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Members Choice Financial

IRS exemption revoked

Danville, PAUnknown exempt organizationSince 1954EIN 24-0823199Revenue $7.5M in FY2020

On file with the IRSmcfcu.org390 Walnut Street · Danville, PA

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Our credit union is a member owned not for profit Financial cooperative with the mission of promoting thrift and providing access to credit. Specifically we have underserved designations within our charter to extend our services to the underbanked.

Run by 10 volunteers and 56 employees.
Mission: Form 990 Part I, line 1 · People: Part I, lines 5–6

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2020
latest Form 990
Concern: the latest return is for FY2020, 6 tax years back; more than 4 tax years.
IRS e-file · Filing history
Pay to officers and key staff
$482K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
57 mo
of spending, in cash
Looks good: 57.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$166.7M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.5M
Spent
$6.3M
Net assets
$16.4M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on May 15, 2015

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2020.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

11 people listed on the 990; $482K paid to officers and key staff.

Part VII, Section A · reportable compensation
$203,089Pt VII · Sec A
Elba Arenas
Chief Member Experience of
$101,933Pt VII · Sec A
$90,560Pt VII · Sec A
$86,614Pt VII · Sec A
William Anderson
Board Member
$0Pt VII · Sec A
Mary Fasano
Board Chairperson
$0Pt VII · Sec A
Richard Knouse
Board Member
$0Pt VII · Sec A
Douglas Bastian
Sretary/Treasurer
$0Pt VII · Sec A
See Members Choice Financial executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promote thrift and provide credit access, especially to the underbanked.

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Provided by the organization

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1 program · in their own filed words · FY2020
01

To provide low interest loans and financial products to more than 13,000 members.

Pt IX · col B

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$7.5M
Ln 12
Fees for servicesLn 2g$6.7M
Investment incomeLn 3$607K
Other incomeLn 4–11$156K
Money outPt IX
$6.3M
Ln 25
Owns and owesPt X
$16.4M
net assets · Ln 32
Cash and savingsLn 1–2$29.7M
Total assetsLn 16$183.1M
LiabilitiesLn 26$166.7M
PeoplePt VI, VII
11
listed · VII A
PaidVII A4
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$6.7M
Investment incomeLn 3$607K
Other incomeLn 4–11$156K
Gains on assetsLn 7$5K
Total revenueLn 12$7.5M
Assets in detailPt X, end of year
CashLn 1$1.5M
SavingsLn 2$28.2M
Cash and savings togetherLn 1–2$29.7M
InvestmentsLn 11–13$37.9M
Land, buildings, equipmentLn 10c$3.8M
Other assetsLn 15$3.2M
Total assetsLn 16$183.1M
LiabilitiesLn 26$166.7M
Net assetsLn 32$16.4M
OperationsPt I, VI
EmployeesI 556
VolunteersI 610
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$15.6M$29.7M
InvestmentsLn 11–13$20.8M$37.9M
Land, buildings, equipmentLn 10c$3.7M$3.8M
Total assetsLn 16$157.0M$183.1M
LiabilitiesLn 26$142.3M$166.7M
Net assetsLn 32$14.6M$16.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$567K
Other salaries and wagesLn 7$1.3M
Pension plan contributionsLn 8$126K
Other employee benefitsLn 9$227K
Payroll taxesLn 10$140K
Legal feesLn 11b$206K
Accounting feesLn 11c$48K
Other fees for servicesLn 11g$58K
Advertising and promotionLn 12$81K
Office expensesLn 13$917K
Information technologyLn 14$336K
OccupancyLn 16$204K
TravelLn 17$28K
Conferences, conventions and meetingsLn 19$3K
InterestLn 20$865K
Depreciation, depletion and amortizationLn 22$284K
InsuranceLn 23$38K
Other expenses (24a–d)Ln 24$784K
Total functional expensesLn 25$6.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2020 Latest Viewing $7.5M$6.3M$1.2M$16.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $7,482,196 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $7,341,763$6,719,537
I-10 Investment incomePrior year $608,861$607,127
I-11 Other revenuePrior year $144,234$155,532
I-12 Total revenuePrior year $8,094,858$7,482,196
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,407,359$2,398,920
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $4,082,372$3,851,756
I-18 Total expensesPrior year $6,489,731$6,250,676
I-19 Revenue less expensesPrior year $1,605,127$1,231,520
Part VI · Governance 7 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $7,482,196 across 7 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $6,705,032 · Unrelated business $14,505$6,719,537
VIII-3 Investment incomeExcluded from tax $602,613$602,613
VIII-5 RoyaltiesExcluded from tax $14,270$14,270
VIII-6 Net rental income or lossRelated to mission $120,000$120,000
VIII-7 Net gain or loss on sales of assetsRelated to mission $4,514$4,514
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $21,262$21,262
VIII-12 Total revenueRelated to mission $6,850,808 · Unrelated business $14,505 · Excluded from tax $616,883$7,482,196
Part IX · Statement of functional expenses $6,250,676 across 18 lines filed
IX-5 Pay of current officers, directors and key staff$566,656
IX-7 Other salaries and wages$1,339,563
IX-8 Pension plan contributions$125,848
IX-9 Other employee benefits$226,897
IX-10 Payroll taxes$139,956
IX-11b Legal fees$206,325
IX-11c Accounting fees$48,000
IX-11g Other fees for services$58,035
IX-12 Advertising and promotion$81,106
IX-13 Office expenses$916,595
IX-14 Information technology$336,118
IX-16 Occupancy$203,937
IX-17 Travel$27,757
IX-19 Conferences, conventions and meetings$2,729
IX-20 Interest$864,673
IX-22 Depreciation, depletion and amortization$284,112
IX-23 Insurance$38,386
IX-24 Other expenses (24a–d)$783,983
IX-25 Total functional expenses$6,250,676
Part X · Balance sheet $183,106,209 assets, 14 lines filed
Asset lines not itemized here account for $107,938,196; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $902,093$1,467,589
X-2 Savings and temporary cash investmentsStart of year $14,738,168$28,217,254
X-4 Accounts receivableStart of year $415,639$405,677
X-9 Prepaid expenses and deferred chargesStart of year $188,235$200,018
X-10c Land, buildings and equipment, netStart of year $3,714,046$3,810,561
X-11 Publicly traded securitiesStart of year $20,779,312$37,795,144
X-12 Other securitiesStart of year $60,600$60,900
X-15 Other assetsStart of year $3,072,506$3,210,870
X-16 Total assetsStart of year $156,984,854$183,106,209
X-17 Accounts payable and accrued expensesStart of year $1,360,254$1,735,172
X-25 Other liabilitiesStart of year $140,977,994$164,990,453
X-26 Total liabilitiesStart of year $142,338,248$166,725,625
X-32 Total net assets or fund balancesStart of year $14,646,606$16,380,584
X-33 Total liabilities and net assetsStart of year $156,984,854$183,106,209
Part XI · Reconciliation of net assets $16,380,584 net assets at year end
XI-1 Total revenue$7,482,196
XI-2 Total expenses$6,250,676
XI-3 Revenue less expenses$1,231,520
XI-4 Net assets at start of year$14,646,606
XI-5 Net unrealized gains (losses) on investments$502,458
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$16,380,584

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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