MEMORIAL EMPLOYEES FINANCIAL CREDIT UNION: Form 990, tax year 2023
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- Organization
- MEMORIAL EMPLOYEES FINANCIAL CREDIT UNION (EIN 59-1319114)
- Tax period
- 2023-04-01 to 2023-12-31
- Filed
- 2024-11-11
- IRS object ID
- 202423169349304212
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-11T13:16:53-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 109 N MAIN STREET SUITE 200 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-04-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 591319114 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MEMORIAL EMPLOYEES FINANCIAL CREDIT UNIO | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MEMO | BusinessNameControlTxt |
| Phone | 9548447560 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3501 JOHNSON STREET | AddressLine1Txt |
| City | HOLLYWOOD | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33021 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | GEORGE GLASSER | PersonNm |
| Person Title | PRESIDENT | PersonTitleTxt |
| Phone | 9542651003 | PhoneNum |
| Signature | 2024-11-11 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
| Preparation | 2024-11-06 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Initial Return | Yes (X) | InitialReturnInd |
| Application Pending | Yes (X) | ApplicationPendingInd |
| Principal Officer | GEORGE GLASSER | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3501 JOHNSON STREET | AddressLine1Txt |
| City | HOLLYWOOD | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33021 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $2,998,863 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MEFCU.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CREDIT UNION | OtherOrganizationDsc |
| Formation | 1971 | FormationYr |
| Legal Domicile State | FL | LegalDomicileStateCd |
| Activity Or Mission | FLORIDA STATE-CHARTERED CREDIT UNION | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 20 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $15,200 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $3,297 | NetUnrelatedBusTxblIncmAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| CY Program Service Revenue | $2,377,570 | CYProgramServiceRevenueAmt |
| CY Investment Income | $621,293 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| CY Total Revenue | $2,998,863 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $315,168 | CYBenefitsPaidToMembersAmt |
| CY Salaries Comp Emp Bnft Paid | $1,074,228 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| CY Other Expenses | $1,104,622 | CYOtherExpensesAmt |
| CY Total Expenses | $2,494,018 | CYTotalExpensesAmt |
| CY Revenues Less Expenses | $504,845 | CYRevenuesLessExpensesAmt |
| Total Assets EOY | $89,416,526 | TotalAssetsEOYAmt |
| Total Liabilities EOY | $84,560,513 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances EOY | $4,856,013 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE OBJECT AND PURPOSE OF THIS CREDIT UNION IS A COOPERATIVE NONPROFIT ASSOCIATION ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSES OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | PROVIDE LOAN AND SAVINGS PRODUCTS TO OUR MEMBERS. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | 0 | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 1305 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 20 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ELLEN HOUSMAN | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 9548447560 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3501 JOHNSON STREET | AddressLine1Txt |
| City | HOLLYWOOD | CityNm |
| State Abbreviation | FL | StateAbbreviationCd |
| ZIP | 33021 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (12 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt |
|---|---|---|---|---|---|---|
| GEORGE GLASSER | ||||||
| BOARD MEMBER/MEFCU CEO | 40.00 | Yes (X) | Yes (X) | $203,386 | $0 | $92,072 |
| WILLIAM WHEATLEY | ||||||
| BOARD CHAIRPERSON | 10.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| DIONNE BLACKWOOD | ||||||
| BOARD VICE CHAIRPERSON | 10.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| WALTER BUSSELL | ||||||
| BOARD TREASURER | 10.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| WILLIAM EDELSTEIN | ||||||
| BOARD SECRETARY | 10.00 | Yes (X) | Yes (X) | $0 | $0 | $0 |
| EDWARD WERNER | ||||||
| BOARD MEMBER | 10.00 | Yes (X) | $0 | $0 | $0 | |
| LESLIE SINGER | ||||||
| BOARD MEMBER | 10.00 | Yes (X) | $0 | $0 | $0 | |
| DEBORAH LESSARD | ||||||
| BOARD MEMBER | 10.00 | Yes (X) | $0 | $0 | $0 | |
| DENISE INNES | ||||||
