Mct Credit Union
- Assets
- $355.8m
- Revenue
- $17.7m
- Investments
- $60.4k
- Employees
- 106
- Location
- Port Neches, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 74-1255147
Organization Overview
Mct Credit Union is located in Port Neches, 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 12/2022, Mct Credit Union employed 106 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mct 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, Mct Credit Union generated $17.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $16.2m during the year ending 12/2022. While expenses have increased by 2.9% per year over the past 8 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
TO PROVIDE FINANCIAL SERVICES, LOAN, AND DEPOSIT PRODUCTS THAT WILL MEET NEEDS AND EXPECTATIONS OF THE FIELD OF MEMBERSHIP AND PROVIDE A FAIR AND EQUITABLE RETURN TO THE CREDIT UNION. TO GROW THE FIELD OF MEMBERSHIP BY AGGRESSIVELY PURSUING ALL PERSONS IN NEED OF FINANCIAL PRODUCTS AND SERVICES BY CONTINUALLY ENHANCING PRODUCTS TO BETTER SERVE THE FIELD OF MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION HAD 1,070 NEW MEMBERS JOIN IN 2022. THE CREDIT UNION OPENED 3,101 DEPOSIT ACCOUNTS IN 2022. THE CREDIT UNION OFFERS A VARIETY OF DEPOSIT ACCOUNT OPTIONS INCLUDING SHARE ACCOUNTS, SHARE DRAFT ACCOUNTS, MONEY MARKET ACCOUNTS, INDIVIDUAL RETIREMENT ACCOUNTS (IRA'S), AND CERTIFICATE OF DEPOSIT ACCOUNTS WITH VERY COMPETITIVE INTEREST RATES. THE CREDIT UNION HAS FIVE BRANCH LOCATIONS AS WELL AS A SHARED BRANCH PROGRAM, A 24 HOUR CALL CENTER, ONLINE BANKING AND BILL PAY OFFERED AT NO CHARGE TO THE MEMBERSHIP.
THE CREDIT UNION OFFERS CONSUMER LOANS, MORTGAGE LOANS, AND BUSINESS LOANS TO MEMBERSHIP. THE CREDIT UNION GRANTED 2,841 LOANS FOR $110,012,964 TO ITS MEMBERSHIP IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randy Brown Director | Trustee | 1 | $0 |
Randy Chance Director | Trustee | 1 | $0 |
Rebecca Demeter Director | Trustee | 1 | $0 |
Michael Laird Director | Trustee | 1 | $0 |
James Myers Jr Director | Trustee | 1 | $0 |
Trent Devenzio Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kasasa Accounting Technology, Website And Marke | 12/30/22 | $510,649 |
Discovery Information Technologies Inc Technology Equipment, Monitoring And Con | 12/30/22 | $326,200 |
Pscu Credit And Debit Card Servicer And Proce | 12/30/22 | $296,049 |
Jack Henry Data Processing | 12/30/22 | $675,387 |
Group & Pension Administrators Inc Health Insurance Plan Administrator | 12/30/22 | $283,964 |
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 | $15,058,376 |
| Investment income | $1,954,948 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $78,563 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,733,954 |
| 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 | $1,047,854 |
| Compensation of current officers, directors, key employees. | $1,204,196 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,665,252 |
| Pension plan accruals and contributions | $25,742 |
| Other employee benefits | $550,430 |
| Payroll taxes | $412,268 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,641 |
| Fees for services: Accounting | $57,562 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $686,483 |
| Advertising and promotion | $967,019 |
| Office expenses | $3,101,049 |
| Information technology | $774,946 |
| Royalties | $0 |
| Occupancy | $586,169 |
| Travel | $273,313 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $607 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $500,532 |
| Insurance | $0 |
| All other expenses | $38,194 |
| Total functional expenses | $16,167,383 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,700,432 |
| Savings and temporary cash investments | $7,627,779 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,646 |
| Loans from Officers, Directors, or Controlling Persons | $4,467,701 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $220,775,382 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $506,463 |
| Net Land, buildings, and equipment | $8,898,646 |
| Investments—publicly traded securities | $92,686,288 |
| Investments—other securities | $60,352 |
| Investments—program-related | $5,210,300 |
| Intangible assets | $0 |
| Other assets | $11,842,928 |
| Total assets | $355,819,917 |
| Accounts payable and accrued expenses | $5,217,211 |
| 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 | $323,933,798 |
| Total liabilities | $329,151,009 |
| 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 | $26,668,908 |
| Total liabilities and net assets/fund balances | $355,819,917 |