Members Credit Union
- Assets
- $109.0m
- Revenue
- $4.8m
- Investments
- $37.4m
- Employees
- 21
- Location
- Cleburne, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- 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 12/2022, Members Credit Union employed 21 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 12/2022, Members Credit Union generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $4.2m during the year ending 12/2022. While expenses have increased by 3.3% 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
COOPERATIVE PROVIDER OF CREDIT UNION FINANCIAL SERVICES (I.E. SAVINGS, CHECKING, AND LENDING).
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, MCU'S ASSETS GREW FROM $105.8 MILLION TO $108.9 MILLION, DEPOSITS GREW FROM $97.6 MILLION TO $99.5 MILLION, LOANS GREW FROM $59 MILLION TO $60.8 MILLION AND THE NUMBER OF MEMBERS SERVED DECREASED FROM 8,443 TO 8,228. THE CAPITAL POSITION OF MCU REMAINED STRONG AT 8.67% DESPITE GENERAL ECONOMIC FACTORS IN THE MARKETPLACE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Cooke President | OfficerTrustee | 1 | $0 |
Cleve Weyenberg Jr Vice President | OfficerTrustee | 1 | $0 |
Greg Wilmore Treasurer | OfficerTrustee | 1 | $0 |
Cecil May Secretary | OfficerTrustee | 1 | $0 |
David Price Director | Trustee | 1 | $0 |
Gary Heinrich 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 | $4,430,896 |
| Investment income | $347,317 |
| 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 | $4,778,213 |
| 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. | $200,491 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,039,037 |
| Pension plan accruals and contributions | $1,670 |
| Other employee benefits | $175,772 |
| Payroll taxes | $120,230 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,957 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,500 |
| Fees for services: Other | $427,008 |
| Advertising and promotion | $239,154 |
| Office expenses | $808,245 |
| Information technology | $443,590 |
| Royalties | $0 |
| Occupancy | $246,297 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,147 |
| Interest | $164,002 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $104,680 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,175,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,181,016 |
| Savings and temporary cash investments | $5,136,502 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,315 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $60,137,653 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $754,194 |
| Net Land, buildings, and equipment | $3,170,263 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $37,386,017 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,206,607 |
| Total assets | $108,979,567 |
| Accounts payable and accrued expenses | $0 |
| 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 | $99,548,199 |
| Total liabilities | $99,548,199 |
| 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 | $9,431,368 |
| Total liabilities and net assets/fund balances | $108,979,567 |