Matagorda County Credit Union
- Assets
- $34.4m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 11
- Location
- Bay City, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 74-6057015
Organization Overview
Matagorda County Credit Union is located in Bay City, 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 12/2023, Matagorda County Credit Union employed 11 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Matagorda County 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, Matagorda County Credit Union generated $1.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $918.2k during the year ending 12/2023. While expenses have increased by 1.1% 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
MATAGORDA COUNTY CREDIT UNION WAS ORGANIZED TO PROVIDE FINANCIAL SERVICES TO ITS MEMBERS AT COMPETITIVE RATES
Describe the Organization's Program Activity:
Part 3 - Line 4a
MATAGORDA COUNTY CREDIT UNION OFFERS MANY TYPES OF LOAN PRODUCTS AT COMPETITIVE RATES
MATAGORDA COUNTY CREDIT UNION OFFERS MANY TYPES OF SAVINGS PRODUCTS AT COMPETITIVE RATES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Reed Board Chair | OfficerTrustee | 0.5 | $0 |
Richard Morales Vice Chair | OfficerTrustee | 0.5 | $0 |
Kristi Champion Secretary | OfficerTrustee | 0.5 | $0 |
Maria Enoch Treasurer | OfficerTrustee | 0.5 | $0 |
Elllen Dodd Member | Trustee | 0.5 | $0 |
Jeannette Bell Member | Trustee | 0.5 | $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 | $921,915 |
| Investment income | $505,761 |
| 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 | $1,427,676 |
| 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. | $57,960 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $192,639 |
| Pension plan accruals and contributions | $9,534 |
| Other employee benefits | $37,919 |
| Payroll taxes | $19,168 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,320 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $44,246 |
| Advertising and promotion | $2,727 |
| Office expenses | $55,815 |
| Information technology | $102,659 |
| Royalties | $0 |
| Occupancy | $70,245 |
| Travel | $639 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,135 |
| Interest | $521 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,310 |
| Insurance | $37,267 |
| All other expenses | $228,868 |
| Total functional expenses | $918,177 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,115,160 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $384,012 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,176,548 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $55,670 |
| Net Land, buildings, and equipment | $269,726 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,385,727 |
| Intangible assets | $0 |
| Other assets | $60,035 |
| Total assets | $34,446,878 |
| Accounts payable and accrued expenses | $173,645 |
| 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 | $29,590,358 |
| Total liabilities | $29,764,003 |
| 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 | $4,682,875 |
| Total liabilities and net assets/fund balances | $34,446,878 |