Membersource Credit Union: FY2020 Nonprofit Profile & Form 990 (EIN 74-1383158)

Revenue by fiscal year
FY2020	$9.9M
FY2021	$9.8M
FY2022	$9.5M
FY2023	$10.0M
FY2024	$11.6M

Expenses by fiscal year
FY2020	$9.4M
FY2021	$8.6M
FY2022	$8.9M
FY2023	$10.4M
FY2024	$11.9M

Net assets by fiscal year
FY2020	$20.6M
FY2021	$21.5M
FY2022	$19.8M
FY2023	$20.1M
FY2024	$20.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jun 1976.

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

Who runs it and what they're paid

15 people listed on the 990.

Part VII, Section A · reportable compensation

Gay Baskin

Director

$0Pt VII · Sec A

Joseph F Hildenbrand

Treasurer

$0Pt VII · Sec A

David Berry

Director

$0Pt VII · Sec A

Arthur Richardson

Director

$0Pt VII · Sec A

Cheri Peper

Secretary

$0Pt VII · Sec A

Jeremy Smith

Vice Chairman

$0Pt VII · Sec A

Patrick Gibson

Director

$0Pt VII · Sec A

Ellen Tarver

Chairman

$0Pt VII · Sec A

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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 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Provides quality financial services and professional support to meet member needs.

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3 programs · $2.0M · in their own filed words · FY2020

01

Consumer Loans

12,064 loans totaling $103,012,813

$1.0Mprogram expense

02

Savings, Cds, Checking & Iras

28,216 accounts totaling $169,081,922.

$934Kprogram expense

03

Real Estate/Mortgage Loans

515 loans totaling $47,483,563

$36Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$9.9M

Ln 12

Fees for servicesLn 2g$9.5M

Investment incomeLn 3$302K

Other incomeLn 4–11$113K

Money outPt IX

$9.4M

Ln 25

Owns and owesPt X

$20.6M

net assets · Ln 32

Cash and savingsLn 1–2$23.9M

Total assetsLn 16$215.7M

LiabilitiesLn 26$195.1M

PeoplePt VI, VII

15

listed · VII A

PaidVII A0

Voting boardVI 1a9

IndependentVI 1b9

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$9.5M

Investment incomeLn 3$302K

Other incomeLn 4–11$113K

Total revenueLn 12$9.9M

Assets in detailPt X, end of year

CashLn 1$1.5M

SavingsLn 2$22.4M

Cash and savings togetherLn 1–2$23.9M

InvestmentsLn 11–13$30.6M

Land, buildings, equipmentLn 10c$6.5M

Other assetsLn 15$2.5M

Total assetsLn 16$215.7M

LiabilitiesLn 26$195.1M

Net assetsLn 32$20.6M

OperationsPt I, VI

EmployeesI 50

VolunteersI 612

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

Line	Start FY20	End FY20
Cash and savingsLn 1–2	$8.1M	$23.9M
InvestmentsLn 11–13	$18.7M	$30.6M
Land, buildings, equipmentLn 10c	$6.2M	$6.5M
Total assetsLn 16	$187.9M	$215.7M
LiabilitiesLn 26	$170.8M	$195.1M
Net assetsLn 32	$17.1M	$20.6M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Management feesLn 11a	$4.3M
Other fees for servicesLn 11g	$1.0M
Office expensesLn 13	$938K
OccupancyLn 16	$688K
TravelLn 17	$43K
InterestLn 20	$566K
InsuranceLn 23	$10K
Other expenses (24a–d)Ln 24	$1.7M	$1.7M
All other expensesLn 24e	$27K
Total functional expensesLn 25	$9.4M	$0	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest	$11.6M	$11.9M	−$327K	$20.4M	990 PDF
FY2023	$10.0M	$10.4M	−$360K	$20.1M	990 PDF
FY2022	$9.5M	$8.9M	$591K	$19.8M	990 PDF
FY2021	$9.8M	$8.6M	$1.3M	$21.5M	990 PDF
FY2020 Viewing	$9.9M	$9.4M	$556K	$20.6M	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 $9,912,997 revenue, 12 lines filed

I-8 Contributions and grants$0

I-9 Program service revenuePrior year $9,615,674$9,498,065

I-10 Investment incomePrior year $567,010$301,514

I-11 Other revenuePrior year $142,964$113,418

I-12 Total revenuePrior year $10,325,648$9,912,997

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefits$0

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $9,839,586$9,357,474

I-18 Total expensesPrior year $9,839,586$9,357,474

I-19 Revenue less expensesPrior year $486,062$555,523

Part VI · Governance 9 of 9 board members independent, 1 to look at

VI-1a Voting members of the governing body9

VI-1b Independent voting members9

VI-2 Family or business relationship among officers or directorsYes

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 $9,912,997 across 4 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $9,498,065$9,498,065

VIII-3 Investment incomeRelated to mission $301,514$301,514

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Unrelated business $113,418$113,418

VIII-12 Total revenueRelated to mission $9,799,579 · Unrelated business $113,418 · Excluded from tax $0$9,912,997

Part IX · Statement of functional expenses $9,357,474 across 9 lines filed

IX-11a Management fees$4,305,478

IX-11g Other fees for services$1,047,374

IX-13 Office expenses$937,711

IX-16 Occupancy$687,545

IX-17 Travel$43,337

IX-20 Interest$566,457

IX-23 Insurance$10,462

IX-24 Other expenses (24a–d)Programs $1,732,442$1,732,442

IX-24e All other expenses$26,668

IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$9,357,474

Part X · Balance sheet $215,655,904 assets, 13 lines filed

Asset lines not itemized here account for $149,468,464; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $1,769,269$1,492,255

X-2 Savings and temporary cash investmentsStart of year $6,305,322$22,408,797

X-4 Accounts receivableStart of year $593,027$2,414,851

X-9 Prepaid expenses and deferred chargesStart of year $264,077$218,749

X-10c Land, buildings and equipment, netStart of year $6,241,887$6,539,097

X-12 Other securitiesStart of year $18,703,836$30,597,488

X-15 Other assetsStart of year $2,359,578$2,516,203

X-16 Total assetsStart of year $187,863,919$215,655,904

X-17 Accounts payable and accrued expensesStart of year $1,625,040$1,494,593

X-25 Other liabilitiesStart of year $169,136,161$193,587,651

X-26 Total liabilitiesStart of year $170,761,201$195,082,244

X-32 Total net assets or fund balancesStart of year $17,102,718$20,573,660

X-33 Total liabilities and net assetsStart of year $187,863,919$215,655,904

Part XI · Reconciliation of net assets $20,573,660 net assets at year end

XI-1 Total revenue$9,912,997

XI-2 Total expenses$9,357,474

XI-3 Revenue less expenses$555,523

XI-4 Net assets at start of year$17,102,718

XI-5 Net unrealized gains (losses) on investments$73,736

XI-8 Prior period adjustments$151,095

XI-9 Other changes in net assets$2,690,588

XI-10 Net assets at end of year$20,573,660

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

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Membersource Credit Union FY2020 filing

Before you give

Is it real?

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Membersource Credit Union

Consumer Loans

Savings, Cds, Checking & Iras

Real Estate/Mortgage Loans

By the numbers

Filing history

Schedules filed Part IV