
securities $450,565 · other assets $110,915
-
7b · Less cost or other basis and sales expenses
securities $490,000 · other assets $89,244
-
7c · Gain or loss
securities -$39,435 · other assets $21,671
-
7d · Net gain or loss
total -$17,764 · related or exempt -$17,764
Functional expenses
Part IX, the statement of functional expenses.
-
2 · Grants to domestic individuals
total $500
-
5 · Compensation of officers, directors and key employees
total $323,426
-
7 · Other salaries and wages
total $1,144,293
-
8 · Pension plan contributions
total $300,509
-
9 · Other employee benefits
total $249,182
-
10 · Payroll taxes
total $97,619
-
11b · Fees: legal
total $4,125
-
11c · Fees: accounting
total $43,685
-
11g · Fees: other
total $396,284
-
12 · Advertising and promotion
total $40,249
-
13 · Office expenses
total $204,211
-
14 · Information technology
total $324,387
-
16 · Occupancy
total $34,498
-
19 · Conferences, conventions and meetings
total $40,975
-
20 · Interest
total $297,818
-
22 · Depreciation, depletion and amortization
total $58,699
-
23 · Insurance
total $14,615
-
24a · Other expenses: MEMBER DIVIDENDS
total $2,753,428
-
24b · Other expenses: LOAN SERVICING
total $238,782
-
24c · Other expenses: ASSOCIATION DUES
total $46,610
-
24d · Other expenses: PROVISION FOR LOAN LOSS
total $11,007
-
24e · All other expenses
total $164,852
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $300,617 · end of year $142,759
-
2 · Savings and temporary cash investments
beginning of year $2,278,230 · end of year $3,831,110
-
4 · Accounts receivable
beginning of year $18,927 · end of year $18,981
-
7 · Other notes and loans receivable
beginning of year $172,438,213 · end of year $198,389,283
-
9 · Prepaid expenses and deferred charges
beginning of year $614,604 · end of year $578,117
-
10a · Land, buildings and equipment: cost or other basis
$1,312,968
-
10b · Land, buildings and equipment: accumulated depreciation
$648,799
-
10c · Land, buildings and equipment, net
beginning of year $690,753 · end of year $664,169
-
12 · Investments: other securities
beginning of year $100,021,370 · end of year $95,542,068
-
15 · Other assets
beginning of year $4,443,411 · end of year $3,356,006
-
17 · Accounts payable and accrued expenses
beginning of year $864,630 · end of year $1,900,405
-
23 · Secured mortgages and notes payable
beginning of year $2,500,000 · end of year $27,082,858
-
25 · Other liabilities
beginning of year $248,213,791 · end of year $253,807,284
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $29,227,704 · end of year $19,731,946
Mission and programs · 2022
Mission
PERSONALIZED FINANCIAL SERVICES PROVIDED BY A DEDICATED STAFF WITH SUCCESSFUL RESULTS.
-
PROVIDES FINANCIAL AND FINANCIALLY RELATED SERVICES TO 12,455 MEMBERS.
-
PROVIDES A SOURCE OF CREDIT TO MEMBERS AT A FAIR AND REASONABLE RATE OF INTEREST. AS OF DECEMBER 31, 2022, THERE WERE 9,504 LOANS OUTSTANDING TOTALING $198,412,496.
-
PAID DIVIDENDS ON MEMBER DEPOSITS TOTALING $2,753,428 FOR THE YEAR.
As filed on the 2022 return.
Listed in Part VII
-
Matt SharpMATT SHARP
CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Kent BrownKENT BROWN
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
Cody EavesCODY EAVES
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Rhonda RobisonRHONDA ROBISON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tim ShaferTIM SHAFER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Joan HuckJOAN HUCK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Cathy McKayCATHY MCKAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sean FriendSEAN FRIEND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Denise StevensDENISE STEVENS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Randy MarksRANDY MARKS
PRESIDENT/MANAGER
- Total calculated
- $323,426
- From this org
- $245,383
- From related orgs
- $0
- Other
- $78,043
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $223,757
- Bonus
- $18,360
- Other
- $3,266
- Deferred
- $46,442
- Nontaxable benefits
- $31,601
- Filer's total
- $323,426
-
Gary BruemmerGARY BRUEMMER
ACCOUNTANT
- Total calculated
- $204,305
- From this org
- $145,503
- From related orgs
- $0
- Other
- $58,802
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $129,119
- Bonus
- $14,980
- Other
- $1,404
- Deferred
- $27,582
- Nontaxable benefits
- $31,220
- Filer's total
- $204,305
-
Amy WrightAMY WRIGHT
LOAN OFFICER
- Total calculated
- $124,757
- From this org
- $105,002
- From related orgs
- $0
- Other
- $19,755
- Hours/week
- 40
-
Jay ErnstJAY ERNST
SENIOR LOAN OFFICER
- Total calculated
- $179,339
- From this org
- $124,728
- From related orgs
- $0
- Other
- $54,611
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $110,347
- Bonus
- $13,214
- Other
- $1,167
- Deferred
- $23,727
- Nontaxable benefits
- $30,884
- Filer's total
- $179,339
-
Deven McDonaldDEVEN MCDONALD
OFFICE MANAGER
- Total calculated
- $143,815
- From this org
- $101,145
- From related orgs
- $0
- Other
- $42,670
- Hours/week
- 40
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 · Compensation survey or study
- 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 BOARD OF DIRECTORS REVIEWS THE PRESIDENT'S PERFORMANCE AND DETERMINES COMPENSATION BASED ON VARIOUS INFORMATION, INCLUDING SALARY SURVEYS AND COMPARABILITY DATA. THE BOARD'S DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE MINUTES.
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
- 2022
- Filed
- 9 June 2023
- IRS schema version
- 2022v5.0
- Source object
- 202331609349301273
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
The source document this was parsed from is served over the API, which is where bulk and document access live.