Members First Credit Union
- Assets
- $173.7m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Corpus Christi, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- 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. 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 12/2022, Members First Credit Union generated $7.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $5.0m during the year ending 12/2022. 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
PROVIDE FINANCIAL SERVICES TO 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 |
|---|---|---|---|
Wanda Muessel CEO | Officer | 40 | $160,855 |
Greg Fair CEO | Officer | 17.4 | $159,175 |
Paul Besse CFO | Officer | 40 | $85,009 |
Samuel Shores Chairman | Trustee | 1 | $0 |
Mark Kulwicki Vice Chairman | Trustee | 1 | $0 |
Roman Almaguer Secretarytreasurer | 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 | $6,378,287 |
| Investment income | $1,369,175 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$41,148 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,706,314 |
| 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. | $438,974 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,522,824 |
| Pension plan accruals and contributions | $64,133 |
| Other employee benefits | $231,457 |
| Payroll taxes | $146,539 |
| 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 | $90,985 |
| Office expenses | $772,562 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $452,598 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $64,396 |
| Interest | $342,896 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,022,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,458,470 |
| Savings and temporary cash investments | $9,907,174 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,432,776 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $81,648,707 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $200,063 |
| Net Land, buildings, and equipment | $4,435,425 |
| Investments—publicly traded securities | $5,768,800 |
| Investments—other securities | $0 |
| Investments—program-related | $64,228,559 |
| Intangible assets | $0 |
| Other assets | $3,609,415 |
| Total assets | $173,689,389 |
| Accounts payable and accrued expenses | $1,584,202 |
| 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 | $1,584,202 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $138,093,063 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $34,012,124 |
| Total liabilities and net assets/fund balances | $173,689,389 |