Members Credit Union
- Assets
- $105.9m
- Revenue
- $4.2m
- Investments
- $35.9m
- Employees
- 20
- Location
- Cleburne, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-0899745
Organization Overview
Members Credit Union is located in Cleburne, 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 12/2021, Members Credit Union employed 20 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Members 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, Members Credit Union generated $4.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $3.9m during the year ending 12/2021. While expenses have increased by 2.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
COOPERATIVE PROVIDER OF CREDIT UNION FINANCIAL SERVICES (I.E. SAVINGS, CHECKING, AND LENDING).
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2021, MCU'S ASSETS GREW FROM $93.1 MILLION TO $105.8 MILLION, DEPOSITS GREW FROM $84.4 MILLION TO $96.7 MILLION, LOANS GREW FROM $48.3 TO $59 MILLION AND THE NUMBER OF MEMBERS SERVED INCREASED FROM 8,340 TO 8,443. THE CAPITAL POSITION OF MCU REMAINED STRONG AT 8.58% DESPITE GENERAL ECONOMIC FACTORS IN THE MARKETPLACE.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul T Elkins Ceo/president | Officer | 45 | $158,273 |
Cleve Weyenberg Jr Vice President | OfficerTrustee | 1 | $0 |
Greg Wilmore Treasurer | OfficerTrustee | 1 | $0 |
Cecil May Secretary | OfficerTrustee | 1 | $0 |
Chris Cooke President | OfficerTrustee | 1 | $0 |
David Price Director | 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 | $4,004,322 |
| Investment income | $220,617 |
| 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 | $4,224,939 |
| 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. | $197,854 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,037,281 |
| Pension plan accruals and contributions | $1,670 |
| Other employee benefits | $189,907 |
| Payroll taxes | $117,969 |
| Fees for services: Management | $10,478 |
| 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 | $30,000 |
| Fees for services: Other | $290,366 |
| Advertising and promotion | $272,595 |
| Office expenses | $679,971 |
| Information technology | $430,830 |
| Royalties | $0 |
| Occupancy | $212,902 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $669 |
| Interest | $119,078 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $134,432 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,893,807 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $957,957 |
| Savings and temporary cash investments | $5,570,891 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,905 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $58,380,890 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $675,665 |
| Net Land, buildings, and equipment | $3,274,942 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $35,899,471 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,059,743 |
| Total assets | $105,875,464 |
| Accounts payable and accrued expenses | $321,861 |
| 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 | $96,725,014 |
| Total liabilities | $97,046,875 |
| 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 | $8,828,589 |
| Total liabilities and net assets/fund balances | $105,875,464 |
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