Memphis City Employees Credit Union
- Assets
- $442.4m
- Revenue
- $23.7m
- Investments
- $121.7m
- Employees
- 109
- Location
- Memphis, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0630690
Organization Overview
Memphis City Employees Credit Union is located in Memphis, TN. The organization was established in 1952. 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, Memphis City Employees Credit Union employed 109 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Memphis City Employees 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 12/2022, Memphis City Employees Credit Union generated $23.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $20.8m during the year ending 12/2022. While expenses have increased by 9.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
STATE CHARTERED CREDIT UNION CREATED TO PROVIDE THE HIGHEST QUALITY OF PERSONAL FINANCIAL SERVICES IN A FRIENDLY, PROFESSIONAL MANNER; TO ENCOURAGE SAVINGS AND THE WISE USE OF CREDIT; TO INCREASE THE KNOWLEDGE AND ABILITY OF OUR MEMBERS TO MANAGE AND CONTROL THEIR FINANCES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wanda J Corcoran Chair | Trustee | 1 | $0 |
James Van Sturdivant First Vice Chair | Trustee | 1 | $0 |
Barbara Farmer Second Vice Chair | Trustee | 1 | $0 |
Jorge Whitten Ortega Secretary | Trustee | 1 | $0 |
Hettieann Spendlove Treasurer | Trustee | 1 | $0 |
J Harvey Herring Director | 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 | $22,435,903 |
| Investment income | $1,402,499 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$149,203 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,689,199 |
| 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. | $1,492,898 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,768,970 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,005,345 |
| Payroll taxes | $429,671 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $499,668 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,982,868 |
| Advertising and promotion | $0 |
| Office expenses | $1,044,086 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $627,467 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $209,746 |
| Interest | $1,023,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $478,915 |
| Insurance | $18,789 |
| All other expenses | $261,354 |
| Total functional expenses | $20,820,305 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,486,146 |
| Savings and temporary cash investments | $33,342,321 |
| 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 | $260,585,941 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $737,159 |
| Net Land, buildings, and equipment | $3,044,118 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $121,712,222 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,482,693 |
| Total assets | $442,390,600 |
| Accounts payable and accrued expenses | $5,049,119 |
| 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 | $386,814,748 |
| Total liabilities | $391,863,867 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $15,000,000 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $35,526,733 |
| Total liabilities and net assets/fund balances | $442,390,600 |