My Credit Union
- Assets
- $61.6m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 29
- Location
- Watauga, TX
- Founding
- 06/1976
- Data as of
- 12/2021
- EIN
- 75-1518680
Organization Overview
My Credit Union is located in Watauga, 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, My Credit Union employed 29 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. My 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, My Credit Union generated $3.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $2.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.9%) per year over the past 7 years. 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
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED COMPETITIVE, LOW COST FINANCIAL SERVICES TO MEET THE NEEDS OF THE CREDIT UNION MEMBERSHIP IN ORDER TO HELP THEM ACHIEVE FINANCIAL SECURITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Massey President | Officer | 40 | $252,054 |
Thomas Bober Chairperson | OfficerTrustee | 1 | $0 |
Sharon E Bailey Vice Chairperson | OfficerTrustee | 1 | $0 |
Charles Jackman Secretary | OfficerTrustee | 1 | $0 |
Dan Tarno Board Member | Trustee | 1 | $0 |
Kevin White Board Member | 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 | $2,773,591 |
| Investment income | $117,774 |
| 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 | $3,023,305 |
| 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. | $252,054 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $716,607 |
| Pension plan accruals and contributions | $50,889 |
| Other employee benefits | $87,639 |
| Payroll taxes | $63,576 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,437 |
| Fees for services: Accounting | $12,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,665 |
| Advertising and promotion | $21,331 |
| Office expenses | $66,450 |
| Information technology | $290,584 |
| Royalties | $0 |
| Occupancy | $249,273 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,500 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,004 |
| Insurance | $37,467 |
| All other expenses | $642,397 |
| Total functional expenses | $2,835,516 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,991,375 |
| Savings and temporary cash investments | $29,269,386 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $26,500 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $28,210,498 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $100,103 |
| Net Land, buildings, and equipment | $1,487,238 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $552,193 |
| Total assets | $61,637,293 |
| Accounts payable and accrued expenses | $993,219 |
| 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 | $56,452,248 |
| Total liabilities | $57,445,467 |
| Net assets without donor restrictions | $4,191,826 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $61,637,293 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Coastlife Credit Union Corpus Christi, TX | $459,349,679 | $21,652,843 |
Mct Credit Union Port Neches, TX | $363,107,409 | $15,984,837 |
Americas Credit Union Garland, TX | $409,491,001 | $16,218,007 |
First Basin Credit Union Odessa, TX | $306,636,605 | $15,708,343 |
Allegiance Credit Union Oklahoma City, OK | $376,025,043 | $16,187,363 |
Texoma Community Credit Union Wichita Falls, TX | $259,230,472 | $16,333,220 |
Oklahoma Educators Credit Union Oklahoma City, OK | $242,039,953 | $16,355,869 |
Credit Unions In The State Of New Mexico Santa Fe, NM | $252,448,158 | $14,584,670 |
First Central Credit Union Waco, TX | $142,192,635 | $12,212,863 |
Gulf Credit Union Groves, TX | $336,623,302 | $15,838,269 |
Energy Capital Credit Union Houston, TX | $259,660,339 | $11,030,260 |
State Chartered Credit Unions In Louisiana Lake Charles, LA | $153,121,704 | $12,096,894 |