| BOARD MEMBER | 10.00 | Yes (X) | $0 | $0 | $0 | |
| ELLEN HOUSMAN | ||||||
| MEFCU CFO | 40.00 | Yes (X) | $103,014 | $0 | $15,212 | |
| OSCAR SANCHEZ | ||||||
| MEFCU SVP LENDING | 40.00 | Yes (X) | $78,657 | $0 | $9,837 | |
| COLLEEN JONES | ||||||
| MEFCU VP | 40.00 | Yes (X) | $74,750 | $0 | $9,678 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $459,807 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $126,799 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 2 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | FISERV | BusinessNameLine1Txt |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 600 N VEL R PHILLIPS AVE | AddressLine1Txt |
| City | MILWAUKEE | CityNm |
| State Abbreviation | WI | StateAbbreviationCd |
| ZIP | 53203 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | CORE PROVIDER | ServicesDesc |
| Compensation | $347,786 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| INTEREST ON LOANS AND | 522100 | $1,826,644 | $1,826,644 | |
| FEE INCOME | 522100 | $550,926 | $535,726 | $15,200 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $2,377,570 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $621,293 | TotalRevenueColumnAmt |
| Exclusion | $621,293 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,998,863 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $2,362,370 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $15,200 | UnrelatedBusinessRevenueAmt |
| Exclusion | $621,293 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $315,168 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $586,606 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $430,752 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $57,482 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $59,354 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | -$59,966 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $20,223 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $45,000 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $379,903 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,165 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $218,683 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $96,963 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $13,804 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,905 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $28,927 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| LOAN SERVICING | $131,641 |
| CREDIT LOSS EXPENSE | $105,500 |
| OPERATING FEES | $27,125 |
| MISC NON-INTEREST EXPEN | $20,783 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,494,018 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $1,248,645 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $1,606,365 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $385 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $46,002,070 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $84,207 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $778,758 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $701,445 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $77,313 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $39,122,489 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $1,275,052 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $89,416,526 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $2,022,801 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $82,537,712 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $84,560,513 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $4,856,013 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $4,856,013 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $89,416,526 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $504,845 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $529,564 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $3,821,604 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | 0 | FSAuditedInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $778,758 | OtherCostOrOtherBasisAmt |
| Depreciation | $701,445 | DepreciationAmt |
| Book Value | $77,313 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $77,313 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (3 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| AFS SECURITIES | $37,426,549 | F |
| HTM SECURITIES | $696,000 | C |
| OTHER INVESTMENTS | $999,940 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $39,122,489 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| MEMBER DEPOSITS | $80,843,712 |
