Mtcu
- Assets
- $148.2m
- Revenue
- $8.4m
- Investments
- $57.6m
- Employees
- 44
- Location
- Midland, TX
- Founding
- 06/1976
- Data as of
- 12/2022
- EIN
- 75-1100957
Organization Overview
Mtcu is located in Midland, 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, Mtcu employed 44 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mtcu 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, Mtcu generated $8.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $7.4m during the year ending 12/2022. While expenses have increased by 3.8% 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
MTCU IS A COOPERATIVE THRIFT INSTITUTION AND IS A MEMBER OF THE NATIONAL CREDIT UNION ASSOCIATION INSURANCE FUND. MTCU IS REGULATED BY THE STATE OF TEXAS CREDIT UNION DEPARTMENT AS WELL AS THE NATIONAL CREDIT UNION ADMINISTRATION. MTCU OFFERS PRODUCTS AND SERVICES IN FOUR PRIMARY AREAS: SHARE & CHECKING ACCOUNTS, CONSUMER LOANS, AND REAL ESTATE LOANS. MTCU IS DEDICATED TO PROVIDING PERSONAL, COURTEOUS, AND PROFESSIONAL SERVICE IN AN EFFICIENT AND CARING MANNER AND TO MEETING THE DIVERSE NEEDS OF THE MEMBER-OWNERS THROUGH SOUND MANAGEMENT PRACTICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS:MTCU SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. MTCU HAD 7,627 MEMBER-OWNED ACCOUNTS ON DECEMBER 31, 2022. MEMBERS SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND OFFER ACCESS THROUGH THREE BRANCHES, HOME BANKING VIA THE INTERNET OR TELEPHONE AND ATMS WORLDWIDE. SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.
CHECKING ACCOUNTS:MTCU PROVIDES CHECKING ACCOUNTS FOR MEMBERS. MTCU EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, FREE INTERNET ACCESS, FREE BILL PAY, AND FREE TELEPHONE TELLER. 69% OF THE MEMBERSHIP HOLDS A CHECKING ACCOUNT.
CONSUMER LOANS:MTCU HAS PROVIDED VEHICLE LOANS SINCE ITS FIRST YEAR OF BUSINESS. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS AND MOTORCYCLES. CONSUMER LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES. MTCU OFFERS PERSONAL LOANS, HOME EQUITY LOANS, MORTGAGE LOANS, AND CREDIT CARDS. AS OF DECEMBER 31, 2022 MTCU HAD 5,308 CONSUMER LOANS WITH A BALANCE OF $76,715,151.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jana Haney President | Officer | 40 | $264,243 |
Brooke Martin CFO | Officer | 40 | $167,272 |
Justin Marler COO | Officer | 40 | $137,924 |
Cesar Tarin Vice President Of Lending | 40 | $122,775 | |
Susan Masten Executive Vice President | 40 | $118,312 | |
Nancy Ashley Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tri-north Builders Inc Contractor For Branch Remodel | 12/30/22 | $664,845 |
Structure First Project Management For Branch Remodel | 12/30/22 | $195,774 |
Convergint Alarm And Equipment Maintenance | 12/30/22 | $174,495 |
Fiserv Core System Management | 12/30/22 | $107,644 |
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 | $7,283,076 |
| Investment income | $1,110,625 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$40,995 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,352,706 |
| 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. | $679,058 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,772,441 |
| Pension plan accruals and contributions | $308,911 |
| Other employee benefits | $236,435 |
| Payroll taxes | $145,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,142 |
| Fees for services: Accounting | $42,953 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $23,020 |
| Fees for services: Other | $80,532 |
| Advertising and promotion | $233,976 |
| Office expenses | $2,017,426 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $228,384 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,050 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $261,777 |
| Insurance | $84,478 |
| All other expenses | $29,201 |
| Total functional expenses | $7,438,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,789,892 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $301,088 |
| Loans from Officers, Directors, or Controlling Persons | $1,116,272 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $75,488,734 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $231,588 |
| Net Land, buildings, and equipment | $6,406,076 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $57,595,122 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,315,747 |
| Total assets | $148,244,519 |
| Accounts payable and accrued expenses | $1,692,898 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $74,607 |
| 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 | $136,833,974 |
| Total liabilities | $138,601,479 |
| 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 | $9,643,040 |
| Total liabilities and net assets/fund balances | $148,244,519 |