Members First Credit Union
- Assets
- $171.3m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 49
- Location
- Corpus Christi, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 74-1142836
Organization Overview
Members First Credit Union is located in Corpus Christi, TX. The organization was established in 1976. 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 12/2021, Members First Credit Union employed 49 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members First 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, Members First Credit Union generated $7.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. 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
PROVIDE FINANCIAL SERVICES FOR OUR MEMBEROWNERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE FINANCIAL WELL BEING OF OUR MEMBER/OWNERS BY PROMOTING THRIFT SAVINGS AND OFFERING COMPETITIVE LOAN PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Fair Presidentceo | Officer | 40 | $180,057 |
Wanda Muessel Vpcoo | Officer | 40 | $114,829 |
Samuel Shores Chairman | Trustee | 1 | $0 |
Mark Kulwicki Vice Chairman | Trustee | 1 | $0 |
Roman Almaguer Secretarytreasurer | Trustee | 1 | $0 |
Luther Hight 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 | $6,214,687 |
| Investment income | $892,076 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,950 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,108,713 |
| 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. | $341,869 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,298,345 |
| Pension plan accruals and contributions | $58,114 |
| Other employee benefits | $195,789 |
| Payroll taxes | $134,156 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Advertising and promotion | $94,352 |
| Office expenses | $771,991 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $399,512 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,688 |
| Interest | $263,660 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $50,049 |
| Total functional expenses | $4,476,194 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,376,659 |
| Savings and temporary cash investments | $29,385,591 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,168,041 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $71,306,970 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $154,181 |
| Net Land, buildings, and equipment | $4,528,509 |
| Investments—publicly traded securities | $5,478,295 |
| Investments—other securities | $0 |
| Investments—program-related | $53,149,112 |
| Intangible assets | $0 |
| Other assets | $3,708,782 |
| Total assets | $171,256,140 |
| Accounts payable and accrued expenses | $1,646,528 |
| 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 | $0 |
| Total liabilities | $1,646,528 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $136,982,911 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $32,626,701 |
| Total liabilities and net assets/fund balances | $171,256,140 |
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