| NONMEMBER DEPOSITS | $1,694,000 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $82,537,712 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | AS A FEDERAL INSTRUMENTALITY, THE CREDIT UNION WAS EXEMPT FROM FEDERAL AND STATE INCOME TAXES BASED ON AUDIT EFFECTIVE DATE OF MARCH 31, 2023 . THE CREDIT UNION BECAME STATE CHARTERED EFFECTIVE 4/1/2023. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | GEORGE GLASSER | PersonNm |
| Title | BOARD MEMBER/MEFCU CEO | TitleTxt |
| Base Compensation Filing Org | $167,461 | BaseCompensationFilingOrgAmt |
| Compensation Based On Rltd Orgs | $0 | CompensationBasedOnRltdOrgsAmt |
| Bonus Filing Organization | $35,925 | BonusFilingOrganizationAmount |
| Bonus Related Organizations | $0 | BonusRelatedOrganizationsAmt |
| Other Compensation Filing Org | $0 | OtherCompensationFilingOrgAmt |
| Other Compensation Rltd Orgs | $0 | OtherCompensationRltdOrgsAmt |
| Deferred Compensation Flng Org | $0 | DeferredCompensationFlngOrgAmt |
| Deferred Comp Rltd Orgs | $0 | DeferredCompRltdOrgsAmt |
| Nontaxable Benefits Filing Org | $92,072 | NontaxableBenefitsFilingOrgAmt |
| Nontaxable Benefits Rltd Orgs | $0 | NontaxableBenefitsRltdOrgsAmt |
| Total Compensation Filing Org | $295,458 | TotalCompensationFilingOrgAmt |
| Total Compensation Rltd Orgs | $0 | TotalCompensationRltdOrgsAmt |
| Comp Report Prior990 Filing Org | $0 | CompReportPrior990FilingOrgAmt |
| Comp Report Prior990 Rltd Orgs | $0 | CompReportPrior990RltdOrgsAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 3 | FormAndLineReferenceDesc |
| Explanation | THE PROCESS USED TO SET THE CEO'S ANNUAL SALARY IS BASED ON A COMBINATION OF COMPARISON TO COMPARABLE SIZED CREDIT UNIONS THROUGH THE USE OF CUNA'S ANNUAL COMPENSATION SURVEY AND THE CURRENT YEAR PERFORMANCE EVALUATION. THE PROCESS IS PERFORMED BY THE COMPENSATION COMMITTEE AND PRESENTED TO THE FULL BOARD FOR APPROVAL. THERE IS AN ACTIVE CONTRACT IN PLACE BETWEEN THE CEO AND THE BOARD OF DIRECTORS DETERMINING SALARY EXPECTATIONS. THIS PROCESS IS COMPLETED ON AN ANNUAL BASIS. | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERSHIP IN THIS CREDIT UNION IS LIMITED TO: (A) THOSE PERSONS AND BUSINESSES WHO WERE MEMBERS OF MEMORIAL EMPLOYEES FEDERAL CREDIT UNION AS OF THE DATE THE FEDERAL CREDIT UNION WAS REPLACED BY THIS CREDIT UNION PURSUANT TO A CHARTER CONVERSION IN ACCORDANCE WITH FEDERAL AND FLORIDA LAWS AND REGULATIONS; (B) EMPLOYEES AND STAFF DOCTORS OF MEMORIAL HOSPITAL WHO WORK IN HOLLYWOOD, FLORIDA; (C) AUXILIARY VOLUNTEERS WHO ARE ASSIGNED TO MEMORIAL HOSPITAL IN HOLLYWOOD, FLORIDA; (D) PERSONS WHO RETIRED AS PENSIONERS AND/OR ANNUITANTS UNDER PRIVATE PENSION PLANS FROM MEMORIAL HOSPITAL IN HOLLYWOOD, FLORIDA; (E) IMMEDIATE FAMILY MEMBERS OF ANY MEMBERS OF THE CREDIT UNION; (F) PERSONS WHO LIVE, WORK OR WORSHIP IN ANY OF THE FOLLOWING FLORIDA COUNTIES: MIAMI-DADE, BROWARD AND PALM BEACH (THE "MEMBERSHIP COUNTIES"); (G) ANY BUSINESS, ORGANIZATION OR ASSOCIATION WHICH MAINTAIN OFFICES LOCATED WITHIN THE MEMBERSHIP COUNTIES; (H) EMPLOYEES OF MEMORIAL HEALTHCARE WHO LIVE OR WORK IN THE STATE OF FLORIDA; (I) ANY BUSINESS, ORGANIZATION OR ASSOCIATION FOR WHICH A MEMBER OF THE CREDIT UNION IS AN OWNER, SHAREHOLDER, MEMBER, OR PARTNER; AND (J) TRUSTS FOR WHICH A MEMBER OF THE CREDIT UNION SERVES AS SETTLOR, TRUSTEE, OR BENEFICIARY. THE CREDIT UNION SHALL NOT ADMIT MORE THAN AN AGGREGATE OF 900 NEW MEMBERS PER CALENDAR YEAR WHERE SUCH MEMBERS QUALIFY FOR MEMBERSHIP BASED SOLELY ON SUBSECTION (F), (G) OR (H) OF THE MEMBERSHIP COUNTIES. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE MEMBER-OWNERS OF THE CREDIT UNION HAVE THE AUTHORITY TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS FOR THREE-YEAR TERMS ON A ROTATING BASIS. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE 990 WILL BE COMPILED BY THE CFO, PREPARED BY OUR INDEPENDENT EXTERNAL AUDITORS, REVIEWED BY THE CEO AND THE BOARD TREASURER, AND PRESENTED TO THE BOARD OF DIRECTORS AS INFORMATIONAL AT THE NEAREST BOARD MEETING. |
| FORM 990, PART VI, SECTION B, LINE 12C | AN ANNUAL DISCLOSURE STATEMENT IS COMPLETED AND SIGNED BY ALL EMPLOYEES, DIRECTORS, AND COMMITTEE MEMBERS ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CEO RECEIVED INDUSTRY DATA TO ASSURE FAIR COMPENSATION FOR ALL KEY EMPLOYEES, AND REVIEWS ARE HELD ANNUALLY. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. |
| FORM 990, PART VI, SECTION C, LINE 19 | ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE WEBSITE, AND THE MONTHLY FINANCIALS ARE POSTED IN EACH BRANCH. |
| FORM 990, PART IX, LINE 11G | DATA PROCESSING 148,463. OTHER PROFESSIONAL FEES 231,440. |
| FORM 990, PART XI, LINE 9: | CECL ADJUSTMENT -26,000. MARCH 31, 2023 NET ASSETS 3,847,604. |