Membersource Credit Union
- Assets
- $196.2m
- Revenue
- $10.0m
- Investments
- $26.7m
- Employees
- 0
- Location
- Houston, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-1383158
Organization Overview
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 12/2023, Membersource Credit Union generated $10.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $10.4m during the year ending 12/2023. While expenses have increased by 2.0% per year over the past 9 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
2023
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
CONSUMER LOANS - 11,837 LOANS TOTALING $101,822,022
SAVINGS, CDS, CHECKING & IRAS - 23,197 ACCOUNTS TOTALING $168,419,166.
REAL ESTATE/MORTGAGE LOANS - 455 LOANS TOTALING $49,886,943
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ellen Tarver Director | Trustee | 0 | $0 |
Patrick Gibson Vice Chairman | Trustee | 0 | $0 |
Cassie Chiaro Director | Trustee | 0 | $0 |
Eddie Corvin Director | Trustee | 0 | $0 |
Joseph F Hildenbrand Treasurer | Trustee | 0 | $0 |
Gay Baskin Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Insperity Inc Employee Leasing | 12/30/23 | $4,306,763 |
Rob Caesar Technologies It Consulting | 12/30/23 | $168,295 |
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 | $9,467,417 |
| Investment income | $452,415 |
| 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 | $9,991,181 |
| 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 | $4,247,322 |
| 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 | $1,160,718 |
| Advertising and promotion | $0 |
| Office expenses | $939,282 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $685,818 |
| Travel | $53,379 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,475,874 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,364 |
| All other expenses | $23,273 |
| Total functional expenses | $10,351,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,894,448 |
| Savings and temporary cash investments | $2,379,374 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $146,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $151,200,974 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $447,902 |
| Net Land, buildings, and equipment | $5,672,845 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $26,714,117 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $7,705,590 |
| Total assets | $196,162,100 |
| Accounts payable and accrued expenses | $2,059,907 |
| 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 | $1,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $172,966,146 |
| Total liabilities | $176,026,053 |
| 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 | $20,136,047 |
| Total liabilities and net assets/fund balances | $196,162,100 |