Midland Credit Union
- Assets
- $81.0m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 21
- Location
- Urbandale, IA
- Founding
- Data as of
- 12/2023
- EIN
- 42-0816632
Organization Overview
Midland Credit Union is located in Urbandale, IA. As of 12/2023, Midland Credit Union employed 21 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 12/2023, Midland Credit Union generated $4.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $4.5m during the year ending 12/2023. While expenses have increased by 8.6% per year over the past 9 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
2023
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 2023 TAX YEAR THEY SERVICED SHARE DRAFT-CHECKING ACCOUNTS, OFFERED SAVINGS AND CERTIFICATES ACCOUNTS AND MAINTAINED CONSUMER AND MORTAGE LOANS. TOTAL MEMBERS SERVED WAS APPROXIMATELY 5,095 DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Wimler Chair | OfficerTrustee | 2 | $0 |
Ryan Bhattacharyya Vice Chairman | OfficerTrustee | 1 | $0 |
Tiffany Menke Secretary | OfficerTrustee | 1 | $0 |
Troy White Board CFO | OfficerTrustee | 1 | $0 |
Linda Gast Audit Committee Chair | Trustee | 1 | $0 |
Steven Correa Credit Committee Chair | Trustee | 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 | $4,032,479 |
| Investment income | $576,583 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $10,247 |
| 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 | $4,659,923 |
| 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. | $372,008 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $834,118 |
| Pension plan accruals and contributions | $35,005 |
| Other employee benefits | $75,602 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,772 |
| Fees for services: Accounting | $29,240 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $218,282 |
| Office expenses | $227,890 |
| Information technology | $174,195 |
| Royalties | $0 |
| Occupancy | $166,146 |
| Travel | $5,022 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $37,794 |
| Interest | $839,154 |
| Payments to affiliates | $15,967 |
| Depreciation, depletion, and amortization | $154,635 |
| Insurance | $28,547 |
| All other expenses | $344,668 |
| Total functional expenses | $4,455,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $442,918 |
| Savings and temporary cash investments | $6,701,449 |
| 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 | $54,999,340 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $184,213 |
| Net Land, buildings, and equipment | $2,033,140 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,590,581 |
| Intangible assets | $0 |
| Other assets | $3,018,238 |
| Total assets | $80,969,879 |
| Accounts payable and accrued expenses | $3,319,522 |
| 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 | $68,795,788 |
| Total liabilities | $72,115,310 |
| 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 | $3,502,237 |
| Retained earnings, endowment, accumulated income, or other funds | $5,352,332 |
| Total liabilities and net assets/fund balances | $80,969,879 |