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Nonprofiteer
← MEMORIAL CREDIT UNION

Form 990 for tax year 2023

Filed by MEMORIAL CREDIT UNION.

Totals

Total revenue
$382,638
Total expenses
$431,697
Contributions and grants received
$85,663
Grants paid
$0
Program service revenue
$0
Investment income
$44,819
Other revenue
$252,156
Total assets, end of year
$8,051,558
Total liabilities, end of year
$7,039,537
Net assets or fund balances, end of year
$1,012,021
Program services expenses (Part IX)
not reported
Management and general expenses
$431,697
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.

  • 1b · Membership dues

    $85,663

  • 3 · Investment income

    total $44,819 · related or exempt $44,819

  • 11a · Other revenue: INTEREST ON LOANS

    total $252,156 · related or exempt $252,156

  • 11e · Other revenue, total

    $252,156

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $249,760 · management and general $249,760

  • 11c · Fees: accounting

    total $4,815 · management and general $4,815

  • 12 · Advertising and promotion

    total $224 · management and general $224

  • 13 · Office expenses

    total $63,605 · management and general $63,605

  • 14 · Information technology

    total $73,366 · management and general $73,366

  • 16 · Occupancy

    total $17,769 · management and general $17,769

  • 17 · Travel

    total $344 · management and general $344

  • 24a · Other expenses: LOAN SERVICING EXPENSES

    total $18,405 · management and general $18,405

  • 24b · Other expenses: MISCELLANEOUS NON INTEREST EXPENSE

    total $3,409 · management and general $3,409

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $353,661 · end of year $444,580

  • 7 · Other notes and loans receivable

    beginning of year $4,574,308 · end of year $5,071,182

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

    $393,232

  • 10c · Land, buildings and equipment, net

    beginning of year $399,844 · end of year $393,232

  • 11 · Investments: publicly traded securities

    beginning of year $2,812,817 · end of year $2,071,817

  • 14 · Intangible assets

    beginning of year $73,941 · end of year $70,747

  • 17 · Accounts payable and accrued expenses

    beginning of year $47,924 · end of year $15,255

  • 24 · Unsecured notes and loans payable

    beginning of year $7,098,817 · end of year $7,024,282

  • 29 · Capital stock, trust principal or current funds

    beginning of year $413,825 · end of year $413,825

  • 31 · Retained earnings, endowment or other funds

    beginning of year $654,005 · end of year $598,196

Mission and programs · 2023

Mission

PROVIDE SERVICES FOR APPROXIMATELY 2500 MEMBERS IN FORM OF LOANS, TERM CERTIFICATES, SHARE DRAFT ACCOUNTS AND SAVINGS ACCOUNTS.

Activities or mission (Part I)

PROVIDE SERVICES FOR APPROXIMATELY 2500 MEMBERS IN FORM OF LOANS TERM CERTIFICATES SHARE DRAFT ACCOUNTS AND SAVINGS ACCOUNTS

  • PAGE 2 PART III LINE 4A - MEMORIAL CU CONFORMS TO TRADITIONAL CU PHILOSOPHY BY ASSISTING MEMBERS IN MAKING WISE FINANCIAL DECISIONS AND STABLE SAVINGS DECISIONS

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Gregory Boots

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • David Diercks

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Terry Taggart

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Shaun Pope

    BOARD MEMBER AND SUPERVISORY CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Buffy Davis

    ASSISTANT MANAGER

    Total calculated
    $50,000
    From this org
    $50,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jennifer Ferris

    CEO

    Total calculated
    $74,000
    From this org
    $74,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Karen Sloan

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Kathryn Davis

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Benjamin Young

    BOARD MEMBER

    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
19 March 2024
IRS schema version
2023v5.0
Source object
202430889349300208

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