Midland Credit Union
- Assets
- $71.0m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 20
- Location
- Urbandale, IA
- Founding
- Data as of
- 12/2021
- EIN
- 42-0816632
Organization Overview
Midland Credit Union is located in Urbandale, IA. As of 12/2021, Midland Credit Union employed 20 individuals. Midland Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Midland Credit Union generated $3.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $2.8m during the year ending 12/2021. While expenses have increased by 4.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PEOPLE HELPING PEOPLE; LOW COST LOANS, LOW COST SHARES AND SHARE DRAFTS, CERTIFICATES OF DEPOSIT WITH RATES ABOVE BANKS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDLAND CREDIT UNION OFFERS A VARIETY OF SERVICES TO ITS MEMBERS. FOR THE 2021 TAX YEAR THEY SERVICED SHARE DRAFT-CHECKING ACCOUNTS, OFFERED SAVINGS AND CERTIFICATES ACCOUNTS AND MAINTAINED CONSUMER AND MORTAGE LOANS. TOTAL MEMBERS SERVED WAS APPROXIMATELY 4,513 DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Holly Luca CEO | Officer | 50 | $151,451 |
Mindy Cooper CFO | Officer | 45 | $114,145 |
Frank Wimler Chair | OfficerTrustee | 2 | $0 |
Ryan Bhattacharyya Vice Chairman | OfficerTrustee | 1 | $0 |
Tiffany Menke Secretary | OfficerTrustee | 1 | $0 |
Dallas Buck Board CFO | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,843,575 |
| Investment income | $210,154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $9,477 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,069,905 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $293,253 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $679,420 |
| Pension plan accruals and contributions | $22,782 |
| Other employee benefits | $46,818 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,972 |
| Fees for services: Accounting | $15,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $173,052 |
| Office expenses | $302,939 |
| Information technology | $225,278 |
| Royalties | $0 |
| Occupancy | $165,265 |
| Travel | $698 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,857 |
| Interest | $197,642 |
| Payments to affiliates | $9,339 |
| Depreciation, depletion, and amortization | $96,661 |
| Insurance | $24,663 |
| All other expenses | $188,456 |
| Total functional expenses | $2,804,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $738,674 |
| Savings and temporary cash investments | $10,708,760 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,293,674 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $236,959 |
| Net Land, buildings, and equipment | $2,161,515 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,993,906 |
| Intangible assets | $0 |
| Other assets | $2,874,136 |
| Total assets | $71,007,624 |
| Accounts payable and accrued expenses | $381,196 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $62,911,882 |
| Total liabilities | $63,293,078 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,699,861 |
| Retained earnings, endowment, accumulated income, or other funds | $5,014,685 |
| Total liabilities and net assets/fund balances | $71,007,624 |
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