Municipal Employees Credit Union Of Baltimore Inc
- Assets
- $1.3b
- Revenue
- $62.1m
- Investments
- $990.0k
- Employees
- 407
- Location
- Baltimore, MD
- Founding
- 03/1998
- Data as of
- 12/2022
- EIN
- 52-0284053
Organization Overview
Municipal Employees Credit Union Of Baltimore Inc, operating under the name Mecu Of Baltimore Inc, is located in Baltimore, MD. The organization was established in 1998. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Mecu Of Baltimore Inc employed 407 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mecu Of Baltimore Inc 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 12/2022, Mecu Of Baltimore Inc generated $62.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $57.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Mecu Of Baltimore Inc has awarded 57 individual grants totaling $1,236,266. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
MECU IS A CREDIT UNION WHICH PROVIDES A FULL ARRAY OF FINANCIAL SERVICES TO ITS MEMBER OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MECU PROVIDES CONSUMER AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE: MORTGAGE, HOME EQUITY, VEHICLE, CREDIT CARD, AND UNSECURED LOANS.
MECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO CONSUMER AND BUSINESS MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31, 2022, MECU HAD 186,006 DEPOSIT ACCOUNTS OUTSTANDING. MECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS.
MECU STRIVES TO OFFER PRODUCTS AND SERVICES DESIGNED TO IMPROVE THE ECONOMIC AND SOCIAL WELL BEING OF ALL MEMBERS FROM ALL SOCIO-ECONOMIC BACKGROUNDS. MECU IS COMMITTED TO MEMBER FINANCIAL EDUCATION. SOME OF THE PROGRAMS THAT MECU PROVIDES INCLUDE DISCOUNTED MORTGAGE RATES THROUGH FIRST-TIME HOMEBUYER'S PROGRAMS AND BUY IN BALTIMORE LOANS, HOME BUYER'S WORKSHOPS, CREDIT REPAIR WORKSHOPS, BASICS OF MONEY MANAGEMENT, NEW EMPLOYEE AND PRE-RETIREMENT WORKSHOPS, AND FREE CREDIT COUNSELING SERVICES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roman Clark Sr Chairperson | Trustee | 2 | $17,300 |
Benjamin Meli Jr Board Member | Trustee | 2 | $18,000 |
Ernest Glinka Board Member | Trustee | 2 | $10,200 |
G Louise Green Treasurer | Trustee | 1 | $22,100 |
Gary Mclhinney Vice Chairperson | Trustee | 1.5 | $18,800 |
Deborah Moore-Carter Secretary | Trustee | 1.5 | $21,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pscu Debit/ Credit Card Processing | 12/30/22 | $2,377,361 |
Ncr Corporation Remote Atm Support/monitoring | 12/30/22 | $2,019,848 |
One South Street Llc Lease For 1 South Street | 12/30/22 | $1,634,554 |
Docu Trust Services Llc Member Statements | 12/30/22 | $667,703 |
Fis Data Processor/bill Payer | 12/30/22 | $805,734 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,851,515 |
| 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 | $1,851,515 |
| Total Program Service Revenue | $54,561,571 |
| Investment income | $6,084,651 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$418,820 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,078,917 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $148,562 |
| 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. | $1,616,937 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,419,130 |
| Pension plan accruals and contributions | $1,210,071 |
| Other employee benefits | $3,733,049 |
| Payroll taxes | $1,529,327 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $203,622 |
| Fees for services: Accounting | $499,592 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $599,797 |
| Advertising and promotion | $934,545 |
| Office expenses | $1,647,272 |
| Information technology | $1,328,330 |
| Royalties | $0 |
| Occupancy | $2,602,909 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $356,455 |
| Interest | $4,530,037 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,333,331 |
| Insurance | $269,504 |
| All other expenses | $3,607,029 |
| Total functional expenses | $57,411,510 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,730,757 |
| Savings and temporary cash investments | $25,365,279 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,298,926 |
| Loans from Officers, Directors, or Controlling Persons | $6,035,678 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $775,375,163 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,618,041 |
| Net Land, buildings, and equipment | $7,638,531 |
| Investments—publicly traded securities | $389,480,081 |
| Investments—other securities | $990,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $65,918,104 |
| Total assets | $1,322,450,560 |
| Accounts payable and accrued expenses | $27,306,961 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $95,671 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $27,500,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,160,171,126 |
| Total liabilities | $1,215,073,758 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $107,376,802 |
| Total liabilities and net assets/fund balances | $1,322,450,560 |
Grants Awarded
Over the last fiscal year, Municipal Employees Credit Union Of Baltimore Inc has awarded $104,375 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
CU FOUNDATION ANNUAL SUPPORT PURPOSE: CHARITABLE CONTRIBUTION | $27,000 |
COLLEGE BOUND SCHOLARS PURPOSE: CHARITABLE CONTRIBUTION | $6,000 |
AACUC CORP CONTRIBUTION PURPOSE: CHARITABLE CONTRIBUTION | $15,000 |
ARTS EVERY DAY 20192020 PURPOSE: CHARITABLE CONTRIBUTION | $46,375 |
CYSTIC FIBROSIS FOUNDATION PURPOSE: CHARITABLE CONTRIBUTION | $10,000 |