Membersource Credit Union is located in Houston, 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. Membersource 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, Membersource Credit Union generated $9.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $8.6m 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
MEMBERSOURCE CREDIT UNION WILL CONSISTENTLY MEET MEMBERS NEEDS BY PROVIDING PERSONAL QUALITY SERVICE IN A PROFESSIONAL ENVIRONMENT THROUGH MOTIVATED EMPLOYEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAVINGS, CDS, CHECKING & IRAS - 27,001 ACCOUNTS TOTALING $199,937,710.
CONSUMER LOANS - 12,045 LOANS TOTALING $108,022,660
REAL ESTATE/MORTGAGE LOANS - 438 LOANS TOTALING $46,479,141
INVESTMENT INCOME
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Bobbi Phelps Vp-Branch Op | Officer | 40 | $0 |
Samuel Phelps Vp-It | Officer | 40 | $0 |
Leon Davis CFO | Officer | 40 | $0 |
Kelly Brink Vp-Clo | Officer | 40 | $0 |
Diana Fisher Vp-Marketing | Officer | 40 | $0 |
Kenneth Harrington Presidentceo | Officer | 40 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Insperity Inc Employee Leasing | 12/30/21 | $1,607,844 |
Rob Caesar Technologies It Consulting | 12/30/21 | $119,674 |
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 | $9,236,847 |
Investment income | $524,330 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $9,847,092 |
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. | $0 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $0 |
Fees for services: Management | $4,339,460 |
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 | $987,360 |
Advertising and promotion | $0 |
Office expenses | $890,233 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $681,034 |
Travel | $52,142 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $325,891 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $0 |
Insurance | $11,740 |
All other expenses | $17,901 |
Total functional expenses | $8,550,415 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $888,395 |
Savings and temporary cash investments | $17,772,238 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $401,053 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $154,322,296 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $278,586 |
Net Land, buildings, and equipment | $5,973,927 |
Investments—publicly traded securities | $0 |
Investments—other securities | $35,285,225 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $7,608,163 |
Total assets | $222,529,883 |
Accounts payable and accrued expenses | $1,075,987 |
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 | $199,937,710 |
Total liabilities | $201,013,697 |
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 | $21,516,186 |
Total liabilities and net assets/fund balances | $222,529,883 |
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