Metro Medical Credit Union
- Assets
- $85.2m
- Revenue
- $3.0m
- Investments
- $34.5m
- Employees
- 14
- Location
- Dallas, TX
- Founding
- 06/1976
- Data as of
- 12/2023
- EIN
- 75-1249646
Organization Overview
Metro Medical Credit Union is located in Dallas, 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, Metro Medical Credit Union employed 14 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Metro Medical 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, Metro Medical Credit Union generated $3.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 2.3% 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
METRO MEDICAL CREDIT UNION IS A FINANCIAL COOPERATIVE FORMED TO PROVIDE FINANCIAL SERVICES FOR INDIVIDUALS OF MODEST MEANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARE ACCOUNTS: METRO MEDICAL CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 6,479 MEMBERS WITH AGGREGATE DEPOSIT BALANCES THAT APPROXIMATED $72,538,000 AS OF DECEMBER 31, 2023. MEMBER SHARE ACCOUNTS PAY DIVIDENDS QUARTERLY AND OFFER ACCESS THROUGH BRANCH NETWORK, HOME BANKING VIA THE INTERNET OR TELEPHONE, AND ATMS. CHRISTMAS CLUB SAVINGS ACCOUNTS ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS FOR END OF YEAR EXPENSES.
CHECKING ACCOUNTS: METRO MEDICAL CREDIT UNION PROVIDES CHECKING ACCOUNTS WITH NO MONTHLY CHARGE TO CONSUMERS. MMCU HAS 3,154 CHECKING ACCOUNTS. DIVIDENDS ARE PAID MONTHLY. ADDITIONALLY, THE CREDIT UNION OFFERS FREE DEBIT CARDS AND FREE HOME BAKING ON THESE ACCOUNTS. INTERNET BILL PAY IS AVAILABLE FOR A NOMINAL MONTHLY CHARGE. APPROXIMATELY FORTY-NINE PERCENT OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT.
CONSUMER LOANS: METRO MEDICAL CREDIT UNION PROVIDES SIGNATURE LOANS, PROPERTY IMPROVEMENT LOANS AND FIXED HOME EQUITY LOANS. ALSO, SHARE SECURED LOANS ARE AVAILABLE AT A REDUCED RATE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe G Mayer Bod - Chairperson | Trustee | 1 | $0 |
David Knowles Bod - Director | Trustee | 1 | $0 |
Rhonda K Arrington Bod - Director | Trustee | 1 | $0 |
Amber S Nicholson Bod - Secretary/treasurer | Trustee | 1 | $0 |
Jessica Hernandez Bod - Vice Chair | Trustee | 1 | $0 |
Kristi Tillery Bod - 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 | $2,098,954 |
| Investment income | $947,066 |
| 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 | $3,046,020 |
| 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. | $338,895 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $497,761 |
| Pension plan accruals and contributions | $45,069 |
| Other employee benefits | $194,357 |
| Payroll taxes | $64,623 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $150 |
| Fees for services: Accounting | $457,646 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,161 |
| Office expenses | $162,348 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $139,724 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $92 |
| Interest | $110,456 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,984 |
| Insurance | $34,805 |
| All other expenses | $11,961 |
| Total functional expenses | $2,512,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,002,047 |
| Savings and temporary cash investments | $22,936,108 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,086 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,686,104 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $69,596 |
| Net Land, buildings, and equipment | $154,836 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $34,475,556 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $916,511 |
| Total assets | $85,246,844 |
| Accounts payable and accrued expenses | $317,425 |
| 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 | $72,537,885 |
| Total liabilities | $72,855,310 |
| 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 | $12,391,534 |
| Total liabilities and net assets/fund balances | $85,246,844 |