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← DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND

Form 990 for tax year 2022

Filed by DEPARTMENT OF FINANCIAL INSTITUTION DIVISION OF CREDIT UNIONS IN IND.

Totals

Total revenue
$5,006,380
Total expenses
$4,675,619
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,546,274
Investment income
$880,809
Other revenue
$1,579,297
Total assets, end of year
$126,862,726
Total liabilities, end of year
$121,132,843
Net assets or fund balances, end of year
$5,729,883
Program services expenses (Part IX)
$4,675,619
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: LOAN INCOME

    total $2,546,274 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $880,809 · unrelated business $0 · excluded $0

  • 11a · Other revenue: FEE INCOME

    total $838,109 · related or exempt $838,109 · unrelated business $0 · excluded $0

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $629,400 · related or exempt $629,400 · unrelated business $0 · excluded $0

  • 11c · Other revenue: MEMBER INSURANCE INCOME

    total $111,788 · related or exempt $111,788 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,579,297

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $316,461 · program services $316,461 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $894,672 · program services $894,672 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $25,935 · program services $25,935 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $261,645 · program services $261,645 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $84,260 · program services $84,260 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $3,000 · program services $3,000 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $24,539 · program services $24,539 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $880,056 · program services $880,056 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $202,714 · program services $202,714 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $205,122 · program services $205,122 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $229,284 · program services $229,284 · management and general $0 · fundraising $0

  • 17 · Travel

    total $25,290 · program services $25,290 · management and general $0 · fundraising $0

  • 20 · Interest

    total $268,901 · program services $268,901 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $150,979 · program services $150,979 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $47,284 · program services $47,284 · management and general $0 · fundraising $0

  • 24a · Other expenses: LEAGUE DUES

    total $19,979 · program services $19,979 · management and general $0 · fundraising $0

  • 24b · Other expenses: PROV FOR LOSSES

    total $35,905 · program services $35,905 · management and general $0 · fundraising $0

  • 24c · Other expenses: BANK SERVICE CHARGES

    total $170,195 · program services $170,195 · management and general $0 · fundraising $0

  • 24d · Other expenses: LOAN SERVICING

    total $795,026 · program services $795,026 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $34,372 · program services $34,372 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,218,606 · end of year $1,420,822

  • 2 · Savings and temporary cash investments

    beginning of year $3,418,816 · end of year $933,537

  • 4 · Accounts receivable

    beginning of year $17,422,101 · end of year $16,111,729

  • 5 · Loans and receivables from officers and key people

    beginning of year $445,564

  • 7 · Other notes and loans receivable

    beginning of year $41,076,273 · end of year $42,085,172

  • 9 · Prepaid expenses and deferred charges

    beginning of year $453,747 · end of year $440,556

  • 10a · Land, buildings and equipment: cost or other basis

    $5,989,652

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,814,938

  • 10c · Land, buildings and equipment, net

    beginning of year $2,830,027 · end of year $3,174,714

  • 11 · Investments: publicly traded securities

    beginning of year $30,321,520 · end of year $27,867,379

  • 13 · Investments: program-related

    beginning of year $27,293,119 · end of year $30,070,687

  • 15 · Other assets

    beginning of year $4,801,811 · end of year $4,758,130

  • 17 · Accounts payable and accrued expenses

    beginning of year $349,642 · end of year $769,609

  • 25 · Other liabilities

    beginning of year $118,597,934 · end of year $120,363,234

  • 31 · Retained earnings, endowment or other funds

    beginning of year $10,334,008 · end of year $5,729,883

Mission and programs · 2022

Mission

STATE CHARTERED CREDIT UNION MEMBERS ADVANTAGE IS A FULL-SERVICE FINANCIAL INSTITUTION OFFERING A VARIETY OF PRODUCTS AND SERVICES INCLUDING VARIOUS LOANS, INTEREST BEARING CHECKING ACCTS, MONEY

  • TO PROMOTE THRIFT AND PROVIDE LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A CO-OPERATIVE BASIS FOR THE MUTUAL BENEFIT OF THOSE WITHIN THE FIELD OF MEMBERSHIP.

As filed on the 2022 return.

Listed in Part VII

  • George Kazmierczak

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Ben Neitzel

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Palmer

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Jack Van Etten

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Fran Brennan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dennis Fischer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Frank Beachnau

    PRESIDENT/CEO

    Total calculated
    $157,738
    From this org
    $129,757
    From related orgs
    $0
    Other
    $27,981
    Hours/week
    40

  • Robert Havens

    DIRECTOR/VICE PRES/CFO

    Total calculated
    $158,723
    From this org
    $127,813
    From related orgs
    $0
    Other
    $30,910
    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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2023
IRS schema version
2022v5.0
Source object
202331359349302168

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